PwC, líder en asesoramiento financiero en el mercado de M&A en España en 2014 según el ranking Thomson Reuters

MERGERS & ACQUISITIONS REVIEW
REUTERS / Brendan McDermid
FINANCIAL ADVISORS
Full Year 2014

Any New Zealand Involvement Announced (AD39)
Any New Zealand Involvement Completed (AF46)
Japan M&A
Americas Deals Intelligence
M&A Financial Advisory Review
Full Year 2014 | Mergers & Acquisitions | Financial Advisors
1
Japan Deals Intelligence
Any European Involvement Announced (AD21) 17
17
18
18
Global M&A
Global Deals Intelligence
Scorecard: Worldwide Announced M&A
Scorecard: Worldwide Completed M&A
Top Fifteen Worldwide Announced Deals
Any German Involvement Announced (AD35)
Americas M&A Any Spanish Involvement Completed (AF41)
Any UK Involvement Announced (AD32)
Any UK Involvement Completed (AF39)
Any European Involvement Completed (AF3) 10
12
12
Any French Involvement Announced (AD33)
Worldwide Completed (AF1)
Top Ten Japanese Involvement Announced Deals
19
Any French Involvement Completed (AF40)
Any Japanese Involvement Completed (AF23)
19
Any Spanish Involvement Announced (AD34)3
3
6
6
11
12
11
Worldwide Announced (AD1)
20
10
18
Any Japanese Involvement Announced (AD19)
2
2
Table of Contents
1
20
2
11
Fairness Opinion Rankings
Worldwide Announced Fairness Opinion
11
Any Americas Involvement Announced (AD49) 7
US Target Completed (AF2)
6
US Target Announced (AD2) 7
Any Americas Involvement Completed (AF55)
13
12
Any Italian Involvement Announced (AD36)
Any Nordic Involvement Announced (AD37)
Any Italian Involvement Completed (AF43)
20
20
Top Ten US Announced Deals
20
15
Mergers & Acquisitions Criteria Summary
Any EMEA Involvement Announced (AD47)
European Deals Intelligence
Any Benelux Involvement Announced (AD40)
8
8
7
Any German Involvement Completed (AF42)
16
Any Canadian Involvement Completed (AF49)
Any Australian Involvement Completed (AF31)
10
9
Any Canadian Involvement Announced (AD42)
16
Any Asia (ex-Japan) Involvement Completed (AF32)
Any EMEA Involvement Completed (AF53)
Any Benelux Involvement Completed (AF47)
10
Any US Involvement Completed (AF48)
Top Ten Any Asia (ex-Japan) Involvement Announced Deals 15
7
8
9EMEA M&A
Any US Involvement Announced (AD41)
Any Japanese Announced Fairness Opinion
13
Asia Pacific (ex-Japan) M&A
Asia Pacific (ex-Japan) Deals Intelligence
20
21
21
22
21
20
13
13
Regional Contacts
Criteria Summary
Any EMEA Announced Fairness Opinion
14
Any Asia Pacific Announced Fairness Opinion
8
16
16Any Australian Involvement Announced (AD24)
9
Top Ten European Involvement Announced Deals
Thomson Reuters Soultions for the Deal the Deal
Making Community
Any Asia (ex-Japan) Involvement Announced (AD25)
20
15
Worldwide Announced Fairness Opinion
Any Americas Announced Fairness Opinion
Any USAnnounced Fairness Opinion
14
Any Nordic Involvement Completed (AF44)
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WORLDWIDE M&A UP 47%, STRONGEST YEAR FOR DEAL MAKING SINCE 2007 - Powered by a resurgence
of deals over $5 billion, the value of worldwide M&A totaled US$3.5 trillion during full year 2014, a 47% increase
from comparable 2013 levels and the strongest annual period for worldwide deal making since 2007. Ninety-five
deals with a value greater than $5 billion were announced during full year 2014, more than double the value and
number of large-cap deals announced during 2013.
NUMBER OF DEALS UP 6%; QUARTERLY M&A UP 7% - Just over 40,400 worldwide deals were announced
during full year 2014, a 6% increase compared to last year. Fourth quarter 2014 M&A totaled US$922.5 billion, a
7% increase from the third quarter of this year and the strongest closing quarter for deal making since the fourth
quarter of 2006.
EUROPEAN M&A UP 55%; BEST YEAR FOR ASIA PACIFIC M&A ON RECORD - M&A activity for European
targets totaled US$869.8 billion during full year 2014, an increase of 55% compared to the level of activity seen
during full year 2013. With US$716.2 billion in announced deals during full year 2014, Asia Pacific M&A registered
the strongest annual period for deal making in the region since records began in 1980.
MEDIA, HEALTHCARE & ENERGY M&A REGISTER STRONG GAINS - Deal making in the Media and
Entertainment sector totaled $US308.5 billion during full year 2014, more than double 2013 levels, while Healthcare
and Energy & Power M&A increased 94% and 66%, respectively. With just over US$162 billion in announced
WW M&A Up 47% l Strong Gains for Cross-Border and Large Cap Deals Drive Strongest Full Year Period Since '07 l Goldman Sachs Top Advisor
Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees
Full Year 2014
FINANCIAL ADVISORS
$2
$3
$4
$5
ImputedFees(US$b)
Americas EMEA Asia Pacific Japan
gy , p y j
deals during full year 2014, the Telecommuncations sector was the only industry to see year-over-year percentage
declines, down 37% compared to full year 2013.
CROSS BORDER M&A MORE THAN DOUBLES – Cross Border M&A activity totaled US$1.3 trillion during full
year 2014, accounting for 37% of overall M&A volume and a 78% increase over full year 2013 levels. Cross border
M&A accounted for 31% of total M&A activity during full year 2013.
COMPLETED ADVISORY FEES UP 12% - According to estimates from Thomson Reuters/Freeman Consulting,
M&A advisory fees from completed transactions totaled US$26.7 billion during full year 2014, a 12% increase from
the comparable period in 2013.
Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity
$73.8
$153.5
$203.3
$78.4
$22.9 $32.0
$65.9 $64.9
$115.4
$154.6
$114.2
$176.4
$318.5
$83.2
$24.8
$60.7
$88.2 $76.9
$80.2
$131.0$75.8
$160.6
$164.0
$56.3
$36.2
$78.9
$70.6 $93.3
$81.9
$148.2
$97.4
$280.8
$114.4
$35.7
$52.6
$91.4
$106.3 $94.0
$114.6
$128.1
13.5%
21.3% 19.4%
8.8%
6.8%
10.8%
13.2%
12.9%
16.6%
21.9%
0%
5%
10%
15%
20%
25%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
%ofGlobalM&A
RankValue(US$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD Global M&A
$0
$1
4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
$146.7
$280.9
$405.5
$258.3
$113.4 $175.6 $234.7 $171.9 $133.1
$242.9
$241.3
$273.6
$641.4
$363.1
$110.7
$204.0
$247.4
$272.2
$166.4
$403.4
$262.8
$254.1
$371.7
$326.3
$148.5
$269.8
$204.4
$203.4
$183.0
$320.9$249.5
$405.5
$430.8
$154.2
$168.3
$262.3 $199.2 $251.9
$238.3
$318.7
33.7%
33.6%
44.8%
38.3%
27.1%
37.5%
35.3% 35.3%
30.5%
36.9%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
%ofGlobalM&A
RankValue(US$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD Global M&A
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2005 2006 2007 2008 2009 2010 2011 2012 2013 20142005 2006 2007 2008 2009 2010 2011 2012 2013 2014
1

Western Europe
Jan 1 - Dec 31 Scorecard: Worldwide Completed M&A Jan 1 - Dec 31
Mergers & Acquisitions
1,670
1/1/2014 -12/31/2014
716 182 2
1,092,565.3
49,796.2
Worldwide
12,783
No.
Deals
1/1/2014 -12/31/2014 1/1/2013 - 12/31/2013
214
16,390.4
18,672.4198
279
2,423
Target Region/Nation
Mexico
456,405.9
177,115.7
120
21,797.9
8,104.6
1,010,313.0
75,204.7
1,769,458.9
23,450.4
1,197,547.0
Rank Val
US$m
82,252.3
United States
No.
Deals
Rank Val
US$m
2,134,447.2
Caribbean
14,278.8
Brazil
110,825.1
Worldwide 40,4623,485,270.7
1,516
2,040
Germany
North America
820,835.2
France
Chile 18,813.0
Asia Pacific
United Kingdom
Middle East
27,980.5Sub-Saharan Africa
165,464.1
North Africa
Canada
Western Europe
48,941.9
869,777.1
64,931.0
49,346.9
Americas
19,143.8
10 755
251
11,472
Central America
South America
1,530,081.7
930
498
130
1,640,906.9
93,017.9
9,802
-21.6
449 380 3 9 439
93,406.0
59 4
78,117.6
438
Europe
141
Africa/Middle East
12,488.9
643
1,286
561,575.4
Middle East
54.913,523
478
22,200.1
6,479.8
28,849.4
1,410
Eastern Europe
1,529
13,118
94,309.6
48,811.1
73,213.6
9,72810,435
105,169.63,088
-3.0
Europe
▲
▲
460
79.8
-48.1
3,390
107
2,213
▼
239.0
▼
▲
United Kingdom87.8
▼-53.5
77,786.2
83,595.5France▲
522,475.8
▲
Germany 1,238
Eastern Europe
120,056.2
1,900
Asia Pacific 411 677 8
2,467
482,083.4 8,179
5 559
2,104
33 4
147,307.3
10,932
43,989.0
49,169.5
5 553
▼
-58.2
▲
8,804
629,390.7
58.2
11,271
▼
▲
74
299
91,785.8
2,753
34.5
308 639 2
829
584,067.7 -7.2
61,591.9
57
11,235.1
51,366.0
83
763
7,476.7
19,164.2
▼
Sub-Saharan Africa
North Africa
-32.0
380 14,273.7
335▼ 316
▲
19,194.6
13,029.7
1,107
Peru
-16.9 ▼ 46,353.3
-1.8
Africa/Middle East
1,685
17,495.7
570
34.7 Canada 106,175.7▲
91,145.5
Brazil 44,414.6
▲
152
10,754
9,069
▲
-0.9
132.1
▼
▲
1,124 23.7
29,09629,508
Caribbean202.6
▲
51.4
47.8
47.4
1,074,541.3 26.2
-65.8209
62
15.1
10,395
6,326.7
2,364,416.0
Rank Val
US$m
92
12,249
38,038
No.
Deals
82
1,356,000.8▲
180Central America▼
10,489
▲
Americas
38,788.2
6,351.0
-23.5 Mexico
1,244,569.7
160
50.2 9,509
▼
9,272
2,456,669.5
Rank Val
US$m
% Change
in Rank
Value
South America
8,217
718
-30.1
141
Target Region/Nation
North America
84
94,112.3
No.
Deals
13,261.1
7,024.5
11,467.5 34,825.3
1,138,394.0
416
1,292
United States 885,756.2
3,879.5
▲
7,911
▲
-33.5
▼
▼
▲
▲
▼
31,432.3
85249,533.6
41.3
-9.8
351.0
446 ▲
-67.1
27.0
12.8
10.6
84.0
▼
28.5
1,361
1/1/2013 - 12/31/2013
979,868.5 ▲
▲
▲
▲
% Change
in Rank
Value
▼
▲
Worldwide Announced M&A Target Industry by ValueScorecard: Worldwide Announced M&A
1,988
1,157
▲
▲
1,406
▲
90.0
30.8
8.4
16.6%
11.3%
10.7%
9.8%
9.1%
8.9%
8.4%
7.7%
6.0%
4.7%
3.8%
3.2%
South East Asia
11/27/2014
United States / United States 19,467.7
716,182.2
7/1/2014
14,579.2
Actavis PLC
Rank Date Date Effective
Singapore
1,460
Pending
Australia
South Korea
2,115
81,180.3
87,180.2
2/13/2014
Asia-Pacific
90,950.6
35,698.3
10,755
Pending
42.7926
Target (% Sought/Acquired)
55.1
Malaysia
4/7/2014
Pending
Pending
11/17/2014
11/26/2014
5/18/2014
8/10/2014
Pending
11/17/2014
12/15/2014
27,737.4
EE Ltd (100%)
23,123.13/11/2014
United States / United StatesActavis PLC2/18/2014
Pending United States / United States
10/6/2014
Numericable Group SA
WhatsApp Inc (100%)
Pending 19,551.3
General Electric-Energy Assets
Facebook Inc
CITIC Pacific Ltd
Reynolds American Inc
BT Group PLC
39,544.6Switzerland / France
Allergan Inc (100%)
38,477.9
42,247.5
France / France
Halliburton Co
United States / United States
Time Warner Cable Inc (100%)
Lorillard Inc (100%)
SFR (100%)
Kinder Morgan Energy Partners (88.31%)
23,615.6
Holcim Ltd
▼
680
Forest Laboratories Inc (100%)
77,795.6
7/15/2014
DirecTV Inc (100%)
66,404.4
58,551.1
Kinder Morgan Inc
▼
Baker Hughes Inc (100%)
Investor Group
70,677.1
AT&T Inc
1,447
Lafarge SA (100%)
Hong Kong / China
4,520
1,229
1,095
▼
Covidien PLC (100%)
8/25/2014
30,312.5South Asia
Central Asia -40.5
1,828
450
45,138.7
▼
Australasia
3,565
1,058
207,005.4
1,032
3,250.9 Papua New Guin
▲
▲
South Asia 16,876.2
186.4
▲
202
24,649.7
▲
32,687.8
1,609
312
175
526 Malaysia
▲
75,759.7
60,580.1
7.2
368
1,745
12,462.4
51.1
30,141.6
2,125
21,247.5
285,278.2
8,672.8
5,239
41,920.3
510
6,435
64
North Asia
China 390,411.8
507,738.9
64,999.1
Top Fifteen Worldwide Announced Deals
47,922.1
6,693.0
4/16/2014
165,915.7
6,652.3
64,921.5Japan
62
▲
13,597.5
449,380.3 9,439
1,336
121.7
43.9
1,529
59.4
South East Asia
10.5
83,055.5
▲
Australasia
▲
91,015.9
1,075
84,009.2
881
Asia-Pacific 411,677.8
1,042▲82,274.5
67,186.3
Central Asia
58,569.8
50
Rank Value (US$m)
Japan
Acquiror
Australia
653
▲
-16.5
▲88.6
78.0 ▲
-16.9
743
-0.6
North Asia
70,510.1
55
167,837.2
58.8
-31.5
1,366
297
51,894.2
China
South Korea
2,576
26,063.6
258,647.0 2,756
Singapore
6,739.0
▲
48.9111,406.4
21,010.1
704
40912,221.5
1,549
-44.9
54.1
-26.2
5,559 33.4
51,217.2
24.1
7
61,190.4 1,145
209.8
257
65.6
5,553 ▲
62.21,024
1,185
308,639.2
54,961.8
▲
▼
Jan 1 - Dec 31 2014
Medtronic Inc
Pending
6/15/2014
2/19/2014
United Kingdom / United Kingdom
Comcast Corp
Acquiror / Target Nation
CITIC Ltd (100%)
United States / Ireland-Rep
Consumer Staples / Tobacco
Healthcare / Pharmaceuticals
United States / France
Energy and Power / Oil & Gas
Materials / Construction Materials
1,811.0
▲
▼
▲
▲
▲
▼
Target Macro / Mid Industry
4,912.5New Zealand
Alstom SA-Energy Businesses (100%)
17,457.9
17,124.2
9/14/2014
4/30/2014
Pending
Pending
Sinopec Sales Co Ltd (30%) China / China
Media and Entertainment / Cable
Healthcare / Healthcare Equipment & Supplies
Financials / Asset Management
Industrials / Machinery
Telecommunications / Telecommunications Services
Telecommunications / Wireless
High Technology / Internet Software & Services
Energy and Power Healthcare
Real Estate Financials
Industrials Media and Entertainment
High Technology Materials
Consumer Staples Telecommunications
Retail Consumer Products and Services
Government and Agencies
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2

