Advisor League Tables Q International Deal Volume and Value

Transcription

1 Advisor League Tables Q International Deal Volume and Value

2 Contents Deal Activity Analysis In Europe.. 3 Europe 4 UK 6 Republic Of Ireland 8 Nordic 9 Benelux. 10 Germany.. 11 Switzerland. 12 France.. 13 Italy.. 14 Iberia 15 Central Europe 16 Eastern Europe 17 Southern Eastern Europe.. 18 North America. 19 Asia Pacific. 20 Criteria. 21 Deal Proforma. 22 2

3 M&A and ECM Deal Activity in Europe After a stellar 2014 in which transaction values surged to pre-recession levels, dealmaking in Europe has slowed somewhat in the first quarter of The overall value of deals fell to 257bn, a decline of almost 5% from the 271bn worth of deals recorded this time last year. Meanwhile, transaction volumes were down by 6.3% against Q s return (from 2,850 to 2,669). This decline is in direct contract to the buoyant markets in the US and Asia, where M&A activity continues on an upward trend (markedly so in Asia, which saw deal volume up by almost a third on Q1 2014). Still, there were welcome pockets of growth, particularly in the Nordic region where deal volumes were up by 66% and in South Eastern Europe (29%) and a subdued first quarter doesn t necessarily knock hopes of a sustained recovery in the European M&A markets. A number of big-ticket deals already announced in the early stages of Q2 look set to prompt a further wave of deal activity in the oil and gas and telecoms sectors in particular, boosting hopes for an upturn as we move further into the year. Back to Q1, European deal volumes were dominated by the manufacturing, financial services and information & communication sectors the latter one of the few sectors to see an increase in activity compared to Q Meanwhile the UK retained its status as Europe s preeminent M&A market, contributing some 44% to the total number of European deals and more than a third of their total value. Dutch semiconductor firm NXP s 16bn tie-up with US firm Freescale was the quarter s largest deal, with Hong Kong conglomerate Hutchison Whampoa s deal to acquire the O2 mobile business from Spain s Telefonica the only other deal to top the 10bn mark. Jones Day was Europe s leading legal advisor by volume with 48 transactions in Q1, ahead of DLA Piper (39) and CMS (33), while Skadden Arps Slate Meagher & Flom topped our value table with deals worth 31bn, just ahead of Linklaters 27bn. EY retained its 2014 status as Europe s busiest financial advisor by transaction volume, having worked in 48 deals in the quarter, closely followed by Rothschild (48) and PWC (38). Meanwhile, the European value rankings were again dominated by US investment banks; Bank of America Merrill Lynch on top with deals worth some 55bn, ahead of Morgan Stanley ( 40.3bn) and Goldman Sachs ( 40.2bn) ,674 22,956 22, Volume of European Transactions, Q , , , ,492 1,162 Value of European Transactions, Q ( ms) 13,556 2,607 30,770 22,759 44,004 UK Benelux Central Europe Eastern Europe France Germany Iberia Italy Nordic ROI Southeastern Europe Switzerland UK Benelux Central Europe Eastern Europe France Germany Iberia Italy Nordic ROI Southeastern Europe Switzerland 3

4 Europe 1 3 JONES DAY DLA PIPER CMS LATHAM & WATKINS PINSENT MASONS CLIFFORD CHANCE DWF EVERSHEDS VINGE ADDLESHAW GODDARD WRAGGE LAWRENCE GRAHAM & CO LINKLATERS SLAUGHTER AND MAY HERBERT SMITH FREEHILLS MILLS & REEVE DENTONS SKADDEN ARPS SLATE MEAGHER & FLOM MANNHEIMER SWARTLING SHEARMAN & STERLING GATELEY SKADDEN ARPS SLATE MEAGHER & FLOM 31, LINKLATERS 27, SLAUGHTER AND MAY 23, HERBERT SMITH FREEHILLS 23, DE BRAUW BLACKSTONE WESTBROEK 20, DAVIS POLK & WARDWELL 18, SIMPSON THACHER & BARTLETT 18, CLEARY GOTTLIEB STEEN & HAMILTON 15, SHEARMAN & STERLING 15, HOUTHOFF BURUMA 14, CLIFFORD CHANCE 13, HOMBURGER 12, SULLIVAN & CROMWELL 10, FRESHFIELDS BRUCKHAUS DERINGER 10, ASHURST 9, LATHAM & WATKINS 8, ALLEN & OVERY 8, ORRICK HERRINGTON & SUTCLIFFE 7, JONES DAY 5, WEIL GOTSHAL & MANGES 5,559 4

