Monthly M&A Insider December 2016 - Amazon S3...Welcome to the December issue of the Monthly M&A...

A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY

MONTHLY M&A INSIDERDECEMBER 2016

CONTENTS

21 C&S AMERICA

13 NORTH AMERICA

45 ASIA-PACIFIC (excluding Japan)

29 EUROPE

37 MIDDLE EAST & AFRICA

04 GLOBAL OVERVIEW

03 WELCOME FROM MERRILL CORPORATION

53 JAPAN

61 MERRILL DATASITE

62 MERRILL CORPORATION: ABOUT AND SALES DIRECTORY

WELCOME FROM MERRILL CORPORATION

3MERRILL WELCOME ASIA-

PACIFICEUROPE MIDDLE EAST & AFRICA

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CONTACT MERRILL

Welcome to the December issue of the Monthly M&A Insider, brought to you by Merrill Corporation and Mergermarket.

Despite not matching October, there were still a number of bright spots for M&A in November. And as 2016 draws to a close, some of the gloomy forecasts around the market have proved overly pessimistic. While the year won’t reach the standards set in the previous two, it is set to outstrip every year from 2011 to 2013. However, with elections in some of Europe’s biggest jurisdictions in 2017, a new US president and a stalemate in UK/EU relations, the direction of the market next year still looks somewhat uncertain.

Sincerely,

The Monthly M&A Insider explores the global M&A market with respect to the numbers, movements and trends, as well as revealing the top financial and legal advisers – globally and across six regions (North America, Central and South America, Europe, Middle East and Africa, Asia-Pacific and Japan).

After a record October – which was not only the strongest month for M&A in 2016 but also the highest value October in Mergermarket history – the penultimate month of 2016 was always on a hiding to nothing.

November saw 1,098 deals worth a total of US$223.5bn – this is a fall of 13.8% in volume and 49.3% in value compared with the previous month. Value and volume are also down by 48.2% and 28.7% respectively year-on-year. However, it is worth noting that both October 2016 and November 2015 were record-breaking months for M&A.

Indeed, given the shock result in the US election, the ongoing uncertainty around the Brexit vote and greater regulatory scrutiny which has seen several huge deals fall by the way side, it has been a surprisingly robust month, particularly for the energy, mining and utilities (EMU) sector and across North America and Japan.

• EMU rises: This was the month’s top sector with 83 deals valued at US$76.5bn – up 26.9% in value compared with November 2015. Two of the month’s top five deals came in the EMU sector – US pipeline company Sunoco’s

US$51.4bn move for rival Energy Transfer Partners and oil refiner Tesoro’s US$5.8bn purchase of Western Refining. Industrials and chemicals was ranked second in terms of global sectors with US$41bn-worth of deals including Korean giant Samsung’s US$8.6bn bid for car technology firm Harman International.

• North American M&A muscle: November’s deal activity in North America saw the third-highest deal total of 2016 and the third-best November on Mergermarket record. There were 360 deals valued at US$139.3bn. This is marginally down year on year but, given 2015’s record-breaking figures, still an excellent result. Indeed, six of the top ten deals in November involved North American companies.

• Japan rising: While the Asia-Pacific region as a whole experienced a particularly slow November, Japan hit new heights. There were 30 deals in the country totalling US$7.5bn – the second highest November deal value in Mergermarket history. The standout deal was the sale of car parts manufacturer Calsonic Kansei to private equity firm KKR for US$4.3bn – the seventh largest deal of the month.

• Megadeal malaise: One of the main reasons for the spike in October value was the slew of mega-deals – five transactions across five different sectors. November was a very different story with only one such deal – the aforementioned Sunoco/Energy Transfer merger breaking the US$10bn threshold.

Mike Hinchliffe Head of Sales for Continental Europe

GLOBAL OVERVIEW

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GLOBAL OVERVIEW

November proved weaker than last month for global M&A activity, with 1,098 deals worth a total of US$223.5bn. This was a 49.3% decrease in value with 176 fewer deals compared to October, which had seen US$440.6bn across 1,274 deals. November also saw a 48.2% decrease in value with 442 fewer deals compared to November 2015 (US$431.8bn, 1,540 deals). It is important to note that October 2016 and November 2015 were the second-largest and third-largest months by value in Mergermarket history, respectively. Although there was a relative slowdown in activity, it may not be as drastic as the comparison dictates.

Energy, Mining & Utilities (EMU) was the top sector for the month with 83 deals worth a total of US$76.5bn. This was a 26.9% increase in value, though with 34 fewer deals compared to November 2015 (US$60.3bn, 117 deals). The sector’s high value for the month was largely due to the fact that the top deal, Sunoco Logistics Partners’s US$51.4bn acquisition of Energy Transfer Partners LP, came from the EMU sector. As the only mega-deal for the month, the Sunoco/Energy Transfer transaction accounted for 67.2% of the total EMU value, and 23% of the total global deal value.

Private equity buyouts saw 145 deals worth a total of US$29.5bn. The value was 9.8% lower with 70 fewer deals compared to November 2015, which had seen US$32.7bn across 215 deals. Though the value may have seen a slight decrease, the volume is particularly low

considering each of the past three Novembers saw over 200 buyouts. There were 137 exits worth a total of US$27.2bn, a 20.9% decrease with 64 fewer deals compared to the same period last year (US$34.4bn, 201 deals).

US-based companies made up the largest portion of targets, with 307 deals worth US$137bn. This represented 61.3% of global market share, which is not a surprise considering the top five deals for the month all took place in the US.

Cross-border and domestic transactions both saw a decline in activity. Cross-border saw 381 deals worth US$76.5bn, a 68.7% decrease in value with 136 fewer deals from November 2015 (US$244.2bn, 517 deals). There were 717 domestic transactions valued at US$147bn, which represents a decrease of 21.7% with 306 fewer deals from November 2015.

The current political and legal climates globally will have an ongoing effect on M&A. An immediate effect of the US election is spurring the financial sector of the stock market. According to Mergermarket intelligence, the possibility of higher interest rates, lower corporate tax rates, and reduced regulations are expected to boost bank earnings, which may give way to more transactions in the sector. However, dealmakers may have a lot of other influential factors on their minds, including getting a full understanding of the Brexit impact on M&A, waiting to see the full effect of the incoming Trump administration, and keeping a keen eye on Chinese policies, where new restrictions on outbound transactions are being implemented. It will be interesting to see how 2016 wraps up, and if we see any hesitation from dealmakers.

Key Stats

1,098 deals valued at US$223.5bn, down 48.2% by value with 442 fewer deals compared to 1,540 deals worth US$431.8bn in November ’15

Top Legal Adviser

Energy, Mining & Utilities saw 83 deals worth US$76.5bn, up 26.9% by value compared to 117 deals worth US$60.3bn in November ’15

Top sector

Barclays ranked first with 17 deals worth US$73.6bn, compared to 17 deals worth US$162.7bn in November ’15

Latham & Watkin ranked first with 20 deals worth US$72.0bn, compared to 29 deals worth US$226.5bn in November ’15

Top Financial Adviser


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GLOBAL M&A TREND GLOBAL PRIVATE EQUITY TREND

TREND GRAPHS

Buyout value Exit value Buyout volume Exit Volume Q1 Q2 Q3 Q4 Volume

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

YTD 201620152014201320122011

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Valu

e (U

S$bn

)

Num

ber of deals

US$1,195.3bn

US$959.2bn

US$1,037.3bn

US$759.5bn

US$571.9bn

US$646.5bn

US$560.3bn

US$446.9bn

US$757.5bn

US$523.1bn

US$565.6bn

US$465.2bn

US$599.7bn

US$479.5bn

US$587.1bn

US$615.2bn

US$867.9bn

US$664.2bn

US$757.9bn

US$644.8bn

US$868.7bn

US$858.0bn

US$964.2bn

US$566.9bn

0

100

200

300

400

500

600

YTD 2016201520142013201220110

500

1,000

1,500

2,000

2,500

3,000

Valu

e (U

S$bn

)

Num

ber of deals

US$293.7bn

US$279.8bn

US$320.7bn US$

292.9bnUS$

290.2bn

US$402.5bn

US$471.7bn

US$348.1bn

US$529.6bn

US$401.7bn

US$339.0bn

US$389.5bn


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REGIONAL BREAKDOWN AS A PROPORTION OF GLOBAL TOTAL M&A VALUE GLOBAL M&A SECTOR BREAKDOWN NOVEMBER 2016

Energy, Mining & UtilitiesValue: US$76.5bnNumber of deals: 83Market share: 34.2%

Industrials & ChemicalsValue: US$41.0bnNumber of deals: 242Market share: 18.3%

TechnologyValue: US$19.3bnNumber of deals: 123Market share: 8.6%

Business ServicesValue: US$16.9bnNumber of deals: 153Market share: 7.5%

Real EstateValue: US$15.5bnNumber of deals: 22Market share: 6.9%

TREND GRAPHS

North AmericaUS$139.1bn

353 deals 62.3%

JapanUS$7.5bn 33 deals

3.4%

Asia-Pacific (excluding Japan)

US$36.1bn 277 deals

16.2%

EuropeUS$34.8bn 395 deals

15.6%

Value (US$bn) Up/Down Value %

change

Cross-border $76.5 68.7%

Domestic $147.0 21.7%

RegionValue

VolumeValue market share

Key

C & S America

US$3.3bn 27 deals

1.5%

Africa & Middle EastUS$2.6bn 13 deals 1.2%

8

TOP 10 ANNOUNCED DEALS FOR NOVEMBER 2016

TOP DEALS

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Deal value US$51.4bn

Deal value US$8.6bn

Deal value US$5.8bn

Deal value US$5.7bn

Deal value US$5.6bn

Announced 21-Nov-16

Bidder companySunoco Logistics Partners LP

Target companyEnergy Transfer Partners LP

Dominant sectorEnergy, Mining & Utilities

Sell-side Financial Adviser Barclay

Sell-side Legal Adviser Latham & Watkins; and Potter Anderson & Corroon

Buy-side Financial AdviserCiti

Buy-side Legal Adviser Richards Layton & Finger; and Vinson & Elkins (Advising FA: White & Case)

Announced 14-Nov-16

Bidder companySamsung Electronics Co Ltd

Target companyHarman International Industries Inc

Dominant sectorIndustrials & Chemicals

Sell-side Financial Adviser JPMorgan; and Lazard

Sell-side Legal Adviser Wachtell Lipton Rosen & Katz (Advising FA: Cravath Swaine & Moore)

Buy-side Financial AdviserEvercore Partners

Buy-side Legal Adviser Paul Hastings

Announced 14-Nov-16

Bidder companyRegency Centers Corporation

Target companyEquity One Inc

Seller companyGazit-Globe Ltd

Dominant sectorReal Estate

Sell-side Financial Adviser Barclays; and Citi

Sell-side Legal Adviser Kirkland & Ellis (Advising FA: Shearman & Sterling)

Buy-side Financial AdviserJPMorgan

Buy-side Legal Adviser Wachtell Lipton Rosen & Katz (Advising FA: Simpson Thacher & Bartlett)

Announced 17-Nov-16

Bidder companyTesoro Corporation

Target companyWestern Refining Inc


Sell-side Financial Adviser Barclays

Sell-side Legal Adviser Davis Polk & Wardwell (Advising FA: Shearman & Sterling)

Buy-side Financial AdviserGoldman Sachs

Buy-side Legal Adviser Sullivan & Cromwell (Advising FA: Cleary Gottlieb Steen & Hamilton)

Announced 02-Nov-16

Bidder companyBroadcom Limited

Target companyBrocade Communications Systems Inc

Dominant sectorBusiness Services

Sell-side Financial Adviser Evercore Partners

Sell-side Legal Adviser Skadden Arps Slate Meagher & Flom

Buy-side Financial AdviserBank of America Merrill Lynch; BMO Capital Markets; Citi; Credit Suisse; and Deutsche Bank

