An Acuris Company

Finding the opportunities in mergers and acquisitions

Global & Regional

M&A Report 2020
Including League Tables of Financial Advisors

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 An Acuris Company

Content

Overview 03

Global 04

Global Private Equity 10

Europe 16

US 21

Latin America 26

Asia Pacific (excl. Japan) 31

Japan 36

Middle East & Africa 41

M&A and PE League Tables 46

Criteria & Contacts 81

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Mergermarket Global & Regional Global Overview 3
M&A Report 2020

Global Overview
Regional M&A Comparison

North America USD 1,324.8bn -22.6% vs. 2019

Inbound USD 217.8bn -26.4%
Outbound USD 376.2bn 13.6%
Technology USD 353.2bn 52.7%

Latin America USD 59.3bn -30.8% vs. 2019

Inbound USD 16.9bn -68.8%
Outbound USD 2.2bn -79.6%
Energy, Mining & USD 26.1bn -17.6%
26.8% Utilities

41.9% Europe USD 847.2bn 5.6% vs. 2019

3.4% Inbound USD 320.0bn 1.6%
Outbound USD 204.9bn -26.4%
Industrials & USD 133.0bn 16.0%
Chemicals

MEA USD 96.9bn -32.6% vs. 2019

Inbound USD 28.9bn -41.6%
Outbound USD 15.9bn 5.3%
3.1% Energy, Mining & USD 38.9bn 39.4%
Utilities
1.9% 22.9%
APAC (ex. Japan) USD 725.7bn 26.1% vs. 2019
Inbound USD 119.5bn 10.3%
Outbound USD 76.6bn -24.4%
Energy, Mining & USD 186.8bn 176.8%
Utilities

Global M&A USD 3,163.0bn -6.6% vs. 2019 Japan USD 109.1bn 60.9% vs. 2019
The % values on the map indicate Inbound USD 8.9bn 6.4%
Cross-border USD 1,296.1bn -14.2% vs. 2019
market shares by value in global M&A Outbound USD 36.3bn -62.2%
Top sector: Technology USD 590.2bn 47.3% vs. 2019 Telecoms USD 43.1bn 652x

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Mergermarket Global & Regional Global Analysis 4
M&A Report 2020

Global
Value Deal Details
(USDbn)

Announced Bidder Company Target Company Target Target Sector

USD 2.2tn
Date Geography
49.1 23-Jul China Oil & Gas Pipeline PetroChina Company China Energy, Mining
Network Corporation Limited (Oil & Gas pipelines & Utilities
assets)

43.2 30-Nov S&P Global Inc IHS Markit Ltd United Kingdom Business
Services
Global M&A activity in 2H20 -
highest on Mergermarket record
40.4 29-Sep Nippon Telegraph and NTT DoCoMo Inc (33.79% Japan Telecoms
Telephone Corporation Stake)

38.7 12-Dec AstraZeneca Plc Alexion Pharmaceuticals Inc USA Pharma,

Medical &

-6.6% USD 1.2tn

Biotech

38.5 13-Sep NVIDIA Corporation SVF Holdco (UK) Limited United Kingdom Technology
Year-on-year decline in Deals announced in the final
overall M&A activity by value quarter of 2020 - highest
quarterly value since 2Q07

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Mergermarket Global & Regional Global Analysis 5
M&A Report 2020

Global
With the New Year, dealmakers hopefully look towards the 2020 (USD 415.6bn) with a surge of large, multi-billion dollar In spite of the pandemic, global private equity investment,
future. But even as 2020 recedes into the distance, its transactions. buoyed by a reported dry-powder of USD 1.7tr, climbed to its
impacts continue to shape the market. Corporates and highest annual value since the Global Financial Crisis. In total,
Regional activity
sponsors alike have spent their way through the crisis in USD 608.7bn was spent by PE firms in 2020 across 3,509
the second half of 2020, with unprecedented levels of deal The biggest gainer in 2020 was Asia (including Japan), which deals, 3.3% up on the 2019 (USD 589bn).
making in the final few months of the year. The USD 2.2tn of saw its global market share rise in both value and volume (up by
After a clear decline in the number of deals in the second
overall M&A activity in 2H20 represented the highest half- 7.4% and 2.2% respectively). Europe also saw its share of global
quarter in the wake of the pandemic, activity in 2H20 matched
year figure on Mergermarket record, while the USD 1.2tn deal value increase to 26.8% (from to 23.7%) while registering
the average half-year deal volumes of recent years. On deal
announced in the final quarter was the highest quarterly value a small decline in overall deal count. North America, which had
count, private equity buyouts dipped 7.4% versus an 18.8% fall
since 2Q07. seen its global market share steadily rising over the years, saw
in terms of total M&A. Sponsors were involved as bidders in just
its deal value decline substantially (from 50.5% to 41.9%) while
In contrast, activity in the first half was unsurprisingly subdued over a quarter of all M&A deals globally – the highest annual
remaining the same on deal count (33.3%).
(USD 971.0bn), leading to an overall 6.6% year-on-year figure on Mergermarket record.
decline by value. Amid the social and economic disruptions If there was a “winner” in 2020, it was mega deal professionals.
Private equity firms have continued to invest in innovative tech-
caused by COVID-19, deal count was down 15.5%, from 20,767 Deals of USD 5bn or greater experienced an impressive surge,
related assets. Technology remained the most active sector for
to 17,545. While a few sectors fell, others rose, making it a increasing from 91 in 2019 to a total of 111 in 2020, with 79 of
sponsor-led investment, reaching 913 deals valued USD 158.7bn
bumpy ride for deal professionals. them occurring in the second half. This represented the second
compared to USD 117.8bn across 845 deals last year. Pharma,
highest number of such large deals since 2007, only behind
Although M&A markets went into stasis, debt and equity Medical & Biotech was also in the spotlight for PE firms, with
2015 (127 deals).
capital markets came alive. In addition to a significant volume 436 deals worth USD 70.6bn, passed last year’s volume (374
of high yield bond issuances and secondary equity offerings, Meanwhile, smaller-sized transactions saw double digit deals) and reaching its highest overall deal volume on record.
special purpose acquisition companies (SPAC) became the declines across the board. In particular, deals under USD
With firms reinventing products and services to combat the
phenom of 2H20, particularly in the US. A total of 255 SPACs 250m experienced a 12.1% decline in value and 1,270 fewer
effects of the pandemic, median EBITDA figure for buyouts
were launched in 2020, raising USD 83.1 bn, compared to USD transactions compared to 2019.
stand at 12.1x, around the same level as 2019 – despite previous
15.5bn across 73 listings in 2019, according to Dealogic data
Sectors activity mixed bag projections that valuations would fall due to the crisis.
(Mergermarket and Dealogic are owned by ION Group).
On the back of the trends magnified by the pandemic,
Not all companies could find the needed capital, however.
Technology, Media, & Telecommunications (TMT) climbed
Insolvencies and bankruptcy filings climbed steadily through
56.8% by value compared to the previous year, from USD
the year - Debtwire Restructuring data show a 33% year-
on-year increase in US filings, from 240 to 319. Debtwire is
543.4bn to USD 851.8bn, equivalent to more than a quarter
of overall global activity. Volume on the other hand declined
“Even as 2020 recedes into
Mergermarket’s sister publication.
M&A journey through the year
slightly to 3,943 deals.
the distance, its impacts
The next best performing sector was Energy, Mining & Utilities
The year started off slow in January, particularly in terms of deal (EMU), which also saw a 3.8% increase by value to USD 477.7bn continue to shape the market”
values, but recovered to a degree over February and March. but a 13.8% decline in deal count to 1,326.
Deal count continued sliding until April, when the bottom fell
Industrials & Chemicals rounds up the three best performing
out. As COVID-19 shutdowns took hold, activity dropped to
levels not seen since the Global Financial Crisis.
sectors in 2020, showing however a 27.1% drop to the previous
year - from 3,791 to 3,023 transactions.
Mark Druskoff,
Showing impressive resilience, M&A activity bounced back in
late spring and early summer, with July setting the tone for the
Data-Driven Content
rest of year. September was the single most active month in Private Equity resilience
Coordinator
Mergermarket Global & Regional Global Analysis 6
M&A Report 2020