UBS
95,783.4
32Societe Generale
HSBC Holdings PLC 20
Wells Fargo & Co
▲120,977.3
2 381 543 9
2.9
3.4
2.7
RBC Capital Markets
Centerview Partners LLC
▲
16
21
▲
2
Credit Suisse
7
14
11
19
17
Jefferies LLC
Rothschild
BNP Paribas SA 13
213,355.1
Deutsche Bank 8
19
12
15
4.6
0.2
17
14 18 125,394.7
Worldwide Announced (AD1)
▲1.2
▼
1.6
11.7
159,653.8
427,542.4
▲1.6
▲
▲
9
13
582,735.4 16.7
472,057.6
5
Morgan Stanley
Goldman Sachs & Co
3
1,009,123.7
2013
Rank
Morgan Stanley
1
2
16
Bank of America Merrill Lynch
JP Morgan+20
▲
743,510.5
Market
+24
2.0
2.8
94,635.8
0.52.794,553.2
1.6
0 4
▲
▼
▲
9
+41
2.7
164
63
▼
▲
-0.9
0.0
0.5
+130.259 0.1
387.9
71▼0 7 ▲293 5 1 1 0 1▲82
20
0 2
-1067 0.2 ▲
0 2
▲0.3
20
66.162,649.8
62 482 7
2.6
2 5
509.4+19▲ 13
Moelis & Co
21
Credit Agricole CIB
▲0.2 ▼
▼
-16 75,628.4
▲1.9
Evercore Partners
0.4
+19
+13
0.5
▲ Wells Fargo & Co
▼-1.9
52
19
3.380,682.618
111
14 91,862.5
3.1
1.9 -
0.4
+26
▲1.5
333.1 ▲0.1
-13
▲
▼ 1.9502.1
+4
135
▼ 35
137
▼0.1
1.3
0.5
0.0▼
-1 ▼
-1.717
99,325.5
-1.8
Centerview Partners LLC+1 ▲ 3.7
16RBC Capital Markets
▼
19
128,551.3 -2.514
13
▼
BNP Paribas SA▲ 15
4.0
Rothschild 5.2
109,498.4 4.5
11
5.3128,906.7
530.0
487.10.4 ▲
1.0 -
226▼
2.0
12
▼
0.0
0.3
121
2.0
+7
-30 ▼
0.2 ▲
0.4 ▲
0.1
-
+8
0.8
▼
274.5
45.2
Paul J Taubman 5.3
▲
0.0
1
▲
▲
126Jefferies LLC
8
0.0130,298.3
65 5.6
1.8
▲
0.2
-5.3
9.6
5.1
-5.4
▼
0.7
12
▼ -
--+1
-2
0.0
-0.9
▼
+2 3.2
817.7214 -4
▼
839.6
499.5 0.1
850.0
▲-2.7
13.5
▼
▼
3.9
+9
▲▲ 0.39.8 244
▲ UBS ▼▲ 148
239,457.3▼ 0.8
0.0408,370.4
3.7▼ +24484,685.5 221
▲
0.4▲
3.2
0.5 -27
▲
-
1.9
+28 933.00.8
0.7
▼
197
237
0.7
-0.8
13.6
Citi 16.666
7
▲ 3
334,217.7▼
▲
7Deutsche Bank
544,170.7
▲0.7
2 583,984.6 ▼
-0.6
▲
23.8
0.8
1.0
+5
987.9
2014
Rank
Rank Value per Advisor (US$m)
1,165.4
1,521.2
226 -4
▲
▼
▲
0.0 -2.9
5.5 ▲
Sh (%)
# of Deals per Advisor
+7
0.4616,519.9
▲ ▲
-2.9
25.1
Fees
362
Rank Value Market
Share Ch.
2 3
26.7 ▼655,651.9
Sh (%)
▲
MarketMarket
US$m DealsShare Ch.Sh (%)
19.7
4
5
▲
▲ Barclays 4
5
21.5
-1.6
13.5
20.9
2.8
298
446
-0.7
29.0 1
US$m
2.2
+25
328
181
8.8
0.8
0.7
0.6
118,072.8
22
Perella Weinberg Partners LP
Evercore Partners
21
18
259
-5.3
▲
3.5
▲
3.6
▲
27
96Allen & Co Inc 99,944.8
1.2
283,396.2
19.5681,155.6
Lazard
Barclays
6
3
Citi
4
5
▼
259
# of
22.2
354▼
▲
▼
10
12.3
21.3
7 10
8
5.1
4 729,973.0
Rank Value
Financial Advisor
296-1.0
1Goldman Sachs & Co
# of Deals
+50
Jan 1 - Dec 31
749,413.5 -0.3 0.9
2014
Rank
1.11 ▲
Sh ($)
Change inMarket
Jan 1 - Dec 31
Worldwide Rankings
2013
RankFinancial Advisor
JP Morgan
15
-0.8
-2.4
407,837.09
229,411.3 1.7
6
0.4
151
9
135 0.3
236,858.6
12
136,714.4
10
▲0.1 -
0.6
131
0.6
0.4
0.6
330,444.710
9-3 Lazard
▲
▲0.4
+9
+70.3
+68
8.1
6.1
300
44
16
1.3
▼
32 0.1
+51
0.7
245
0.6
-21
+17
+6
▲
-2
Guggenheim Securities LLC
8+40
11+43
Credit Suisse
+43
1.0302 1,476.9
Change in
1.2
# of Deals
Market Advisor
▲ 2,014.7 ▲
Share Ch.Sh (%)
7.6
Deals
# of
Worldwide Completed (AF1)
Market
Imputed Fees (US$m)
0.6
Market
3.1
3.5
4.4
0.3
5.7 0.3
▲
242
258
6.6
†Note: Industry Totals include multiple competing bids for the same target.
* tie
Goldman Sachs & Co
Jan 1 - Dec 31 2014
44
Goldman Sachs & Co
Goldman Sachs & Co
2
2
3
373,703.3
1
190,677.2
JP Morgan
10.1Morgan Stanley
12.0
Barclays
Somerley Ltd
241,357.5
37,764.2
Industry Total†
Wells Fargo & Co
25
Zaoui & Co
2.3
80,077.1
2.381,543.9
3522CITIC
19
▲
+3
1.3
2.3 -3.2
80,165.2
-0.4
2.3
80,051.1
▲
▲
78,457.3
2.32.3
▼
+3
4
40
▼
0.1
63
3,090
9
Top WW Announced M&A Advisors by Target Industry
47.4%
46
3,485,270.7
1.7
Rank
▲
0.0
No.
Deals
▲
▼18.1%
15.1%
100.0
578,609.9
167,608.0
▲
40,462
Share
Mkt.
▲
Jan 1 - Dec 31
Energy and Power
22Macquarie Group
▲
▲
Industry % Change from Same Period Last Year
Somerley Ltd 23
24
▲
25
Industry Total+2,424
▼
Top Worldwide Announced M&A Advisors by Transaction Size (AD1)
-4.3%▲
254
0.0 +9 Nomura
0.1 +4
▲
Ernst & Young LLP
2,456,669.5
32
73
17
55,801.537
61,513.4
56,092.6
56,683.9
2.5
2.3 1.1 ▲
-2.1
0.9
▲
2.3 ▼
+412
▲▲1.4%
29,508
11.7%
26,656.0
0.0
-
-3 0.2
-22
41.1▼
100.0
▼
-
0.2
0.1
0.80.4 ▼ 206.7
26.423
0.4109 255.9
-8 ▼
71
0.1
+17
0.01.8
▲ ▲
▼-0.7
-
▲293.5 1.1
1.0
0.1▲
0.0
82 0.2
1.1
0.220 62,482.7 2.521 +19▲ Wells Fargo & Co+26
Citi
21
24
6.9%
Paul J Taubman
28.5
315,703.5
1Morgan Stanley
JP Morgan
375,227.4
5,523
22.7
22.72
68
25
4271,757.1
Rank Val US$m
2
Industrials
71,603.4
61.5
1
339,961.0
36,288.3
96,754.9
392,553.3Healthcare
Financials
Deutsche Bank
182,572.9
44,832.8
135,718.2
157,051.7
Real Estate
Goldman Sachs & Co
Industry % Change from Last Quarter
63
100.0
23 12
-
1
91,180.0
Bank of America Merrill Lynch 70,707.4 3
199.73
52
3,078
3
2,560
3634.6
58
25
22.4
4,448
5526.8
22.1
36
27
Industry % Change from Last Quarter 8.0%
Goldman Sachs & Co
Deutsche Bank
48.6
2
1
27.1
-1.1%
6.4%
6531.6
29.0
2.3
128
▲
23
665.8
476.6 514.5
405.1 440.6
377.6
279.9
358.2
283.1
191.6 172.7
161.8
202.1 91.9
143.3 111.3
75.9
125.0
69.4
118.3
91.8
56.7
70.7
70.7
70.7
70.7
67.2
67.2
67.2
66.4
66.4
66.4 58.6
58.6
47.9
47.9
$0
$200
$400
$600
$800
$1,000
$1,200
Goldman
Sachs & Co
Morgan
Stanley
JP Morgan Bank of
America
Merrill Lynch
Citi Barclays Lazard Deutsche
Bank
Credit Suisse UBS Rothschild
RankValue(US$bil)
Covidien/Medtronic
KinderMorgan Energy Parters/KinderMorgan Inc
Allergan/Actavis
DirecTV/AT&T
Time Warner Cable/Comcast Corp
Other Top 15 Deals
All Other Transactions
3

Jan 1 - Dec 31
2014 UP
2014 DOWN 2013
EMEAAmericas
Worldwide M&A Matrix
Canada
11.2x
Exit Multiple Matrix - Average Rank Value / EBITDA
19.8x
Japan
13.0x
Asia ex. JapanEurope
12.1x
10.7x
9.7x
5.9x
9.8x11.9x
18.4x
14.2x
11.5x
USA
12.6x
26.9x
15.5x14.6x
Telecommunications
Real Estate
Media and Entertainment
Retail
11.4x
12.2x
13.0x
6.3x
10.0x
12.7x
10.9x
14.6x
--
-
12.8x
Industrials
14.5x
World
16.6x
UK
15.5x
10.7x
10.0x
23.1x
10.7x 11.1x
15.3x
10.7x
6.4x
11.8x10.6x
11.1x
24.0x
13.7x 12.2x10.6x12.2x
-
13.4x12.0x
25.2x 24.3x 13.0x16.1x 14.6x
19.3x
7.0x
19.3x
14.6x
14.7x15.5x
10.8x12.4x8.6x
-
12.7x12.7x 9.5x
16.3x 12.4x
13.4x13.4x
16.7x
11.4x9.6x
11.4x
9.0x
5.7x 5.7x
14.5x
10.1x
12.9x
9.1x
9.9x
11.9x10.7x
14.2x
11.1x 11.9x
9.5x
12.0x
9.2x
15.5x 15.5x16.7x
12.5x
13.3x 11.7x
13.7x
8.1x
5.9x16.4x7.6x 9.8x
7.6x25.7x
16.6x14.0x
12.2x13.8x 15.6x
6.5x 11.9x
10.8x
11.1x17.1x
19.8x21.5x
10.3x
11.8x
10.8x
13.7x
8.5x
10.6x
11.6x16.5x
10.6x 9.2x
15.0x
13.1x
6.0x 12.4x11.2x
11.3x14.5x
16.6x
13.7x
14.4x 12.7x
9.0x18.2x 9.0x
8.6x
14.0x
13.0x
13.3x 9.6x
8.1x9.3x
11.1x
Materials
12.0x
9.2x
11.4x
8.1x10.2x
16.6x11.0x
18.3x
11.2x
11.8x
16.4x
10.9x
13.7x
32.6x19.9x
10.3x 11.0x12.0x
11.7x 13.8x 12.6x 11.4x
9.6x
30.2x
10.8x 9.9x
11.9x 10.0x
25.7x
9.6x
20.6x 26.9x
11.3x
11.5x
13.3x
18.9x
13.0x
12.9x
12.8x
18.5x
8.5x
14.7x
Energy and Power
14.6x
12.0x
Healthcare
13.7x
High Technology
12.7x
10.6x
13.1x
Consumer Staples
Consumer Products and Services
* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries.
* The data given refers to the time period 01/01/2013 - 12/31/2014 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded.
* The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black.
* Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.
Bid Premium Matrix - Average Premium to 4 Week Stock Price Jan 1 - Dec 31
26.1
27.6
37.7
World
35.2
Consumer Staples
30.2
29.2
35.5
36.4
26.2
30.3
Canada
14.5
23.438.2 21.7
29.5 45.0
20.9 18.0 22.0
24.5
25.0
34.0 23.8 27.3
12.124.6
27.8
25.7
26.5
26.1
25.6
32.4
25.6
39.0 24.5
27.0
22.9
33.6 22.1 - -
22.020.9
29.4
34.6
34.327.5 21.9
9.4
21.811.0
4.7
25
33.7
9.4
26.7
23.0
34.9
21.7
28.4
2014 UP
2014 DOWN
27.9
12.5x
Retail
31.2
39.7
21.7
40.7 23.9
30.2
28.7
45.0
23.2
21.5
14.7
32.6
25.219.7
30.0
23.7
20.0
24.7
25.1
27.6
33.8
32.2
Telecommunications 24.5
Materials
24.5
34.9
25.7
33.0
Average Industry Total
29.9
24.2
High Technology
Industrials
33.2
21.9
35.0
28.5
28.4
23.3
Healthcare
Consumer Products and Services
40.1
24.3
22.8
26.9
Financials
Energy and Power
EMEA
38.5
30.4
36.0
38.7
33.5
43.6
41.6
24.3
32.637.4
29.8
14.3x
36.9
Americas
33.3
37.3
20.5
52.5
USA
23.9
Average Industry Total
41.0
19.4
45.131.4
35.4
37.2
41.9
12.8x14.2x 11.5x
20.7
21.5
24.0 23.7
19.8
23.7
14.7
0.3
30.7
24.120.022.3
26.2
37.2
84.8
0.3
29.2
34.2
11.4x
20.0
Asia ex. Japan
11.5x
24.2
34.8
13.0x
34.5
26.2
31.9
53.317.3
37.2
39.8
25.2
25.7
25.3
29.5
-
25.6
-27.1
48.223.8
25.9
32.2
19.8
24.0
27.7
25.5
24.1
23.7
36.8
26.6
20.7
23.9
37.6
26.0
25.5
Europe
11.8x
33.8
-
39.5
16.3
34.8
32.8
15.8
24.039.1
18.0
31.9
34.0
33.3
-
-
32.2
36.4
30.2
36.8
13.2 13.2
30.2
24.1
17.7
40.5
18.7
32.0
48.8
21.3
45.3 42.0
14.9 23.1
28.2
18.3
25.6
25.8 23.6
21.7
41.3
28.1
28.543.2
14.7
30.5 24.6
21.0
22.9
19.1
27.4
27.0
Japan
13.184.8 23.4
12.1x 13.1x16.0x 13.1x10.3x12.1x 12.9x 11.5x
2013
44.9 53.3
UK
32.6
Real Estate
15.6x
4

Worldwide Announced Rankings* - A Decade in Review
1
2
3
4
1
2
3
4
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Bank of America Merrill
Lynch
* League Table positions reflect consolidation within the banking sector.
Rankings shown are as of the current quarter end in each calendar year
5
6
7
8
9
10
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
5
6
7
8
9
10
Rank
Citi
Barclays
Lazard
Deutsche Bank
Credit Suisse
UBS
5

Real Estate
Wells Fargo & Co 22,478.0 1
Citi 16,764.1 3
US Announced Advisors by Target Industry Jan 1 - Dec 31 2014Americas Deals Intelligence
Energy and Power
Healthcare
High Technology
Barclays
Goldman Sachs & Co
Deutsche Bank
Rank Val
(US$m)
338,364.7
151,204.1
136,640.6Citi
Goldman Sachs & Co
JP Morgan
Barclays
Goldman Sachs & Co
JP Morgan
Morgan Stanley
100,307.4
237,431.8
154,125.2
136,630.7
129,662.0
207,809.6
100,711.0
96,709.7
99,793.1
89,076.2
1
2
1
Rank
1
2
3
Mkt.
803
No.
Deals
40.4
31
38
20
762
54.63
2
20
759
23.7
31
14
22.9
1,790
27
Share
44.7
42.93
46.5
29.6
167,621.7
39,727.2
38,375.0
29,353.8
2
3
1Morgan Stanley
40
906
64.9
27
16
Americas M&A
Americas M&A Increase 51% From Full Year 2013 | Energy & Power Volume Drives US Activity | Canadian Activity Rises 39%
25
57.6
Driven by deal making over $5 billion, Americas volume increased 51% over totals reached last year, accruing US$2.1
trillion in activity from 15,734 announced deals. Estimated fees generated from completed deals in the Americas totaled
US$19 billion, a 17.4% increase from fees earned in 2013.
US Targeted M&A also posted significant gains, rising 51.5% over announced M&A in 2013. US-targeted volume accrued
a total of US$1.5 trillion in 2014, driven by 9,814 deals.
The Energy & Power sector led the US market in 2014, with deal volume totaling US$338.4 billion, accounting for a 22.1%
market share. Healthcare followed, accruing US$237.4 billion for a 15.5% share of the market. Media & Entertainment
rounded out the top 3 sectors, with US$207.8 billion and a 13.6% share of the market.
Accumulating US$204 billion in transaction value, announced Canadian Involvement activity rose by 38.6% over the totals
reached in 2013. Completed Canadian Involvement also rose, to US$188.6 billion from 1,962 deals, a 26.5% increase
from completed activity in 2013.
Asia ex. Japan targets enjoyed the highest average exit multiples in 2014 (16.0x), followed by the US (15.6x). All
industries saw modest increases in multiples compared to 2013, with the biggest increases coming in Materials, which
rose to 14.6x from 11.0x in 2013.
48.5
2317.5
14
616.8
22.5 16
Goldman Sachs & Co 17,552.4 2 17.6
US Target Announced M&A Target Industry by Value (US$ bil) Jan 1 – Dec 31 2014
Top Ten US-Target Announced Deals
Jan 1 – Dec 31 2014
11/26/2014
66,404.4United States / United States
Target (% Sought/Acquired) Acquiror Rank Value (US$m)
Pending
70,677.1
9/22/2014
Pending
Kinder Morgan Energy Partners (88.31%)
2/18/2014
Baker Hughes Inc (100%)
Facebook Inc
AT&T Inc
Date Effective
11/17/2014 Allergan Inc (100%)
Pending Time Warner Cable Inc (100%)2/13/2014
Rank Date
5/18/2014 DirecTV Inc (100%)
11/17/2014
Forest Laboratories Inc (100%)
Pending Sigma-Aldrich Corp (100%)
8/10/2014
Pending
7/1/2014
Halliburton Co
Actavis PLC
United States / United StatesKinder Morgan Inc
27,737.4
38,477.9
Germany / United States
67,186.3
19,467.7United States / United States
16,449.2
United States / United StatesActavis PLC 23,615.6
Merck KGaA
Pending
WhatsApp Inc (100%)
US Buyside Financial Sponsor Activity
Suntory Holdings Ltd
2/19/2014
15,687.5
10/6/2014
1/13/2014 4/30/2014 Beam Inc (100%) Japan / United States
7/15/2014
Comcast Corp
Reynolds American IncLorillard Inc (100%)
Healthcare / Cable
Healthcare / TobaccoUnited States / United States
58,551.1
Energy and Power / Pharmaceuticals
Consumer Staples / Oil & Gas
/ Food and Beverage
High Technology / Pharmaceuticals
Materials / Internet Software & Services
Consumer Staples / Chemicals
22.1%
15.5%
13.6% 11.0%
6.5%
6.5%
5.8%
5.4%
5.3%
Energy and Power Healthcare Media and Entertainment High Technology
Real Estate Consumer Staples Industrials Materials
Financials Retail Consumer Products and Services Telecommunications
35.3
60.6
112.7
17.5 6.4
27.1 28.4
76.0 83.9
41.8
110.1
192.4
28.9
9.4
34.2
33.9 34.7
33.2
57.2
34.0
86.1
91.3
18.5
13.6
28.2
26.7
53.5
43.7
63.7
43.4
170.8
27.4
24.4
39.4
64.3
56.0
60.3
46.5
42.8%
55.4% 53.0%
27.6%
39.5%
42.9%
45.9%
52.5%
54.4%
44.7%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
-
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
RnkValUS$bil
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of WW FS Volume YTD
6