Buy-side Legal Adviser Latham & Watkins

9


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Deal value US$3.6bn

Deal value US$4.0bn

Deal value US$4.3bn

Announced 14-Nov-16

Bidder companyIntrum Justitia AB

Target companyLindorff Group AB

Seller companyNordic Capital Fund VIII LP


Sell-side Financial Adviser Goldman Sachs; Morgan Stanley; NC Advisory; and UBS Investment Bank

Sell-side Legal Adviser Mannheimer Swartling


Buy-side Legal Adviser Hannes Snellman; Vinge; Advising FA: Linklaters

Announced 22-Nov-16

Bidder companyKohlberg Kravis Roberts & Co LP

Target companyCalsonic Kansei Corporation


Sell-side Financial Adviser Mizuho Financial Group

Sell-side Legal Adviser Anderson Mori & Tomotsune; and Nagashima Ohno & Tsunematsu

Buy-side Financial AdviserMorgan Stanley

Buy-side Legal Adviser Mori Hamada & Matsumoto; and Simpson Thacher & Bartlett

Announced 04-Nov-16

Bidder companyChina International Capital Corporation Limited

Target companyChina Investment Securities Co Ltd

Seller companyCentral Huijin Investment Ltd

Dominant sectorFinancial Services

Sell-side Legal Adviser Davis Polk & Wardwell

Buy-side Financial AdviserAgricultural Bank of China; China International Capital Corporation; and Somerley Capital

Buy-side Legal Adviser Freshfields Bruckhaus Deringer

Announced 14-Nov-16

Bidder companySiemens AG

Target companyMentor Graphics Corporation

Seller companyElliott Management Corporation

Dominant sectorTechnology

Sell-side Financial Adviser Bank of America Merrill Lynch

Sell-side Legal Adviser O’Melveny & Myers (Advising FA: Sullivan & Cromwell)

Buy-side Financial AdviserBNP Paribas; Deutsche Bank; and JPMorgan

Buy-side Legal Adviser Freshfields Bruckhaus Deringer; and Latham & Watkins

Announced 08-Nov-16

Bidder companyBlackstone Real Estate Partners Europe IV LP

Target companyOfficefirst Immobilien AG

Seller companyIVG Immobilien AG


Sell-side Financial Adviser Goldman Sachs; and Deutsche Bank

Sell-side Legal Adviser Freshfields Bruckhaus Deringer

Buy-side Legal Adviser Hengeler Mueller; and Simpson Thacher & Bartlett

Deal value US$4.4bn

Deal value US$4.3bn


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TOP 21 GLOBAL FINANCIAL ADVISERS TOP 20 GLOBAL FINANCIAL ADVISERS

LEAGUE TABLES

VALUE VOLUME

Ranking November 2016

November 2015

November 2016

November 2015 Company Name Value

(US$m) Deal count Value (US$m)

% Val. Change

1 6 Barclays 73,597 17 162,679 -54.8%

2 14 Citi 73,089 17 40,027 82.6%

3 2 JPMorgan 40,908 23 191,040 -78.6%

4 1 Goldman Sachs 26,717 24 221,058 -87.9%

5 5 Bank of America Merrill Lynch 26,186 18 166,487 -84.3%

6 3 Morgan Stanley 25,667 20 187,229 -86.3%

7 4 Deutsche Bank 19,701 9 169,099 -88.3%

8 16 Evercore Partners 17,823 8 32,522 -45.2%

9 13 Credit Suisse 14,669 14 42,618 -65.6%

10 7 Lazard 12,344 12 161,635 -92.4%

11 31 Wells Fargo Securities 7,961 6 3,768 111.3%

12 71 BMO Capital Markets 7,819 6 996 685.0%

13 22 Rothschild 7,054 19 8,703 -18.9%

14 8 BNP Paribas 6,924 5 137,163 -95.0%

15 12 UBS Investment Bank 6,414 8 53,192 -87.9%

16 38 Jefferies 5,769 10 3,072 87.8%

17 128 China International Capital 5,259 3 295 1,682.7%

18 145 Mizuho Financial Group 5,020 5 191 2,528.3%

19 - NC Advisory 4,439 1 - -

20= - Agricultural Bank of China 4,259 1 - -

20= 93 Somerley Capital 4,259 1 600 609.8%


November 2015

November 2016


(US$m) Deal count Deal count Deal count Change

1 4 Goldman Sachs 26,717 24 32 -8

2 3 JPMorgan 40,908 23 35 -12

3 5 Morgan Stanley 25,667 20 32 -12

4 9 Rothschild 7,054 19 24 -5

5 10 Bank of America Merrill Lynch 26,186 18 21 -3

6 15 Barclays 73,597 17 17 0

7 11 Citi 73,089 17 21 -4

8 18 Credit Suisse 14,669 14 13 1

9 2 KPMG 545 14 36 -22

10 8 Lazard 12,344 12 25 -13

11 7 EY 530 12 28 -16

12 24 Jefferies 5,769 10 10 0

13 28 Nomura Holdings 1,466 10 9 1

14 50 Robert W. Baird & Co 693 10 5 5

15 1 PwC 326 10 37 -27

16 13 Deutsche Bank 19,701 9 18 -9

17 6 Deloitte 503 9 28 -19

18 16 Evercore Partners 17,823 8 17 -9

19 12 UBS Investment Bank 6,414 8 19 -11

20 27 Moelis & Company 3,211 7 9 -2


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TOP 20 GLOBAL LEGAL ADVISERS TOP 20 GLOBAL LEGAL ADVISERS

LEAGUE TABLES

VALUE VOLUME


November 2015

November 2016



% Val. Change

1 6 Latham & Watkins 71,988 20 226,546 -68.2%

2 7 White & Case 59,172 20 207,286 -71.5%

3 48 Vinson & Elkins 55,962 6 12,631 343.1%

4 88 Potter Anderson & Corroon 54,207 3 2,226 2,335.2%

5 46 Richards Layton & Finger 51,423 2 13,554 279.4%

6 20 Freshfields Bruckhaus Deringer 21,291 18 140,718 -84.9%

7 5 Skadden Arps Slate Meagher & Flom 18,750 15 242,545 -92.3%

8 29 Shearman & Sterling 17,248 12 39,425 -56.3%

9 17 Sullivan & Cromwell 15,364 11 179,975 -91.5%

10 28 Simpson Thacher & Bartlett 14,923 7 39,690 -62.4%

11 19 Davis Polk & Wardwell 14,721 10 145,154 -89.9%

12 4 Wachtell, Lipton, Rosen & Katz 14,393 3 259,242 -94.4%

13 35 Kirkland & Ellis 12,569 23 21,930 -42.7%

14 1 Cravath, Swaine & Moore 10,557 4 353,158 -97.0%

15 186 Paul Hastings 9,878 12 385 2,465.7%

16 2 Cleary Gottlieb Steen & Hamilton 8,932 8 343,939 -97.4%

17 18 Linklaters 7,189 11 146,492 -95.1%

18 82 Jones Day 6,678 13 2,750 142.8%

19 38 Paul Weiss Rifkind Wharton & Garrison 6,676 10 17,439 -61.7%

20 174 Mayer Brown 6,559 5 440 1,390.7%


November 2015

November 2016



1 4 DLA Piper 4,939 24 28 -4

2 2 Kirkland & Ellis 12,569 23 32 -9

3 3 Latham & Watkins 71,988 20 29 -9

4 7 White & Case 59,172 20 25 -5

5 15 Freshfields Bruckhaus Deringer 21,291 18 19 -1

6 22 Clifford Chance 1,241 18 15 3

7 5 Norton Rose Fulbright 2,332 17 26 -9

8 20 Weil Gotshal & Manges 5,640 16 16 0

9 6 Skadden Arps Slate Meagher & Flom 18,750 15 25 -10

10 8 Baker & McKenzie 2,229 15 25 -10

11 14 Jones Day 6,678 13 20 -7

12 13 Shearman & Sterling 17,248 12 20 -8

13 46 Paul Hastings 9,878 12 10 2

14 21 Sullivan & Cromwell 15,364 11 16 -5

15 24 Linklaters 7,189 11 15 -4

16 11 Hogan Lovells International 5,337 11 20 -9

17 9 Allen & Overy 4,642 11 24 -13

18 1 King & Wood Mallesons 2,052 11 32 -21

19 26 Davis Polk & Wardwell 14,721 10 14 -4

20 27 Paul Weiss Rifkind Wharton & Garrison 6,676 10 13 -3

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NORTH AMERICA

North America’s penultimate month of the year ended with the third-highest monthly total deal values of 2016 and the third-best November on Mergermarket record, with the December race to the finish yet to come. Recording 360 deals valued at US$139.3bn, this November still managed to fall just 4.5% in value from last November (US$145.9bn), with 2015 as a whole having been a record-smashing year across sectors and regions. Energy consolidations and domestic activity this past month also helped to keep North America on track to end 2016 in a relatively strong position despite experiencing a slight cooling effect from last year.

The region’s top sector for the month was Energy, Mining & Utilities (EMU), which captured 49.1% of regional market share by value with 38 deals worth US$68.4bn. This was a 172.5% increase in value despite 11 fewer deals than last November (US$25.1bn, 49 deals). Valuations in the sector continue to attract bidders eager to consolidate energy assets in a continued low-price environment for oil. Further, the surprise election of Donald J. Trump to the US presidency earlier in the month has generated hope among dealmakers that the new administration will be friendly toward oil and energy companies overall, starting with relaxing regulations on drilling and infrastructure, according to Mergermarket intelligence. Moreover, North America’s top transaction came out of EMU: US-based Sunoco Logistics Partners’ US$51.4bn bid for US-based Energy Transfer Partners. On its own, the deal accounted for 75.2% of the sector’s total value, and 36.9% of North America’s overall value for the month.

The Sunoco/Energy Transfer transaction also boosted the region’s domestic M&A for November. While inbound activity was down 16.7% by value to US$31.8bn and outbound was down 70.1% to US$14.0bn, domestic dealmaking rose 1.9% to US$103.8bn. In fact, five of the top 10 deals for the period were domestic – and, further, located in the US. As the country mulls what future activity might look like following the presidential election, it remained the dominant country for dealmaking with 316 transactions worth US$137.4bn, equating to 98.6% of North America’s total value.

The private equity front, by contrast, saw a dip in monthly values, closing with 54 buyouts worth a total of US$9.9bn – the lowest volume for November buyouts since 2009 (US$8.5bn, 39 deals). November 2016 also saw a 30.8% drop in value from last November’s US$14.3bn across 74 buyouts, though YTD figures saw a rise of 1.1% overall compared to YTD 2015.

Exits, meanwhile, saw 72 transactions worth US$14.4bn, a decrease in volume by 14 and in value by 3.3%. YTD exit values were down 6.3% overall, with 37 fewer transactions than November 2015 (US$14.9bn, 86 deals).

Regional uncertainty over US policies coming out of the executive branch in the coming year as well as the future of trade deals such as NAFTA and a likely rise in interest rates have dealmakers on their toes as they attempt to discern whether the M&A environment will benefit from this latest shift in American politics. So far, the markets do not seem to be that pessimistic, though once Mr. Trump takes office, the real analysis will commence.