USD USD
USD 608.7bn 851.8bn 477.7bn
Value of private equity buyout activity M&A activity by value in Technology,
Media, & Telecommunications, the
Value of 2020 M&A deals in
Energy, Mining & Utilities, a 3.8%
in 2020 - highest annual figure since most active sector in 2020 increase in the previous year

the Global Financial Crisis in 2008-09

USD 111
25% 49.1bn Number of deals greater than
USD 5bn announced in 2020
Global share of buyouts - Value of 2020’s largest deal -
highest annual figure on PetroChina’s sales of Oil & Gas - highest since 2015 and
Mergermarket record pipelines assets a 22% increase on 2019

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Mergermarket Global & Regional Global Analysis 7
M&A Report 2020

Chart title 1
Chart title Quarterly
Global 2 Breakdown Trend
2006 - 2020

25000
4000

3500
731.6
1200.4
758.4

806.2 20000
3000
827.6 958.4
1099.1 959.6
Deal Value (USDbn)

851.8 1202.6

Deal Count
2500 790.2

460.5 871.4 676.9

480.3
755.1 570.1 839.4 15000
2000 718.1
677.8 866.5
713.4
685.4
1283.7 604.2 1083.5 989.5
1500 569.2 977.9
524.4 656.8 1041.7
776.0 490.4 758.2
962.0
678.9 326.9 744.1
1000 588.6 10000
567.0 560.4 372.3
396.1 431.2

804.6 949.6 926.4

500 749.1 762.5 768.5
592.3 608.6 625.6 593.7
462.0 465.8 443.8 571.3
421.0

0 5000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Q1 Q2 Q3 Q4

Deal Count

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Mergermarket Global & Regional Global Analysis 8
M&A Report 2020

Chart title 1 Chart title 1

Chart title 2 Share of Global M&A By Value
Regional Chart titleSector
Global 2 Breakdown Trend
2006 - 2020 2019 - 2020

1200
100
7.0%
9.5%
1080
90

11.6% 960
26.4%
80

840

Deal Value (USDbn)

70
Share of Global M&A

720
60 26.8%
35.9%
1149.3
600
50 1042.7

480
40

360
30
590.2
540.6 488.6
39.9% 240 460.1
20 477.7 394.3
43.0% 400.5 379.1
348.3
279.1
10 120

0 0
'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 Technology Energy, Mining Industrials Financial Pharma, Medical Other
& Utilities & Chemicals Services & Biotech

US Europe Asia Rest of the World 2019 2020

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Mergermarket Global & Regional Global Analysis 9
M&A Report 2020

Global League tables

Financial advisor league table by value

Ranking 2020 2019 Regional ranking comparison

2020 2019 Company name Value Deal % Value Value Europe US Asia Japan Middle Latin
(USDm) count change (USDm) Pacific East & America
Africa
1 1 Goldman Sachs & Co 966,972 373 -18.0% 1,179,910 1 1 3 4 7 16
2 3 Morgan Stanley 850,250 276 -8.8% 931,788 3 2 4 1 4 6
3 2 JPMorgan 772,835 289 -21.3% 982,037 2 3 6 16 2 2
4 5 Bank of America 551,490 243 -16.4% 659,868 4 4 8 8 5 4
5 7 Credit Suisse 410,048 132 7.4% 381,676 6 5 11 35 30 7
6 4 Citi 395,970 175 -43.8% 704,525 5 6 10 22 1 9
7 8 Barclays 269,717 155 -16.4% 322,629 10 8 22 13 12 -
8 9 Lazard 269,137 190 16.1% 231,881 8 9 26 24 31 12
9 15 UBS Investment Bank 258,356 136 53.0% 168,832 11 12 5 25 17 29
10 16 Rothschild & Co 252,549 272 50.8% 167,420 7 14 21 23 3 17
11 6 Evercore 247,673 161 -59.6% 612,797 14 7 32 - 18 32
12 33 China International Capital Corporation 204,414 76 311.7% 49,650 63 62 1 - - -
13 37 CITIC Securities 182,908 69 335.5% 42,001 275 - 2 47 - -
14 17 HSBC 182,336 59 18.1% 154,369 9 16 9 - 10 75=
15 18 Deutsche Bank 181,610 82 19.8% 151,594 12 13 23 79= 14 15
16 12 Jefferies 169,412 187 -15.2% 199,759 15 11 30 79= 28 75=
17 28 Nomura Holdings 162,970 121 159.6% 62,789 20 17 14 2 22 25
18 14 Centerview Partners 159,811 48 -13.9% 185,653 18 10 85 21 32 -
19 13 Moelis & Company 122,853 123 -35.0% 188,982 27 15 19 - 6 69=
20 20 BNP Paribas 121,571 75 45.3% 83,669 13 33 44 32= 39 20

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Mergermarket Global & Regional Global Private Equity Analysis 10
M&A Report 2020

Global Private Equity - Buyouts

Buyouts - Quarterly Breakdown (2016-2020) Buyouts - Top Five Deals (2020)

Value Deal Details

600 4000 (USDbn)

127.3 153.4 211.5 Announced Bidder Company Target Company Target Target Sector
480 132.9 3200 Date Geography
Deal Value (USDbn)

18.8 27-Feb Cinven Partners LLP; Advent ThyssenKrupp Germany Industrials &

Deal Count
130.4 138.4 International Corporation; Elevator AG Chemicals
134.2
360 2400 ADIA; RAG-Stiftung
149.7
158.5

107.8
240 179.6 1600 11.0 12-Jul Hellman & Friedman LLC; MultiPlan Inc USA Business
180.5
97.9 HarbourVest Partner Services
169.7 LLC; Leonard Green &
129.4 Partners; GIC; Partners
120 800 Group
139.9 121.0 140.8 Holding
73.4 90.1
10.1 23-Jun Snam SpA; OTPP; Brookfield ADNOC Gas United Arab Energy, Mining
0 0 Asset Management Inc; GIC; Pipeline Assets LLC Emirates & Utilities
2016 2017 2018 2019 2020
NH Investment & Securities (49% Stake)
Co Ltd; Global Infrastructure
Q1 Q3 Deal Count Partners LLC

Q2 Q4 9.5 21-Dec Thoma Bravo LLC RealPage Inc USA Technology

9.2 31-Aug Kohlberg Kravis Roberts & Fibercop Italy Telecoms

Buyouts 2020 2019 Change Co LP; Telecom Italia SpA;
Fastweb SpA
Deal Value USD 608.7bn USD 589.0bn 3.3%

Deal Count 3,509 Deals 3,789 Deals -280

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Global Private Equity - Exits

Exits - Quarterly Breakdown (2016-2020) Exits - Top Five Deals (2020)

Value Deal Details

600 3000 (USDbn)

114.4
500 158.0 Announced Seller Target Target Target Bidder
132.4 182.3 2400 Date Company Company Geography Sector Company
Deal Value (USDbn)