5 Europe 1 1 EY ROTHSCHILD PWC BANK OF AMERICA MERRILL LYNCH LAZARD MORGAN STANLEY GOLDMAN SACHS KPMG NUMIS SECURITIES CITIGROUP BDO GRANT THORNTON DELOITTE DEUTSCHE BANK JP MORGAN UBS CARNEGIE INVESTMENT BANK ABG SUNDAL COLLIER NORGE NORDEA CENKOS SECURITIES BANK OF AMERICA MERRILL LYNCH 54, MORGAN STANLEY 40, GOLDMAN SACHS 40, CREDIT SUISSE 36, UBS 32, HSBC 29, MOELIS & CO 25, CITIGROUP 25, ROTHSCHILD 22, LAZARD 20, DEUTSCHE BANK 19, BARCLAYS 14, JP MORGAN 11, DAVY 8, GOODBODY 7, SKANDINAVISKA ENSKILDA BANKEN 5, BNP PARIBAS 5, CREDIT AGRICOLE 5, NUMIS SECURITIES 5, DELOITTE 4,671 5

6 United Kingdom 1 2 PINSENT MASONS DWF WRAGGE LAWRENCE GRAHAM & CO EVERSHEDS GATELEY SHOOSMITHS CMS BRABNERS ADDLESHAW GODDARD MILLS & REEVE ASHFORDS SQUIRE PATTON BOGGS HERBERT SMITH FREEHILLS SLAUGHTER AND MAY JONES DAY TRAVERS SMITH IRWIN MITCHELL NABARRO CHARLES RUSSELL SPEECHLYS PANNONE 8 Q Q Legal Advisor Value ( m) 1 8 HERBERT SMITH FREEHILLS 12, SLAUGHTER AND MAY 10, DAVIS POLK & WARDWELL 9, SKADDEN ARPS SLATE MEAGHER & FLOM 8, FRESHFIELDS BRUCKHAUS DERINGER 7, CLIFFORD CHANCE 6, CLEARY GOTTLIEB STEEN & HAMILTON 6, MORGAN LEWIS & BOCKIUS 5, LINKLATERS 5, HOMBURGER 5, HILL DICKINSON 5, SHEARMAN & STERLING 5, WEIL GOTSHAL & MANGES 2, ASHURST 1, ALLEN & OVERY 1, STIKEMAN ELLIOTT 1, SULLIVAN & CROMWELL 1, PAUL WEISS RIFKIND WHARTON & GARRISON 1, LATHAM & WATKINS 1, EVERSHEDS 1,107 6

7 United Kingdom 1 7 NUMIS SECURITIES ROTHSCHILD KPMG JP MORGAN PWC BANK OF AMERICA MERRILL LYNCH BDO CANTOR FITZGERALD GOLDMAN SACHS BEAUMONT CORNISH FRANCIS CLARK DEUTSCHE BANK CENKOS SECURITIES PEEL HUNT INVESTEC FTI CONSULTING N+1 SINGER WH IRELAND EY UBS 8 Q Q Financial Advisor Value ( m) 1 1 BANK OF AMERICA MERRILL LYNCH 18, UBS 17, HSBC 16, MOELIS & CO 10, DEUTSCHE BANK 10, CREDIT SUISSE 10, GOLDMAN SACHS 10, ROTHSCHILD 8, JP MORGAN 8, CITIGROUP 7, GOODBODY 5, LAZARD 5, BARCLAYS 5, GREENHILL & CO 4, MORGAN STANLEY 4, NUMIS SECURITIES 3, RBC CAPITAL MARKETS 1, PWC 1, GLEACHER SHACKLOCK DELOITTE 861 7