Key Stats

360 deals valued at US$139.3bn, down 4.5% by value with 134 fewer deals compared to 494 deals worth US$145.9bn in November ’15

Top Legal Adviser

Energy, Mining & Utilities saw 38 deals worth US$68.4bn, up 172.5% by value compared to 49 deals worth US$25.1bn in November ’15

Top sector

Citi ranked first with 13 deals worth US$71.9bn, compared to 14 deals worth US$36.1bn in November ’15

Latham & Watkins ranked first with 17 deals worth US$71.2bn, compared to 21 deals worth US$222.7bn in November ’15



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NORTH AMERICA M&A TREND NORTH AMERICA PRIVATE EQUITY TREND

TREND GRAPHS


0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

YTD 2016201520142013201220110

1,000

2,000

3,000

4,000

5,000

6,000

Valu

e (U

S$bn

)

Num

ber of deals

US$545.8bn

US$556.9bn

US$371.2bn

US$455.2bn

US$414.5bn

US$235.1bn

US$249.7bn

US$337.8bn

US$192.8bn

US$348.0bn

US$264.1bn

US$208.5bn

US$164.8n

US$196.4bn

US$213.3bn

US$226.5bn

US$218.7bn

US$265.3bn

US$510.9bn

US$366.3bn US$

268.2bn

US$347.1bn

US$433.4bn

US$410.8bn

0

50

100

150

200

250

300

YTD 201620152014201320122011

US$291.2bn

0

200

400

600

800

1,000

1,200

Valu

e (U

S$bn

)

Num

ber of deals

US$114.7bn

US$131.2bn

US$142.3bn

US$148.8bn

US$238.6bn

US$160.7bn

US$165.2bn

US$176.3bn

US$170.9bnUS$

159.8bn

US$211.2bn


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COUNTRY BREAKDOWN AS A PROPORTION OF NORTH AMERICA TOTAL M&A VALUE NORTH AMERICA M&A SECTOR BREAKDOWN NOVEMBER 2016





TelecommunicationsValue: US$7.2bnNumber of deals: 6Market share: 5.2%

TREND GRAPHS

RegionValue


Key


change

Domestic $103.8 1.9%

Inbound $31.8 16.7%

Outbound $14.0 70.1%

United StatesUS$137.4bn

316 deals 98.6%

CanadaUS$1.9bn 44 deals

1.4%


TOP DEALS

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Announced 21-Nov-16

Bidder companySunoco Logistics Partners LP

Target companyEnergy Transfer Partners LP



Sell-side Legal Adviser Latham & Watkins; and Potter Anderson & Corroon


Buy-side Legal Adviser Richards Layton & Finger; and Vinson & Elkins (Advising FA: White & Case)

Announced 14-Nov-16

Bidder companySamsung Electronics Co Ltd

Target companyHarman International Industries Inc


Sell-side Financial Adviser JPMorgan; and Lazard

Sell-side Legal Adviser Wachtell Lipton Rosen & Katz (Advising FA: Cravath Swaine & Moore)

Buy-side Financial AdviserEvercore Partners

Buy-side Legal Adviser Paul Hastings

Announced 14-Nov-16

Bidder companyRegency Centers Corporation

Target companyEquity One Inc

Seller companyGazit-Globe Ltd


Sell-side Financial Adviser Barclays; and Citi

Sell-side Legal Adviser Kirkland & Ellis (Advising FA: Shearman & Sterling)


Buy-side Legal Adviser Wachtell Lipton Rosen & Katz (Advising FA: Simpson Thacher & Bartlett)

Announced 17-Nov-16

Bidder companyTesoro Corporation

Target companyWestern Refining Inc



Sell-side Legal Adviser Davis Polk & Wardwell (Advising FA: Shearman & Sterling)


Buy-side Legal Adviser Sullivan & Cromwell (Advising FA: Cleary Gottlieb Steen & Hamilton)

Announced 02-Nov-16

Bidder companyBroadcom Limited

Target companyBrocade Communications Systems Inc



Sell-side Legal Adviser Skadden Arps Slate Meagher & Flom

Buy-side Financial AdviserBank of America Merrill Lynch; BMO Capital Markets; Citi; Credit Suisse; and Deutsche Bank


Deal value US$51.4bn

Deal value US$8.6bn

Deal value US$5.8bn

Deal value US$5.7bn

Deal value US$5.6bn


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Announced 14-Nov-16

Bidder companySiemens AG

Target companyMentor Graphics Corporation

Seller companyElliott Management Corporation



Sell-side Legal Adviser O’Melveny & Myers (Advising FA: Sullivan & Cromwell)

Buy-side Financial AdviserBNP Paribas; Deutsche Bank; and JPMorgan

Buy-side Legal Adviser Freshfields Bruckhaus Deringer; and Latham & Watkins

Announced 03-Nov-16

Bidder companyAmerican Axle & Manufacturing Holdings Inc

Target companyMetaldyne Performance Group Inc



Sell-side Legal Adviser Weil Gotshal & Manges

Buy-side Financial AdviserGreenhill & Co; and JPMorgan

Buy-side Legal Adviser Shearman & Sterling (Advising FA: Mayer Brown; Advising Debt Provider: Cravath Swaine & Moore)

Announced 04-Nov-16

Bidder companyGlobal Secure Infrastructure Company

Target companyCatbird Networks Inc; Cryptzone North America Inc; Easy Solutions Inc; CenturyLink Inc (57 data centers and co-location Business); and Brainspace Corporation

Seller companyCenturyLink Inc

Dominant sectorTelecommunications

Sell-side Financial Adviser Bank of America Merrill Lynch; Morgan Stanley; and Wells Fargo Securities

Sell-side Legal Adviser Jones Walker

Buy-side Financial AdviserLionTree Advisors

Buy-side Legal Adviser Greenberg Traurig; Latham & Watkins; and Vedder Price

Announced 01-Nov-16

Bidder companyColumbia Pipeline Group Inc

Target companyColumbia Pipeline Partners LP (53.49% stake)


Sell-side Financial Adviser Jefferies

Sell-side Legal Adviser Akin Gump Strauss Hauer & Feld (Advising FA: Jones Day; and Potter Anderson & Corroon)


Buy-side Legal Adviser Vinson & Elkins

Announced 28-Nov-16

Bidder companyThe Carlyle Group

Target companyNovolex

Seller companyTPG Capital LP; and Wind Point Partners


Sell-side Financial Adviser Deutsche Bank

Sell-side Legal Adviser DLA Piper; and Nelson Mullins Riley & Scarborough


Deal value US$2.5bn

Deal value US$2.7bn

Deal value US$2.8bn

Deal value US$4.0bn

Deal value US$3.2bn


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LEAGUE TABLES

VALUE VOLUME


November 2015

November 2016



% Val. Change

1 7 Citi 71,876 13 36,052 99.4%

2 6 Barclays 69,014 11 36,442 89.4%

3 2 JPMorgan 33,586 20 49,642 -32.3%


5 8 Deutsche Bank 19,642 8 34,827 -43.6%

6 3 Morgan Stanley 18,305 16 46,917 -61.0%

7 10 Evercore Partners 16,939 8 21,597 -21.6%

8 1 Goldman Sachs 15,703 16 79,619 -80.3%

9 19 Credit Suisse 14,561 13 4,821 202.0%

10 9 Lazard 11,687 9 29,097 -59.8%

11 21 Wells Fargo Securities 7,961 6 3,768 111.3%

12 39 BMO Capital Markets 7,819 6 996 685.0%

13 24 Jefferies 5,769 10 2,366 143.8%

14 12 BNP Paribas 5,462 3 13,827 -60.5%

15 - Mizuho Financial Group 4,766 2 - -

16 54 Greenhill & Co 3,927 3 406 867.2%

17 31 Rothschild 2,826 4 1,245 127.0%

18 57 LionTree Advisors 2,800 1 390 617.9%

19 18 Macquarie Group 2,792 3 4,822 -42.1%

20 15 Moelis & Company 2,177 6 7,436 -70.7%


November 2015

November 2016



1 2 JPMorgan 33,586 20 23 -3

2 3 Morgan Stanley 18,305 16 18 -2

3 1 Goldman Sachs 15,703 16 24 -8

4 4 Bank of America Merrill Lynch 22,373 14 18 -4

5 6 Citi 71,876 13 14 -1

6 23 Credit Suisse 14,561 13 6 7

7 7 Barclays 69,014 11 13 -2

8 16 Jefferies 5,769 10 8 2

9 14 Lazard 11,687 9 10 -1

10 42 Robert W. Baird & Co 334 9 3 6

11 13 Deutsche Bank 19,642 8 10 -2

12 9 Evercore Partners 16,939 8 12 -4

13 30 Wells Fargo Securities 7,961 6 4 2

14 19 BMO Capital Markets 7,819 6 7 -1

15 15 Moelis & Company 2,177 6 8 -2

16 10 RBC Capital Markets 1,721 6 12 -6

17 17 Stifel/KBW 180 6 7 -1

18 51 TD Securities 1,623 5 2 3

19 49 Stephens 597 5 2 3

20 33 Duff & Phelps - 5 4 1


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LEAGUE TABLES

VALUE VOLUME


November 2015

November 2016



% Val. Change

1 4 Latham & Watkins 71,183 17 222,699 -68.0%

2 7 White & Case 57,032 9 204,647 -72.1%

3 38 Vinson & Elkins 55,962 6 12,631 343.1%

4 61 Potter Anderson & Corroon 54,082 2 2,226 2,329.6%

5 35 Richards Layton & Finger 51,423 2 13,554 279.4%



8 17 Sullivan & Cromwell 15,364 11 51,004 -69.9%


10 3 Wachtell, Lipton, Rosen & Katz 14,393 3 226,077 -93.6%

11 25 Kirkland & Ellis 12,569 21 17,840 -29.5%


13 1 Cravath, Swaine & Moore 10,557 4 230,324 -95.4%

14 29 Davis Polk & Wardwell 10,113 7 16,847 -40.0%

15 130 Paul Hastings 9,680 7 235 4,019.1%

16 5 Cleary Gottlieb Steen & Hamilton 8,807 6 217,217 -95.9%

17 26 Paul Weiss Rifkind Wharton & Garrison 6,676 10 17,439 -61.7%

18 118 Mayer Brown 6,444 5 341 1,789.7%

19 34 Ropes & Gray 6,055 8 13,775 -56.0%

20 62 Jones Day 5,974 11 2,165 175.9%


November 2015

November 2016



1 1 Kirkland & Ellis 12,569 21 29 -8

2 2 Latham & Watkins 71,183 17 21 -4

3 7 Norton Rose Fulbright 1,083 13 15 -2

4 4 DLA Piper 3,429 12 19 -7


6 12 Sullivan & Cromwell 15,364 11 13 -2

7 8 Jones Day 5,974 11 15 -4

8 11 Weil Gotshal & Manges 5,218 11 13 -2

9 13 Shearman & Sterling 15,994 10 13 -3

10 14 Paul Weiss Rifkind Wharton & Garrison 6,676 10 13 -3

11 52 McCarthy Tetrault 1,005 10 5 5

12 10 White & Case 57,032 9 13 -4

13 24 Morgan Lewis & Bockius 2,030 9 10 -1

14 25 Freshfields Bruckhaus Deringer 11,118 8 10 -2

15 17 Ropes & Gray 6,055 8 12 -4


17 6 Simpson Thacher & Bartlett 14,923 7 16 -9

18 26 Davis Polk & Wardwell 10,113 7 10 -3

19 40 Paul Hastings 9,680 7 7 0

20 31 Baker & McKenzie 1,098 7 9 -2

C&S AMERICA

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M&A activity in Latin America slowed down quite dramatically in November. With a total of 27 transactions worth US$3.3bn, total deal value dropped by 40.1% compared to November 2015 (US$5.5bn, 49 deals), making it the lowest-valued November since 2009. Currently, Latin America may not be seen by investors as the most attractive destination – a weak regional economy, political instability, corruption, and, on top of it all, uncertainty surrounding the US president-elect’s future trade agreements with the region may put some pressure on Latin America and its M&A activity in the long term.

Private equity companies did not show any amplified movement in Latin America. Buyouts saw three deals worth only US$19m, down by 97.0% in value compared to November 2015 (US$644m, four deals), making it the lowest November since 2009. Similarly, exits, with only one deal, did not show any signs of movement.

Energy, Mining & Utilities (EMU), the main driving sector in Latin America, ended up with five deals worth US$1.6bn, up by 263.7% in value compared to November 2015 (US$442m, 3 deals). EMU contributed to almost half of the total M&A activity in the region with 48.6% market share. The two main contributing factors to EMU’s total value was the acquisition of Brazil-based Liquigas Distribuidora for US$816m, and the acquisition of Brazil-based CELG Distribuicao for US$639m. Both deals are the top transactions for the month,

accounting for 44.0% of the total M&A activity, and 90.6% of the total EMU value in Latin America.

Thanks to the two largest transactions, Brazil was the leading region in November 2016, accounting for 57.0% of the total regional M&A value with 13 deals worth US$1.9bn. Colombia ended up in second place with only two deals worth US$666.1m, with a market share of 20.1%. One of the deals, which has been the chief contributing factor, was the acquisition of Colombia-based ExxonMobil Andean Holding and ExxonMobil Ecuador Cia for US$512m, alone accounting for 76.7% of the Colombian market share.