38.5 13-Sep SoftBank Investment SVF Holdco (UK) United Technology NVIDIA
400 125.5

Deal Count
155.6 Advisers Limited Kingdom Corporation
110.4 1800
139.2
300 14.8 05-Aug Kleiner Perkins; Livongo Health Inc USA Technology Teladoc Health
112.4
234.6 General Catalyst Inc
1200 Partners; 7wire
192.9 139.6
200 164.7 Ventures
125.1
38.8 600 11.2 06-Aug Thoma Bravo LLC Ellie Mae Inc USA Technology Intercontinental
100
144.7 Exchange Inc
95.9 101.5 106.1 99.3

0 0 11.0 12-Jul Hellman & Friedman MultiPlan Inc USA Business Churchill
2016 2017 2018 2019 2020 LLC; HarbourVest Services Capital Corp III
Partners LLC;
Leonard Green &
Q1 Q3 Deal Count Partner; GIC; Partners
Q2 Q4 Group Holding

9.5 15-Nov Hellman & Friedman Nets A/S Denmark Business Nexi SpA
LLC; Bain Capital LP; Services
Exits 2020 2019 Change Advent International
Corporation; GIC
Deal Value USD 555.1bn USD 527.1bn 5.3%

Deal Count 2,043 Deals 2,476 Deals -433

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Mergermarket Global & Regional Global Private Equity Analysis 12
M&A Report 2020

Buyouts - Sectors & Multiples

Global Buyouts Sector Breakdown Median EBITDA Multiple Trend - Key Sectors

16.6x
Deal Value (USDbn) Deal Count 16.1x 15.5x 16.0x
13.5x 13.0x
Technology 117.8
158.6 913
845
Technology 12.0x

72.9 561
Industrials & Chemicals 61.8 729 11.3x
73.0 526
Business Services 62.6 588
70.6 436 10.0x 10.0x 10.2x
Pharma, Medical & Biotech 55.5 374 Industrials & 8.6x 9.0x 9.6x 9.9x
7.8x
Consumer
45.4
37.6
334
426
Chemicals
39.5 185
Financial Services 38.1 161
148.7 554 16.8x
Other 215.6 666
14.3x
Business 13.1x
12.1x
2020 2019 Services 10.9x
11.2x
10.0x
10.8x

Global Buyouts Sector Market Share (%) by Deal Count

15.5x
15.0x 15.1x
Pharma, 13.9x
2020 26.0% 16.0% 15.0% 12.4% 9.5% 5.3% 15.8%
Medical & 11.3x
11.9x 12.0x 12.1x

Biotech
2019 22.3% 19.2% 15.5% 9.9% 11.2% 4.2% 17.6%

12.3x 12.0x
Technology 11.5x
Industrials &
Chemicals
Business Pharma, Medical
& Biotech
Consumer 10.7x
Services 9.5x 9.6x 9.1x 9.4x

Consumer Financial Services Other

2013 2014 2015 2016 2017 2018 2019 2020

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Mergermarket Global & Regional Global Private Equity Analysis 13
M&A Report 2020

Buyouts - Regional Breakdown

Regional Breakdown - Market Share (%) by Deal Count

USA
EMEA
USD 249.1bn
Deal Value 37.9% USD 220.1bn
42.0% Deal Value
1,327
Deal Count 1,474
Deal Count

Asia-Pacific
USD 118.8bn
15.9% Deal Value
559
Americas Deal Count
(excl. USA)
USD 20.7bn
Deal Value
4.2%
149
Deal Count

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Mergermarket Global & Regional Global Private Equity Analysis 14
M&A Report 2020

Global Private Equity League tables

Global Buyouts league table by value Global Buyouts league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count

1 7 Goldman Sachs & Co 76,873 41 87.8% 40,936 1 1 PwC 12,323 71 -19 90

2 9 Credit Suisse 59,764 16 95.2% 30,612 2 2 Deloitte 4,049 53 -25 78
3 12 UBS Investment Bank 50,632 27 184.2% 17,817 3 4 KPMG 2,360 48 5 43
4 1 Morgan Stanley 50,032 23 -31.5% 73,012 4 3 EY 3,062 46 -17 63
5 2 Bank of America 49,491 26 -17.1% 59,672 5 6 Goldman Sachs & Co 76,873 41 9 32
6 10 Rothschild & Co 37,403 33 59.1% 23,510 6 8 Rothschild & Co 37,403 33 5 28
7 5 Citi 34,079 15 -24.5% 45,108 7 11 JPMorgan 31,187 28 4 24
8 6 Barclays 32,927 21 -21.2% 41,795 8 16 UBS Investment Bank 50,632 27 7 20
9 4 Deutsche Bank 31,502 21 -31.5% 46,007 9 15 Bank of America 49,491 26 5 21
10 3 JPMorgan 31,187 28 -34.7% 47,744 10 17 Houlihan Lokey 1,843 26 6 20
11 13 Lazard 28,057 15 60.8% 17,446 11 10 Morgan Stanley 50,032 23 -3 26
12 8 RBC Capital Markets 20,204 18 -35.4% 31,281 12 5 Barclays 32,927 21 -11 32
13 134 goetzpartners 20,012 5 27694.4% 72 13 23 Deutsche Bank 31,502 21 6 15
14 115 Bain & Company 18,941 3 11174.4% 168 14 12 Jefferies 10,527 21 -3 24
15 15 PwC 12,323 71 -16.4% 14,732 15 7 RBC Capital Markets 20,204 18 -10 28
16 41 BNP Paribas 11,613 10 406.9% 2,291 16 9 Lincoln International 1,462 18 -9 27
17 11 Jefferies 10,527 21 -48.1% 20,273 17 22 Alantra 1,191 18 2 16
18 181 Centerview Partners 7,962 4 - - 18 18 GCA Corporation 263 18 -1 19
19 18 Nomura Holdings 6,652 13 -20.8% 8,400 19 19 Credit Suisse 59,764 16 -2 18
20 42 William Blair & Company 6,591 13 203.6% 2,171 20 14 Daiwa Securities Group / DC Advisory 1,838 16 -6 22

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Mergermarket Global & Regional Global Private Equity Analysis 15
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Global Private Equity League tables

Global Exits league table by value Global Exits league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 8 Morgan Stanley 115,127 51 271.7% 30,970 1 5 Jefferies 66,927 61 2 59
2 4 Goldman Sachs & Co 112,080 51 77.4% 63,192 2 3 Houlihan Lokey 7,394 57 -6 63
3 5 JPMorgan 75,779 34 23.4% 61,402 3 4 Rothschild & Co 20,044 55 -7 62
4 6 Jefferies 66,927 61 14.7% 58,357 4 14 Morgan Stanley 115,127 51 15 36
5 7 Barclays 45,636 22 27.3% 35,837 5 7 Goldman Sachs & Co 112,080 51 2 49
6 1 Bank of America 44,346 25 -43.5% 78,502 6 1 Lincoln International 3,710 43 -25 68
7 336 Raine Group 38,700 2 - - 7 2 William Blair & Company 13,672 41 -23 64
8 - Zaoui & Co 38,500 1 - - 8 16 Evercore 27,017 38 6 32
9 10 Credit Suisse 36,898 24 72.0% 21,447 9 13 Raymond James 3,037 35 -4 39
10 3 Citi 33,227 29 -48.1% 63,974 10 12 JPMorgan 75,779 34 -5 39
11 18 UBS Investment Bank 29,125 15 95.1% 14,926 11 6 Harris Williams 7,493 30 -24 54
12 2 Evercore 27,017 38 -65.1% 77,430 12 8 Robert W. Baird & Co 2,816 30 -17 47
13 13 Rothschild & Co 20,044 55 5.1% 19,064 13 21 Citi 33,227 29 3 26
14 17 Centerview Partners 19,398 9 27.6% 15,200 14 11 Piper Sandler Companies 3,278 28 -12 40
15 22 Jamieson Corporate Finance 16,464 20 64.4% 10,015 15 17 Bank of America 44,346 25 -6 31
16 19 Deutsche Bank 16,348 8 38.0% 11,847 16 9 PwC 4,179 25 -19 44
17 12 Moelis & Company 14,425 24 -26.2% 19,546 17 25 Credit Suisse 36,898 24 2 22
18 15 William Blair & Company 13,672 41 -19.0% 16,870 18 22 Moelis & Company 14,425 24 -2 26
19 28 PJT Partners 12,809 7 131.2% 5,541 19 10 Lazard 11,294 24 -17 41
20 16 Lazard 11,294 24 -29.2% 15,960 20 15 KPMG 819 23 -11 34