Centerview Partners LLC Lazard
MarketMarket Change in
Deals
Any Americas Involvement Completed (AF55)
Market
# of Deals per Advisor Rank Value per Advisor (US$m)
Market
Imputed Fees (US$m)
Americas Rankings
2013
Rank
# of
Share Ch.
▲0.4
Sh (%)
AdvisorRank Value
Financial Advisor Sh (%) Share Ch. DealsUS$m
560,853.5 ▼
34.6
Rank Value Market2014
Rank
Market
Jan 1 – Dec 31Any Americas Involvement Announced (AD49) Jan 1 – Dec 31
257
# of
Financial Advisor
Market
+56
Sh (%)Sh (%) # of Deals Fees
1,633.0 8.6
Share Ch.
2.0
# of Deals
2014
Rank
2013
Rank
Change in
2.1 ▲
Market
Sh (%)US$m
+221 497,392.5
26.3 -3.0
Goldman Sachs & Co 1 738,300.5 0.3
2
1
JP Morgan
▲1 ▼31.4Goldman Sachs & Co▲326 -2.1
3 3 546,338.6
21.4JP Morgan 2 +33 ▲
Morgan Stanley
▲1,195.1 0.3▼ 199
1,147.5
6.3▲
410,920.3 25.9 1.5▲ 193
27.4 -3.4433,560.0
3
4+3623.1
1.6 +43228
+14 ▲
2
185 1.2-3.4
1.2
▼
Citi 4 7 493,272.6
▲0.5
+25
25.9 5.9
1.5 ▲▲ 6.0
▲
5 4 484,430.5
0.5
22.7 -2.1
3
Barclays 511.6
▲ Bank of America Merrill Lynch 5 ▲ 168
25.6
▼
▲ 182 ▲ 4.41.3 +44 ▲ 826.3410,446.6 167
0.54 399,261.1 25.2 1.9 1.3 +3 ▲
Barclays 6 5 457,544.1 21.4
232
-0.2 ▼ 196
Morgan Stanley
1.2
964.4 ▼1.5 +26 5.1
+61 ▲ ▲2.8Citi 6 6 0.0▲ 754.2
12 213,087.6 ▼ 324.0▲
298,860.2
7Lazard 7 11 299,249.4
-153 1.2 +27 4.0
▲
4.7 ▲14.0
18.9
-7 ▼147 0.9 UBS ▲
Credit Suisse 8 8 274,815.8 12.9 2.8 0.1▼2.0 531.2
13.5 6.0 1.7 0.20.5 -2170
8 189,536.7 12.0 -1.5 0.9 -2
-1.0
▼ 111168 1.1 +13 ▲ Deutsche Bank 8
10 13 213,267.4 10.0
▲
Deutsche Bank 9 10 268,028.9 12.6
2.8 ▲ 42
152
10+9 ▲
Credit Suisse2.5 ▲ 9
0.3
+43 ▲ ▲ 641.1
9 144,813.9
7 146,605.3 1.1 +15
9.1 -3.3
▼ 1459.3 -5.7 3.4 0.0
▼ 139 ▼
Jefferies LLC 11 18 119,363.3 5.6 Guggenheim Securities LLC 11
3.0 0.21.1 -17 ▼ 571.0
▲ 11 0.2 0.340 136,681.8 8.6 7.7 0.1 -3 ▼ 44.6 ▼
UBS 12 6 114,398.4 5.4
119 0.8 +18 ▲
-9.7 ▼ 88 0.6
2.1 ▲
Paul J Taubman 12-13 ▼ - 130,298.3 0.0 0.0▲ 1.0▲ 1 0.0 +1 -
RBC Capital Markets 13 15 110,891.6 5.2
8.2 8.2
+5 ▲140 0.9 16 127,753.8Jefferies LLC 13 ▲
Allen & Co Inc 14 76 99,944.8 4.7 4.4 ▲
-0.2 ▼ 8.1 3.1 2.3 0.30.9 +9 ▲ 444.7▲ 110
1.0 -10 2.5 0.3▼ 478.4
Centerview Partners LLC 15
RBC Capital Markets 14
▼ 325.6 -3.5
11 95,347.69 0.1 +2 ▲ ▼ 1266.0 -2.0 ▼
Rothschild 15 21 91,769.1 4.3 2.1 ▲ ▲327.3
140 0.9
106 0.7
Evercore Partners 16 14 84,996.3
0.3 +2
4.5 -2.54.0
▲
-1.7 ▼
+18 ▲
+37 ▲ Evercore Partners 16
1.7 0.4
13 71,829.0
10 89,204.8
▼
Perella Weinberg Partners LP 17 42 83,436.0 3.9 2.8 ▲
▼ 119
Wells Fargo & Co 17
2.5 0.10.9 +17 ▲ 471.2
▼ 70 1.5 0.114 62,482.7 3.9 -1.5 0.5 +18 ▲ 291.5 ▲
Wells Fargo & Co 18 17 81,543.9 3.8
27 0.2 +1 ▲
-0.7 ▼ 81 0.5 Moelis & Co 18+25 ▲ 15 54,617.1 1.8 0.5▲ 343.6▼ 90 0.7 +16 ▲
Paul J Taubman 19 12 80,077.1 3.8
3.5 -1.6
+3 ▲4 0.0 18 40,431.1Greenhill & Co, LLC 19 ▼
Greenhill & Co, LLC 20 23 48,010.4 2.3 0.3 ▲
-5.4 ▼ 2.6 -1.8 0.7 0.20.1 -13 ▼ 127.8▼ 17
0.4 -3 0.9 0.3▼ 173.9
Rothschild 21
BMO Capital Markets 20
▼ 772.2 -2.6
19 37,451.230 0.2 +5 ▲ ▼ 532.4 -1.4 ▼
Houlihan Lokey 21 34 37,732.5 1.8 0.7 ▲ ▼187.8
30 0.2
173 1.1
Tudor Pickering & Co LLC 22 46 36,231.6
0.6 -14
2.2 0.81.7
▼
1.0 ▲
+38 ▲
+11 ▲ Scotiabank 22
1.0 0.4
29 35,087.9
17 35,354.7
▲
BMO Capital Markets 23 32 35,828.5 1.7 0.5 ▲
▲ 33
Ernst & Young LLP 23
1.0 0.40.3 +10 ▲ 194.0
▲ 68 0.1 0.054 32,034.5 2.0 1.4 0.5 +14 ▲ 15.1 -
Moelis & Co 24 16 35,295.0 1.7
56 0.4 -1 ▼
-3.7 ▼ 96 0.6 Macquarie Group 24+10 ▲ 34 29,938.3 0.7 0.0▲ 131.6▲ 52 0.4 +11 -
Ernst & Young LLP 25 35 35,088.7 1.6
1.9 0.8
+6 ▲ ▲0.5 ▲ 70 0.4 44 28,890.6Tudor Pickering & Co LLC 25 301.8 1.0 0.5 0.10.2 +12 ▲ 95.3▲
†Note: Industry Totals include multiple competing bids for the same Target.
Deutsche Bank Jefferies LLC
†Note: Industry Totals include multiple competing bids for the same Target.
77
92
5.1 ▲
29
▲
+27
17
+22 16
9,814
Wells Fargo & Co
Mizuho Financial Group
+33
▲
+17
+3
Mizuho Financial Group
89
-12
▼
24,335.0 0.1
01.5
+736
▼
2.0
1.9
104
1.0
▲
▲0.1
▼ 0.8
0.9
2
356,635.4
0.4
Moelis & Co
▲
197,538.1
▲
RBC Capital Markets0.2
50,685.6
Greenhill & Co, LLC
4 3
▼
76
-14.0
16 -1.9
-12.0
-1.2
18
20 43,119.6
2.1 0.7
20
93
▲18
7
20
39,333.6+1
Tudor Pickering & Co LLC
1,138,394.0
+5
30
1.5
▲
0.1
Goldman Sachs & Co 1
Market # of
Financial Advisor US$m Sh (%) Share Ch.
RBC Capital Markets
Bank of America Merrill Lynch 3
Wells Fargo & Co 16
151
129
17
2.8
JP Morgan 2 2 437,180.9
Citi 4
4.5 -2.4
g , ,g
Industry Total100.0 +86715,734 100.0Industry Total† +2971,584,124.3 12,7712,136,344.0
▼ -2.0%
Industry % Change from Same Period Last Year 50.6% ▲ 5.8% ▲
Rank Value per Advisor (US$m) # of Deals per Advisor
▼ 7.9%
Rank Value per Advisor (US$m) # of Deals per Advisor
Industry % Change from Last Quarter -3.2%
▲
100.0
-5.6% ▼▲
Imputed Fees (US$m)
▲
18,983.9
Industry % Change from Same Period Last Year 26.1%
US Target Completed (AF2) Jan 1 – Dec 31
2.4% ▲ 17.4% ▲
Industry % Change from Last Quarter 47.8%
Sh (%)
2013
Rank
Market
US Target Announced (AD2) Jan 1 – Dec 31
MarketRank Value Market2014
Rank Fees
# of Change in2014
Rank
2013
Rank
Rank Value Market Change inMarket
# of Deals
Market
36.5 -3.3 ▼
US$mDeals Sh (%) Share Ch.Sh (%)
Advisor
1,166.02.1 +48 ▲ Goldman Sachs & Co
Market
Share Ch. Deals Sh (%) # of DealsFinancial Advisor
1 558,300.4 0.18.6156 1.91 1209 ▼
28.6 -8.7
+12 ▲385,671.0 33.9 -3.9 ▼
▲
3
JP Morgan+12▼
+243 413,250.1 27.0 -7.4
1.5
4.8▲ 1208.75
▲959.1 7.1
▲
0.1
0.1654.2
1.732.3 1392 -4.7 ▼367,979.0 ▲
9 407,412.9
+28
31.3
▲
▼ 1.3
▲
1.5 +32 ▲Barclays
14.1 ▲ 1.3 +40127 1.5 +13 ▲26.6 Morgan Stanley 345,243.8 30.3 4.4 121
3.829.7Barclays 5 5 378,584.6 337,697.35 4 113 1.4 +7
▲6.6 0.9
5.4 0.6 ▼
894.1
-3.9
24.7 -1.4 737.4▼ 1.4 Bank of America Merrill Lynch+47142 ▲
138 Citi 6
▲
1.4Morgan Stanley 6 4 351,314.7 23.0 0.27 223,814.8 19.7 2.8 ▲ 567.3▲ 1.3 ▲
Lazard 7 11 209,605.1 13.7 2.6 ▲
▼ 4.2
0.9 -3 UBS 1.9
+22+16 ▲ 103
11▼ 0.40.6 017.4 8.8 ▲ 251.548 ▲
Credit Suisse 8 12 199,888.8 13.1
-7
11.9 10.6 ▼0.5▲ 8 ▼ 28.40.1 -6 0.2
Centerview Partners LLC 9 13 183,121.9
10
36
▼
135,143.7
11.5
▲0.9
12.0 Paul J Taubman+4
10 17
-9
Guggenheim Securities LLC 8 31▲
▲
112 1.1
▲
▲
130,298.3 +1 ▲0.01
1.010.2 ▲
11.5 ▲ -1.0 0.0
▼
0.22.5343.7 ▲
0.0
-8.2 ▼ 0.196 1.2 +26 472.2 3.5▲
115,511.810 +104.4 ▲ 85153,088.3 10.0 -1.4 89
11 19 111,990.2 +20 ▲ Credit Suisse▲ 9.2
2.512 8
7.3 3.5 95 104,595.2
0.1
11
99,944.8 +2 ▼101,189.9 8.9 -4.3 ▼ 0.8666.253 6.5
81
Jefferies LLC
0.2▲ Deutsche BankAllen & Co Inc 12
6
UBS 13 6 88,883.9 52 ▼0.5 -5▼
▲ 8
0.0
-185.8 6.3Lazard
+5
10
▼
▼
▲
-6.4 ▼
+968,516.9
342.4
372.8
▼4 0.2▲ 14 12
13 71,129.1
Evercore Partners 15 14 77,733.5
2.7
3.1
1.0
▲6.0Evercore Partners
▼
▼
Paul J Taubman 14 8 80,077.1 5.2 -2.3 ▼
0.7
2.229 ▲-2.1
-7.7
-7.3 ▼Centerview Partners LLC 151.1
14
-3.447,690.2
423.593
0.4 +1 295.8
1.1
▼
654.1 17
▲0.39 63,653.6 5.6
▲
▲63,277.7
-0.0-2.5 ▼ ▲
▲ 2.10.84.2
66,751.4 4.4
2.03.5
283.2
16 83 266.7
+15▼+11
0.9 +10 ▲
▲
0.6311.5 2.3
0.113
Moelis & Co 20 15 32,026.6
1.0 +13
19 15 37,279.1 3.3 ▼-2.8▲19 32 103.1▼34,231.6 2.2 Greenhill & Co, LLCTudor Pickering & Co LLC ▼ 13 0.21.2 0.4▲ 0.3 +10 0.8
20▼ ▲0.92.1 -5.0 +884 34 28,890.6 2.5 1.3 0.4 +12 ▲
▲ 0.1 ▼10.1
95.3▲
0.1
0.7 0.1
▼25,266.1 2.2▼ -114 0.1 21▼Guggenheim Securities LLC 21 7 31,826.4 2.1
184.2
12-0.8
26 31,741.1 1.4
2.0 0.7
0.2 ▲
55
22
Allen & Co Inc 23
▲
Houlihan Lokey 23 27 31,025.3
+1Stifel/KBW 22 Qatalyst Partners0.9 -5 0.2
0.7▲1.6
19,867.71.6
18,981.6 1.7
153
1.4
▲
3 0.0 -3 ▼ 0.1 ▲0.4
0.1
54.71.4 ▲
▼ 1120,979.2 1.8
▲
28
1.8
50
Ernst & Young LLP
24Sandler O'Neill Partners11▲ +5 ▲
▲ 0.1
0.2 ▲1.2 ▲ 90.652 0.6 +16
-▲ 0.0 0.03.9
13,609.8 100.0
+3▲1.5
+306
28.5% ▲
25 0.1
▲
16,792.7 8
3.9%
132
100.0
▲
▲22.5%▲
8.5%-4.7%
8,217
46.1%
Industry Total
Industry % Change from Last Quarter-13.8% -2.1%
8.1%
100.01,530,533.7
24 64
▲
23,098.5
51.5%
25 58 -
+29
1.2
▲
▼
Industry Total
Ernst & Young LLP
* tie
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7