Cross-border data depicted a downward movement in inbound values compared to November 2015 with US$1.2bn and 12 deals, a drop of 65.3%. On the other hand, outbound deals increased 106.0% in value with four

transactions worth US$1.1bn. Latin America saw a total of 14 domestic transactions valued at US$1.6bn, down 17.7% by value compared to the same month of last year.

Latin American M&A activity may largely suffer in the long run since the president-elect, Donald Trump, is potentially in favour of protectionism, which could signify less hope for any potential free trade agreements and diminish hope for cross-border investments in both regions.

Key Stats


Top Legal Adviser

Energy, Mining & Utilities saw 5 deals worth US$1.6bn, up 263.7% by value compared to 3 deals worth US$442m in November ’15

Top sector

Citi ranked first with 3 deals worth US$1.5bn, compared to 0 deals in November ’15

Skadden Arps Slate Meagher & Flom ranked first with 2 deals worth US$934m, compared to 1 deal worth US$1.8bn in November ’15



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C&S AMERICA M&A TREND C&S AMERICA PRIVATE EQUITY TREND

TREND GRAPHS


0

30

60

90

120

150

YTD 2016201520142013201220110

100

200

300

400

500

600

700

Valu

e (U

S$bn

)

Num

ber of deals

US$17.8bn

US$16.5bn

US$21.4bn

US$22.4bn

US$24.8bn

US$11.2bn

US$38.0bn

US$28.5bn

US$39.9bn

US$25.4bn

US$32.4bn

US$47.1bn

US$21.8bn

US$28.8bn

US$46.0bn

US$18.8bn

US$40.4bn

US$24.1bn

US$23.1bn

US$12.2bn

US$14.9bn

US$10.7bn

US$38.1bn

US$11.3bn

0

1

2

3

4

5

6

7

8

9

10

11

YTD 201620152014201320122011

US$6.1bn

0

10

20

30

40

50

60

70

Valu

e (U

S$bn

)

Num

ber of deals

US$3.9bn US$

3.0bn

US$6.9bn

US$2.4bn

US$1.3bn

US$8.5bn

US$1.9bn

US$8.6bn

US$10.5bn

US$5.3bn

US$8.2bn


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COUNTRY BREAKDOWN AS A PROPORTION OF C&S AMERICA TOTAL M&A VALUE C&S AMERICA M&A SECTOR BREAKDOWN NOVEMBER 2016


Industrials & ChemicalsValue: US$512.0mNumber of deals: 1Market share: 15.5%

TransportationValue: US$404.1mNumber of deals: 3Market share: 12.2%

MediaValue: US$345.0mNumber of deals: 1Market share: 10.4%

ConsumerValue: US$221.5mNumber of deals: 4Market share: 6.7%

TREND GRAPHS

ALL SECTORS

ChileUS$135.0m

5 deals 4.1%

BrazilUS$1.9bn 13 deals

57.0%

ArgentinaUS$350.0m

3 deals 10.6%

ColombiaUS$US$666.1m

2 deals 20.1%

MexicoUS$271.8m

4 deals 8.2%

RegionValue


Key


change

Domestic $1.6 17.7%

Inbound $1.2 65.3%



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Deal value US$816m

Deal value US$639m

Deal value US$512m

Deal value US$345m

Deal value US$250m

Announced 17-Nov-16

Bidder companyCompanhia Ultragaz SA

Target companyLiquigas Distribuidora SA

Seller companyPetroleo Brasileiro SA


Sell-side Financial Adviser Banco Itau BBA

Sell-side Legal Adviser Lefosse Advogados

Buy-side Financial AdviserBanco Bradesco

Buy-side Legal Adviser Skadden Arps Slate Meagher & Flom

Announced 30-Nov-16

Bidder companyEnel SpA

Target companyCELG Distribuicao SA (94.8% stake)

Seller companyCentrais Eletricas Brasileiras SA (Eletrobras)



Announced 16-Nov-16

Bidder companyEmpresas Copec SA

Target companyExxonMobil Andean Holding LLC; and ExxonMobil Ecuador Cia Ltda

Seller companyExxon Mobil Corporation


Sell-side Legal Adviser Shearman & Sterling

Announced 15-Nov-16

Bidder companyViacom International Media Networks Inc

Target companyTelevision Federal SA

Seller companyTelefonica SA

Dominant sectorMedia

Sell-side Financial Adviser Citi

Sell-side Legal Adviser A & F Allende Ferrante; and DLA Piper (Advising FA: White & Case)

Buy-side Financial AdviserUBS Investment Bank

Buy-side Legal Adviser M&M Bomchil; and Shearman & Sterling

Announced 02-Nov-16

Bidder companyInversionistas en Autotransportes Mexicanos SA de CV

Target companyAeroenlaces Nacionales SA de CV (49% stake)

Seller companyIrelandia Aviation Limited

Dominant sectorTransportation


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Announced 15-Nov-16

Bidder companyGrupo Argos SA

Target companyOpain SA Concesionario del Aeropuerto Internacional El Dorado (30% stake)

Dominant sectorTransportation

Announced 02-Nov-16

Bidder companyAmbev SA

Target companyCachoeiras de Macacu Bebidas Ltda

Seller companyBrasil Kirin Holdings SA

Dominant sectorConsumer

Sell-side Legal Adviser Tozzini Freire Teixeira e Silva Advogados

Buy-side Legal Adviser Souza, Cescon, Barrieu & Flesch Advogados

Announced 25-Nov-16

Bidder companyChina Communications Construction Co Ltd

Target companyConcremat Engenharia (80% stake)


Buy-side Financial AdviserBanco Modal

Announced 02-Nov-16

Bidder companyGlobal Power Generation

Target companySobral and Serta Solar Plants (85% stake)

Seller companyGrupo Gransolar SL


Announced 17-Nov-16

Bidder companyAlimentos Marinos SA

Target companyInvermar SA (76.37% stake)

Dominant sectorAgriculture

Deal value US$68m

Deal value US$94m

Deal value US$102m

Deal value US$154m

Deal value US$150m


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TOP 10 C&S AMERICA FINANCIAL ADVISERS TOP 10 C&S AMERICA FINANCIAL ADVISERS

LEAGUE TABLES

VALUE VOLUME


November 2015

November 2016



% Val. Change

1 - Citi 1,484 3 - -

2 5 Banco Bradesco BBI 865 2 887 -2.5%

3 3 Banco Itau BBA 816 2 897 -9.0%

4 1 Bank of America Merrill Lynch 500 1 1,231 -59.4%

5 4 UBS Investment Bank 345 1 894 -61.4%

6 - Santander Global Banking and Markets 339 1 - -

7 - Aon 235 1 - -

8= 8 Banco BTG Pactual 118 1 646 -81.7%

8= 11 Evercore Partners 118 1 390 -69.7%

10 - Banco Modal 102 1 - -


November 2015

November 2016



1 - Citi 1,484 3 - -

2 1 Banco Bradesco BBI 865 2 4 -2

3 6 Banco Itau BBA 816 2 2 0

4 4 Bank of America Merrill Lynch 500 1 2 -1

5 7 UBS Investment Bank 345 1 2 -1

6 - Santander Global Banking and Markets 339 1 - -

7 - Aon 235 1 - -

8= 9 Banco BTG Pactual 118 1 2 -1

8= 12 Evercore Partners 118 1 1 0

10 - Banco Modal 102 1 - -


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VALUE VOLUME

TOP 10 C&S AMERICA LEGAL ADVISERS TOP 11 C&S AMERICA LEGAL ADVISERS


November 2015

November 2016



% Val. Change

1 1 Skadden Arps Slate Meagher & Flom 934 2 1,762 -47.0%

2 10 Shearman & Sterling 857 2 450 90.4%

3 35 Lefosse Advogados 816 1 27 2,922.2%

4= - A & F Allende Ferrante 345 1 - -

4= - DLA Piper 345 1 - -

4= - M&M Bomchil 345 1 - -

4= 22 White & Case 345 1 358 -3.6%

8= - Cuatrecasas, Goncalves Pereira 339 1 - -

8= - Santamarina y Steta 339 1 - -

10 - Willkie Farr & Gallagher 235 1 - -


November 2015

November 2016



1 13 Skadden Arps Slate Meagher & Flom 934 2 1 1

2 16 Shearman & Sterling 857 2 1 1

3 2 Souza, Cescon, Barrieu & Flesch Advogados 150 2 4 -2

4 - Veirano Advogados 17 2 - -

5 39 Lefosse Advogados 816 1 1 0

6= - A & F Allende Ferrante 345 1 - -

6= - DLA Piper 345 1 - -

6= - M&M Bomchil 345 1 - -

6= 27 White & Case 345 1 1 0

10= - Cuatrecasas, Goncalves Pereira 339 1 - -

10= - Santamarina y Steta 339 1 - -

EUROPE

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European M&A activity saw a sharp 81.8% drop in value during November, with 370 deals valued at US$34.5bn down from 560 deals worth US$190bn year-on-year, and marking the lowest November value since 2008 (306 deals, US$28.9bn). It also represents the second lowest monthly value in 2016 except August (417 deals, US$22bn) and the lowest monthly number of deals.

The slowdown in activity is reflected by the fact that there were no megadeals (>US$10bn) announced during the month, with the US$4.4bn acquisition of Norway-based Lindorff Group AB by Intrum Justitia AB, sold by Nordic Capital, representing the highest valued transaction of the month. As a result of this deal, Business Services was the second most active sector with 65 deals worth US$6.6bn. It was topped by Industrials & Chemicals, which saw 97 deals valued at US$6.7bn, taking a 19.3% market share of total European M&A deal value.

Inbound M&A activity amounted to 81 deals worth US$13.2bn during November, a value drop of 62.7% compared to the same period last year (102 deals, US$35.4bn). The UK recorded the highest share in total European M&A activity, with 91 deals worth US$7.3bn accounting for 21.2% of total activity targeting the continent. However, deal value dropped by 95.3% compared to November 2015. It was followed by Germany (US$5.7bn, 50 deals) and Norway (US$5.0bn, 16 deals), a 358.9% increase for the Scandinavian country compared to November 2015.

The US was the most active acquirer in the continent, with 51 deals worth US$6.6bn accounting for 19% of total inbound M&A activity into Europe during November. China has also continued to pursue its outbound acquisition spree, with 132 deals worth US$82.5bn accounting for 21.6% of total inbound M&A activity targeting Europe so far in 2016. This comes amid the country’s push to crackdown on overseas investment in an attempt to prevent capital flight.

Outbound M&A deal value also decreased significantly by 61.9%, from 90 deals worth US$32.7bn in November 2015 to 57 deals valued at US$12.5bn in November 2016. However, year-to-date (YTD) 2016 outbound activity (824 deals, US$254.7bn) has increased by 13.2% compared to the same period in 2015. The US was the most targeted country by European bidders (34 deals, US$10bn), representing 80% of total outbound activity in November 2016.

Global political uncertainty seems to have affected dealmakers’ confidence within Europe. So far in 2016 total European M&A

activity (5,939 deals, US$668.5bn) has decreased 19.6% by value compared to YTD activity 2015 (6,098 deals, US$831.8bn). Additionally, announced outbound deals targeting the US may lapse if they collide with President-elect Donald Trump’s plan of improving the country’s competitiveness in the energy and infrastructure sectors as well as supporting manufacturing jobs in the US.

Inbound activity during 2017 may be affected by China’s government exercising control of overseas transactions worth more than US$10.0bn, in an effort to reduce capital outflows that are draining foreign exchange reserves and depreciating the renminbi. Comparatively small deals of more than US$1bn will be scrutinised as well if they fall outside the bidder’s core business.