8 Republic of Ireland 1 1 A&L GOODBODY CLIFFORD CHANCE SKADDEN ARPS SLATE MEAGHER & FLOM MCCANN FITZGERALD ARTHUR COX MORGAN LEWIS & BOCKIUS WILLIAM FRY STIKEMAN ELLIOTT PINSENT MASONS HERBERT SMITH FREEHILLS ARTHUR COX 10, MORGAN LEWIS & BOCKIUS 8, CLIFFORD CHANCE 8,050 4* - ARQIS RECHTSANWALTE 7,728 4* - CLEARY GOTTLIEB STEEN & HAMILTON 7,728 4* 14 FRESHFIELDS BRUCKHAUS DERINGER 7,728 4* - HILL DICKINSON 7,728 4* - HOMBURGER 7,728 4* - LINKLATERS 7,728 4* - TOZZINIFREIRE AVOGADOS 7, BANK OF AMERICA MERRILL LYNCH DAVY LAZARD CREDIT SUISSE GOLDMAN SACHS PWC 2 7* - GOODBODY 1 7* - HSBC 1 7* - JP MORGAN 1 7* - UBS BANK OF AMERICA MERRILL LYNCH 8, DAVY 8, CREDIT SUISSE 7, GOLDMAN SACHS 7,851 5* - GOODBODY 7,728 5* - HSBC 7,728 5* 16* JP MORGAN 7,728 5* - UBS 7, LAZARD 5,763 10* 5 CITIGROUP 4,700 10* - LEERINK PARTNERS 4,700 8

9 Nordic 1 2 VINGE MANNHEIMER SWARTLING LATHAM & WATKINS ROSCHIER HANNES SNELLMAN GERNANDT & DANIELSSON SETTERWALLS THOMMESSEN JONES DAY LINKLATERS GORRISSEN FEDERSPIEL 5, VINGE 3, MANNHEIMER SWARTLING 2, LATHAM & WATKINS 1, * DAVIS POLK & WARDWELL JONES DAY 634 7* - CASSELS BROCK & BLACKWELL 608 7* - MISHCON DE REYA 608 7* - OLSWANG ROSCHIER CARNEGIE INVESTMENT BANK ABG SUNDAL COLLIER NORGE NORDEA PWC SKANDINAVISKA ENSKILDA BANKEN MORGAN STANLEY DNB MARKETS MOORELAND PARTNERS PARETO SECURITIES CLAIRFIELD INTERNATIONAL SKANDINAVISKA ENSKILDA BANKEN 5, LAZARD 3, NORDEA 3, DELOITTE 2, MORGAN STANLEY 2, CARNEGIE INVESTMENT BANK 1, CITI 1, ABG SUNDAL COLLIER NORGE 1, PWC BDO 608 INCLUDING: Denmark, Faroe Islands, Finland, Greenland, Iceland, Norway, Sweden NB: Deals are ranked by Volume first then by Value 9

10 Benelux 1 7 DE BRAUW BLACKSTONE WESTBROEK DLA PIPER HOUTHOFF BURUMA ALLEN & OVERY CMS LINKLATERS LATHAM & WATKINS CLIFFORD CHANCE JONES DAY EVERSHEDS DE BRAUW BLACKSTONE WESTBROEK 20, SKADDEN ARPS SLATE MEAGHER & FLOM LLP 15, SIMPSON THACHER & BARTLETT 15, HOUTHOFF BURUMA 14, WAKEFIELD QUIN 14, ALLEN & OVERY 5, DAVIS POLK & WARDWELL 4, TRAVERS SMITH 4, STIBBE 3, LINKLATERS 2, RABOBANK ROTHSCHILD LAZARD MORGAN STANLEY PWC BDO BANK OF AMERICA MERRILL LYNCH DEUTSCHE BANK ING BARCLAYS MORGAN STANLEY 19, CREDIT SUISSE 14, LAZARD 4, ROTHSCHILD 3, BANK OF AMERICA MERRILL LYNCH 3, ZAOUI & CO 2, BARCLAYS 2, RABOBANK 2, DEUTSCHE BANK 1, ABN AMRO BANK 1,668 INCLUDING: Belgium, Luxembourg, The Netherlands NB: Deals are ranked by Volume first then by Value 10