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Mergermarket Global & Regional Europe Analysis 16
M&A Report 2020

Europe

Value Deal Details

USD 847.2bn
(USDbn)

Announced Bidder Company Target Company Target Target Sector

Date Geography
43.2 30-Nov S&P Global Inc IHS Markit Ltd United Kingdom Business Services

European M&A in 2020

38.5 13-Sep NVIDIA Corporation SVF Holdco (UK) United Kingdom Technology
5.6% higher than 2019
Limited

38.1 11-Sep Mr. Patrick Drahi Altice Europe NV Netherlands Telecoms

(Private Investor) (50.66% stake)

35.6 09-Mar Aon plc Willis Towers

Watson Public
United Kingdom Financial Services 87.7% 24.2%
Limited Company

Increase in value in 2H20 Private equity buyout share

26.2 05-Oct Veolia Environnement Suez France Energy, Mining & (USD 552.7bn) versus of total European M&A in
SA Utilities 1H20 (USD 294.5bn) 2020

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M&A Report 2020

Europe

In line with global dealmaking, European M&A experienced Private equity firms have been particularly active in the A number of larger exits were announced during the second
a spectacular recovery in the second half of 2020, after a sector and tech has now leapfrogged industrials & chemicals half of the year, including Nexi’s USD 9.5bn takeover of Nets
dramatic fall in activity following the coronavirus outbreak as the primary destination for private equity investment by in November, and the USD 7bn sale of CPA Global to Claritive
in Europe earlier in the year. There appears to be cautious deal count. A total of 341 private equity buyouts in the tech Analytics in July.
optimism amongst dealmakers surrounding 2021, with the sector were announced, its highest annual deal count on
Brexit risk looms large
development of numerous vaccines and life slowly returning Mergermarket record. The sector therefore accounts for a
towards normal in the coming 12 months. 24.1% share of the 2020 European buyout deal count, up from Despite the renewed optimism there are still numerous
18.1% a year prior. geopolitical challenges facing dealmakers in the coming year.
A total of USD 847.2bn has been spent on European assets
There will have been a sigh of relief, however, that the EU and
in 2020 across 6,658 deals, representing a 5.6% rise by Private Equity buyouts accounts for a quarter of all
UK were able to avoid a potentially chaotic no deal scenario.
value versus 2019 (USD 802.3bn). This was largely due to the European M&A value.
recovery seen in the second half, with USD 552.7bn recorded The UK has seen a number of blockbuster transactions in
Private equity firms have remained active throughout 2020,
in 2H20 – 87.7% higher than the USD 294.5bn seen in the 2020. And despite the country’s deal count falling to 1,194
continuing to deploy the large amounts of dry-powder
first six months of 2020. The number of deals, however, has deals, its lowest point since 2013, the annual value has soared
available. While there was a brief pause in sponsor-led
remained fairly subdued throughout 2020. There have been to its highest figure since 2015 (USD 421.1bn). UK M&A has
investment immediately after the COVID outbreak, private
6,658 deals announced in Europe, its lowest annual deal count reached USD 304.1bn, 88.4% higher than the 2019 (USD
equity firms were one of the first movers as economies began
since 2013 (5,915 deals). 161.4bn) following NVIDIA’s takeover of semiconductor firm
to reopen over the summer.
ARM for USD 38.5bn in September and the USD 43.2bn tie-up
With restrictions limiting international travel and the traditional
A total of USD 205.2bn was spent by private equity firms in between S&P and IHS Markit in late November.
methods of conducting M&A, the majority of European M&A
Europe in 2020 across 1,415 deals, representing the highest
in 2020 was conducted internally. Foreign investment into
annual value since 2007. As a result, private equity buyouts
Europe represented 37.8% of the total European value and
accounted for a 24.2% share of the total European M&A value
15.4% of the volume, representing its lowest value share since
2015 and lowest volume share since 2009.
in 2020 and 21.3% of the total annual deal count, representing “There appears to be
its highest share by both value and volume since 2006.
Technology sector reaches its highest annual value on
Fundraising has also remained fairly resilient throughout 2020,
cautious optimism amongst
record.
Corporates and sponsors-alike have long been investing in
indicating that European private equity firms should remain
active in the coming year.
dealmakers surrounding 2021”
technology and the pandemic has exacerbated efforts to
Exits were marginally slower to recover, with sponsors clearly
further digitalise products and services, leading to a further
reluctant to sell assets in such uncertain circumstances in
push to acquire tech-related assets. European technology
M&A has reached USD 119.5bn across 1,230 deals, surging to
the aftermath of the pandemic. The number of portfolio Jonathan Klonowski,
companies sold in Q4, however, points to a busy market in
its highest annual value on Mergermarket record.
2021. In the last three months, there were 259 exits recorded, Research Editor (EMEA)
the highest quarterly volume seen since 2Q18 (290 deals).

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Mergermarket Global & Regional Europe Analysis 18
M&A Report 2020

USD 304.1bn 118% USD 119.5bn

UK M&A value – highest Increase in Financial Services Value of European Technology
annual point since 2015 M&A versus 2019 M&A in 2020

12.8%
-26.4% 15.4% German share of European M&A -
Fall in European outbound Foreign investment share of highest share by volume since 2012
M&A (USD 204.9bn) versus European M&A – lowest share by
2019 (USD 278.5bn) volume since 2009

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Mergermarket Global & Regional Europe Analysis 19
M&A Report 2020

Chart title 1 Chart title 1

Chart title 2Quarterly Breakdown Trend
Europe Chart title Sector
Europe 2 Breakdown Trend
2015 - 2020 2019 - 2020
400

350
1000 10000

900 172.0 9000

300

800 8000

293.5 197.6 170.5

250

Deal Value (USDbn)

700 212.6 7000

198.5
327.1
Deal Value (USDbn)

600

Deal Count
6000 200
167.1 378.5

179.8
500 169.7 5000
180.4 367.5
150
269.6
400 225.6 4000

269.6
300 263.5 3000
199.7 265.1 100
102.0 159.2
200 2000 93.3
114.6 114.3 110.9
50 99.9
276.4 72.0
100 209.6 1000 64.1
164.1 175.0 192.5
155.0 50.9
27.3

0 0 0
2015 2016 2017 2018 2019 2020 Technology Industrials & Telecoms Financial Business Other
Chemicals Services Services

Q1 Q2 Q3 Q4 2019 2020

Deal Count

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Mergermarket Global & Regional Europe Analysis 20
M&A Report 2020