Key Stats


Top Legal Adviser

Industrials & Chemicals saw 97 deals worth US$6.67bn, up 0.2% by value compared to 118 deals worth US$6.66bn in November ’15

Top sector

Goldman Sachs ranked first with 10 deals worth US$13.4bn, compared to 14 deals worth US$183.3bn in November ’15

Freshfields Bruckhaus Deringer ranked first with 16 deals worth US$16.5bn, compared to 17 deals worth US$140.0bn in November ’15


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EUROPE M&A TREND EUROPE PRIVATE EQUITY TREND

TREND GRAPHS


0

200

400

600

800

1,000

YTD 2016201520142013201220110

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Valu

e (U

S$bn

)

Num

ber of deals

US$174.5bn

US$288.8bn

US$215.7bn

US$209.3bn

US$310.5bn

US$178.5bn

US$158.7bn

US$147.6bn

US$199.5bn

US$136.3bn

US$251.1bn

US$113.1bn

US$187.8bn

US$172.1bn

US$134.6bn

US$167.0bn

US$244.2bn

US$185.7bn

US$261.3bn

US$163.9bn

US$187.2bn

US$197.0bn

US$158.4bn

US$125.8bn

0

25

50

75

100

125

150

175

200

YTD 2016201520142013201220110

200

400

600

800

1,000

1,200

Valu

e (U

S$bn

)

Num

ber of deals

US$115.2bn

US$131.9bn

US$112.0bn

US$87.7bn

US$140.0bn US$

133.1bn

US$175.0bn US$

162.8bn

US$92.3bn

US$97.5bn

US$91.5bn

US$112.1bn

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COUNTRY BREAKDOWN AS A PROPORTION OF EUROPE TOTAL M&A VALUE EUROPE M&A SECTOR BREAKDOWN NOVEMBER 2016

TREND GRAPHS

NorwayUS$5.0bn 16 deals

14.6%

RegionValue


Key




Financial ServicesValue: US$4.7bnNumber of deals: 30Market share: 13.7%



change


Inbound $13.2 62.7%


United KingdomUS$7.3bn 91 deals

21.2%France

US$2.8bn 40 deals

8.1%

GermanyUS$5.7bn 50 deals

16.5%

NetherlandsUS$2.8bn 26 deals 8.0%

33


TOP DEALS

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CONTACT MERRILL

Deal value US$4.4bn

Deal value US$3.6bn

Deal value US$2.7bn

Deal value US$2.7bn

Deal value US$2.0bn

Announced 14-Nov-16

Bidder companyIntrum Justitia AB

Target companyLindorff Group AB

Seller companyNordic Capital


Sell-side Financial Adviser Goldman Sachs; Morgan Stanley; NC Advisory; and UBS Investment Bank

Sell-side Legal Adviser Mannheimer Swartling


Buy-side Legal Adviser Hannes Snellman (Advising FA: Linklaters)

Announced 08-Nov-16

Bidder companyBlackstone Group LP

Target companyOfficefirst Immobilien AG

Seller companyIVG Immobilien AG


Sell-side Financial Adviser Deutsche Bank; and Goldman Sachs

Sell-side Legal Adviser Freshfields Bruckhaus Deringer

Buy-side Legal Adviser Hengeler Mueller; and Simpson Thacher & Bartlett

Announced 02-Nov-16

Bidder companyNN Group NV

Target companyDelta Lloyd Group


Sell-side Financial Adviser Bank of America Merrill Lynch; and Goldman Sachs

Sell-side Legal Adviser Allen & Overy



Announced 07-Nov-16

Bidder companyGIC Private Limited

Target companyPointPark Properties sro

Seller companyTPG Capital LP; and Ivanhoe Cambridge


Sell-side Financial Adviser Wells Fargo Securities

Sell-side Legal Adviser Freshfields Bruckhaus Deringer; and White & Case

Buy-side Legal Adviser Kirkland & Ellis

Announced 16-Nov-16

Bidder companyElectricite de France SA

Target companyNew NP (75% stake)

Seller companyAREVA SA


Sell-side Financial Adviser Barclays; and Goldman Sachs

Sell-side Legal Adviser Bredin Prat; and De Pardieu Brocas Maffei

Buy-side Legal Adviser Freshfields Bruckhaus Deringer; and Hogan Lovells International

34


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NORTH AMERICA



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Announced 03-Nov-16

Bidder companyASML Holding NV

Target companyCarl Zeiss SMT GmbH (249% stake)

Seller companyCarl Zeiss AG


Sell-side Legal Adviser Hengeler Mueller

Buy-side Legal Adviser De Brauw Blackstone Westbroek; Gleiss Lutz; and Skadden Arps Slate Meagher & Flom

Announced 07-Nov-16

Bidder companyBeijing Gas Group Co Ltd

Target companyVerkhnechonskneftegaz OJSC (20% stake)

Seller companyRosneft Oil Company OAO


Sell-side Legal Adviser Linklaters

Buy-side Financial AdviserBNP Paribas

Announced 18-Nov-16

Bidder companyBupa Finance plc

Target companyOasis Healthcare Limited

Seller companyBridgepoint Advisers Limited

Dominant sectorPharma, Medical & Biotech

Sell-side Financial Adviser Jamieson Corporate Finance; Moelis & Company; and Rothschild

Sell-side Legal Adviser DLA Piper; and Travers Smith

Buy-side Financial AdviserBarclays

Buy-side Legal Adviser White & Case

Announced 07-Nov-16

Bidder companyMunksjo AB

Target companyAhlstrom Corporation


Sell-side Financial Adviser Nordea

Sell-side Legal Adviser Hannes Snellman

Buy-side Financial AdviserAccess Partners; and SEB

Buy-side Legal Adviser White & Case

Announced 16-Nov-16

Bidder companyLife Healthcare Group Holdings Limited

Target companyAlliance Medical Group Limited

Seller companyM&G Investments; and Talbot Hughes McKillop LLP


Sell-side Financial Adviser Rothschild

Sell-side Legal Adviser Linklaters

Buy-side Financial AdviserBarclays; and Rand Merchant Bank

Buy-side Legal Adviser Allen & Overy

Deal value US$777m

Deal value US$893m

Deal value US$1.0bn

Deal value US$1.1bn

Deal value US$1.1bn

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TOP 20 EUROPE FINANCIAL ADVISERS TOP 20 EUROPE FINANCIAL ADVISERS

LEAGUE TABLES

VALUE VOLUME


November 2015

November 2016



% Val. Change

1 1 Goldman Sachs 13,357 10 183,339 -92.7%

2 2 JPMorgan 13,001 8 171,222 -92.4%


4 4 Morgan Stanley 8,514 4 151,182 -94.4%

5 7 Deutsche Bank 7,714 4 140,948 -94.5%

6 113 Wells Fargo Securities 5,456 2 - 28,615.8%

7 8 BNP Paribas 5,306 3 137,163 -96.1%

8 20 Rothschild 4,979 17 5,254 -5.2%

9 13 UBS Investment Bank 4,914 7 35,071 -86.0%

10 3 Barclays 4,741 7 159,056 -97.0%

11 - NC Advisory 4,439 1 - -

12 19 Citi 3,073 8 6,048 -49.2%

13 17 LionTree Advisors 2,800 1 8,853 -68.4%

14 71 Jamieson Corporate Finance 1,539 2 191 705.8%

15 36 HSBC 1,465 4 1,070 36.9%

16 30 SEB 1,403 4 1,504 -6.7%

17 12 Credit Suisse 1,089 2 39,439 -97.2%

18 18 Moelis & Company 1,034 1 6,929 -85.1%

19 15 Evercore Partners 996 1 15,609 -93.6%

20 33 Nordea 974 3 1,210 -19.5%


November 2015

November 2016



1 6 Rothschild 4,979 17 16 1

2 7 Goldman Sachs 13,357 10 14 -4

3 1 KPMG 252 9 25 -16

4 5 JPMorgan 13,001 8 16 -8

5 17 Citi 3,073 8 7 1

6 16 Bank of America Merrill Lynch 10,625 7 7 0

7 13 UBS Investment Bank 4,914 7 9 -2

8 10 Barclays 4,741 7 10 -3

9 2 PwC 119 6 25 -19

10 47 Oaklins - 6 3 3

11 8 Lazard 816 5 14 -9

12 4 Deloitte 288 5 21 -16

13 3 EY 158 5 21 -16

14 9 Morgan Stanley 8,514 4 11 -7

15 14 Deutsche Bank 7,714 4 8 -4

16 32 HSBC 1,465 4 4 0

17 53 SEB 1,403 4 2 2

18 58 Robert W. Baird & Co 359 4 2 2

19 20 ALANTRA 80 4 6 -2

20 19 BDO 51 4 7 -3

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LEAGUE TABLES

VALUE VOLUME


November 2015

November 2016



% Val. Change


2 18 Linklaters 7,105 10 146,492 -95.1%

3 5 Latham & Watkins 7,105 6 211,647 -96.6%

4 7 White & Case 5,656 16 189,332 -97.0%

5 63 Hannes Snellman 5,483 8 1,274 330.4%

6 49 Hengeler Mueller 4,884 3 3,948 23.7%

7 38 Allen & Overy 4,641 10 10,322 -55.0%

8 84 Vinge 4,473 4 584 665.9%

9 88 Mannheimer Swartling 4,439 1 454 877.8%

10= 139 O'Melveny & Myers 4,012 1 105 3,721.0%

10= 17 Sullivan & Cromwell 4,012 1 151,580 -97.4%

12 21 Hogan Lovells International 3,773 9 136,160 -97.2%


14 - Jones Walker 2,800 1 - -


16 36 Kirkland & Ellis 2,656 4 12,000 -77.9%

17 35 Bredin Prat 2,153 3 13,400 -83.9%

18 334 De Pardieu Brocas Maffei 2,129 4 - -

19 68 DLA Piper 1,977 19 1,063 86.0%

20 61 Baker & McKenzie 1,943 10 1,798 8.1%


November 2015

November 2016



1 5 DLA Piper 1,977 19 17 2

2 8 Freshfields Bruckhaus Deringer 16,500 16 15 1

3 6 White & Case 5,656 16 16 0

4 10 Clifford Chance 746 13 13 0

5 7 Linklaters 7,105 10 15 -5

6 1 Allen & Overy 4,641 10 19 -9

7 2 Baker & McKenzie 1,943 10 19 -9


9 11 Eversheds 761 9 13 -4

10 3 CMS 226 9 18 -9

11 61 Hannes Snellman 5,483 8 4 4

12 4 Latham & Watkins 7,105 6 17 -11

13 42 Travers Smith 1,485 6 6 0

14 31 Weil Gotshal & Manges 937 6 7 -1

15 19 Norton Rose Fulbright 853 6 10 -4

16 190 Plesner 390 6 1 5

17 108 Schjodt 175 6 2 4

18 48 Skadden Arps Slate Meagher & Flom 2,763 5 5 0

19 35 Shearman & Sterling 598 5 7 -2

20 53 Cuatrecasas, Goncalves Pereira 449 5 5 0


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Dealmaking has slowed towards the end of 2016 in the Middle East & Africa (MEA), with just 13 deals worth US$2.6bn recorded in November. Despite a sluggish month, this year’s deal value of US$72.6bn (341 deals) has surpassed the previous year-to-date (YTD) record of US$70.4bn (434 deals), set in 2007, despite 93 fewer deals. 2016’s deal value is now 59% ahead of 2015’s full year value (US$46.6bn, 472 deals).

The final quarter of 2016 has seen a drop-off in deals targeting MEA with 32 deals worth US$5.1bn so far in Q4. Deal volume in H2 (121 deals) is now 99 deals behind H1 (220 deals) with one month to go. Deals targeting assets outside the region have seen a similar trend in H2 (US$11.3bn, 43 deals) with 40 fewer deals so far compared to H1, with larger valued deals leading to a 23.9% increase in value.

The largest deal into the region in November saw China-based Bohai Industrial Investment Fund Management acquire a 24% stake in Congo-based Tenke Fungurume Mining for US$1.2bn. A 56% stake was previously bought by China Molybdenum for US$2.6bn, in May 2016. The deal marks the 14th deal by a Chinese bidder into the region in 2016, with total deal value reaching US$15.5bn. This represents a 19.2x increase on 2015’s figure of US$807m (nine deals). In terms of deal value, China remains the most active investor into the Middle East & Africa, while the US is highest by deal volume (US$2.5bn, 40 deals).