11 Germany 1 1 CMS ClLIFFORD CHANCE JONES DAY HENGELER MUELLER HOGAN LOVELLS GLEISS LUTZ LATHAM & WATKINS FRESHFIELDS BRUCKHAUS DERINGER DLA PIPER DENTONS HENGELER MUELLER 47, SULLIVAN & CROMWELL 36, GLEISS LUTZ 17, JONES DAY 17, LATHAM & WATKINS 17, LINKLATERS 15, CLIFFORD CHANCE 14, SIDLEY AUSTIN 13, SKADDEN ARPS SLATE MEAGHER & FLOM 13, FRIED FRANK HARRIS SHRIVER & JACOBSEN 12, EY ROTHSCHILD PWC KPMG MORGAN STANLEY CITIGROUP LAZARD LINCOLN INTERNATIONAL GOLDMAN SACHS BANK OF AMERICA MERRILL LYNCH MORGAN STANLEY 41, JP MORGAN 36, GOLDMAN SACHS 31, EY 29, ROTHSCHILD 24, CITIGROUP 24, BANK OF AMERICA MERRILL LYNCH 19, DEUTSCHE BANK 16, LAZARD 15, GUGGENHEIM SECURITIES 13,213

12 Switzerland 1 6 HOMBURGER DAVIS POLK & WARDWELL * CLIFFORD CHANCE * CLEARY GOTTLIEB STEEN & HAMILTON SLAUGHTER AND MAY LATHAM & WATKINS JONES DAY SULLIVAN & CROMWELL CMS WALDER WYSS & PARTNERS HOMBURGER 12, * CLEARY GOTTLIEB STEEN & HAMILTON 10, * CLIFFORD CHANCE 8,879 4* - ARQIS RECHTSANWALTE 7,784 4* - ARTHUR COX 7,784 4* 8* BLAKE CASSELS & GRAYDON 7,784 4* 7 FRESHFIELDS BRUCKHAUS DERINGER 7,784 4* - HILL DICKINSON 7,784 4* 8* LINKLATERS 7,784 4* - MORGAN LEWIS & BOCKIUS 7,784 4* - TOZZINIFREIRE AVOGADOS 7, ROTHSCHILD BANK OF AMERICA MERRILL LYNCH 4 3 9* GOLDMAN SACHS UBS LAZARD CREDIT SUISSE 2 7 9* JP MORGAN DEUTSCHE BANK PWC BANK OF AMERICA MERRILL LYNCH 14, UBS 12, CREDIT SUISSE 11, * JP MORGAN 10,539 5* - DAVY 7,784 5* - GOODBODY 7,784 5* - HSBC 7, * GOLDMAN SACHS 7, LAZARD 4, DEUTSCHE BANK 3,958 12

13 France 1 2 JONES DAY GIDE LOYRETTE NOUEL LATHAM & WATKINS DENTONS CMS CLIFFORD CHANCE HOGAN LOVELLS CLEARY GOTTLIEB STEEN & HAMILTON HILL DICKINSON DECHERT CLEARY GOTTLIEB STEEN & HAMILTON 8, CLIFFORD CHANCE 7, HILL DICKINSON 7, LINKLATERS 7,784 5* - ARQIS RECHTSANWALTE 7,784 5* - ARTHUR COX 7,784 5* - BLAKE CASSELS & GRAYDON 7,784 5* - FRESHFIELDS BRUCKHAUS DERINGER 7,784 5* 9* HOMBURGER 7,784 5* - MORGAN LEWIS & BOCKIUS 7, * EY ROTHSCHILD LAZARD EY SOCIETE GENERALE DELOITTE PWC BANK OF AMERICA MERRILL LYNCH HSBC BNP PARIBAS BANK OF AMERICA MERRILL LYNCH 9, HSBC 8, CREDIT SUISSE 8,344 4* - DAVY 7,784 4* - GOODBODY 7,784 4* - JP MORGAN 7,784 4* - UBS 7, LAZARD 2, ROTHSCHILD 1, SOCIETE GENERALE

14 Italy 1 1 CHIOMENTI STUDIO LEGALE BONELLI EREDE PAPPALARDO CLIFFORD CHANCE JONES DAY HOGAN LOVELLS CMS SHEARMAN & STERLING DLA PIPER NCTM STUDIO LEGALE ASSOCIATO GIANNI ORIGONI GRIPPO CAPPELLI & PART- NERS GIANNI ORIGONI GRIPPO CAPPELLI & PART- NERS 8, CLIFFORD CHANCE 5, CHIOMENTI STUDIO LEGALE 5, GERNANDT & DANIELSSON 5, PAVESI GITTI VERZONI 5, SHEARMAN & STERLING 5, WACHTELL LIPTON ROSEN & KATZ 4, DAVIS POLK & WARDWELL 4, BONELLI ERDE PAPPALARDO 4, JONES DAY 4, KPMG ROTHSCHILD LAZARD PWC LEONARDO & CO MORGAN STANLEY CREDIT SUISSE EY BANCA IMI (INTESA SANPAOLO) CLAIRFIELD INTERNATIONAL MORGAN STANLEY 16, BARCLAYS 12, CREDIT SUISSE 10, ROTHSCHILD 10, LAZARD 10, BANK OF AMERICA MERRILL LYNCH 10, CITIGROUP 9, DEUTSCHE BANK 8, MEDIOBANCA 7, GOLDMAN SACHS 6,637 14