Europe League tables

Europe league table by value Europe league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 1 Goldman Sachs & Co 486,513 149 19.0% 408,976 1 2 Deloitte 20,090 335 -73 408
2 2 JPMorgan 403,890 131 23.9% 325,881 2 1 PwC 23,712 326 -84 410
3 3 Morgan Stanley 361,018 99 12.3% 321,527 3 3 KPMG 19,011 303 -21 324
4 4 Bank of America 223,061 88 2.9% 216,683 4 4 EY 11,885 253 -43 296
5 5 Citi 204,732 76 8.8% 188,158 5 5 Rothschild & Co 198,295 226 -36 262
6 12 Credit Suisse 202,998 48 97.5% 102,785 6 7 Goldman Sachs & Co 486,513 149 -5 154
7 8 Rothschild & Co 198,295 226 34.1% 147,863 7 8 JPMorgan 403,890 131 -5 136
8 7 Lazard 182,261 115 16.3% 156,739 8 6 Lazard 182,261 115 -46 161
9 16 HSBC 153,936 46 182.4% 54,504 9 12 Morgan Stanley 361,018 99 -3 102
10 9 Barclays 145,168 60 8.6% 133,642 10 10 BDO 6,341 98 -23 121
11 10 UBS Investment Bank 126,635 72 4.9% 120,713 11 9 Oaklins 1,402 93 -29 122
12 14 Deutsche Bank 120,393 36 78.0% 67,643 12 15 Bank of America 223,061 88 -2 90
13 13 BNP Paribas 106,999 59 38.7% 77,166 13 14 Clearwater International 1,137 81 -10 91
14 6 Evercore 96,271 52 -38.9% 157,562 14 11 Citi 204,732 76 -28 104
15 15 Jefferies 87,450 64 30.8% 66,833 15 13 Lincoln International 1,928 76 -24 100
16 38 Societe Generale 77,119 37 362.7% 16,668 16 27 UBS Investment Bank 126,635 72 9 63
17 51 LionTree Advisors 70,143 11 537.4% 11,005 17 23 Houlihan Lokey 5,311 70 1 69
18 18 Centerview Partners 65,185 14 59.0% 41,000 18 16 Alantra 5,564 69 -20 89
19 17 Mediobanca 52,643 39 9.0% 48,285 19 22 Jefferies 87,450 64 -7 71
20 25 Nomura Holdings 45,012 37 57.2% 28,636 20 20 Barclays 145,168 60 -21 81

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Mergermarket Global & Regional US Analysis 21
M&A Report 2020

US

Value Deal Details

USD 545bn
(USDbn)

Announced Bidder Company Bidder Target Target Sector

Date Geography Company
38.7 12-Dec AstraZeneca Plc United Kingdom Alexion Pharma,
Pharmaceutials Medical &

Combined deal value in

Inc Biotech

35.6 27-Oct Advanced Micro USA Xilinx Inc Technology Q4 - highest on record
Devices Inc

25.6 01-Dec Salesforce.com USA Slack Technology

Inc Technologies

USD
Inc

-21%
77.3bn
21.0 02-Aug 7-Eleven Inc USA Speedway LLC Consumer

Decline by value
compared to 2019
Combined deal value in
20.3 13-Jul Analog Devices USA Maxim Technology
Q2 - lowest since 1Q 2003
Inc Integrated
Products Inc

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 Mergermarket Global & Regional US Analysis 22
M&A Report 2020

US

After a roller coaster year, the US M&A market made The Technology and Telecommunications sectors have been to a swell of corporate bankruptcies. Since March, more than
significant leaps on the road to recovery in 4Q20. With 5,243 a bellwether of M&A this year, with 1,289 deals announced 250 companies with aggregate liabilities above USD 200bn
deals worth USD 1.3tn, M&A activity for the year still ended worth USD 385.6bn in 2020, up 57% by value compared entered bankruptcy protection in the US, according to data
down 21% by value compared to 2019 (6,239 deals worth to 2019, (1,300 deals worth USD 245bn). The largest tech from sister company Debtwire.
USD 1.6tn). deal for the year was Advanced Micro Device’s USD 35.6bn
There was also a corresponding surge in deals for companies
acquisition of Xilinx, announced in November. The largest
Gains seen in the second half recovered much of the ground out of bankruptcy protection. In 2020 there were 135 such
telecom deal was Liberty Broadband’s USD 11.4bn acquisition
lost at the start of the pandemic. There were 2,709 deals deals worth a combined USD 19.2bn, up 59% by value
of GCI Liberty, announced in June.
worth USD 961.4bn announced in H2, up over 200% by value compared to 2019, (94 deals worth USD 12.1bn). Looking
with roughly the same number of deals compared to H1 (2,474 The Media sector (123 deals worth USD 20.2bn announced in ahead at 2021, the surge of bankruptcies is expected to
deals worth USD 296bn). 2020) declined 59% by value compared to 2019 (202 deals convert into an enlarged distressed M&A market.
worth 49.2bn). The largest Media deal of the year was the
After a muted Q2, mega deals paved the road to recovery With a new presidency and the COVID-19 pandemic still far
USD 4.9bn acquisition of Advantage Solutions by Centerview
from over, much of the market uncertainty faced this year
The M&A market stalled at the onset of the pandemic as Capital-sponsored SPAC Conyers Park II Acquisition Corp,
remains in the US. But while there have been significantly
buyers and sellers assessed their businesses and surrounding in September. Advantage Solutions had previously been
fewer transactions announced this year, dealmakers have
market conditions. M&A activity in Q2 (895 deals worth USD privately owned by CVC Capital Partners, Bain Capital,
learned to execute deals in this environment and overall
77.3bn) shrunk 65% by value compared to Q1 (1,588 deals Leonard Green & Partners, and Juggernaut Capital Partners,
activity is trending upwards, which bodes well for M&A in
worth USD 218bn). In Q3, activity surged over 400%, posting which acquired the company in 2014 for USD 4bn.
2021.
1,289 deals worth USD 421bn. The recovery continued in Q4
Special purpose acquisition companies (SPACs) emerged
with 1,471 deals announced worth USD 545bn, which is the
as the new M&A trend
highest value for a quarter on record (since 2001).
According to data from sister company Dealogic, there
“Dealmakers have learned
Due to the pandemic, there were no mega deals (deal
value of at least USD 10bn), announced in the US through
have been 248 SPAC IPOs in the US in 2020 that raised a
combined USD 82.4bn, equivalent to a 6x increase on 2019
to execute deals in this
all Q2, which has not occurred since 2010, according to
Mergermarket data. However, in Q3, 10 mega deals were
(USD 13.4bn across 59 listings). environment and overall
announced worth a combined USD 153.7bn, and in Q4, there
has been an additional 10 mega deals announced worth USD
SPACs have been targeting increasingly larger deals in the
past few years, with the average acquisition size growing to activity is trending upwards,
184.5bn. USD 1.39bn in 2020 from USD 92m in 2012. As SPACs can
have an acquisition limit date of up to two years, the record which bodes well for M&A in
Energy, Mining, & Utilities (EMU) sector lags while Tech
and Telecoms surge
issuances this year means they will be fueling the deal
pipeline in the coming months. 2021.”
As commodity prices remained low, US EMU deal activity
The largest SPAC deal this year was the USD 16bn acquisition
in 2020 (281 deals worth USD 115.3bn) shrunk 41% by value
for United Wholesale Mortgage by Gores Holding IV,
compared to 2019, (395 deals worth USD 195.8bn). The
largest deal in the sector was ConocoPhillips Company’s
announced in September.
Philip Segal,
USD 13.3bn acquisition of Concho Resources, announced in Troubled companies led to increased distressed M&A
October.
The financial uncertainty and stifled economy this year led Head Analyst (Americas)
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Mergermarket Global & Regional US Analysis 23
M&A Report 2020