South African firms were involved in November’s largest outbound deal by a MEA-based company and the second largest inbound deal. UK-based Alliance Medical Group was acquired by Life Healthcare in a deal worth US$777m, marking the 32nd South African outbound deal in 2016. The combined deal value of these deals (US$7.6bn) represents 36.8% of total outbound activity from the region, which stands at US$20.6bn (127 deals). Outbound activity has suffered in 2016 following a record-breaking 2015, reporting a 72.1% decrease on the YTD 2015 figure (US$73.7bn, 137 deals).

The second largest deal of the month saw Japan-based Ajinmoto acquire food and drink manufacturer Promasidor (South Africa) for US$532m. There have been 28 deals from outside ME&A targeting South Africa worth a combined US$4.8bn, the highest deal value since 2011 (US$7.2bn, 41 deals). So far in 2016, there has been a 156.0% increase on

2015’s value (US$1.9bn, 55 deals) despite 27 fewer deals.

2016 has seen UAE outbound M&A into Europe grow 5.3x by deal value, with 15 deals worth US$1.5bn compared to 14 deals worth US$286m in 2015. In November, UAE-based Liberty House and Simec Group acquired Rio Tinto’s Lochaber assets in a deal worth US$410m. The deal represents the second largest deal by a UAE-based bidder into Europe in 2016 after Abu Dhabi Investment Authority’s US$758m acquisition of a 16.7% stake in Scotia Gas Networks, announced in October.

Key Stats


Top Legal Adviser

Energy, Mining & Utilities saw 2 deals worth US$1.3bn, up 72.7% by value compared to 7 deals worth US$730m in November ’15

Top sector

Barclays ranked first with 3 deals worth US$6.9bn, compared to 1 deal worth US$40m in November ’15

Kirkland & Ellis ranked first with 2 deals worth US$5.8bn, compared to 2 deals worth US$431m in November ’15



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MIDDLE EAST & AFRICA M&A TREND MIDDLE EAST & AFRICA PRIVATE EQUITY TREND

TREND GRAPHS


0

10

20

30

40

50

60

70

80

YTD 201620152014201320122011

0

100

200

300

400

500

Valu

e (U

S$bn

)

Num

ber of dealsUS$9.2bn

US$8.3bn

US$8.9bn

US$20.2bn

US$19.3bn

US$7.2bn

US$9.5bn

US$24.4bn

US$12.3bn

US$21.6bn

US$13.7bn

US$15.5bn

US$8.8bn

US$13.5bn

US$9.5bn

US$20.7bn

US$19.8bn

US$6.6bn

US$11.5bn

US$7.3bn

US$9.6bn

US$23.5bn

US$5.1bn

US$34.4bn

0

2

4

6

8

10

12

YTD 2016201520142013201220110

10

20

30

40

50

60

70

Valu

e (U

S$bn

)

Num

ber of deals

US$4.0bn

US$4.1bn

US$3.8bn

US$1.9bn

US$2.4bn

US$3.9bn

US$7.3bn

US$3.7bn

US$11.9bn

US$5.2bn

US$4.2bn

US$4.7bn


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COUNTRY BREAKDOWN AS A PROPORTION OF MIDDLE EAST & AFRICA TOTAL M&A VALUE MIDDLE EAST & AFRICA M&A SECTOR BREAKDOWN NOVEMBER 2016

TREND GRAPHS

Democratic Republic of Congo

US$1.2bn 1 deal

45.1%

South AfricaUS$955m

5 deals 36.3%

RegionValue


Key


ConsumerValue: US$790mNumber of deals: 3Market share: 30.0%

Pharma, Medical & BiotechValue: US$430mNumber of deals: 3Market share: 16.4%

Business ServicesValue: US$127mNumber of deals: 2Market share: 4.8%

ConstructionValue: US$23mNumber of deals: 1Market share: 0.9%


change


Inbound $36.7 144.5%


IsraelUS$340m

2 deals 12.9%

41

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Deal value US$1.2bn

Deal value US$532m

Deal value US$340m

Deal value US$236m

Deal value US$127m

Announced 15-Nov-16

Bidder companyBohai Industrial Investment Fund Management Co Ltd

Target companyTenke Fungurume Mining SA (24% stake)

Seller companyLundin Mining Corporation


Sell-side Financial Adviser BMO Capital Markets

Sell-side Legal Adviser Cassels Brock & Blackwell; and Paul Weiss Rifkind Wharton & Garrison

Announced 08-Nov-16

Bidder companyAjinomoto Co Inc

Target companyPromasidor (South Africa) (Pty) Ltd (33.33% stake)

Seller companyTana Africa Capital Managers (Pty) Ltd; and PLEXUS Investments Ltd

Dominant sectorConsumer: Foods

Sell-side Financial Adviser Nomura



Announced 28-Nov-16

Bidder companyEdwards Lifesciences Corporation

Target companyValtech Cardio Ltd

Seller companyNGN Capital; Peregrine Ventures; and OXO Capital Valve Ventures LLC



Buy-side Legal Adviser O’Melveny & Myers

Announced 10-Nov-16

Bidder companyElectrolux AB

Target companyKwikot Limited

Dominant sectorConsumer: Other

Announced 30-Nov-16

Bidder companySanne Group plc

Target companyInternational Financial Services Limited

Seller companyCouldiplall Basanta Lala (Private investor); Anupama Basanta Lala (Private investor); Divya Basanta Lala (Private investor); and Kapil Dev Joory (Private investor)

Dominant sectorServices: Other

Buy-side Legal Adviser Simmons & Simmons

42

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Announced 21-Nov-16

Bidder companyNetcare Limited

Target companyAkeso Psychiatric Clinics


Announced 11-Nov-16

Bidder companyLonmin Plc

Target companyPandora (42.5% stake)

Seller companyAnglo American Platinum Ltd


Announced 01-Nov-16

Bidder companyFirefly Investments 319 Proprietary Limited

Target companyMurray & Roberts Infrastructure & Building Platform

Seller companyMurray & Roberts Holdings Limited

Dominant sectorConstruction

Sell-side Financial Adviser Rand Merchant Bank

Sell-side Legal Adviser Webber Wentzel

Buy-side Financial AdviserBDO; and Standard Bank Group

Buy-side Legal Adviser Werksmans

Announced 23-Nov-16

Bidder companyLeapFrog Investments

Target companyGoodlife Pharmacy Limited

Seller companyCatalyst Principal Partners LLC

Dominant sectorConsumer: Retail

Sell-side Legal Adviser Goodwin Procter

Deal value US$22m

Deal value US$23m

Deal value US$90m

Deal value US$73m


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TOP 10 MIDDLE EAST & AFRICA FINANCIAL ADVISERS TOP 10 MIDDLE EAST & AFRICA FINANCIAL ADVISERS

LEAGUE TABLES

VALUE VOLUME


November 2015

November 2016



% Val. Change

1 19 Barclays 6,949 3 40 17,272.5%

2= 32 Citi 5,761 1 - -

2= 1 JPMorgan 5,761 1 812 609.5%

4 - BMO Capital Markets 1,187 1 - -

5 4 Rothschild 910 2 436 108.7%

6 - Rand Merchant Bank 800 2 - -

7= - Goldman Sachs 532 1 - -

7= - Nomura Holdings 532 1 - -

9 15 Morgan Stanley 340 1 109 211.9%

10 - Treadstone Resource Partners 269 1 - -


November 2015

November 2016



1 21 Barclays 6,949 3 1 2

2 1 Rothschild 910 2 3 -1

3 - Rand Merchant Bank 800 2 - -

4= 32 Citi 5,761 1 1 0

4= 2 JPMorgan 5,761 1 2 -1


7= - Goldman Sachs 532 1 - -

7= - Nomura Holdings 532 1 - -

9 7 Morgan Stanley 340 1 2 -1

10 - Treadstone Resource Partners 269 1 - -


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TOP 10 MIDDLE EAST & AFRICA LEGAL ADVISERS TOP 10 MIDDLE EAST & AFRICA LEGAL ADVISERS

LEAGUE TABLES

VALUE VOLUME


November 2015

November 2016



% Val. Change

1 62 Kirkland & Ellis 5,761 2 0 -

2= - Shearman & Sterling 5,761 1 - -

2= 3 Simpson Thacher & Bartlett 5,761 1 543 961.0%

2= - Wachtell, Lipton, Rosen & Katz 5,761 1 - -

5= - Cassels Brock & Blackwell 1,187 1 - -

5= 64 Paul Weiss Rifkind Wharton & Garrison 1,187 1 0 -

7= 2 Allen & Overy 777 1 575 35.1%

7= - Linklaters 777 1 - -

9 58 Freshfields Bruckhaus Deringer 532 1 0 -

10 41 O'Melveny & Myers 340 1 40 750.0%


November 2015

November 2016




2 62 Kirkland & Ellis 5,761 2 1 1

3= - Shearman & Sterling 5,761 1 - -

3= 7 Simpson Thacher & Bartlett 5,761 1 2 -1


6= - Cassels Brock & Blackwell 1,187 1 - -

6= 64 Paul Weiss Rifkind Wharton & Garrison 1,187 1 1 0

8= 2 Allen & Overy 777 1 4 -3

8= - Linklaters 777 1 - -

10 58 Freshfields Bruckhaus Deringer 532 1 1 0

ASIA-PACIFIC (excluding Japan)

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ASIA-PACIFIC (excluding Japan)

M&A activities across Asia-Pacific (excl. Japan) experienced a considerable slowdown from the record levels of 2015. Through November 2016, the region saw US$594.7bn deals via 3,191 announcements, representing a 21.57% value decrease with 180 fewer deals compared to the same 11-month period in 2015 (US$758.2m via 3,371deals).

Fueled by the buoyant Chinese investments overseas and billion-dollar deals, outbound deal value in Asia-Pacific (excl. Japan) already exceeded the annual record of 2015, standing at US$223.6bn, which was more than 1.5x 2015’s annual value of US$140bn. November saw US$27.6bn in outbound deals announced within the region, representing a 389.5% increase from the same month last year and a 67.7% increase from the previous month (US$16.4bn).

Despite the political turbulence, South Korea was the biggest contributor to the buoyant outbound activity this month. The country announced four deals worth US$9.9bn, including the largest outbound deal of November, Samsung’s US$8.6bn acquisition of the listed American in-vehicle audio products and electronic systems manufacturer Harman International Industries.

While China maintained its leading position as the most active outbound investor in Asia-Pacific (excl. Japan), spending US$188.5bn

since the beginning of 2016, the future of outbound investments by corporate China has now become uncertain. A notice took effect on November 28th that states all single deals that involve either purchasing or paying foreign exchange, or foreign currency expenditures equivalent to US$5m or more under the capital account, need to notify the Beijing State Administration for Foreign Exchange (SAFE) as “large amount” deals. Also, all new and ongoing deals involving large capital outflows will need to be reexamined by four Chinese regulatory bodies for authenticity and compliance, as reported by Mergermaket.

Inbound M&A to Asia-Pacific (excl. Japan) found itself cooling down after 2015’s record year of dealmaking. Deal value decreased to US$81.8bn from US$87.9bn during the January-to-November period, while the number of deals also decreased from 562 to 456 in the same period time. Yet, year-to-date, the value still exceeds the annual record of 2012 and 2013, making it possible to create

another record-breaking year. The drop of inbound M&A is due to the underperformance of activities in Australia. The country attracted US$19.1bn in deals so far this year, which was more than a US$10bn decrease from the 11-month period in 2015 (US$29.7bn).

The deal value of private equity buyouts saw the fourth consecutive instance of year-on-year growth since 2012, standing at US$79.2bn via 296 announcements, representing 17.2% growth compared to the same period last year with a marginal drop of 37 deals (US$67.6bn via 333 deals). In spite of the sudden drop in private equity buyout activities in November, Technology companies remained the most attractive targets for PE investors. The sector saw 64 announcements with a total value of US$19.9bn so far this year, leading buyout activities amongst all sectors in both value and volume.