Deutsche Bank Guggenheim Securities LLC
Industry Total
Scotiabank
100 0 +5241 396 767 6 10 675
▲ 16 0.8 0.8 ▲
16 877 0 100 0
25 39 21,127.1 1.5 0.6
1.1
0.1 +4 ▲ 126.4
12 0.1 +2 ▲ 186.7 1.1
0.9 ▲
Qatalyst Partners 24 30 21,178.6 1.5 0.2 ▲ ▲
148.91.7 -3.1 ▼ 54 0.923 18 23,882.1 0.5 -15 ▼
20 0.2 +8 ▲ 12.5 0.1
▲
Mizuho Financial Group 22 20 25,734.4 1.8 -0.7 ▼ 0.1 ▲
95.31.2 ▲ 30 0.6 0.6
20
Tudor Pickering & Co LLC 21
0.130,662.1 2.2
2.1
1.6 ▲
▲37 28,890.6
▼ 127.817 0.2 -13
49
0.3 +12
0.8
0.1 ▲57 0.5 +8 ▲ 13.7
0.8 ▲
2.0 2.0 ▲
Greenhill & Co, LLC 19 17 40,431.1 2.9 -2.2 ▼
-1.7 ▼
0.8 +15 ▲ 342.3-2.0 ▼ 89
1.7 ▲70 0.7 +18 ▲ 291.5 1.7
2.0 ▲94 0.9 +7 ▲
▲
RBC Capital Markets 16 15 64,155.1 4.6 -1.0 ▼ 343.7 2.0
1.910 87,829.5 6.3 -4.3 1.9327.0▼
2.6 2.61.0 +7 ▲ 443.8
3.4 ▲7 116,803.2 1.1 +14 ▲ 566.68.4 -8.0 ▼ 119
2.5
▲31 0.3 +2 ▲
3.4
▲105 1.0 +10 ▲ 2.5425.4
0.0 0.0 -
Jefferies LLC 12 16 125,877.4 9.0 3.7 ▲
▲ 1.09.3 9.3 ▲ 1- 130,298.3
40.6 0.2136,302.7 9.8 8.8 ▲
0.0 +1
0.2 ▲10 0.1 -4 ▼
536.7 3.2 3.2 ▲130 1.2 -4 ▼
2.9 2.9 ▲
Lazard 9 9 137,408.8 9.8 -2.7 ▼
1.8 1.8 ▲
-1.3 ▼ 100 0.9 +4 ▲ 483.6
▼ 297.914.8 6.5 ▲ 64
19.2 2.4
206,346.9 0.611 -14
▲6 268,388.6 ▲136 1.3 +19 ▲ 689.4 4.1 4.1
▲
777.9 ▲
148
+35
Bank of America Merrill Lynch 5 4 366,735.9 26.3
6.9 ▲
3.2
5.2
4.6
2.0 1.4 0▲ 5.2
173 1.6 ▲ 6.4+24
4 5 392,478.2 154 1.4
Sh (%)
Market
Share Ch.
Market# of
9.1232 1,527.82.2
Change in
+1 005
-5
Market
Deals Sh (%) # of Deals Fees
Goldman Sachs & Co 1 1 465,859.2
25
Guggenheim Securities LLC 0.1-10.01.7
32,042.6
Advisor
-3.0 ▼ 182 1.7
-1.5 ▲
Share Ch.
+41 ▲
Industry Total 1 896 479 4
0.70.531,856.9 1.7Stifel/KBW
12 803
28.1
UBS
Citi 6
▲
15 -1
▲
▲
57
95
100 0
1.7 ▲0.6
▼
Tudor Pickering & Co LLC 1.1
-4.435,145.0
Greenhill & Co, LLC 20
36
Ernst & Young LLP 23 31
Moelis & Co 22
32
21
47,674.1
36,231.6
1.9
20
1.9
14
2.648,433.5
4.7
▲Perella Weinberg Partners LP
0.7 ▲19 21
80,077.1 4.2
0.1RBC Capital Markets 17 88,228.3
18
Wells Fargo & Co 15
17
81,543.9
74,221.7
11
▲
▲
12 109,630.66
15
5.0
4.3
16
14
22.4
22.8
5
▼-11.0
425,050.5
12
1.5
Allen & Co Inc 13 66 99,944.8 5.3 ▲
169 1.3 +40
UBS
11 18
5.8
119,117.0
82
2.5
456,854.2
5
2
6
4.5 ▲
▼
14.9
7 24.1
4.3
2.8
-6.4
3.9
-1.816
Paul J Taubman
71Rothschild
2.5
Evercore Partners 81,355.0 1.0
81
▼
▲
0.4
▼
0.2 ▲
0.2
-0.9
1,081.4
-
▲
6.4
1,126.2
▲ 4.6
▲
884.7
6.7
+22 9.1▼
-3.1
▼-1.1
▲▼-7.2 202
+50180 1.4
203
+5
▲
+8
7
137
▲
+18
29
93
0.6
0.2 +1
+25
Change in
+28
+23
26
+17
294
Deals # of Deals
▲
▲
+19 2
# of
1.3
122
-5
Market
2.3
Sh (%)
1.6
Barclays
▲1.1
+4
▲
Jan 1 – Dec 31Any US Involvement Announced (AD41)
Rank Value
11.54
-3.2 ▼
Market
Financial Advisor
27.1
2013
Rank
26.0
JP Morgan 3 2 493,028.0
US$m
2014
Rank
1 671,135.7
3 514,434.1
35.4
Citi
168 30.0
▲
6.7JP Morgan
Rank Value Market
Imputed Fees (US$m)
0.6 +14
0.2 Ernst & Young LLP
Rothschild
▼ ▼
30
24
12 71,559.1 5.1
17
▲
Wells Fargo & Co0.0
▲
+3
104
Jefferies LLC
9
18
114
11.1
10
41 0.313
210,929.9
211,892.1 11.2
0.3
Morgan Stanley
Lazard 7
431,500.2
108
4
283,320.5
Barclays
Credit Suisse 139
6.3
137
▲2.9
Paul J Taubman
Deutsche Bank
▲+9
1.1
62,482.7 4.5
3.9
13
14 54,535.9▲
▲
▲
Moelis & Co
▼-2.5
4
▲
▼
▼
▲
0.7
+1
30
+37
Americas Rankings
100
+2 Credit Suisse
14+11
1.1
2013
Rank
▲
▲
Jan 1 – Dec 31
12.2230,656.9
Any US Involvement Completed (AF48)
▲
US$m
▼
Share Ch.
-2.3
Market
Financial Advisor
Market
8
35
163,227.5
11
392,872.73
Sh (%)
+11
+23
11.7
10
2
▲
▲ Centerview Partners LLC
15
▲
▲
▼
Evercore Partners
418,487.6
3
33.4
28.1
1.6 Morgan Stanley
2014
Rank
+52
Sh (%)
8▲
13▲
0.6
9 0.1
0.9
0.8
8 31,951.4
Bank of America Merrill Lynch Lazard
▲
Houlihan Lokey
26.5%
UBS
2.42
1.4
▲
▲
0
20
0.3
11
Industry Total
10 -2
▲
0.4
Macquarie Group
1
10,592.4 5.2 -0.9
▲3.2
8
-4.73.6
2,617
▲
0.1+2
38
+1
15.6
1,962Industry Total204,046.4
3.0
+2 ▲
▲ 12
0.2 ▲
0.0 +2
0.1-1.1
2.5
▼
▲ 0.222.0
0.2
4.8
▲ 30.6 1.2
0.2
-19.9%
▲
▼
0.1%
▼
+1 2,590.6
▲ 5.3%
-9.2%15.5%
2.7 0.12
-8.8%
▼
100.0
23 +1
▲3,721.925▲ ▲
GMP Capital Corp
-
100.0
2.1
2.0
▲0.1
▲
0.02.9
▼▲ 0.20.0 -3
12
▲
1
0.644,732.4
▲
2.0
3.5
2.9
26
11 0.4 3,972.8
XMS Capital Partners LLC
24
22 - 5,400.0
▲
3.8
21
7,203.6
-
+3
3.5
2.7
6,609.1
20 ▲
▲
35.70.0 ▲
0.30.3+10.0
▼
8.4
0.6▼
19 - 60.411 0.32.30.0▼Credit Suisse
21 26 7,084.3 3.5 ▲+5▲
▲0.1 +925 2.0▲ 51.1 0.9
11
National Bank of Canada Fin'l 18 34 9,750.5
5.2
4.8
13 9,869.8
16
19 14 9,527.8 4.7 ▼0.80.1 -2 -3.2
▲ 18
▼
National Bank of Canada Fin'l
4.7
17▼ Canaccord Genuity
8,767.1
0.1 1.5 ▼
0.0 0.1
▼-1
+4
1.8 0.5 ▲
1.7
▲
1.238.4
▼▲ 44.9
22
US$m
Advisor# of
▼
Fees
235.1▼0.2
0.1
▲
32,155.2
▲
55.6%
Share Ch.
18.2
▲
▲
100.0
▲
20.0% ▲
-6.9% 12.0%
+5241,396,767.6
▼
10,675
Industry % Change from Same Period Last Year 28.7% 5.2%
16,877.0 100.0
Industry % Change from Same Period Last Year 54.3% ▲
+1,005Industry Total 1,896,479.4 12,803
-1.7% ▼
100.0
8.5% ▲
23.4
7
18.1
35
26
Credit Suisse
30
21
1.9
▲
57
8
-0.9
11.7
1.0
2.0
# of
2.2
* tie
20 9 7,254.4
▲
3.4%
▼
1.0
Houlihan Lokey
5,400.0 2.7
5,902.918
Industry % Change from Same Period Last Year 38.6% ▲
Maxit Capital LP
-9.5%
23
-2 19
0.5
100.0
▼
▲
45.622 11,971.2
Evercore Partners
▲
16▲ 12 6.3 11
TD Securities Inc
Sh (%)
MarketMarket
Financial Advisor
17.1
▼
▲
5.1
188,632.2
-1.5
0.1
1.2
▼-1.5
CIBC World Markets Inc
▲
+6
-1.0-1
+11
9,657.3
Rank Value
11,959.8
1.0
-
▲
Deutsche Bank
0
+9
▲
19.6 23
21
▲
8 25,951.6
44,439.6
25
▲
BMO Capital Markets
5Morgan Stanley
Barclays
2
4
JP Morgan
RBC Capital Markets
3
1.3
47,716.8
Deutsche Bank 6
7Scotiabank
21
1
12
Sh (%)
16.2
+5
3 30,621.8 15.0
21.8
47,731.6
23.4 0.8
1 27.4Goldman Sachs & Co 55,969.9
Sh (%)
2014
Rank
109.9
Rank Value
6
Financial Advisor Deals
Market
+18
Market
# of Deals
▲
-5.8▲
Barclays
-21
+11
31.31.3
▼ Industry % Change from Last Quarter
2013
Rank
Any Canadian Involvement Announced (AD42)
Market
Any Canadian Involvement Completed (AF49)
-11.5%
2013
Rank
Jan 1 – Dec 31
Share Ch.
US$m Sh (%) Share Ch.
▲
Market
# of Deals
Change in Market
Imputed Fees (US$m)
48 1.29.1
4.2
1.4
▲
▼
6.5
2.6
167.4
1 59,106.6
20.9
+12
▲
▲
Deals
Market
21
2014
Rank
0.1▼2 28-9.0
0.1
Sh (%)
Jan 1 – Dec 31
+14 16.3
RBC Capital Markets
3
4
▼
1
2-5
Goldman Sachs & Co
0.13.386.2
14.4 ▲
▲5.4
▲
13
18
0.0 -6
5
8
+830,027.4 15.9 78.8 3.0▲0.1
2.6
+6 ▲
▲
-2
5Citi 0.0
0.1
7 27,553.2 14.6
14.8
▲
14
2
5
12.7
TD Securities Inc
25,332.7 12.4
24,089.5 26,445.1▼ 6Morgan Stanley
11
6.5
4.3 35
-5
-3
BMO Capital Markets
1.3
3
2.3
4.2
10
53
-
Macquarie Group
▼
1.6108.4▲
19
34
8 3.8
9
98.5
24,079.3
Evercore Partners 16 15
8
7 18,290.9
9Citi 13
10
27,930.06Scotiabank
▲ JP Morgan
▼
25
▼
3.4
▼▼
0.1
0.010
2.1
▼
▲0.9
▲
▲
1.6
▲
-
▲
67.7
5.9
▼
-8.7
14.0
-1.9
0.1
▼
▼
26
0.6
-2
152.6
▼
7
39,430.4
30,720.1
6.8
12.8
▲ ▲
+1▲11.321,376.2
▼
14 9
▲
42.5
0.0
0.2-2 ▼ 115.116,760.7
0.30.09 1.69.510
4.4
20
59.3
-4
17,845.4 1.4 ▲
9
+1
+20.1
▲
▼
0.5+15 ▲7.7Wells Fargo & Co
12
-17.1 -10.74
▼ 41
13,441.5
4.7 ▲
2
6.4
8.9
2.3
0.0 0.1
▼ 38 0.1 ▼ 109.1 4.2
-1 ▼13 14,585.323 ▼6.0 3.02.0
14,912.3
▼
12,062.7
19
+171.1
-5
▲
▼
2.9
1.9 ▲
-3.9
0.7
5.9 0.5
3
▲ 15
11
22
+1
Industry Total
51
14
6,609.1 0.03.2
0
3.9
▲
5.5
0.1
25XMS Capital Partners LLC
+86
-
Rothschild 24
-
6,119.1
BNP Paribas SA
23 22
10
23,829.3
12
15,678.9
2
17,013.0
23,707.6 ▼
▲
9.0
11.6 0.5
0.3
+10.8
11.8
1.9
-4
Change in
0.9
▼
+8
9
0.3
0.1▲
▼
7.7
6.6 6.2
-1.8
▲
▼
Canaccord Genuity 17
▼
0.3
46
4.3
-6.0
15
8.3
Nomura
14
413
Lazard
CIBC World Markets Inc
Wells Fargo & Co 7.3
16
14
▼
13,384.4
24
8

EMEA Involvement Announced Advisors by Target Industry Jan 1 - Dec 31 2014
1,223
113
6
2
1323,546.4
1
24.42
15.3
25.3
26,069.1
19.0
1
No. Deals
2
172,272.2
44.376,233.1
959
1
Mkt.
ShareRank Val US$m
93,618.1
Rank
Goldman Sachs & Co 54.3
3
3
17
22
8
153,841.8
17.0
16
20.8
5
39.2
28.7
29,288.5
1,194
21,013.3 68.9
21
1
2
45,047.2
3
16
4
35,471.4
134,985.5
28.6
61,592.8
EMEA M&A
EMEA Announced M&A Increases 36% | Healthcare Highest Valued Sector | Financial Sponsor Activity Rises
JP Morgan
Healthcare
Goldman Sachs & Co
49,261.9
Real Estate
14
EMEA Deals Intelligence
Industrials
Deutsche Bank
157,070.2
15
52,641.6
34,203.1
3
1,365
33.5
2,620
Materials
Goldman Sachs & Co
UBS
1
49.315,038.6Morgan Stanley
14,277.8 46.8
140,350.0
Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$B) Jan 1 -Dec 31 2014
29,169.6
3
Energy and Power
Goldman Sachs & Co
Deutsche Bank
Announced M&A activity with EMEA involvement totaled US$1.3 trillion in 2014, up 35.5% compared to the US$976.4 billion
reached for the same period last year. The largest deals between Covidien/Medtronic, Lafarge/Holcim and SFR/Numericable
represented 8.4% of volume in the full year 2014.
EMEA fees accumulated on deals completed in 2014 increased 8.8%, totaling US$10.6 billion compared to the US$9.6 billion
accrued for last year, according to estimates from Thomson Reuters/Freeman Consulting.
The Healthcare sector led the EMEA marketplace, with 959 deals totaling a combined US$172.2 billion, including the
Covidien/Medtronic deal valued at US$47.9 billion. Industrials accrued US$157 billion, and Real Estate totaled US$153.8
billion worth of activity.
Financial sponsors were more active this year compared to the previous two years. EMEA-targeted buyside financial sponsor
activity reached US$177.6 billion in 2014, up from the US$117.5 billion reported last year. This marked the highest yearly total
since the pre-crisis levels in 2008. The largest target deal with buy-side financial sponsor involvement is the $23.1 billion
SFR/Numericable deal, which completed in November.
Acquirors listed on the London Stock Exchange were EMEA's most acquisitive companies this year, with a combined total of
US$105 8 billion in offers
Rothschild
10
JP Morgan
Deutsche Bank
Lazard
2
EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)
12/16/2014 Completed Talisman Energy Inc (100%)
16,449.2
17,124.2
United Kingdom / United Kingdom
Repsol SA
Telecommunications / Wireless
47,922.1
Materials / Chemicals
13,317.6 Industrials / Automobiles & Components
19,551.3
23,123.1
Merck KGaA
ZF Friedrichshafen AG
Energy and Power / Oil & Gas12,797.7
United States / France
14,200.0
4/30/2014
Completed Merck & Co-Consumer Care Bus (100%)
* Undisclosed
16,000.0
Completed
Alstom SA-Energy Businesses (100%)
Lafarge SA (100%)
Pending
Pending
BT Group PLC
Numericable Group SASFR (100%)3/11/2014
12/15/2014
Date Effective Target (% Sought/Acquired) Rank Value (US$m)
Jan 1 – Dec 31 2014
6/15/2014 Medtronic Inc
Holcim Ltd
Covidien PLC (100%)
Healthcare / Healthcare Equipment & Supplies
EE Ltd (100%)
Top Ten EMEA Involvement Announced Deals
y g q p p ( $ )
4/7/2014
Telecommunications / Telecommunications Services
Rank Date Acquiror / Target NationAcquiror
Pending
Switzerland / France
United States / Ireland-Rep
Pending
GlaxoSmithKline PLC-Oncology (100%) Switzerland / United Kingdom
TRW Automotive Holdings Corp (100%)
Bayer AG
Novartis AG
Spain / Canada
Pending Sigma-Aldrich Corp (100%)
Pending General Electric-Energy Assets
5/6/2014
4/22/2014
France / France
Materials / Construction Materials39,544.6
9/15/2014
Completed
9/22/2014
g p ( y p y)
$33.4
$76.0 $74.4
$27.1 $15.5 $21.9 $18.4 $25.7
$49.7
$61.1
$45.5
$85.4
$44.0
$9.1
$16.2
$38.3
$19.9
$33.3
$44.4
$37.1
$60.3
$54.7
$28.2
$14.6
$37.4
$23.9
$18.8
$24.1
$29.9
$46.0
$90.8
$62.7
$24.9
$19.2
$26.3
$22.3
$24.7
$34.4
$53.7
17.6%
19.7% 16.7%
10.2%
7.6%
13.3%
14.2%
9.6%
18.4%
19.0%
0%
5%
10%
15%
20%
25%
$0
$50
$100
$150
$200
$250
$300
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
%ofEMEA
RankValue(US$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD EMEA M&A
$105.8
$72.4
$70.8
$49.9
$29.2
$28.2
$25.6
$21.4
$17.8 $17.8
London
Frankfurt
Euronext Paris
Swiss Stock Exchange
New York
Zurich
Nasdaq
Madrid
OMX Stockholm
BMFBOVESPA
9