USD 249.1bn 28% -53%

Combined deal value for buyouts Market share by value of Technology Decline by value in Business
M&A (up from 14% in 2019) Services M&A compared to
- highest since 2007 2019

USD
59%
23
9.5bn Increase by value for insolvency
Number of mega deals announced
Value of the largest buyout
announced in 2020 transactions compared to 2019 (deal value USD 10bn+)
(Thoma Bravo / RealPage)

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Mergermarket Global & Regional US Analysis 24
M&A Report 2020

Chart title 1 Chart title 1

Chart
US title 2
Quarterly Breakdown Trend Chart title 2 Breakdown Trend
US Sector
2015 - 2020 2019 - 2020

600

2000 7000
550

500
1750
6000
1,120.0
450
510.8
1500
306.7
5000 400
322.3

Deal Value (USDbn)

Deal Value (USDbn)

1250 350

Deal Count
502.7
414.3 290.9 4000
71.8
465.2 386.8 300 515.4
1000 545.0

3000 250
391.4 296.9
750 518.3
200
423.6 346.5
469.3
2000 324.8
500 420.8 150
293.7 269.5
327.2
225.8
100 195.1 205.7 195.8
1000 181.4
250 477.7 77.3 143.1 136.3
417.5
357.5 115.3
254.9 325.2 50
218.1

0 0 0
2015 2016 2017 2018 2019 2020
Technology Pharma, Medical Financial Industrials Energy, Mining Other
& Biotech Services & Chemicals & Utilities

Q1 Q2 Q3 Q4 2019 2020

Deal Count

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Mergermarket Global & Regional US Analysis 25
M&A Report 2020

US League tables

US league table by value US league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count

1 1 Goldman Sachs & Co 648,838 264 -30.9% 938,348 1 1 Goldman Sachs & Co 648,838 264 27 237

2 3 Morgan Stanley 596,392 183 -16.1% 710,746 2 3 JPMorgan 504,275 189 2 187

3 2 JPMorgan 504,275 189 -35.3% 779,846 3 4 Morgan Stanley 596,392 183 17 166

4 6 Bank of America 431,763 175 -0.6% 434,559 4 2 Houlihan Lokey 43,239 176 -18 194

5 7 Credit Suisse 294,850 88 -10.1% 327,814 5 6 Bank of America 431,763 175 36 139

6 5 Citi 249,444 106 -51.0% 509,123 6 5 Jefferies 143,598 154 -8 162

7 4 Evercore 238,116 138 -59.8% 591,679 7 9 Evercore 238,116 138 12 126

8 8 Barclays 217,591 118 -14.3% 253,882 8 7 Barclays 217,591 118 -21 139

9 14 Lazard 161,057 102 19.7% 134,591 9 12 Raymond James 12,566 109 -2 111

10 12 Centerview Partners 158,299 44 -14.0% 184,032 10 11 Piper Sandler Companies 16,158 107 -8 115

11 11 Jefferies 143,598 154 -25.2% 192,061 11 8 Citi 249,444 106 -27 133

12 26 UBS Investment Bank 130,431 68 265.4% 35,696 12 10 Lazard 161,057 102 -17 119

13 15 Deutsche Bank 105,844 53 -0.6% 106,446 13 21 Rothschild & Co 104,356 95 8 87

14 20 Rothschild & Co 104,356 95 59.5% 65,427 14 18 Moelis & Company 102,540 94 -4 98

15 13 Moelis & Company 102,540 94 -43.1% 180,260 15 16 Credit Suisse 294,850 88 -13 101

16 35 HSBC 71,138 13 187.3% 24,763 16 15 Lincoln International 5,914 87 -17 104

17 48 Nomura Holdings 67,802 40 474.7% 11,797 17 13 Stifel/KBW 34,535 84 -22 106

18 10 RBC Capital Markets 58,774 68 -69.8% 194,531 18 14 William Blair & Company 23,474 84 -21 105

19 17 Wells Fargo Securities 56,890 31 -27.1% 78,047 19 20 Robert W. Baird & Co 9,111 77 -15 92

20 33 Qatalyst Group 52,775 12 84.8% 28,552 20 17 Deloitte 9,899 73 -28 101

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Mergermarket Global & Regional Latin America Analysis 26
M&A Report 2020

Latin
America
Value Deal Details
(USDbn)

10.5
Announced
Date
17-Dec
Bidder Company

Cosan SA
Industria e
Comercio
Target Company

Cosan Limited
Target
Geography
Brazil
Target Sector

Energy, Mining &

Utilities
USD 56.8bn
Combined value of M&A
5.0 12-Nov Enel Americas SA EGP Americas SpA Chile Energy, Mining & transactions in
Utilities
Latin America in 2020
4.8 17-Dec Cosan SA Cosan Logistica S.A. Brazil Transportation
Industria e
Comercio

3.9 13-Nov State Grid

International
Compania General
de Electricidad SA
Chile Energy, Mining &
Utilities
-33.7% 416%
Development Co (96.04% Stake)
Ltd Decline in overall M&A Increase by value
compared to 2019 between 1H and 2H
3.1 07-Sep Telefonica Oi S.A. (mobile Brazil Telecoms
Brasil SA; TIM business)
Participacoes SA;
Claro Telecom
Participacoes SA

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M&A Report 2020

Latin America

In total, there were 557 deals worth USD 56.8bn announced Technology M&A increased 29% by value compared to last by the pandemic in H1, displayed a healthy rebound in H2.
in Latin America in 2020, down 34% by value compared year, highlighting the growing presence of the tech industry Looking ahead at 2021, as the region emerges from the health
to 2019 (735 deals worth USD 85.7bn). In a sign of a post- in Latin America. There were 88 deals worth USD 5.8bn crisis and foreign buyers return, the market is poised for
COVID recovery, activity in H2 (321 deals worth USD 47.6bn) announced in the sector in 2020, up from 87 deals worth USD growth, particularly in the technology sector.
increased over 416% by value compared to H1, (236 deals 4.5bn in 2019.
worth USD 9.2bn).
The largest deal in Tech was the USD 1.1bn acquisition of
Mexico and Colombia lead decline; Brazil and Chile Brazil-based enterprise management software company Linx “The Latin American M&A market
outperform by Brazil-based StoneCo, announced in August.
The second and third largest Latin American markets in 2019 Foreign investment plummets
was bruised but not broken.
– Mexico and Colombia – led the declines this year by value,
down 89% and 84% respectively.
Despite healthy private equity activity from global sponsors, In a sign of post-COVID recovery,
foreign investment in Latin American countries declined to its
There were just 54 deals worth USD 1.2bn struck in Mexico, lowest level recorded since 2003. activity in the second half
down from 73 deals worth USD 13.2bn in 2019. In Colombia,
there were 35 deals worth USD 1.5bn, down from 67 deals
There were 179 deals worth USD 14.4bn made by companies
outside of the region in 2020, down 73% by value over
increased over 416% by value
worth USD 9.5bn in 2019.
about half as many deals compared to 2019 (312 deals worth compared to the first.”
Meanwhile, activity by value in Brazil remained flat compared USD 54.1bn). Inbound activity was led by the USD 3.9bn
to 2019, and activity in Chile increased over 12%. There were acquisition of Chile-based utility provider Compania General
367 deals worth USD 39.8bn announced in Brazil, down from de Electricidad by China-based Sate Grid International
403 deals worth USD 40bn in 2019. In Chile, there were 32
deals worth USD 10.6bn announced in 2020, down from 61
Development, announced in November. Philip Segal,
Out of the 69 LBOs announced worth a combined USD 5.2bn,
deals worth USD 9.5bn in 2019.
33 of them worth USD 3.8bn were made by foreign financial Head Analyst (Americas)
Technology M&A soars, Energy, Mining, and Utilities (EMU) buyers. The largest deal of the year was the USD 700m
wanes acquisition of Occidental Petroleum’s onshore portfolio in
Colombia by the Carlyle Group, announced in September.
The EMU sector declined 18% by value, recording 93 deals
worth USD 26.1bn in 2020, down from 112 deals worth USD The largest exit for the year was Brazilian government-
31.7bn in 2019. The market was supported by the rebound in backed BNDES Participacoes’ USD 2.4bn sale of Brazil-based
the second half, with 40 deals worth USD 25.6bn announced. electricity provider AES Tiete Energyia to ENEVA, announced
The largest deal in the sector was the USD 10.6bn acquisition in July. There were 27 exits worth USD 3.5bn announced in
of Brazil-based alternative energy company Cosan Limited by 2020.
Brazil-based Cosan S.A. Industria e Comercio, announced in
The Latin American M&A market, bruised but not broken
December.
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Mergermarket Global & Regional Latin America Analysis 28
M&A Report 2020