15 Iberia 1 1 CUATRECASAS GONCALVES PERIERA GOMEZ ACEBO & POMBO JONES DAY HERBERT SMITH FREEHILLS ALLEN & OVERY URIA & MENENDEZ AGUIRRE & NEWMAN Y BROSETA ABOGADOS * CLEARY GOTTLIEB STEEN & HAMILTON SLAUGHTER AND MAY LATHAM & WATKINS HERBERT SMITH FREEHILLS 16, LINKLATERS 14,145 3* - ORRICK HERRINGTON & SUTCLIFFE 5,256 3* - SHEARMAN & STERLING 5, ALLEN & OVERY 2, DECHERT CUATRACASAS GONCALVES PEREIRA GOMEZ ACEBO & POMBO AGUIRRE & NEWMAN Y BROSETA ABOGADOS * CLEARY GOTTLIEB STEEN & HAMILTON EY ROTHSCHILD HSBC * CITIGROUP MORGAN STANLEY PWC KPMG MOELIS & CO 2 9* - JP MORGAN MOELIS & CO 19, HSBC 18, * UBS 17, * CITIGROUP 5, ROTHSCHILD 4,204 6* 1 MORGAN STANLEY 3,098 6* - JP MORGAN 3,098 6* - NOMURA INTERNATIONAL 3,098 6* 4 SOCIETE GENERALE 3,098 9* - NOMURA INTERNATIONAL 2 9* 9 SOCIETE GENERALE 2 INCLUDING: Andorra, Gibraltar, Portugal, Spain NB: Deals are ranked by Volume first then by Value 15

16 Central Europe 1 12 LINKLATERS DENTONS CMS SCHOENHERR RECHTSANWAELTE CLIFFORD CHANCE HOMBURGER WEIL GOTSHAL & MANGES SORAINEN CERHA HEMPEL SPIEGELFELD HLAWATI WOLF THEISS RECHTSANWAELTE CLIFFORD CHANCE 8, LINKLATERS 7, HOMBURGER 7,784 4* - ARQIS RECHTSANWALTE 7,784 4* - ARTHUR COX 7,784 4* - BLAKE CASSELS & GRAYDON 7,784 4* - CLEARY GOTTLIEB STEEN & HAMILTON 7,784 4* 2 FRESHFIELDS BRUCKHAUS DERINGER 7,784 4* - HILL DICKINSON 7,784 4* - MORGAN LEWIS & BOCKIUS 7, PWC UBS GOLDMAN SACHS EY 2 5* - BANK OF AMERICA MERRILL LYNCH 1 5* 6 CREDIT SUISSE 1 5* - DAVY 1 5* - GOODBODY 1 5* - HSBC 1 5* - JP MORGAN UBS 8,770 2* - BANK OF AMERICA MERRILL LYNCH 7,784 2* 3 CREDIT SUISSE 7,784 2* - DAVY 7,784 2* - GOODBODY 7,784 2* - HSBC BANK 7,784 2* - JP MORGAN 7,784 8* - BARCLAYS 1,397 8* - BLACKSTONE ADVISORY PARTNERS 1, GOLDMAN SACHS 986 INCLUDING: Austria, Czech Republic, Hungary, Liechtenstein, Poland, Slovakia, Slovenia NB: Deals are ranked by Volume first then by Value 16