Credit Suisse
RBC Capital Markets 25 46 23,299.0 1.8 25 0.1
1 306 533 6 100 0
▲0.8
24,763.2
1.924,493.6
34,128.3
17
16
35
47,670.5
25,225.9
26,363.9
41 ▲
15
57,502.5 4.4
6.1
80,383.0
80,051.1-
5.064,704.726
0.1
▲
▼
▲
+675
+90.0
▲
+12
0.1 -18
16 999
+2
0.1
0.3
-7
+4
0.1
0.1 -5
0.5
0.1
27 ▼
▼
20SEB
Macquarie Group
ABN AMRO Bank
▲
23
24
PricewaterhouseCoopers
22
29
Industry Total
25
▼
0.2
-
126.8
82.6
65.4 0.2
0.8
0.0
▲
▲
▲
449.5
0.8
0.5
32.2 0.3
483.4
0.2
31.5
4.2
83.4
283.8
0.1
1.1
2.7
1.2
▲
▲
-14
▼
1.4
0.8
0.0
12 ▼ 111
2.0
10.5
12.8
146,721.2 ▲
▲
10
132,711.5
14.4
-3.0
- 12.8
106,827.6
13.1
130,298.3
106
11
15.368
215,538.4
155,180.7
-4.7 0.3
0.4
+10 Barclays
Citi
11
7
-
Lazard 9
10
▲
▲ Paul J Taubman
22.8
272,410.0
21.8
22.7
20.9
298,460.6
284,750.3
0.3 30.4
25.1
22.1
▲
0.3 ▲
5
7
256,615.7 19.6
UBS 224,616.1
▼
21.2+13
+13
▲ Deutsche Bank -4.2
6 10.7
▲
4
3.5
4.5
3.5
1.9
▲
1.4
-
0.4
0.1
0.1
▲
1.7 ▲
4.5
22.0
0.32.4
▲
0.0
0.0
0.1
0.1
0.6
0.1
62.5
116.3
37.3
-
▲
-24
-▲
0.4
0.3
▼
▲
▲
0.6 -5
-1
0.6
54.2
+368
0.0
0.4
-
-
0.0
-
-
100 0
-3
0.1 0.1+1
▼
▲
21,543.5
23,851.1 2.4
42,430.1
25,260.0
23,638.5
-15
0
18
1.4
34
32
280
+10
1.9
56
-
13
▼
0.2
-6
0.115 ▲
257
0.2
0.4 ▼
0.1
▲
+6
+8
33
193
13 755 10 677 6
-
1 016 481 0
2.0
2.1
19,970.7
20,128.6 ▼
▲
▼
2.3
0.0
-0.4 ▼28
42 1.0
100 0
2.0
▼
97
3
-1.5
▲
▼
5.0
+12
0.5
88
369.2
0.458
-9
0.9
3.4
-
0.9
0.0
▲
▼197.3
254.2
0.2
-
▲
7.9
▼
▲
0.6
▼
▲
▼
Change inMarket
▼
1.7
0.1
2014
Rank
EMEA Rankings
Advisor
Share Ch.
Market
Sh (%) # of Deals
Any EMEA Involvement Completed (AF53)
Market
Imputed Fees (US$m)
# of2013
Rank
MarketMarket
▲
Share Ch.
Rank Value# of
0.9▲
▲ 1.1
2014
Rank
Jan 1 – Dec 31
841.3 ▲
Sh (%)
▼
-8
11.6 ▲
+4
9.4
32.0
8.4 130
US$m
154 +2
-2
JP Morgan 5
1
4Bank of America Merrill Lynch
3
5.4575.8
0.6
▲
374.4
325,499.9 538.3123
0.7
309,467.1
32.1
Financial Advisor# of Deals
174 Goldman Sachs & Co
2
1
162 +260.4
+1▼ 0.4 37.4
▼
▲
▲
326,281.6 32.1
▲
477.0
-
+5
-22
0.4
▲+29
Morgan Stanley
255,054.6
365.3
▲
0.7
▼
▼
▼
190
1.1
0.7
+28
0.5
+11
0.8
4
▼
156
102
110
+2
+1
91,781.2
1
101
0.0
▲
13
8
12 ▲ 68
9+3
▲
0
7.2
7.5
13.0
-7.5
+53
94,489.4
11.5
16
88150,059.1
▲
▼
4.4
▲98,433.3
+1215.6
▲
5.2
3.7
6.3
55
0.0
0.2
-22
▲
0.3
▲
▲
0.6
6.6
254
0.2
47
▼ 120
6.2 2.2
SEB
Industry Total
Nomura
18
Macquarie Group 22
21
Santander 23 21
20
36
24
2.6
6.1
2.0
1.9
1.9
0.7
2.8
-1.2
-0.7
-0.9
0.5
2.9
0.4
17
▼
▼
326
-636
215
-1
KPMG
▼
▼
0.1
+14
▲
▲
▲
57
9 Societe Generale
▲
Ernst & Young LLP+9
-12 Perella Weinberg Partners LP 19
2.1▲
▼
3.7
0.0
19
2.0
0.2
0.8
36 ▼▼ -2.2
23
6.162,285.8
37
25
75
4.8
4.2
18
47,505.8
14Credit Suisse
21
▲ 16
15 4.5
1.8
▲2.4
Moelis & Co
9.0
Credit Agricole CIB 33
17
18
▲
-
32
47
4.7
5.555,656.3
48,449.5
22
2.5
9.3
2.1
▲
3.4
▼
2.3
▲
▲
-7.2
▲
1
2
5
6
10
15.1
4
10
297,047.9
5
13
2
8
Citi 6
Lazard
JP Morgan
Morgan Stanley
Deutsche Bank
0
153,844.3
179,737.4
▼
▲
13.8 96
-16
11511.8
Change in
380,377.9
Market
94,558.7
▲
+16
129
-8.6
-10.4
Rothschild
7
9
11
Societe Generale
12
14
Rothschild 9
14
BNP Paribas SA 11
Ernst & Young LLP
Perella Weinberg Partners LP 13
15
4
12
Barclays
19
17
23
18
Credit Agricole CIB
UBS
196,975.7
33
HSBC Holdings PLC
16Zaoui & Co
11.0
147
10.9
9.9
163
138
117
-6.8
▲
346,807.2 -7.2 ▼
203,421.0
Rank Value Market
419,831.8 -3.0
▲
26.5
1Goldman Sachs & Co
2013
Rank US$m Sh (%)FeesDealsShare Ch.
Market
Sh (%)Sh (%) DealsFinancial Advisor
Jan 1 – Dec 31
2
-4.5
BNP Paribas SA
▼
Any EMEA Involvement Announced (AD47)
Credit Suisse Guggenheim Securities LLC
2.9
57▲
2000.5
26
20
5.6%
1,306,533.6
193,448.6
194,933.4
419,587.4
Rothschild
9
Financial Advisor
100.0
33.7
Sh (%)
▲
2.7
35
14
16
3.8
4.6
17
15
57,502.5
5.9
18
149,297.5
153,492.1
-3.2
0.2
Market
▲
6.1
▲
Market
0.7 27
40
33-1.4
▲
-0.8
3.4%
24
-
98,433.3
15
64,704.7 5.2
18
2313
47,383.0
23,205.5
16
179,080.2
73,796.0
80,051.1
1.7
94,489.4
5.4
7.4
7.6
-10.6
▲
▼
▲
4.6 ▲
▼
▼
15.5
2.8
6.4 6.4
7.9
+521
14.4
12.3
12.0
▲
100.0 +321
▲
SEB
1,244,891.0
▼
38.3%
-0.8
▲
▲
11
55,656.3
92
0.5
3.4
20
+6
▲
0.6
0.6
10,304.3 100.0
-
11.5%
-0.00.1
78.4
.2
0.5
▼
▲0.1
0.0
▲
▼
0.9
-
▼
-
31.5
0.2
0.437.3
0.8
0.2 ▼
▲
20.4
▲
▲
22
0.9
+2
0.1
34
▼
-2
+675
1.1
Change in
▲
16,999
0.0%
▼
+2
Sh (%)
4.1%
# of
▲
Deals
Jan 1 – Dec 31
170
▲
▲
1.0
1.6
+9
316
-8
0.5
-21
0.7
-6
0.3
0.1
+16
-130.1
BNP Paribas SA
10
▲
▼
▼
▼
Credit Suisse
22
+8
+17
+13
+1
1
▲
▲
-22
4
13
ABN AMRO Bank
▼
▲
2
▲
Credit Agricole CIB
▲
Rothschild
Societe Generale
+29
+20
JP Morgan
Morgan Stanley
▲
# of Deals Financial Advisor
Industry Total
Goldman Sachs & Co
2013
Rank
2
Moelis & Co
Deutsche Bank
UBS
+2
12
3
5
6
Change in
Jan 1 – Dec 31
836.1
-
+4
▲
▲
▼
+1
-3
+11
345.2
0.2
+368
Sh (%)
0.5 ▼
▼
▼
+1
-15
▼
+2
+13
-2 ▼
▲
-3
+4 ▲
+13
-11
▲
0.5 ▲
▼
1.9
▼
99
56
▲
183
2.1
0.9▲
95▼
▲
1.4
▲
0.8-4.7
0.7
-8.2 ▼
61
0.8
3
1.2
31.0
-1.2
7
2.1
1.8
0.6
0.3
▼18
0.1
▲
0.4
34
▲
58
# of Market
0.0
1.2151
0.8▼
187
Rank Value
▲
11.3
321,065.6
9.2
Market
▲
213,949.8
Share Ch.
152
Deals
▲
▲
15.6
25.9
21.9
22.6
0.7253,112.4
326,091.6
119
129
1.2
1.0
▲
107
1
107
32.9
▲
10.7
413.6
14.9
0.0
-16
+2
-27
-11
13.3
▲
-3.5
10.7
13.4
84
+2
▲
13
13
0.1
1.4
+8
+8
0.4
0.118
274
256 -15
17
31
2.0
2.1
▲
12,993
2.5%
▼ 15.2%39.4%▼
▼
▲
0.0-0.4
▲-3.3%
0.4
0.3
▲
1.6
▲
▲
0.1
0.1
0.2
-
▲
▲
▼
▼
▲
Imputed Fees (US$m)
▲
Share Ch.
▲
4.3
3.5
3.5
0.2
0.2
0.1
1.9
0.5
4.5
-
1.2
2.3
4.5 1.3
0.2
2.7
0.3
0.2
▲
▲
54.2
116.3
▲
0.0
0.3
0.2
1.1
61.4
126.8
100.0
10.8%
▲
▲
-
0.8
▲
Market
0.1
5.1
34.2%
Market
2.7%
12.5%
13,755
▼
Any European Involvement Completed (AF3)
-2.8%
▲12.2%
10,677.61,016,481.0
-0.1%
17
11.5 ▲
0.6
▼ 110
0.3
9
55
12
2.1
33,147.3
17
11
1.9%
-8.9
Santander
19
Santander
23
▲
17
Industry Total 15,803
25
SEB
5
1
19
10.2
47,468.3
100.0
US$m
220,740.4
303,201.2
▲
38.9
Sh (%)
▲
33.4
2014
Rank
380,178.6
Industry Total 100.0977,048.1
2.6
29 2.1
35 2.019,099.1
13.4%
42,430.1
23,638.5
25,260.0
75
▲
21
47
2.5
20,123.3
-0.1
4.3
20,911.9
32
23,851.1
-2.22.4
2.421 19 26,187.7
2122 24,699.4 2.0
6
10
11
14
13
5
7
9
Nomura
Credit Agricole CIB
Ernst & Young LLP
Societe Generale
Zaoui & Co
HSBC Holdings PLC
UBS
BNP Paribas SA
6
12
10
Barclays 8
Lazard
Citi
1
5 4
Goldman Sachs & Co
Industry Total
Deutsche Bank
▼
Share Ch.
Rank Value
▲
1
35.5%
23.8
Market2013
Rank
2
295,847.7
3
US$m
344,847.9
2014
Rank
▼
▼
-4.8
10.4
-7.2
▲
-7.1
286,533.3
3
2
JP Morgan
Morgan Stanley
4
20.9
159
260,731.8
256,152.4 20.6
283,847.9
▲
▼ 110
143
+9
1.0159
+30134
0.7
151,964.38
9.4 +9
Bank of America Merrill Lynch▲0.8
0.8
Barclays
120
247▲
4
12
145,392.9
6▲
Lazard
7
Citi
89
14
111
-1
▲
▲
82
0.1
▼
0.7
▲2.0
▼0.2
+9
1.3
0.4
Ernst & Young LLP
27.7
22.8
Any European Involvement Announced (AD21)
23.0
132,711.5
▲ 119
▲
▼
130,298.3-
104
Paul J Taubman
10 104,685.3
92,262.6
13.3
▲
▼
2.422
▼9.49
9.1
-5.1
36
4.7
-7.4
6.4
5.0
33
88,763.2
2.218
3.6
5.7
4.9
14
48,449.5
62,285.8
8
25
15
16
0.1
-16
15.7
3.9
+51
▲
▼
22.0
31.3
▲
275.0
238.2
466.9
62.5
467.6
442.0
▼
356.8
▲
▲
▲
Market
▲ 8.1
▼
5.6574.5
357.6
520.6
Advisor
▼
178.5 1.7
Sh (%)# of Deals
▼
* tie
Industry % Change from Last Quarter ▲
240.2 ▲▲ KPMG
-50.4Macquarie Group
24RBC Capital Markets
1.937
23 2.024,493.6
25 23,004.6
0.241
48 1.0 281.9
PricewaterhouseCoopers-18
Fees
-4
+27
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
t e
10