USD 5.2bn -17.6% 10%

Combined value for private Decline by value in Energy,
Mining, & Utilities (EMU)
Market share for Technology
M&A in Latin America -
equity buyouts in 2020 M&A compared to 2019 Highest on record

-73% USD USD 1.1bn

Decline in inbound M&A
14.4bn Value of the largest deal
compared to 2019 Combined value of inbound in the Technology sector
M&A - lowest since 2003
(StoneCo / Linx)

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Mergermarket Global & Regional Latin America Analysis 29
M&A Report 2020

Chart title 1 Chart title 1

Chart title
Latin 2
America Quarterly Breakdown Trend Chart title
Latin 2
America Sector Breakdown Trend
2015 - 2020 2019 - 2020

100 800 35

90
700
30

80
44.4 22.3 600
70 301.1 25
19.3 16.7

Deal Value (USDbn)

Deal Value (USDbn)

29.2 500

Deal Count
60
9.7 20

50 27.9 400
33.4

30.1 25.3 29.4 15 31.7

40
21.5 300
23.1
26.1

30
10
22.9 200
11.5 13.9
20
12.1 17.8
28.3
100 5 . 10.2
10 1.4
14.9 14.6 6.4 7.8
11.9 12.6 5.8
7.8 4.7 4.5 4.3
3.7 4.0
0 0
2015 2016 2017 2018 2019 2020 0
Energy, Mining Transport Technology Telecoms Financial Other
& Utilities Services

Q1 Q2 Q3 Q4 2019 2020

Deal Count

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Mergermarket Global & Regional Latin America Analysis 30
M&A Report 2020

Latin America League tables

Latin America league table by value Latin America league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 14 Banco BTG Pactual 26,354 20 285.6% 6,835 1 1 Banco Itau BBA 4,143 27 -19 46
2 11 JPMorgan 20,190 11 165.3% 7,610 2 4 BR Partners 8,395 26 5 21
3 17 Banco Bradesco BBI 18,552 17 255.5% 5,219 3 2 Banco BTG Pactual 26,354 20 -18 38
4 1 Bank of America 8,789 13 -67.2% 26,794 4 3 Santander Corporate Investment Banking 5,874 20 -8 28
(SCIB)
5 4 BR Partners 8,395 26 -61.3% 21,706
5 8 Banco Bradesco BBI 18,552 17 0 17
6 3 Morgan Stanley 7,706 7 -70.6% 26,191
6 7 Deloitte 347 14 -5 19
7 16 Credit Suisse 7,546 6 32.5% 5,695
7 6 Bank of America 8,789 13 -6 19
8 2 Santander Corporate Investment Banking 5,874 20 -78.0% 26,675
(SCIB) 8 15 JPMorgan 20,190 11 1 10
9 6 Citi 5,465 9 -62.5% 14,561 9 5 Citi 5,465 9 -12 21
10 47 Mediobanca 4,980 1 1302.8% 355 10 12 Rothschild & Co 1,698 9 -6 15
11 9 Banco Itau BBA 4,143 27 -58.9% 10,069 11 34 Banco Bilbao Vizcaya Argentaria 3,867 8 4 4
12 7 Lazard 4,115 7 -64.8% 11,704 12 11 Morgan Stanley 7,706 7 -8 15
13 42 Banco Bilbao Vizcaya Argentaria 3,867 8 593.0% 558 13 18 Lazard 4,115 7 -2 9
14 - Banchile 3,867 1 - - 14 16 Scotiabank 1,082 7 -3 10
15 - Deutsche Bank 2,443 1 - - 15 22 PwC 561 7 -1 8
16 5 Goldman Sachs & Co 1,979 6 -88.9% 17,764 16 14 Vinci Partners 106 7 -4 11
17 20 Rothschild & Co 1,698 9 -55.8% 3,840 17 13 Credit Suisse 7,546 6 -5 11
18 39 RBC Capital Markets 1,484 2 141.7% 614 18 9 Goldman Sachs & Co 1,979 6 -10 16
19 23 Scotiabank 1,082 7 -15.6% 1,282 19 10 Oaklins 356 6 -10 16
20 13 BNP Paribas 791 3 -88.7% 6,996 20= 54 Artica Invest 154 6 4 2
20= 35 Clairfield International 154 6 2 4

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Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 31
M&A Report 2020

Asia Pacific
(excl. Japan)
Value Deal Details
(USDbn)

USD 725.7bn
Announced Bidder Company Target Company Target Target Sector
Date Geography
49.1 23-Jul China Oil & Gas Pipeline PetroChina Company Limited China Energy, Mining
Network Corporation (Oil & Gas Pipeline Assets) & Utilities

Asia Pacific (excl. Japan)

34.8 23-Jul China Chengtong Holdings
Group Limited; National
China Oil & Gas Pipeline
Network Corporation
China Energy, Mining
& Utilities M&A value in 2020
Council for Social Security (48.74% Stake)
Fund; China Reform Holdings
Corporation Ltd.; Silk Road
Fund Co Ltd; China Insurance
Investment Company Ltd;
China Investment International
Limited

USD
18.4 30-Apr Huishang Bank Baoshang Bank (Beijing, China Financial

60.7%
Chengdu, Ningbo & Services
Shenzhen branches)

50.2bn
13.7 27-Oct China Energy Engineering China Gezhouba Group Co China Energy, Mining
Corporation Limited Ltd (57.16% Stake) & Utilities

12.2 21-Aug Nippon Paint Holdings Nippon Paint Holdings Co Ltd China Industrials &
Inbound M&A value China’s share of APAC
Co Ltd (49% Stake Asia JV); Chemicals into China in 2020 ex Japan’s total M&A
Neave Limited
value in 4Q20

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Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 32
M&A Report 2020

Asia Pacific (excl. Japan)

M&A activity in APAC excl. Japan generated USD 725.7bn across 3696 In November, China’s banking regulator CBIRC gave the go-ahead to differentiate themselves without local partners. The sixth largest
deals in 2020, recording a year-on-year increase of 26.1% in terms of Baoshang Bank to enter bankruptcy proceedings, effectively making deal in 2020 was Thailand’s conglomerate CP Group acquisition of
deal value despite a 6.7% decrease in the number of transactions over the lender the first commercial bank in China to be liquidated through Tesco’s businesses in Thailand and Malaysia for USD 10.6bn, which was
the same period. judicial procedure. announced in March.