17 Eastern Europe 1 1 SORAINEN DENTONS 4 3* - CLIFFORD CHANCE 1 3* - DORALT SEIST & CSOKLICH 1 5* - LINKLATERS 1 5* - RAIDLA LEJINS & NORCOUS 1 7* - GLIMSTEDT 1 7* - PWC LEGAL 1 1* - CLIFFORD CHANCE 429 1* - DORALT SEIST & CSOKLICH SORAINEN 253 4* - LINKLATERS 56 4* - RAIDLA LEJINS & NORCOUS 56 6* - GLIMSTEDT 47 6* - PWC LEGAL EVERSHEDS EVERSHEDS PWC 2 2* - ITHUBA CAPITAL 1 2* - JP MORGAN 1 4* - MORGAN STANLEY 1 4* - VTB CAPITAL FINAM INVESTMENT COMPANY 1 1* - ITHUBA CAPITAL 429 1* - JP MORGAN 429 3* - MORGAN STANLEY 133 3* - VTB CAPITAL FINAM INVESTMENT COMPANY NUMIS SECURITIES NUMIS SECURITIES 1 8* - SSH TAX & LEGAL SOLUTIONS, SUNBERG CAPI- TAL 1 8* - GRANT THORNTON, STRATA PARTNERS 1 8* - SMITH & WILLIAMSON 1 INCLUDING: Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine or Uzbekistan NB: Deals are ranked by Volume first then by Value 17

18 South East Europe 1 - CLIFFORD CHANCE SHEARMAN & STERLING 2 3* 6 BAKER & MCKENZIE 2 3* - ESIN ATTORNEY PARTNERSHIP 2 5* - ARQIS RECHTSANWALTE 1 5* - ARTHUR COX 1 5* 11* BLAKE CASSELS & GRAYDON 1 5* 17 CLEARY GOTTLIEB STEEN & HAMILTON 1 5* - FRESHFIELDS BRUCKHAUS DERINGER 1 5* - HILL DICKINSON CLIFFORD CHANCE 8,213 2* - ARQIS RECHTSANWALTE 7,784 2* - ARTHUR COX 7,784 2* 6* BLAKE CASSELS & GRAYDON 7,784 2* 13 CLEARY GOTTLIEB STEEN & HAMILTON 7,784 2* - FRESHFIELDS BRUCKHAUS DERINGER 7,784 2* - HILL DICKINSON 7,784 2* - HOMBURGER 7,784 2* - LINKLATERS 7,784 2* - MORGAN LEWIS & BOCKIUS 7, BANK OF AMERICA MERRILL LYNCH MORGAN STANLEY 3 3* 8* CREDIT SUISSE 2 3* - JP MORGAN 2 5* - FINANSINVEST - FINANS YATIRIM MENKUL DE- GERLER AS 2 5* 4 GOLDMAN SACHS 2 5* - NBG SECURITIES FTI CONSULTING 2 9* - DAVY 1 9* - GOODBODY 1 INCLUDING: Albania, Bosnia Herzegovina, Bulgaria, Croatia, Cyprus, Greece, Macedonia, Malta, Montenegro, Romania, Serbia and Turkey 1 - BANK OF AMERICA MERRILL LYNCH 16,108 2* 4* CREDIT SUISSE 8,243 2* - JP MORGAN 8, MORGAN STANLEY 7,998 5* - FINANSINVEST - FINANS YATIRIM MENKUL DE- GERLER AS 7,865 5* 3 GOLDMAN SACHS 7,865 5* - NBG SECURITIES 7,865 8* - DAVY 7,784 8* - GOODBODY 7,784 8* 10* HSBC 7,784 18

19 North America 1 3 JONES DAY KIRKLAND & ELLIS SKADDERN ARPS SLATE MEAGHER & FLOM LATHAM & WATKINS STIKEMAN ELLIOTT SULLIVAN & CROMWELL WEIL GOTSHAL & MANGES DAVIS POLK & WARDWELL BLAKE CASSELS & GRAYDON GIBSON DUNN & CRUTCHER 23 Q Q Legal Advisor Value (US$m) 1 1 SKADDERN ARPS SLATE MEAGHER & FLOM 66, SULLIVAN & CROMWELL 46, LATHAM & WATKINS 43, WACHTELL LIPTON ROSEN & KATZ 36, DAVIS POLK & WARDWELL 34, KIRKLAND & ELLIS 29, SIMPSON THACHER & BARTLETT 29, SHEARMAN & STERLING 23, CLEARY GOTTILEB STEEN & HAMILTON 23, GIBSON DUNN & CRUTCHER 22, GOLDMAN SACHS JP MORGAN CHASE & CO BANK OF AMERICA MERRILL LYNCH MORGAN STANLEY CITIGROUP JEFFERIES CREDIT SUISSE RBC CAPITAL MARKETS BARCLAYS STIFEL/KBW 26 Value Q Q Financial Advisor (US$m) 1 2 JP MORGAN CHASE & CO 80, MORGAN STANLEY 57, GOLDMAN SACHS 50, BANK OF AMERICA MERRILL LYNCH 44, CREDIT SUISSE 39, BARCLAYS 38, CITIGROUP 36, CENTERVIEW PARTNERS 36, LAZARD 31, DEUTSCHE BANK 22,088 INCLUDING: USA, Canada and Bermuda NB: Deals are ranked by Volume first then by Value 19