UBS Rothschild
ABN AMRO Bank
Credit Agricole CIB 5 0 1 +2 ▲25* 80 10 025 1 2 7 2 5
0.0
▲ 12
6.2
▼
5.8
▲
10.0
6.2
-38.9
▲8.8
▼
1.0
3 290
2.7
2.7
372 779 3
3 0.0
8
▲ 0.0
-1
0.0
0.2
1
52
▼ 0
+4
2
-4
+20.0▲
16,369.3
+35
2.5
0.0
0.0▲ 12
-1.4 ▼
0.1
3.4
3.4
14
7
14▲
▲
-30.1
3.4
0.9 ▲
56 12,708.7-3
0.6
0.4
Societe Generale
13
-
BNP Paribas SA
14 12,725.1
21,202.0
14
29
+3
-4
-
0.1
▲
5.7
3.4
▼
▼
+3 1.2 ▲18
0
▲
1Citi
11
▲
34
30
0.1
2.4
3
12.5
▼29,187.910
6.624,543.8
-9.1
9
14.9
97
3 66
23,101.6
130,298.3
▲ 4+35
▲
-14
11.9
46,231.4
0.831
8
Deutsche Bank 9
+13
1.041
UBS
▲
38
1.1
5
44
9 15.8 ▲
▲
19.6 -26.4
17.1
5.0
+10 Barclays
+10
▲
▲+7
▲
1.1
-20.0
▼
1.2
+3
10
+23
+1146 Morgan Stanley
1.4
80,421.6 21.7 ▲
1.8
67
54
33.0
-17.9
▼
30.6 ▼ 1.7
11
72,410.4
-21.822.7
97,863.7
6
26.5
Lazard
13
Morgan Stanley
Barclays 4
Deutsche Bank 7
8 16
3
6
-
55,239.5
10
5
58,583.1
Rothschild
JP Morgan
1
2
Sh (%)
Market
5.1
2.1
▲
5.6
-0.63.1 ▼
10,288.8
12.9
21
3.4
24
Greenhill & Co, LLC
3.2
12,506.7
3.3
2.910,854.2
20
1.0
5.2
14 -0.4
12
11,823.0
12,887.4
16,081.8
12,039.9 2.5
▲
3.5
4.4
3.9
18
18,775.527
17
▲
3.5
52
22
2023
217*
163
ABN AMRO Bank
20,543.1
12
RBC Capital Markets 19,323.6
Robey Warshaw LLP 21,434.8
28
10
16
Macquarie Group
5.8
Credit Suisse
15
13
14
-
Ernst & Young LLP
33
19
19
-
Societe Generale
BNP Paribas SA
17
BBVA 10,186.2
2.8
10,025.1 2.7
2.8
2.3 1▲
▲
0.8
5
▲
▲
▲
▼ 19
▲
73
4.1
-25.1
42
113,075.44
2
122,161.3
83,815.4
37,144.9
Share Ch.
2013
Rank
Any UK Involvement Announced (AD32)
Santander
3
2
5
6
18
11
11.6
10,032.0
6
7
Paul J Taubman
20
24
Lazard
Robey Warshaw LLP
23
22
15
3.14817
10,290.2 2.8
10,186.2
11,035.2
2.7
2.8
3.0
-
62
10,854.2
72
100 0
10,025.1
▲2.4
2.3 ▲
+3
8.5
-2
39.2
3 432 6
1.9
-0
Share Ch.
12.8
6.3
74.6
175.4
0.3
26.8
14.0
163.4
▲
95.5
-
-
106.9
▼
▲
▼
▼
▼
140.7
Change in
83.2
175.9-16
▼
▼
-13
231.2
▲
6.7
4.8
250.0 0.8
Jan 1 – Dec 31
Sh (%)
Advisor
Fees
Imputed Fees (US$m)
Market
1.3
▲
1.2
5.1
▲
7.3
▼
0.0
1.4
0.4
▼2.4
4.1
3.1
0.0 -
1.1
2.8
1.1 ▼
▲
5.1
0.2
0.8
▲
0.7
0.2
▲0.2
▼
2.2
▼
0.9
▲
0.2
0.1
0.4
▲
0.3
▲
38.4
8.8
▼ 11.7
0.3
30.6
▲ 1.1
18.7
1.1 0.3
▲
0.1
▼
-
▲
-
▲
100 0
0.2
0.5
▲
21
Sh (%) # of Deals
▲
16
▼
8
1.4
▼
22
▲
0.4
+3
-2
▲
▲
+16
Change in
Moelis & Co
Greenhill & Co, LLC
▲
-1 ▼
0.0
0.0
0
+156
1
3
+4
▼
+3
+2
▲
+8
-7
▲
▼
-11
0.1
0.2
+1
0.0
0.0
0.0
-6
0
-9
-3
7.8
19.9
0.1
0.1
4.4
0.1
16.6
▲
0.0
-18.4
35.0
0.114.1 35
▲
▲
15.0 29
1
3
2.8
▲
▲
-5.1
2.9
2.7
1.4
▲
+1
Houlihan Lokey
28
31
▼
Any UK Involvement Completed (AF39)
EMEA Rankings
Jan 1 – Dec 31
Market
▲
33.6
# ofMarket Market
192,930.7
Sh (%)
▲
49.2
Deals
0.2
Share Ch.
Market
2014
Rank Value2014
Rank
-9
Sh (%)
0.2 ▼
36
# of Deals
▲
47
53 ▲
48.2
181,819.3 48.8
35.2
0.1
0.0
▲
235.2 ▲
25
35.0
45.0167,678.5
42.0
131,332.4
159
2.9
3.011,299.4
-
10,341.433
19
.9 ▼
1.5
0.6
0.0
0.0
0.3
0.3
0.4
0.1
0.2 ▲
0.4
▲
▲
0.2
▲
▼
▲
▼
▲0.9
▲
1.2
0.4
0.1
▼-2
22
3
7
3
-
0.0
0.1
Industry Total
-47 ▼
0.2
0.0
+1
-3
-2
▲
8
+5
0.2
0.5
+8 ▲0.2
▼
Deals
3
# of
Zaoui & Co 11
Market Market
US$m
2013
Rank
0.1
Santander
2.8
25*
HSBC Holdings PLC
11,299.4 ▲
FTI Consulting Inc
BBVA
Credit Agricole CIB▲
▼
5 183,524.4
2.3
Ernst & Young LLP
15
43,206.0
16
18.5
51.8
▼
2.7
0.6
21
220*
37
▼
11,370.1
19
12,513.0
US$m
Citi
Financial Advisor
JP Morgan
Rank Value
156,476.4
179,815.84
1
Credit Agricole CIB
* tie
Deutsche Bank Barclays
Santander
5 0.1 +2 ▲25 80 10,025.1 2.7 2.5
0.4 +1
Market
1
5
-0.3
▲
1
5
4.2
23
9
1.8
22
▲
▼
Market
▼
Jan 1 – Dec 31
Market
17.7%
Any French Involvement Completed (AF40)
▲
Market
3,290
31.2%
22.8% -11.2%
372,779.3
0.8
11
2
7,566.7
5,658.9
4.4
4.2
2.2 -4.9
JP Morgan
Lazard 3
4.4
7
10.0%
25
-
-3
4
6
▼
+1354
+5
Lazard
2013
Rank
BNP Paribas SA
Rothschild 3
Industry Total
2
369,979.1
10.0% ▲
100.0
Market
▲ 85
58
Share Ch. Deals
▲
4 1 35
▲
-6.3%
7
25.8
Market
51.9
10
52
0.6
0.4 +1
1.9
16
-5
2.9
5.6
7.1
16.822,729.4
35
121,793.0
22
Macquarie Group
21
16Zaoui & Co
36
23
Ernst & Young LLP
▲
UBS
Perella Weinberg Partners LP 14
▼
▲ 19
20
Societe Generale
15
11
Citi
13
▲
12
▼
Goldman Sachs & Co
▼
Credit Suisse▲
▲ 21 Morgan Stanley
14
+2
2013
▲
100.0
39,908.1 29.4
53.3
US$m Sh (%)
17.0
9.4
18
17.6
18
16
12
▲
▲
147*
-
18
Rothschild
27.1
0.5
14.1
7.1
8.2
19.8
2.2
3.0
3.1
27.4%
4
▲
▼
1.6Leonardo & Co
HSBC Holdings PLC
0.1
2.7 0.2
▲
▼0.40.5
0.2
-
0.8
▲
0.2
0.8
▲
0.0
0.4
0.0
0.7
-
▲
▼
▼
0.8
1.1
▲
8.1
▼
0.4
0.30.6 ▲
1.8
▼
▲0.1
0.4
0.4
1.6
▲
▼
▲0.3
0.8 ▲
▲
▲
▼
1.4
Sh (%)
3,432.6
Change in
5.4
100.0
138.8 7.8 ▲
4.4%
Advisor
Deals FeesSh (%)
▲
3.4
3.4
2.4
1.9
+4
Share Ch.
13.8
4.8
59.9
1.2
1.4
3.8
9.4
0.2
14.5
16.4
▲35.1
+5▲
+14
21
2.254
60
46
12
16.9
-4.5
10.0
33.3
40.1
31.8
▲
20.4 ▲
42
-5
0.7
+7
▲ 0.5
▲
▲
+1
+5
-1.1
-2
19.7 -2
0.7
0.4▲ 11
11.1
1.7
135,615.9
3,875.8
26 3,560.5
3,618.7
4,211.1
21
2.7
2.6
4,074.6
2.3
+5 16
Industry Total
2,947.0
32.1%26.2%
▲
BNP Paribas SA
0.2
+2
▲
▲+6
0.5
1.7
0.8 +3
Credit Agricole CIB
21
-7
+11
-1
0.4 Bank of America Merrill Lynch
▲
# of
▼
0.6
▲
16
2.1
1.3
3.1
Market
12
48
6
14
6
2
21
7
5▲
-3.9
-2.9
▲
2.4
▼
▲
17
▲
▲
2
▼
▲
17
4
▼
20.0
8.5
▼
▲
0.9
10
UBS
Zaoui & Co
74,194.7
9
26.5
22.7
22
59,166.521
157
Credit Suisse
Citi
11
18
HSBC Holdings PLC
17
9
8
106,255.1
41.5
5 43.2
6 102,054.2
108.2%
245,729.8
-22.4%Industry % Change from Last Quarter
* tie
▼
Industry Total
3920
19Itau Unibanco 46*
2525
Mediobanca
Ernst & Young LLP
4
15
16
14
24
Leonardo & Co
21
JP Morgan
30
Natixis 13
20
49,219.3
3.0
1.6
8
9.6
7,440.7
-
1.7
Sycomore Corporate Finance SAS 23
Credit Agricole CIB
28
10
22
44
Barclays
13
15.2 -1.7
3.0
-0.3
11,971.3
17,211.9 7.0
4.9
20.5
15
31.4
22.1
21.4
▲
8.3
9.3
▲
▲
▲
54,329.3
▲
5
9
27.8Deutsche Bank
28.2▲
8
45,100.8
1.0
0.8
1
+11 4
3
▼
10
# of
▲
+156
▲
Jan 1 – Dec 31
+363
Sh (%)
Change in
1.9
# of Deals
3,977
23.8
26.2Goldman Sachs & Co
49.6
114,054.2
44.4 10.0
31.9
46.4
Societe Generale
▲109,053.3
127,597.0
12
▲
▲
29.911
78,426.9
52,595.8
5.4
24.1
26.9
20.2
23.4
55,686.8
66,121.2
30.2
▲
0.8
50,352.1
37,410.3
20.0
-5.4
4.4
23,568.3
3,368.4
65,108.9
7,277.7
-1
1.4
4,090.1
-0.8 ▼
1.13,875.8
▼
0.63,551.8
24
0.3
+2 ▲
26 ▲0.9 +7
0.1
7.7%
+535
24
9
2,771
▲
45▼
▲5.8%
+576
24.4% ▲
100.0
1.5
100.0
6,013.9
25.6
ATTIJARIWAFA BANK (MIDDLE EAST
▲
26.4
+5
Moelis & Co
▲
+3
▲
Share Ch.
72,253.6
+24
6
19
44
8 34,775.4
2014
Rank
Rank Value
0.2
0.6
▼
▲
9
9,674.6
8.0
66-16.9
▲
12
24,687.5
10
▲26,912.4
19.1
8.3
18.2
7
▲
2
▲
0.6 ▲
0 18- Natixis 170.1
-1
+3
-3
0.1
+50.3
0.2
0.6
▲
▲
100.0
-11.3%
27.7
▼0.0 0.3
0.9
-
▲
0.0
▼
Sycomore Corporate Finance SAS
Nomura
▲
0.2
0.2
▲
.0
▲
6.0
-7
0 -
0.3
1.1143.4▲
▲
0.9
▲
▲
▼
▲
20.1
1,771.7
0.3
0.0
▲
4.6
46.8
10.7
▼
▼
81.9
2.6
50.7
26.2
2.9
1.5
5.6
Imputed Fees (US$m)
▲
▼
▲
45.8
▼
▲
85.4
45.2
95.0
+2 99.6▲
▲
▲
+10
153.2
Market
2.6
▲
▲
8.7
# of Deals
▲
2.6
1 3
2014
Rank
Rank Value
▲
Any French Involvement Announced (AD33)
▲
▼79.1%
Industry Total
Morgan Stanley
5
2
US$m
21.5
24.4
Sh (%)Financial Advisor
2,485
+1
+4
19.7%▲
▼
▲
+2
+4
▼
▲+5
0.2
2.7
▲
0.5
+2
+1
13
▲
▼
+1
0.2
0.1
6
5.0%
-11
+5
3
▲
▲
26
0.5
0.425,926.6
43,063.7
36,689.8
35,835.9
42,560.6
5
37,722.59
38,277.8
4
0.9
-1
11