Key Stats

256 deals valued at US$35.0bn, down 57% by value with 98 fewer deals compared to 354 deals worth US$81.3bn in November ’15

Top Legal Adviser

Financial Services saw 14 deals worth US$8.5bn, up 76.7% by value compared to 25 deals worth US$4.8bn in November ’15

Top sector

Evercore Partners ranked first with 4 deals worth US$15.6bn, compared to 2 deals worth US$2.0bn in November ’15

Paul Hastings ranked first with 3 deals worth US$9.8bn, compared to 2 deals worth US$150m in November ’15




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ASIA-PACIFIC M&A TREND ASIA-PACIFIC PRIVATE EQUITY TREND

TREND GRAPHS


0

100

200

300

400

500

600

700

800

900

1,000

YTD 2016201520142013201220110

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Valu

e (U

S$bn

)

US$230.7bn

US$195.0bn

US$164.4bn

US$295.0bn

US$169.2bn

US$113.9bn

US$139.5bn

US$215.9bn

US$69.0bn

US$107.8bn

US$118.3bn

US$115.1bn

US$83.1bn

US$81.2bn

US$105.0bn

US$85.6bn

US$87.5bn

US$79.4bn

US$115.8bn

US$73.1bn

Num

ber of deals

US$186.7bn

US$93.4bn

US$148.1bn

US$166.5bn

0

10

20

30

40

50

60

70

80

90

100

YTD 2016201520142013201220110

50

100

150

200

250

300

350

400

Valu

e (U

S$bn

)

Num

ber of deals

US$29.6bn

US$30.7bn

US$19.4bn

US$41.2bn

US$29.8bn

US$34.3bn

US$48.3bn

US$55.2bn

US$40.7bn

US$71.8bn

US$90.2bn

US$79.2bn



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COUNTRY BREAKDOWN AS A PROPORTION OF ASIA-PACIFIC TOTAL M&A VALUE ASIA-PACIFIC M&A SECTOR BREAKDOWN NOVEMBER 2016

Financial ServicesValue: US$8.5bnNumber of deals: 14Market share: 24.4%



ConsumerValue: US$2.8bnNumber of deals: 34Market share: 8.0%


RegionValue


Key


change


Inbound $3.7 73.1%

Outbound $27.6 389.5%

TREND GRAPHS

Hong KongUS$1.5bn 15 deals 4.3%

India US$1.9bn

14 deals 5.3%

ChinaUS$20.4bn 128 deals

58.4%

AustraliaUS$2.8bn 36 deals

7.9%

SingaporeUS$2.1bn

7 deals 6.1%

South Korea US$5.1bn 28 deals

14.4%


TOP DEALS

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Deal value US$4.3bn

Deal value US$1.6bn

Deal value US$1.2bn

Deal value US$1.2bn

Deal value US$1.1bn

Announced 04-Nov-16

Bidder companyChina International Capital Corporation Limited

Target companyChina Investment Securities Co Ltd

Seller companyCentral Huijin Investment Ltd


Buy-side Financial AdviserAgricultural Bank of China; China International Capital Corporation; and Somerley Capital


Announced 14-Nov-16

Bidder companyKingvision Group Co Ltd

Target companyZibo Qixiang Tengda Chemical Co Ltd (87.19% stake)

Seller companyZibo Qixiang Petrochemical Group Co Ltd


Buy-side Financial AdviserEverbright Securities

Buy-side Legal Adviser China Commercial Law Firm

Announced 04-Nov-16

Bidder companyAmerican Industrial Partners

Target companyArrium Ltd (Arrium Mining Consumables Division)


Sell-side Financial Adviser Deutsche Bank

Sell-side Legal Adviser King & Wood Mallesons

Buy-side Legal Adviser MinterEllison; and Ropes & Gray

Announced 11-Nov-16

Bidder companyDish TV India Limited

Target companyVideocon d2h Ltd

Dominant sectorMedia

Sell-side Financial Adviser Edelweiss Financial Services

Sell-side Legal Adviser Shardul Amarchand Mangaldas


Buy-side Legal Adviser Luthra & Luthra Law Offices; and Shearman & Sterling

Announced 29-Nov-16

Bidder companyZhonghang Heibao Co Ltd

Target companyShenyang Aircraft Corporation

Seller companyChina Huarong Asset Management Co Ltd; and Aviation Industry Corporation of China

Dominant sectorDefence

Buy-side Financial AdviserChina Securities

Buy-side Legal Adviser JiaYuan Law Offices


TOP DEALS

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Announced 03-Nov-16

Bidder companyJacobs Douwe Egberts

Target companySuper Group Limited



Sell-side Legal Adviser WongPartnership

Buy-side Legal Adviser Allen & Gledhill; and Skadden Arps Slate Meagher & Flom

Announced 11-Nov-16

Bidder companyGreenland Holdings Corporation Limited

Target companyChongqing Sincere Yuanchuang Real Estate Development Co Ltd (40% stake)


Announced 02-Nov-16

Bidder companyWangfujing Group Co Ltd

Target companyBelmont Hong Kong Ltd

Seller companyBeijing Wangfujing International Business Development Co Ltd


Buy-side Financial AdviserChina Securities

Buy-side Legal Adviser Haiwen & Partners

Announced 30-Nov-16

Bidder companyCLP Holdings Limited

Target companyYangjiang Nuclear Power Co Ltd (17% stake)

Seller companyCGN Power Co Ltd


Announced 08-Nov-16

Bidder companyShanghai Chinafortune Co Ltd

Target companyChina Fortune Securities Co Ltd (92% stake)

Seller companyShanghai Feilo Acoustics Co Ltd; INESA Group Co Ltd; and Shanghai Belling Co Ltd


Buy-side Financial AdviserGuotai Junan Securities

Deal value US$726m

Deal value US$747m

Deal value US$996m

Deal value US$762m

Deal value US$726m



NORTH AMERICA



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TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS TOP 20 ASIA-PACIFIC FINANCIAL ADVISERS

LEAGUE TABLES

VALUE VOLUME


November 2015

November 2016



% Val. Change

1 19 Evercore Partners 15,604 4 2,037 666.0%

2 3 JPMorgan 9,907 3 13,358 -25.8%

3 6 Deutsche Bank 9,269 3 10,978 -15.6%

4 13 Lazard 8,832 2 3,137 181.5%

5 31 Citi 8,391 3 1,211 592.9%


7 16 Credit Suisse 6,137 4 2,291 167.9%

8 57 Bank of America Merrill Lynch 5,653 2 245 2,207.3%

9 54 China International Capital 5,259 3 295 1,682.7%

10= - Agricultural Bank of China 4,259 1 - -

10= 40 Somerley Capital 4,259 1 600 609.8%

12 5 Morgan Stanley 3,578 3 13,014 -72.5%

13 - Wells Fargo Securities 2,656 1 - -

14 11 Macquarie Group 2,488 1 3,601 -30.9%

15 - Moelis & Company 2,177 3 - -

16 7 Goldman Sachs 2,104 5 9,276 -77.3%

17 12 Guotai Junan Securities 2,091 6 3,170 -34.0%

18 33 China Securities 1,803 2 897 101.0%

19 15 Everbright Securities Co 1,574 1 2,316 -32.0%

20 - Daiwa Securities Group 1,433 2 - -


November 2015

November 2016



1 5 KPMG 320 8 9 -1

2 1 Guotai Junan Securities 2,091 6 12 -6

3 9 Deloitte 316 6 7 -1

4 11 Goldman Sachs 2,104 5 6 -1

5 21 CITIC Securities 1,042 5 3 2

6 30 Evercore Partners 15,604 4 2 2

7 18 Credit Suisse 6,137 4 4 0

8 3 JPMorgan 9,907 3 11 -8

9 8 Deutsche Bank 9,269 3 7 -4

10 24 Citi 8,391 3 3 0

11 38 China International Capital 5,259 3 2 1

12 4 Morgan Stanley 3,578 3 10 -7

13 - Moelis & Company 2,177 3 - -

14 6 EY 219 3 8 -5

15= - KAF Investment Bank 69 3 - -

15= - Public Investment Bank Bhd 69 3 - -

17 17 Lazard 8,832 2 4 -2


19 39 Bank of America Merrill Lynch 5,653 2 2 0

20 20 China Securities 1,803 2 4 -2



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LEAGUE TABLES

VALUE VOLUME


November 2015

November 2016



% Val. Change

1 90 Paul Hastings 9,801 3 150 6,434.0%

2 5 Skadden Arps Slate Meagher & Flom 9,035 4 9,003 0.4%

3= 30 Cravath, Swaine & Moore 8,632 1 1,578 447.0%


5 - Freshfields Bruckhaus Deringer 6,915 2 - -

6 - Latham & Watkins 6,405 3 - -

7 100 Ropes & Gray 3,843 3 116 3,212.9%

8 2 Herbert Smith Freehills 3,014 7 14,302 -78.9%

9 42 Clayton Utz 2,906 4 938 209.8%

10= 13 Kirkland & Ellis 2,656 1 5,427 -51.1%

10= 171 White & Case 2,656 1 0 -

12= - Alston & Bird 2,488 1 - -

12= - Pillsbury Winthrop Shaw Pittman 2,488 1 - -

14 25 Paul Weiss Rifkind Wharton & Garrison 2,262 2 1,948 16.1%

15 - China Commercial Law Firm 1,574 1 - -

16 129 Luthra & Luthra Law Offices 1,388 3 34 3,982.4%


18 121 Linklaters 1,314 3 45 2,820.0%

19 88 Mori Hamada & Matsumoto 1,285 1 157 718.5%

20 99 Allen & Gledhill 1,272 3 116 996.6%


November 2015

November 2016



1 1 King & Wood Mallesons 822 9 25 -16

2 2 Herbert Smith Freehills 3,014 7 15 -8

3 8 Fangda Partners 746 5 7 -2

4 3 Grandall Law Firm 524 5 12 -7


6 39 Clayton Utz 2,906 4 3 1

7 37 Haiwen & Partners 1,071 4 3 1

8 29 Zhong Lun Law Firm 469 4 4 0

9 63 Paul Hastings 9,801 3 2 1

10 - Latham & Watkins 6,405 3 - -

11 113 Ropes & Gray 3,843 3 1 2

12 72 Luthra & Luthra Law Offices 1,388 3 2 1

13 128 Linklaters 1,314 3 1 2

14 112 Allen & Gledhill 1,272 3 1 2

15 21 MinterEllison 1,262 3 5 -2

16 125 JiaYuan Law Offices 1,081 3 1 2

17 54 Corrs Chambers Westgarth 894 3 2 1


19 26 DeHeng Law Offices 219 3 4 -1

20 - Freshfields Bruckhaus Deringer 6,915 2 - -

JAPAN

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M&A activity in Japan saw 30 deals totaling US$7.5bn in November 2016. This represents the second highest November deal value on Mergermarket record (since 2001), a 22.9% increase in value compared to November 2015 (US$6bn, 38 deals). Moreover, the deal value year-to-date (YTD) reached to US$57.4bn with 385 deals, making the highest YTD value over the past four years.

Industrials & Chemicals was the most active sector in November in terms of both deal value and deal count. Eight deals were announced this month worth US$4.7bn, contributing 63% of the total market share and marking a 2525.9% increase compared to the same period last year. The Automotive sector attracted the most notable deal this month. Nissan Motor, the country’s second largest automobile manufacturer, announced the sale of its 41.5% stake in its main parts supplier, Calsonic Kansei, to buyout firm Kohlberg Kravis Roberts & Co LP (KKR) as part of the private equity firm’s US$4.3bn offer for the whole company. According to Mergermarket intelligence, the sale of Calsonic was seen as the last major move in Nissan Motor’s strategy of dismantling its traditional keiretsu system.

Inbound activities for Japan rebounded in November. Inbound deal value climbed to US$5.8bn with seven deals, up by 523.8% from same period last year (US$933m, five deals), and achieved the highest monthly

value on Mergermarket record (since 2001). This surge was mainly driven by two megadeals. Aside from the US$4.3bn related to the Calsonic Kansei stake sale, another major value contributor was the US$1.3bn from South Korea’s MBK Partners’ acquisition of Japanese golf course operator Accordia Golf.