20 Asia Pacific 1 1 HERBERT SMITH FREEHILLS SKADDEN ARPS SLATE MEAGHER & FLOM MINTER ELLISON JONES DAY SQUIRE PATTON BOGGS BAKER & MCKENZIE ASHURST ALLENS KIRKLAND & ELLIS AZB & PARTNERS 8 Value Q Q Legal Advisor (US$m) 1 7 HERBERT SMITH FREEHILLS 36, LINKLATERS 24, ASHURST 20, CLEARY GOTTLIEB STEEN & HAMILTON 14, FRESHFIELDS BRUCKHAUS DERINGER 13, CLIFFORD CHANCE 10, MORGAN LEWIS & BOCKIUS 9, HOMBURGER 9, BLAKE CASSELS & GRAYDON 8, MINTER ELLISON 8,098 Value Q Q Financial Advisor (US$m) 1 - SMBC NIKKO SECURITIES UBS 33, SBI SECURITIES HSBC BANK 32, MIZUHO SECURITIES BANK OF AMERICA MERRILL LYNCH 30, GOLDMAN SACHS MOELIS & CO 24, CREDIT SUISSE GOLDMAN SACHS 19, PWC CREDIT SUISSE 16, UBS CITIGROUP 12, NOMURA INTERNATIONAL JP MORGAN CHASE 11, MONEX CITIC SECURITIES 10, MITSUBISHI UFJ MORGAN STANLEY SECURI- TIES LAZARD 9,439 INCLUDING: Australia, Bahrain, Bangladesh, Cambodia, China, Dubai, Hong Kong, India, Indonesia, Iran, Iraq, Israel, Japan, Jordan, Kuwait, Laos, Lebanon, Macao, Malaysia, Myanmar, New Zealand, North Korea, Oman, Pakistan, Papua New Guinea, Philippines, Qatar, Saudi Arabia, Singapore, South Korea, Sri Lanka, Syria, Taiwan, Thailand, Vietnam, Yemen. 20

21 Criteria Experian s Q International League Tables are compiled using data from Experian MarketIQ, which reveals new layers of market insight by combining Corpfin's global M&A database with comprehensive Companies House data and our market leading business, financial and risk databases all on a single platform. League Tables are based on the volume and value of legal or financial advisory services provided to the target, bidder, vendor, debt or equity provider, shareholders, directors, management or other parties to a deal. League Tables exclude rumoured, cancelled, withdrawn or lapsed deals. These tables are based on mergers & acquisitions (M&A) and equity capital market (ECM) transactions announced between the dates of January 1st 2015 and March 31st, The minimum deal value for inclusion is 500,000, unless otherwise stated. Value figures are based on disclosed considerations. This publication was compiled on April 15th, Experian Corpfin believes that the information it provides was obtained from reliable sources, but does not guarantee its accuracy. Due to the fact that our records are updated daily, transaction data and League Table rankings may vary between publications Deals are attributed to regions based on the address of target or bidder companies as registered at the UK s Companies House or the Republic of Ireland s Companies Registration Office. Should a company s principal place of business differ from its registered location, we will also attribute the deal to the region of its principal trading address. We do not track the acquisition of: brands, assets or titles where no associated infrastructure is exchanged; land, oil and gas fields; individual assets (such as aeroplanes and oil rigs); undeveloped mines; distribution rights; mining licences; property that is currently under construction; shareholdings in private finance initiative (PFI) projects; credit card or loan portfolios. Other exclusions include the issue of bonds or notes, except as part of another transaction e.g. in order to raise funds to effect an acquisition, joint ventures where no new entity is created, e.g. production sharing contracts, and inter-company loans. For further information on Experian Corpfin league tables, inclusion criteria, deal submissions or quarterly updates, please contact: Jane Turner Research Manager T: cfw.research@experian.com 21

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