Morgan Stanley Santander
5.3
0.8
+9
-1 BDO
56
8
11
21
2,337.5
2,282.1 -1.1 ▼
▲
▼ 1.3
9.4
+10
87
+1 ▲
0.5
▲
5.8
1
2.3 ▼-12.9
2.1
25
2
2.5
65
24
0
1.920
23
▲
2.3
3.5
3.121
-3.6 ▼
3,881.640 ▲
20
3.5
3.8N+1
4,382.6Barclays
64
21.5
10,446.8
18
17
1.59.1
10.8
19 8,472.0
▲
▲
14*
11.2
12.1
▲ ▲
+1
1 ▼
0.33
1
0.1
0.1
+2
24.3
2.8
1.6
0.87.2
2.9
22.3
8.5
4.7
0.1
15.9
1.8
1.9 2.7
▲23.3
-8
1.1
-1
-11
-12
1.3
0.8
1.8
1.5
▼
1.2
▲
▼
▲
+12
-1
7
0.2
▲
10.8
4
12.1
22
16
Credit Suisse
Deloitte
Nomura
KPMG
10
17
▲
12
18.8
15.9
22.0
▲
19.9 8.7
3.1
20.9
Any Spanish Involvement Completed (AF41)
▲
2014
Rank
14
▲
US$m
▲
2
-3
2.0
54
0.1
10.8
1.716
849 4
▲
23.0
9.2
10.9
▲ 10.6
▲
20
▲
▲
▲
▲
-0.6 ▼
-
17
6
17,544.0
12
7.5
7.1
10.8
11.2
11,391.5
37
6,992.418
-
11
10,399.99
+6
Morgan Stanley
▲
JP Morgan
▼
▲
JP Morgan
-4
Market
41.71 42,334.8
2014
Rank
10
+4
▼
4UBS 23.529.827,661.6
10
2
# ofMarketMarket
Share Ch.
30.5
Any Spanish Involvement Announced (AD34)
11,247.9
1
7
27
26
29.1
28.5 19.3
5
3
20,548.8
4
8
-10
-2
▲
8
▲
▲
18.9 -8.6
▲
▼
22.1
- 12.3
1.3
1.4
9
915 ▲
3.9
6.2
-5.1
3.0
10,025.1
▲
▲
▲
▲
▲
▲
-9.3
14,320.2
16.2
4.5
31
14
9.9
4
11,398.9
23
13
▲
9.9
19.5
46
▲
9.9
3.4
16
4,600.6
Banco BTG Pactual SA
19
4.3
4.918
BDO 22 3,588.6
Macquarie Group
3,442.0
Industry Total
3.4
Mediobanca
24
25
Deloitte
100 0
6,327.3
1.5
1
21
4.4
10
20
23,414.9
11,247.9
100 0101 554 9
Jan 1 – Dec 31
16
Share Ch.
Market
32,492.7
19.3
Deals
▼
▲
32.0 ▲23.8 1.0
+3
+7
14
11
17
6
▼
Deutsche Bank
▲
BNP Paribas SA
Citi
▼0.6
5
6
7
1 054
1
12
8.5
9
-7.8 ▼
17
24
133
1.6
0.5
Societe Generale
2
+13
1.1
▲
▼
▲
0.77
10
+4
0.9
7.1
-4
Lazard
Barclays
▲
+4
+3
+107
▲
75
0.2 -
+10
▼
Societe Generale
14.7
UBS
16,463.9
7
Nomura
-0.8
5Citi
20.1
10,446.8 10.3
19,830.9
20,151.9
-1.2
14
12
18 24,123.3
13.56
20
21.2
23,488.6
7
Santander
Deutsche Bank
8
3 -3.3
40.7
23.1
41,319.7
5
2
15
Rank Value2013
Rank
-3.2
3
Goldman Sachs & Co
Financial Advisor DealsFinancial Advisor
Market
▼1.71
US$m
Change in
4
6
Sh (%)
1.3
# of
18
Sh (%)
23.8 17.1
21,536.3
19.8
+13
+2
8 0.8
16.7
1.1
0.9
14
Credit Agricole CIB
BNP Paribas SA 9
10
11
12
13
Robey Warshaw LLP
KPMG
BBVA
Credit Agricole CIB
+1
Robey Warshaw LLP
24
4,969.5
9.5
0.9
+7
6,261.216
9,611.8 +30
Rothschild 17 5
Lazard
90
▲
15 12
5,587.8 ▼
▼
5.5
▲
-
0.3
ABN AMRO Bank
HSBC Holdings PLC
14*
▲0.1
-16.7
▲
▲1.6
13
1.5
+2
ING
14,746.911.2 ▼
+2
BBVA 12
11Rothschild
▼
▲
-10
-9
# of Deals
14.1
25
17
▼
▲
▼
▼
20,413.7
2 -14.2
+2
1.9Goldman Sachs & Co
33.7
2013
Rank
34.333,146.9
Rank Value
▲
▲
25.2
Sh (%)
31,315.1 27.0
35.7
27,070.0
14.8
▲
12.3
6,571.2
+7
16
21.4
44.9
26,463.3
18
15
41,733.1
▼
+119
▼
-9
4.7
0.4
▲
-9
9
▲
▼
20,405.1
4,227.8
10,025.1
4.6
12.1
6.8
4.6
18,523.0
8.0
10.1
+23
▲+10
13.4
48.1
3.3
+15
+7
0.40.4
100 0
2.5
▲
1.3 ▼
▲
▲5.7
▲
0.1
1.72.7
0.8
▼
▼
1.2
3.2
1.1
▼
0.4
0.5
0.9
0.1 ▼
▲0.6
0.00.3
1.6
2.5
▼
3.5
1.5
0.8
▼
▼
2.6
4.8
11.5
3.4
37.6 4.4
40.7
44.0
2.2
Fees
Market
Jan 1 – Dec 31
Share Ch.
EMEA Rankings
▲
+2
▲
0.6
▲
1.0
2.9
▼
▲
29.1
▲
7.664.7
1.0
2.1
-
▲
▼
▲
0.9
14
10
9 -3
11
1.1
1.0
▼
▼
+2
▲
0
8
-1
1.1 ▲+7
5.2
Market
Sh (%)
▲
▼
97.5
4.8
▼0.6
0.4
18.1
Advisor
▲ 2.1 0.8
Imputed Fees (US$m)
Change in
-
▲
# of Deals
▲
Market
Sh (%)
5.3
72 7.8
1.6
Industry Total
3,588.6 3.9
▼
4,401.7
92792 909 3
▲
5
19
-15.1
25
Ernst & Young LLP Lazard
-6
▲
0.1
0.6
0.2
1.0
9.4%
16
1.8
+8
32
1.3
1.527
+1
2.5
1.0
17
18
1
-14.7
-6.1
0.1
7
0.2
3
1.0
3.7
100.0
5.3 3.9
+54
▼-17.2%
-
▼
84.5%
▲
▲
11
1
7.8-
2.6
▲
▼
4,633.2 3.0
3,959.8
8
4
2.6
2.8
3
-9.7
▲
▲
5.4
▼
7.7
5.4
▲ 7
9,056.2
30
-
7.549
2.6
2.8
0.4
0.2
2
4
11
▼
▼
4.1
0.1▼
10
5.9
7.6
-11.2
▲
5.9
7.0 4
1▲
▼
▼
17
12.2
4.0
23
34
45
55,516.0
▲
7.7 ▲
▲
▲
14.4
▲
5
24.4
4.6
47,912.5
▲
▲49,655.5
17.8
9
Goldman Sachs & Co
Deutsche Bank
Morgan Stanley
11
2
3
31.4
-4.0
-0.0
38.0
2
1 1
3
2.6
23*
▼
▼
BNP Paribas SA
8
Moelis & Co
-
4,244.8
▲
6,274.5
2.6
2.6
2014
Rank
▲+111.3
0.9
▼
1.9
# of Deals
Change in
849.4
48.5
+9
+12
+10
▲
▲
-6
▲
▼
-4 22.0▼
+6
+4
+4 ▲
+8
160.4
63.8
+2
▼
+1
0
3.0
5.2
69.0
▼
▲
31.7
-
Advisor
Fees
▲
▲
4.2
▲
12.7
4.6
0.8
153.3
76.2
0.46.2
8.3
▼
86.0
0.5
90.9▲
1.9
.7
1.0
45.0
25.7 1.6
0.3
1.5
2.7
0.0
0
+7
+3
-4
+1
1.2
0.5
▲
▲
▲
19.9
24.7
▲
▲
-
Market
40.8
2013
Rank US$m
50.3%
2
Industry Total
Rank Value
▲
Any German Involvement Announced (AD35)
▲
114.4%
2014
Rank
1
Financial Advisor
Deutsche Bank
Goldman Sachs & Co
2
Citi
4Morgan Stanley
5
91,966.7
39.9
79,975.6
4
3 35.5
8
1
29.3
90,023.9
15.3 -3.9
60,302.3
4.9
16.7
34,558.3
7
40,057.1
22
-2
▲
Ernst & Young LLP
+4
▼
19 +6
8,265.0
▼
10
32,500.8▲
-4.2 ▼
1.0
Citi0.9
-
5.6
46 7.4
17,351.9
17,184.9
11.4
8,482.4
7.8
▲3.0
▲
11.3
10.8
0.6
+3
1 ▲
▲0.4
0.1
0.1
1 0.1
-
1,786
0.2
3.1%
▲
57,886.8
US$m
100.0
21.3
22.5
41.9%
Sh (%)
Rank Value
32.6
92*
92*
100.0101,554.9
Change in
+15
1.7
Market
1.4▲
▲+8
# of DealsDeals
▼
JP Morgan
Sh (%)
▲8.7
▼
11
4
11.6
-1
▲0.8
Greenhill & Co, LLC
23*
0.8
26,605.6
-1.2 ▼3.3
▼-18.9
4.0
-4.2
-1.210
12
-
18,976.6
11.8
8.45
7.5
13
10
UBS 11
Lazard
7.3
15.8
19 37,638.27
Rothschild 79
8
10.8 ▲
Barclays
3
66,067.3
▼JP Morgan
▲
26.7
11.9
66 19.3
35,631.612
43,430.7
UBS
Barclays
-10
-6
▲
2.4
0.4 1.3 ▼
0.5
0.3 -
1.8
0.8
0 -
▲ 0.1
▲
▼
0.05.00.2
3.0 3
12.8
Puhl GmbH & Co KG
14
36
▲
4.4
7.3
Zaoui & Co
-3
Nordea 17
-
96* 9,056.2
9,230.0
4.9
Qatalyst Partners 18 8,265.0
Credit Suisse
SEB 16
15Kempen and Co NV
32
19
20
2.8
▼
-18.9
▲
20
11.9
4.9
7,333.4
-3.9
+119
1
50
4
▲
-5.2
4.9
2.7
-Bain & Co
Macquarie Group
Aon Corp
22
1.9Macquarie Group
5,967.2
27
-
-
2,661.624*
Greenhill & Co, LLC
225,547.8
7.3
▲
4,208.823
3.0
75.0%
-23.5%
101.0
BNP Paribas SA 21
2,661.6
Industry Total
4.7
6,267.3
5,967.2
11
16,449.2
18
11,149.3
-
7,730.2-
▼
13.9%
3.4
-
4.1
10,586.7
16,929.7 -5.2
-15.7
Jan 1 – Dec 31
-5
▲
1,054
Market
▲11.3%
+107
+1
SEB
Development Bank of Japan Inc
▲
18
30
0.6
▲
0.0
2
14
34
18
26 1.2
4.9
7.3
# of
-2.2 18
Sh (%)
▼
Market
Share Ch.
38
0.5
+2
1
0.0
▲
2,222
1
0.0
11
▲
+119
1▲ -
1,646.5
0.1
▲
▲
0.0
0.1
-
100.0
31.8%
94.4%
▲
▲1.3
-
0.0
0.0
▼
▲
▲0.5
0.1
2.7
-
▲0.4
-
▼
1.8
0.0
+10.0 ▲
▲
0.0
261.5%
▲
1.2
1.2
5.7%
0.2%
▲
Sumitomo Mitsui Finl Grp Inc
3,959.8+1
-
152,400.7Industry Total
▲
▼
Qatalyst Partners
-
+1
Nordea
92*
+1
3,959.8
+8
-5
▲
-4
▲+4
23*
+1
1
0.1
+1
▼
20
19
1.5
▲
▲
1
0.1
-3
11,247.9
2.3
2
▲
Rothschild
10
ABN AMRO Bank
54
▼
▲
11,833.8
11,659.4
12
22
15
6
16,430.04
9
+119
▲
27.9%
54.8%
9.7
112.0
3.7
▲
100.0
6.8
1.2
1.2 ▲
▲
▲0.7
0.9
5.5
▼
▲
▲
▲
3.9
▲
1.9
0.7
2.6
0.1
▲
▲1.7
Market
Imputed Fees (US$m)
9.3
Sh (%) Share Ch.
24*
Market
Jan 1 – Dec 31
Industry Total
2013
Rank
▲30.4%
Market
Financial Advisor
14.7%
▲
▲
92792,909.3
▲
Sh (%)
Market
Share Ch.
# of
Deals
Any German Involvement Completed (AF42)
2456,158.1
36.4
36.9
12
26.3
13
6
34,243.1
12
8
▲
14
+1
▲
-30.5
+2
▼
ING
17Credit Suisse0
16
▲
0.5
53
8,024.8
14 11,550.2
0.0 ▲
0.2
▼ Acxit Capital Management GmbH
5
21
22
13
8
HSBC Holdings PLC
* tie
12

Credit Suisse BNP Paribas SA
Credit Suisse
▼
8.9
4.1
12.4 1.4
2
1
12
4
▲
▲
▲
+1
+7
+2
0.3
0.2
1.9
0.6
+2
▲
▲
▲
3.3
2.4
1.9
1.6
▲
▲
▲
▲
24
1,212.9
985.5
940.2
3.3
2.4
1.9
1.8
-
▲
UBS
-
-
34
20
-
▲
▼
8
ING
Change in
Rothschild
Goldman Sachs & Co
Leonardo & Co
▲
▲
Credit Agricole CIB
11
▼
Barclays-3▲
UniCredit
7
1,675.8
1.4
-5
17.3
▼
▼
5
Banca IMI (Intesa Sanpaolo)
9,961.3
▲+6
8,911.8
9,239.5
VICTORIAPARTNERS GmbH
7
8,221.3
Morgan Stanley
6,193.3
6,708.4
4
10,631.8
11,128.8
6
10
3,441.4
-11.3
3.6
31
-0.5
2,606.9
51 443 2
13
KPMG
Citi 16
22
23
23
0.3
▼
+2
1.4 -
+1
+1
▲
0.6
0.8
▼
Evercore Partners 5,374.9
+10 ▲
-2
0
▼
10.5 ▲
3.6
0.2
+1
4,586.3
12
▲
8
9
6
10
Mediobanca
JP Morgan
1
Market
16.3
5.5
15.8
15.7
+2
11
3.7
1.2
▼
3
▲
▼
1.0 5
-2 13
17
14
25
▼-14.84
6,733.1
-
20.7
US$m Sh (%)
Market Market Market
Any Italian Involvement Announced (AD36)
Fees
EMEA Rankings
Deals
100 0
Share Ch.
1.9
1.5 ▼
15.5
2.1
▼
▼
4.4
23.1
2.3
Sh (%)
Imputed Fees (US$m)
# of Deals
8.2
▲
42.1
0.6
1.7
0.7
4.3
5.0
2.0
3.2
▲
1.2
0.6
0.6
5.8
▲
1.2
▼
0.3
▼
0.8
0.1
Advisor
27.8
2.2
▲0.8
0.6
▲
▼0.6
▲
2.1
▲
1.9
17.1
26.5
-1
+2
10.3
5.9
1.5
▲
1.1
▼
3.6
3.8
0.3
▲
0.1
+27
5.0
100 0
13.7
5.4
▲
▲
732 7
14.6
0.6
1.7
▲
0.7
▼
8.9
1.4
-10
▲
▲
65.3
2.7
Deals
0.3
2
638
3.3
▼
-7.1
1.3
Jan 1 – Dec 31
▼
Sh (%)
-0.3
18.0
▲
6.9
6.7
▲
2.0
12
-10.3
5.5
30.4
19
1.6
+4
▼
0.3
▼
▼
-15.0
2
-10.2
Jan 1 – Dec 31
0.1
-5.5
10,795.9
2
0.3
0.3
14
2
15,037.1
1
8,907.3
5
▼
▲
▲
15.3
▲
20.511,505.9
17,266.8
63Lazard
12
26.8
15,048.92
30.7
26.8
Morgan Stanley
Share Ch.Sh (%)
2014
Rank
Market2013
Rank
Citi
1
Deutsche Bank
9,159.9
Barclays
Financial Advisor
4
7
UniCredit
Goldman Sachs & Co
Rank Value
6 14
27
8,896.4
15
9
8 4
8,578.1
Banca IMI (Intesa Sanpaolo)
JP Morgan
12
Rothschild
18
14
Stifel/KBW
Mediobanca
9 11
10
7.1
8,825.3
11
6,074.1
10 4,992.016
14.2
8,681.1
13
3,125.6
UBS 3,966.9
18Evercore Partners 3,650.0
17
5,368.015
24*
8
3.0
19
20
3821
9.6
10.7
6.5
Industry Total
Macquarie Group
Credit Agricole CIB
35
Ernst & Young LLP
34
22
25
5
7.2
1,890.3
19.2
21
-6.7
5.6
- 10.8
8.9
1.8
▲
▲
▲
▲
2,812.3
2.2
5.0
1,675.8
1,212.9
3.4
6.5
Leonardo & Co
23
-VICTORIAPARTNERS GmbH
-24ING
33
KPMG
10.8
15.9
2,814.5
1,930.6 3.4
-10.4
-12.6
15.5
5.0
7.8
3
2
▼
Financial AdvisorSh (%)
Market
1.7 +8
# of
-8.8
-14.2
4.1
5.6
13▲
8.2
▼
▼
360.8 ▲
▲
-7.8 32
+9
+2
8
1.08
3.5
1
8
0.6
4.1
▼
▲
▼
0.1
39
7
5
0.3
▼ 21
0
+55.0
▲
+9
1
2
▲
0.9
0.1
+2
+1
▲
▲
▲
+1 ▲
▲
-
Industry Total
1,824.9
5.1
▲
62*
40*
Vitale & Associati SpA
Jefferies LLC
3.6
25
21
1
2,812.3
5.5 1Macquarie Group 2,814.518 -
+1
5
777
▲
6.7
10.5
▲
5.5
18
3,521.6 4.0
8.9
5.1
5.3
13.1
-8.8
▲
2
31
16.0
12.0
6.1
13
6.0
▼
14 1.3
13.0
8
21
7-13.6
3,439.3
15 ▲
4
32
9
11
▼
+5
5.5
+11
28.3
▲
-8
+1
23.0
▲
1.0
3.4
40.0
3.1
4.1
30
▼-9
24.4
1.0
3.9 0.5
3.5▼
▲
▲
▼
▲ 0.4
1.3
2.6
▼
30.3▼
▲
▲
▲3.4
2.9
0.11
100 0
4.4
2.0
4.6
2.2
3.0
3.1
56 172 1 +29
▲
1.0
32
0
27
+1
+4
+4
▲
▲
1.29
-8
2.7
12,520.8
4.6 +17
-0.3
-20.9
10
3440
-11
▼
▼
▼
▼
19.4
21.6
5.1
11,541.5
▼
22.4
MarketMarket
4.7
75.7
-41.1
0
-
-3.3
04.9
▼
+2
-1.3
7.7 ▲
24.3
+27
25.98
Share Ch.
38
1.1
32
Any Italian Involvement Completed (AF43)
2.0
# of
-11
▼
-11.8
▲ 2
-14.3
9
29 ▼
-4
▲
Lazard 15,655.718.3
US$m
Change in Rank Value2014
Rank
6,002.8
7,948.0
40
BNP Paribas SA
3
2013
Rank
9
# of Deals
Deutsche Bank
1
Carnegie Carnegie
▼
▲
▲
4
28
▲
1
8.4
0.3 5
7
3.2
▲
▼
▲
▼
51,443.2
18
6
78.0
2.7
3.6
2.3
▲
-1.1
▲
▲
3.0
3.7
▲
-2.1
0
Sh (%)
JP Morgan
-
-2
2.4
▲
213.2%
1
13
6.8
7.8
+10 ▲
▲
1.4
13
Goldman Sachs & Co
JP Morgan
13,244.9
12,549.15
Citi
4
1
Morgan Stanley
21
113*
19
55
Nordea
UBS
ABG Sundal Collier
16*
20
12
14
6
2,174.924
22
5,363.0
9
Handelsbanken Capital Markets
2,622.4
MHS Corporate
Deutsche Bank
7
Rothschild
2.7 2.7
2SEB 3
2013
Rank
8
2
3
1 4
6
5 7
6.2
3,151.3
9,197.1 7.9
2.7
3,722.5 3.2
4,544.1
4.6
3,151.3
-2.5
16
12
104
3.9
4,218.3
4,167.8
10
13
Global M&A
Arctic Securities ASA
16*
18
-
Ernst & Young LLP
Barclays
Scotiabank
DNB ASA
Lazard
15
Infima AS
21
23
Deloitte
Industry Total
Access Partners
20 26
1,875
24 64*
2,027.1
116,360.5
25
2,245.5
2,100.0
+2
0
-353
1.5
0
▲
0.612
▲
4.5
▼
14▲
25,044.9 32
22
21,853.8
11
21.3
▲
0.1
100.0
3.3104.6
Advisor Market
▼
0.8
▲
Share Ch.
▲
5.5
▲
▲0.5
0.5
0.0
1.03.2
0.12.7
▲
1.3
0.5
1.4
0.7
0.40.8
0.4 ▲
▲
1.42.4
▼
0.6
▼
0.1
1.2
▲
1.2
0.1
▲0.2
+27
Jan 1 – Dec 31
0.7
▼
15.5
9.1
▲
100.0
Imputed Fees (US$m)
Market
Sh (%)
▲7.7%
# of Deals
732.7
23.4%
# of
638
▲
-4
1
12
▼
89.1
1
US$m
▲
30,133.6
281.2%
Rank Value
9
8
+10
▲
5
▼
15.2
15,455.5
5,129.4 5.0
5.4
15,651.9
6
14,558.9
6,075.6
6,535.9
13,095.5
5.9
+6
3
0.6
-1
9
2
-11.3 6
1.1
4.5
▲
36.3
▼
-
▼
31.0
1.8
1.5
2.6 -
0.4
30.1
7.1
15.7 ▼
1.2
9.1
20.1
▼
1.6
15.2
▲-0.6
3.2
11
12
51.1
4-2.0
▲
0.1
1.0
▲
▲
▼
▼
1.0
1.1
▲
1.4+3 16.1
100.01,146.1
▲
1.3%
0.5
10.8
▲
6.1
1.0
▲
1.5
2
-
▼-0.7
-7.5
1.7 0.9
▼
2.2
1.9
2.1
2.7
2.1
23
▲
Rothschild▼
-0.2
1.0
▼
Nordea
1.4 -17
+3
4
2
0.7
Deutsche Bank
0.7
SEB 3
6.4
31.0
-8.7%Industry % Change from Same Period Last Year
Goldman Sachs & Co
Financial Advisor
31,856.9
Sh (%)
10
0.7
▼
▲+2
-314
-
▼
▲
1.9
15
▼ 0.7
1 0.1
6 0.3
26
12
11.6
▲
1.0
11
0.3
▼-0.63.6
2.4
13,443.5
8
15,599.8
11.4
10
11 34
7,209.327
10.8
2,826.5
-
▼
24,342.0
21,795.2
13.4
▼-11.0
7.9
19,880.9
18.7
▲
13
Deals
17.1
20.9
Sh (%)
10.2 ▲
Sh (%)
# of
Share Ch.
Industry Total
Financial Advisor
2014
Rank
Any Nordic Involvement Announced (AD37)
25,799.8 22.2
Market
▲
3,144.3
US$m
-3.3
4.8
3.2
▼
▲
0.2
▲
0.1
46
5.4%
100.0
42
107*
3
32.1% 43.3%
▲1.8%
-15.8% ▼
18
67
▲
1.8
-30.3%
0.3
0.5
-5
14
29
0.7
0.8
14
+10
+15
-3
▲
5.2%▼
Morgan Stanley
Citi
1.5
0
-2
2,488.1
▲
0.6
▼
24
67
7
14
387
24.4
14.2
▲
3.4
18 -
17
33
22
4
0.4
20
9
13
+5
10
+1
0.6
UBS
▲
-1
▲
+6
DNB ASA
▲
+8
▲
▼
ICECAPITAL Securities Ltd
ABG Sundal Collier
29.3
▲
▲
▲
Rank Value
▼
# of Deals FeesDeals
Change in2014
Rank
Market
Any Nordic Involvement Completed (AF44)
4.4%
1.1%
▲
Market
Industry Total
MarketMarket2013
Rank Share Ch.
777
Market
100.056,172.1
▲
-67.4%
Jan 1 – Dec 31
Change in
+29
1.5% 3.9%
▼
23
24
▼-0.4
2,507.7
2.6
2,501.3
8
2,657.7
13
2.4
-3.7
2.3
20
26.5
0.4
▲
5.4
15
▲
1.0
1.4
▼
-0
-3.6 ▼
▲ 0.1
7
1
-2
3.33,506.6
Infima AS
▲
3.6 0 14
80
-
▲
Lazard 3,326.7
2.7
2.6 2
2,787.9
3.1
15*
▲
.8
▲
▲
▲
+2
0.9
0.1
+7
▲
13.5
27.4
▼0.2
4.4 0.4
1.2
4.4
0.4
0.4
0.9
3.1 0.1▲
2.5
MHS Corporate 0.1
3,151.3-
19 0.425 2,581.6 5.011
▲
0.8 +2▼-0.2 ▲
-4
▲ 0.2 8.3
▼ 6 18.7
0
▼
2,100.0
0.62,170.7 2.1
1.6
3
0.1
1,989.5
7
1.9
2.4
▲
▲
0.4
▼
2.0
0.5
-
0.2 ▼
2.1
2.0 ▲
+6
-4
+1
▲
26 -0.6
-5.41,818.7 1.8
▼
-258
-15.6%
Industry Total 102,861.2 1,399100.0
▲
+1
+2
▲
▲
+4
-8
-
Evercore Partners
Credit Suisse
Scotiabank
25
Danske Bank
BNP Paribas SA 21
Global M&A
Barclays 4,649.412 5
0.1
-
▼
12
1.5
1
9
11
▼
▼
1
21
15.0 ▲
-4
0
0.8
9.1
0.9
13.0
-2
13.9
17.5
+4 ▲
0.3
0.5
6.2 ▲
▲
+10
-
1.5 ▲
12.7
0.8
+1
+1
+5
1
▼
3.2
3.1
3.13,151.3
-
15*
-
* tie
13