In contrast with inbound M&A activity, Japan saw a drop in its overseas acquisitions. In November, 16 outbound deals were announced worth US$1.3bn, a 24.6% decrease in value with three less deals compared to the same period last year (US$1.7bn, 19 deals). This drop is due to a lack of megadeals and a number of companies that were still in the post-merger integration phase after conducting prior acquisitions, according to Mergermarket intelligence.

Meanwhile, continuing the downward trend from September 2016, domestic activity this month saw a decrease in terms of deal value and deal count. Deal value decreased

to US$1.6bn from US$5.1bn last November. Meanwhile, the deal count decreased to 23 deals from 33 deals compared to the same period last year. Yet, thanks to its active performance during Q1-Q3, YTD value and count exceeded the same period last year with 13 deals more and a 13.3% value increase.

Another highlight came from Japan’s PE activity. The US$4.3bn buyout of Calsonic Kansei by KKR was the largest buyout of a Japanese firm by private equity on Mergermarket record. So far this year, there were 47 buyouts recorded in 2016, reaching the highest YTD volume level since 2008. According to Mergermarket intelligence, Japan’s private equity landscape is expected to see an uptick in deal activity next year, fueled by increasing pressures on Japanese corporate managers to improve their historically low return on equity (ROE).

Key Stats

30 deals valued at US$7.5bn, up 22.9% by value with 8 fewer deals compared to 38 deals worth US$6.1bn in November ’15

Top Legal Adviser

Industrials & Chemicals saw 8 deals worth US$4.7bn, up 2525.9% by value compared to 7 deals worth US$179m in November ’15

Top sector

Morgan Stanley ranked first with 5 deals worth US$6.2bn, compared to 5 deals worth US$4.6bn in November ’15

Mori Hamada & Matsumoto ranked first with 3 deals worth US$4.8bn, compared to 8 deals worth US$4.5bn in November ’15


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JAPAN M&A TREND JAPAN M&A PRIVATE EQUITY TREND

TREND GRAPHS


0

10

20

30

40

50

60

70

80

90

YTD 2016201520142013201220110

50

100

150

200

250

300

350

400

450

Valu

e (U

S$bn

)

Num

ber of deals

US$9.3bn

US$5.0bn

US$10.8bn

US$7.1bn

US$7.3bn

US$4.7bn

US$15.2bn

US$8.1bn

US$16.2bn

US$13.9bn

US$26.3bn

US$14.1bn

US$21.5bn

US$32.6bn

US$17.2bn

US$12.1bn

US$9.1bn

US$21.5bn

US$21.7bn

US$17.4bn

US$13.4bn

US$16.7bn

US$10.0bn

US$9.1bn

0

5

10

15

20

YTD 2016201520142013201220110

10

20

30

40

50

Valu

e (U

S$bn

)

Num

ber of deals

US$8.9bn

US$5.0bn US$

4.0bn

US$4.7bn US$

3.7bn

US$6.4bn

US$7.4bn

US$11.5bn

US$1.4bn

US$19.6bn

US$11.0bn

US$6.4bn

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COUNTRY BREAKDOWN AS A PROPORTION OF JAPAN TOTAL M&A VALUE JAPAN M&A SECTOR BREAKDOWN NOVEMBER 2016

TREND GRAPHS


LeisureValue: US$1.3bnNumber of deals: 1Market share: 17.1%

Pharma, Medical & BiotechValue: US$591.3mNumber of deals: 3Market share: 7.9%

ConstructionValue: US$474.2mNumber of deals: 4Market share: 6.4%

ConsumerValue: US$341.0mNumber of deals: 6Market share: 4.6%

Key

Cross-borderValue

Value change

InboundUS$5.8bn

523.8%

OutboundUS$1.3bn

24.6%

DomesticUS$1.6bn

68.2%


TOP DEALS

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Deal value US$4.3bn

Deal value US$1.3bn

Deal value US$498m

Deal value US$420m

Deal value US$286m

Announced 22-Nov-16

Bidder companyKohlberg Kravis Roberts & Co LP

Target companyCalsonic Kansei Corporation



Sell-side Legal Adviser Anderson Mori & Tomotsune; and Nagashima Ohno & Tsunematsu


Buy-side Legal Adviser Mori Hamada & Matsumoto; and Simpson Thacher & Bartlett

Announced 29-Nov-16

Bidder companyMBK Partners Inc

Target companyAccordia Golf Co Ltd (100% stake)

Dominant sectorLeisure

Sell-side Financial Adviser Morgan Stanley

Sell-side Legal Adviser Mori Hamada & Matsumoto

Buy-side Financial AdviserDaiwa Securities Group

Announced 18-Nov-16

Bidder companyMitsui & Co Ltd

Target companyPanasonic Healthcare Co Ltd (22% stake)

Seller companyKohlberg Kravis Roberts & Co LP



Sell-side Legal Adviser Simpson Thacher & Bartlett

Buy-side Legal Adviser Mori Hamada & Matsumoto

Announced 22-Nov-16

Bidder companyToyota Housing Corporation

Target companyMisawa Homes Co Ltd(23.16% stake)


Sell-side Financial Adviser Morgan Stanley

Buy-side Financial AdviserNomura Holdings

Buy-side Legal Adviser Nagashima Ohno & Tsunematsu

Announced 02-Nov-16

Bidder companyKagome Co Ltd

Target companyKagome Co Ltd (12.12% stake)

Seller companyAsahi Group Holdings Ltd; and Dynapac Co Ltd


Buy-side Financial AdviserSumitomo Mitsui Financial Group


TOP DEALS

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Announced 22-Nov-16

Bidder companyValeo SA

Target companyIchikoh Industries Ltd (23.51% stake


Sell-side Financial Adviser Nomura Holdings

Sell-side Legal Adviser Nagashima Hashimoto & Yasukuni

Buy-side Financial AdviserMizuho Financial Group

Buy-side Legal Adviser Davis Polk & Wardwell; and Nishimura & Asahi

Announced 04-Nov-16

Bidder companyHitachi Zosen Corporation

Target companyHitachi Zosen Fukui Corporation (45.56% stake)

Seller companyCornwall Capital Management LP


Sell-side Financial Adviser Nomura Holdings

Sell-side Legal Adviser Kitahama Partners


Buy-side Legal Adviser TMI Associates

Announced 11-Nov-16

Bidder companyIntegral Corporation

Target companyOhizumi Mfg Co Ltd(99.99% stake)

Seller companyWL Ross & Co


Sell-side Financial Adviser Tokyo Financial Advisers

Sell-side Legal Adviser City-Yuwa Partners

Buy-side Financial AdviserDaiwa Securities Group

Buy-side Legal Adviser Mori Hamada & Matsumoto

Announced 22-Nov-16

Bidder companyToyota Motor Corporation

Target companyMisawa Homes Co Ltd


Buy-side Financial AdviserNomura Holdings

Buy-side Legal Adviser Nagashima Ohno & Tsunematsu

Announced 10-Nov-16

Bidder companyAir Water Inc

Target companyKawamoto Corporation (50.1% stake)


Sell-side Financial Adviser Mitsubishi UFJ Financial Group

Sell-side Legal Adviser Oh-Ebashi LPC & Partners

Buy-side Financial AdviserCompany name

Buy-side Legal Adviser Sumitomo Mitsui Financial Group

Deal value US$47m

Deal value US$54m

Deal value US$55m

Deal value US$224m

Deal value US$92m

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LEAGUE TABLES

VALUE VOLUME


November 2015

November 2016



% Val. Change

1 1 Morgan Stanley 6,191 5 4,566 35.6%

2 17 Mizuho Financial Group 5,017 4 191 2,526.7%

3 2 Nomura Holdings 1,466 9 4,418 -66.8%

4 5 Daiwa Securities Group 1,326 2 2,840 -53.3%

5 - Goldman Sachs 754 2 - -

6 4 Sumitomo Mitsui Financial Group 388 4 3,051 -87.3%

7 14 Robert W. Baird & Co 134 1 222 -39.6%

8 7 KPMG 79 1 1,486 -94.7%

9= 11 Lazard 68 1 366 -81.4%

9= - Raiffeisen Bank International 68 1 - -

11 - Tokyo Financial Advisers 55 1 - -

12 - Mitsubishi UFJ Financial Group 47 1 - -

13= 6 Deloitte 32 1 2,539 -98.7%

13= - MID Structures 32 1 - -

15 23 Global M&A Partners 21 1 12 75.0%


November 2015

November 2016



1 5 Nomura Holdings 1,466 9 4 5

2 2 Morgan Stanley 6,191 5 5 0

3 7 Mizuho Financial Group 5,017 4 4 0

4 1 Sumitomo Mitsui Financial Group 388 4 7 -3

5 3 Daiwa Securities Group 1,326 2 5 -3

6 - Goldman Sachs 754 2 - -

7 - Frontier Management 9 2 - -

8 19 Robert W. Baird & Co 134 1 1 0

9 4 KPMG 79 1 5 -4

10= 16 Lazard 68 1 1 0

10= - Raiffeisen Bank International 68 1 - -

12 - Tokyo Financial Advisers 55 1 - -

13 - Mitsubishi UFJ Financial Group 47 1 - -

14= 6 Deloitte 32 1 4 -3

14= - MID Structures 32 1 - -

TOP 15 JAPAN FINANCIAL ADVISERS TOP 15 JAPAN FINANCIAL ADVISERS

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LEAGUE TABLES

VALUE VOLUME


November 2015

November 2016



% Val. Change

1 1 Mori Hamada & Matsumoto 4,827 3 4,540 6.3%

2 22 Simpson Thacher & Bartlett 4,772 2 124 3,748.4%

3 2 Nagashima Ohno & Tsunematsu 4,748 4 4,187 13.4%

4 15 Anderson Mori & Tomotsune 4,342 2 249 1,643.8%

5 45 Freshfields Bruckhaus Deringer 532 1 - -

6= - Davis Polk & Wardwell 224 1 - -

6= - Nagashima Hashimoto & Yasukuni 224 1 - -

6= 32 Nishimura & Asahi 224 1 28 700.0%

9= - Clayton Utz 222 1 - -

9= 46 Herbert Smith Freehills 222 1 - -

11= 50 Souza, Cescon, Barrieu & Flesch Advogados 150 1 - -

11= - Tozzini Freire Teixeira e Silva Advogados 150 1 - -

13= 37 Hibiya-Nakata 126 1 21 500.0%

13= - K&L Gates 126 1 - -

13= - Kaye Scholer 126 1 - -


November 2015

November 2016



1 2 Nagashima Ohno & Tsunematsu 4,748 4 5 -1

2 1 Mori Hamada & Matsumoto 4,827 3 8 -5

3 24 Simpson Thacher & Bartlett 4,772 2 1 1

4 4 Anderson Mori & Tomotsune 4,342 2 4 -2

5 - Kitahama Partners 105 2 - -

6 45 Freshfields Bruckhaus Deringer 532 1 1 0

7= - Davis Polk & Wardwell 224 1 - -

7= - Nagashima Hashimoto & Yasukuni 224 1 - -

7= 9 Nishimura & Asahi 224 1 2 -1

10= - Clayton Utz 222 1 - -

10= 46 Herbert Smith Freehills 222 1 1 0

12= 50 Souza, Cescon, Barrieu & Flesch Advogados 150 1 1 0

12= - Tozzini Freire Teixeira e Silva Advogados 150 1 - -

14= 37 Hibiya-Nakata 126 1 1 0

14= - K&L Gates 126 1 - -

14= - Kaye Scholer 126 1 - -

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The following notes pertain to data contained in this publication:

Deals are included where the deal value is greater than or equal to US$5m.

Where no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to US$10m.

Deals are included in the graphs and Top Deals in each section based on thedominant geography and dominant sector of the target company. Data underlying the League Tables are based on deals where the bidder, target or parent geography of either is that of the geography in focus.

Mid-market is defined as US$10m - US$250m.

For a full version of the Mergermarket M&A deal database inclusion and league table criteria, go to http://www.Mergermarket.com/pdf/deal_criteria.pdf.

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