BNP Paribas SA Barclays▲
6
▲
▼ 27
▼ 13
11
27.5
6,897.6
45,754.3
6.0
6.6
1.7
1.2 -1
-6
+5
+3
15.5
24.4
6.7
1.8
2.7
ING
-2.6
8.7
19.4
5.6
-7.1
18.4
13.5
6,616.1
-
12,579.2
6.0
Mediobanca
-7.8
BDT & Co LLC
1.8
-9.1
12.6
5.09,395.3
130*
13
21
3.5
5,439.5
3.7
5.610,535.0
23,479.1
12,335.8
2.9
12.5
80
17
23
23,536.4
25
25
11,300.0-
23
22
24
Rothschild
7
Societe Generale
Credit Agricole CIB
Kempen and Co NV
15
22
18
Deloitte
Industry Total
10
20
Leonardo & Co
19
Barclays
18
17
Puhl GmbH & Co KG
15
16ABN AMRO Bank
6
12
11
Credit Suisse
Goldman Sachs & Co
6.7
34,544.0
UBS
14
36,318.0
12
7
16
13 25,193.9
29,119.9
11
9
Citi
-0.8
▲
49,449.4
Financial Advisor
2013
Rank
10
6 19
13.7 13
21
5
49
8 5 46,449.8
4
52,698.1
76,313.8
63,109.5
3
Lazard
Morgan Stanley
73,902.7
4Bank of America Merrill Lynch
78,680.8
JP Morgan
1
1.7
1.3
▲+3
▼
▼
-5
-20.8
Goldman Sachs & Co
UBS
+13
# of Deals
1.7 +4
▼
1.3
1.2
1.6
-4
12.3 ▲
0.4
▼
▼
# of
33,031.1Lazard
42,165.1
▲
7
8
34,491.3
Citi
▲
-1
Deutsche Bank
4
▲+3
-5
Market
7
29,526.0
9
▼
10
▼
0.7
-11
-2
6.6
Market
▲
3
14
8.9
0.8
1.3
2
▲
1.0
24.2
3.0
1.3
▼
4.9 ▲
0.4
4.6
-
▼
▲
▲
▼
41.4
4.3
1.5
0.3
22.4
▼
1.3▼
0.2
-3
3.7 0.2
1.0
0.3
20.4
31.5▲
0.1
2.7
1.8
2.336.0
▼
-4
-3
▼
0.7
▼
▼▼
1.6
2.2
Share Ch.Sh (%)
5.8
Market
102.1
2.3
33.8
136.9
89.1
2.4
▼
▼
0.1
▼
▲
1.4
45.3
▲
+6
7.3 0.5
Advisor
Fees
8
-8.6 20
12.7
▼43,698.4
21 ▼▲
30.8
▲
▲
1.5
14
0.219.8
18
19
70.2
75.8
22.4
1.1
0.5
1.1
0.3
2.1
1.5
2.8
▼
▲
▼
▼
▲
0.7
▲
▼
▲
0.1
▼
7
▲
27
0.3 ▼
+14
0.4
-2
1 ▲
▲
16.8 +2
-80.4
▲
▲
▲
3,328.6
6.6
▲
4
▲
3
1
▲
▲
22
1 573187 378 2
5,000.0 -
▲ 5
-3.3
1.7
9
▼
-6
0.1▼
+3
▼
0
0.3
-20.3
+7
6
4
+1
0.2
+3
1.7
+4
Industry Total
Mediobanca
5,606.5
Itau Unibanco
5,937.8KPMG
23
97
▲
3.3
7.7
▲
HSBC Holdings PLC+3
ING
9.5
13,967.5 9.9
19,488.9
3.0
Rothschild
4.0
RBS
21
3,328.674
Deloitte 19
40
45
15
21
16
37
10,949.2
17
13,421.6
11
22
64
20
2,626.6
1518
2025
24
28,555.3
30
20.2
25
19.527,603.6
ABN AMRO Bank
Societe Generale
20.813
15.8 1.2
-0.2 1.3
5
▼
BNP Paribas SA
6-4
8.7
+1
▼
▲
25.9
1.3
25
3
47.3
24.8
Deals
11
40.7
4.9
28.1
33.7
▲
39.4
11.8
20 8
42.0
Sh (%)
11.4
▲
Share Ch.
Market
▲
19
88,680.521
3
19
36.7
1Morgan Stanley27▲
Rank Value
US$m
EMEA Rankings
Sh (%)
2
Jan 1 – Dec 31Any Benelux Involvement Announced (AD40)
Deutsche Bank
2014
Rank Financial Advisor
655
0.5
5.0▼
▲
▼
111.3
77.4
▲
1.1
▲0.1
Market
Any Benelux Involvement Completed (AF47)
Change in
Jan 1 – Dec 31
2013
Rank US$m
Market
Imputed Fees (US$m)
23
Sh (%)
Rank Value Market
Share Ch.
69,167.7 48.8
Deals # of DealsSh (%)
▲
▲ 1.8
21.2
24.3
45.3
29.8
44.0
67,999.6
62,280.9
4 48.0
64,130.5
0.7
78
10.9
18
17.6
+10
+4
2.6
1.1
33 0
14
▲ 37.6 ▲
0.2
-1
0.4
+4 4.2
▲
▲
1.6
5 0.42.4
0.5
0.2
1.9 1.3
9
0.3
▼0.2 0.8
0.4 ▲
0.2
0.5
0.3
6.2
▼2.1
141 724 0
-1.1
▲ +3 ▲
-3
2
1 256
3
6
1.8
▲1.9
Banco BTG Pactual SA▲
100 0401100 0 1 536 2
▼
2,932.8
2.7▼
▲▲
7.7
2,527.8
26.4
1.2 4.2
0.6
▼
0.1
Credit Agricole CIB
▼
30,098.6
▼
100 0
13.8
20.6
40.05 56,680.4
6
29,218.9
23.3
12 12Credit Suisse
14
5113
0.8
▲
-3
14
▼
1.4
▲
0.9
▲
Market Change in
JP Morgan
▲
▲ 2
2014
Rank
1
▲17.9
▲
11 0.9
▲
+2
▼
16
24.2
-2
▲
▲
0.5
1.5
▲
22.7
▲
7.7
▲7.0
24.1
21
-8
+2
2
1.1
-3
4
21
19
-3
▲
17
▲
10
1.4
▲
3.9
12.0
# of
-3.4
15
23,851.1
▲
1.4
-11.5
Jefferies LLC
0.3
7.1
7.7
14.7
2.3
1.7
1.4
13.5
2.9
▲
▲
▲
0.56
-2
0.56
19
EMEA Inv. Announced M&A Target Sector by Value ($bil)
Industry Total 1,573187,378.2
▲
Industry Total
29.3%
30.9% 2.0% 41.9%
-655
▲
* tie
Industry % Change from Same Period Last Year ▲
141,724.0
3.6%
1,256
▼2.1% Industry % Change from Same Period Last Year
Jan 1 – Dec 31 2014
▲ Industry % Change from Last Quarter
▼
▲ -9.5%
100.0
-1.1%
▼
▲
-401100.0
-1.6%
1,536.2100.0
Quarterly EMEA Cross Border Volume
188.5% ▲
$172.3
$157.1
$153.8
$140.4
$135.0
$114.6
$113.5
$79.0
$74.6
$74.2
$47.3 $44.9
Healthcare Industrials Real Estate
Energy and Power Materials Telecommunications
Financials High Technology Media and Entertainment
Consumer Staples Retail Consumer Products and Services
`
0
500
1,000
1,500
2,000
2,500
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
2006 2007 2008 2009 2010 2011 2012 2013 2014
#ofDeals
RankValue(US$b)
Inbound (US$b) Outbound (US$b) Number of deals
14

26.4
Citi
23,311.2
Energy and Power
11,594.9 11.4
21.7
Haitong Securities Co Ltd
9,452.3
Jan 1 - Dec 31 2014
6
5
9.2
Goldman Sachs & Co
14
32.4
3
4
2
9
17.3
24.9
7
2
KPMG
8
26.7
7
3
1,590
29.3
18.4
807
1
2
1,622
802
Announced M&A activity with Asian involvement reached a record high, grossing US$743.9 billion from 10,416 deals, respectively,
a 62% increase over the US$459.5 billion recorded in 2013. China remained the most targeted nation in the region, with US$390.4
billion of value from 4,520 deals. Companies in the Financials sector were the most targeted, with US$142.4 billion accumulated
from 1,201 deals.
The top deal in the region was CITIC Pacific’s acquisition of the main assets of its state-owned parent, CITIC Group, valued at
US$42.2 billion, which surpassed the previous record-holding deal in th Asia Pacific (excluding Japan) region - PCCW’s US$35.5
billion acquisition of Cable & Wireless HKT in 2000.
Asian buy-side financial sponsor M&A activity accumulated US$77.8 billion in value driven by 14 deals valued over US$1 billion
(compared to 4 deals in 2013). The top deal was Sinopec’s US$17.5 billion retail stake sale to 25 domestic and foreign investors.
Companies in the Energy & Power sector were the most targeted by financial sponsors, followed by High Technology and
Industrials.
Imputed Fees earned for the region were estimated at US$2.7 billion, a 10% increase from totals for the full year of 2013,
according to Thomson Reuters/Freeman Consulting. The top earner was Goldman Sachs & Co with US$173.2 million, followed by
Morgan Stanley, with US$162.0 million and Citi with, US$129.0 million.
Australian announced M&A activity increased by 20%, reaching US$119.8 billion, the highest full year total since 2011 (US$168.1
billion).
33.3
15,499.7
Asia Pacific (ex-Japan) Deals Intelligence Asia (ex-Japan) Involvement Announced Advisors by Target Industry
7.6
Goldman Sachs & Co
2
Barclays
89,655.2Industrials
39,296.9Citi
High Technology
5
101,541.1
46,087.3
47,388.5Somerley Ltd
Morgan Stanley
Financials 1,201
No. Deals
52,221.0 1
Rank Val US$m
142,367.4
Share
Mkt.
Rank
36.7
2
2
Real Estate
3CITIC
3
16,536.9
321,933.5
88,269.6
23,576.3
5,946.5
UBS 1
Great Wall Securities Co Ltd
1
5,746.2
7
China International Capital Co
1 76,235.4
75,666.2
12
Asian M&A At Record High I Imputed Fees Up 10% I Australian M&A Increases 20%
19,471.6
Asia Pacific (ex-Japan) M&A
8.2
7.9
Pending Greenland Holding Group Co Ltd (100%) Real Estate / Other Real Estate
Singapore / United States
China / China
Jan 1 - Dec 31 2014
Hong Kong / China
Top Ten Any Asia (ex-Japan) Involvement Announced Deals
CITIC Ltd (100%)
Acquiror
8/25/2014
Asian Completed M&A by Region - Imputed Fees
Financials / Banks
8,100.0
15,417.9
China / ChinaShanghai Jinfeng Investment Co
Malaysia / Malaysia 16,232.9
10,307.1
Real Estate / REITs
Hong Yuan Securities Co Ltd (100%) Shenyin & Wanguo Sec Co Ltd Financials / Brokerage
Pending IndCor Properties Inc (100%)
3/18/2014
7/25/2014
12/1/2014
Pending
Pending
10/9/2014 Pending
Pending
CITIC Pacific Ltd
4/13/2014 8/1/2014
9/14/2014
RHB Capital BhdCIMB Group Holdings Bhd (100%)
42,247.54/16/2014
China Cross Border Announced M&A
12/31/2014 China CNR Corp Ltd (100%)
Sinopec Sales Co Ltd (30%) China / China
Rank Date Date Effective Target (% Sought/Acquired) Target Macro / Mid IndustryRank Value (US$m)
Xstrata Peru SA (100%)
Financials / Asset Management
6,390.5
MMG South America Management
CSR Corp Ltd China / China
Investor Group
7,005.0
17,457.9
Investor Group
Hong Kong / Peru Materials / Metals & Mining
1/20/2014 4/1/2014 Oriental Brewery Co Ltd (100%) Anheuser-Busch Inbev Belgium / South Korea 5,800.0 Consumer Staples / Food and Beverage
4/16/2014 AS Watson Holdings Ltd (24.95%) Mayon Investments Pte Ltd Singapore / Hong Kong 5,671.7 Retail / Other Retailing3/21/2014
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
%Outbound
RankValue(US$b)
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
$0.0
$0.1
$0.1
$0.2
$0.2
$0.3
$0.3
$0.4
$0.4
$0.5
3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
ImputedFees(US$b)
North Asia South Asia Southeast Asia Australasia
15

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PwC, líder en asesoramiento financiero en el mercado de M&A en España en 2014 según el ranking Thomson Reuters

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