The 10 largest deals accounted for 23.5% of total deal value in 2020. Industrial upgrading and market discipline China is redoubling efforts to amend administrative regulations in a
In particular, dealmaking activity surged in 3Q20 (USD 252.5bn across bid to implement its new Foreign Investment Law. Investment inflows
China’s SOE reforms promoting industrial consolidation and upgrading,
933 deals) – the second largest quarterly deal value on Mergermarket are forecast to continue in 2021 as yuan-denominated assets offer far
which have been a major M&A driver in 2020, are expected to continue
record – and remained buoyant in 4Q20 (USD 206.4bn across 1138 better yield than the rest of the world.
to support activity next year. In October, state-owned China Energy
deals) as Asian economies recovered after bringing the COVID-19
Engineering Corporation Limited (CEEC) [HKG:3996] signed an Outbound activity will be more heavily influenced by regulation and
pandemic under control faster than the rest of the world.
agreement to acquire and merge with its indirectly controlled subsidiary geopolitical events. The fall or spike in regional tensions, the success
China in particular is proceeding with a massive reorganization of China Gezhouba Company Group Company Limited (CGGCL) [SHA: or the failure of a US-led strategy aimed at triggering a large-scale shift
its economy towards a more market-oriented system to increase 600068] through a share swap in a deal valued USD 13.7bn – the of supply chains out of China, the potential upgrade of existing trade
efficiency and attract foreign capital to counter economic decoupling fourth largest transaction in 2020. The deal also enables CEEC to list pacts and, in particular, the fate of a China-EU investment agreement
threats from the US. on Shanghai’s main board, which offers richer valuations than the Hong – already signed but yet to be ratified – will be strong indicators of the
Kong Stock Exchange. future direction of investment flows.
Energy and banking reorganization and consolidation
The Chinese government is seeking to instil more market discipline,
As part of its oil and gas market liberalization, China transferred pipeline
allowing more SOE defaults and refraining from state bailouts as long
assets from its state-owned oil companies to the newly created
as default rates remain low overall and unlikely to lead to systemic risk.
PipeChina, which generated APAC ex Japan’s largest deal in 2020
– PetroChina’s USD 49.1bn sale of its major pipeline assets to PipeChina
Beijing will also become more careful about picking winners in its race “Investment inflows [into China] are
last July – as well as the second largest deal this year – PipeChina’s
for technology leadership with the US as it gradually shifts away from a
policy of unlimited support.
forecast to continue in 2021 as yuan-
USD 34.8bn equity injection from six shareholders including China
Chengtong Holdings Group, the National Council for Social Security Travel restrictions and cross-border M&A
denominated assets offer far better
Fund and China Reform Holdings.
The COVID-19 travel restrictions have dealt a severe blow to airlines
yield than the rest of the world.”
Meanwhile, consolidation of Chinese small and medium-sized and travel companies, raising expectations of a rise in industry
commercial banks continues as part of a wider government effort
to mitigate financial risks amid an increase in the number of non-
consolidation and distressed deals. In November, Korean Airlines has
reached a deal valued USD 8.4bn – the seventh largest transaction
Riccardo Ghia,
performing loans in the country. The third largest deal was Baoshang in 2020 – to acquire its chief competitor Asiana Airlines, with plans to Research Editor (APAC)
Bank’s transfer of its business, assets and liabilities outside Inner consolidate into a single airline that will dominate the Korean air market.
Mongolia to Huishang Bank [HKG: 3698] in April – a transaction
Foreign supermarket operators meanwhile continue to retreat from
valued USD 18.4bn. Other Baoshang Bank’s assets were taken over
China and Asia as they face increasing competition from e-commerce
by Mengshang Bank, a newly created lender based in Inner Mongolia.
companies, struggle to adapt to local tastes and find it difficult to

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Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 33
M&A Report 2020

USD 49.1bn USD

186.8bn
10
PetroChina’s sale of its major
Value of M&A in the Energy, Top deals account for 23.5%
pipeline assets, major deal in Mining & Utilities sector of total M&A value in 2020
APAC ex Japan in 2020

28
USD
110bn USD 23.4bn
Number of Deals above USD 5bn in Combined value for private equity
APAC ex Japan in 2020 buyouts in 2020 Overall deal value for private
equity exits in 2020

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Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 34
M&A Report 2020

Chart title 1 Chart title 1

Chart
Asiatitle 2
Pacific (excl. Japan) Quarterly Breakdown Trend Chart
Asiatitle 2 (excl. Japan) Sector Breakdown Trend
Pacific
2015 - 2020 2019 - 2020

250

1000 5000

200

800 4000

Deal Value (USDbn)

292.4
150
Deal Value (USDbn)

197.0
206.4

Deal Count
600 251.0 3000

179.5
152.8 207.7
172.3
160.1 100 186.8

400 2000 177.9

252.4
172.9 182.7
134.2
232.8
119.7
217.6
95.6
50 92.9
200 150.4 145.1 115.5
141.7 1000 61.7
77.6
65.6 65.2
67.5 83.4
196.1
136.8 141.5 157.3 153.7
125.2

0 0 0
2015 2016 2017 2018 2019 2020 Energy, Mining Industrials Technology Financial Consumer Others
& Utilities & Chemicals Services

Q1 Q2 Q3 Q4 2019 2020

Deal Count

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Mergermarket Global & Regional Asia Pacific (excl. Japan) Analysis 35
M&A Report 2020

Asia Pacific (excl. Japan) League tables

Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 5 China International Capital Corporation 204,414 76 334.4% 47,056 1 1 PwC 21,146 115 -49 164
2 7 CITIC Securities 182,908 69 335.5% 42,001 2 3 Deloitte 36,263 81 -8 89
3 1 Goldman Sachs & Co 124,846 63 69.9% 73,488 3 4 EY 21,025 78 1 77
4 2 Morgan Stanley 97,364 61 54.8% 62,892 4 7 China International Capital Corporation 204,414 76 29 47
5 11 UBS Investment Bank 94,324 34 187.6% 32,800 5 9 CITIC Securities 182,908 69 28 41
6 4 JPMorgan 70,727 43 36.7% 51,739 6 2 KPMG 7,079 68 -40 108
7 21 China Securities 68,776 17 361.4% 14,905 7 5 Goldman Sachs & Co 124,846 63 8 55
8 3 Bank of America 55,422 45 -8.6% 60,604 8 6 Morgan Stanley 97,364 61 9 52
9 15 HSBC 48,472 25 102.0% 23,996 9 16 Bank of America 55,422 45 11 34
10 6 Citi 46,502 39 0.8% 46,132 10 10 JPMorgan 70,727 43 3 40
11 9 Credit Suisse 40,138 31 2.4% 39,209 11 8 Citi 46,502 39 -3 42
12 17 Deloitte 36,263 81 62.7% 22,283 12 15 Macquarie Group 21,505 35 -1 36
13 46 Guotai Junan Securities 34,899 18 643.8% 4,692 13 12 UBS Investment Bank 94,324 34 -5 39
14 18 Nomura Holdings 23,430 19 12.4% 20,846 14 13 Credit Suisse 40,138 31 -5 36
15 10 Huatai Securities 23,041 27 -33.6% 34,696 15 11 Rothschild & Co 19,512 29 -11 40
16 24 Somerley Capital 21,911 21 66.8% 13,134 16 14 Huatai Securities 23,041 27 -9 36
17 23 Macquarie Group 21,505 35 45.3% 14,797 17 19 HSBC 48,472 25 4 21
18 16 PwC 21,146 115 -8.2% 23,047 18 21 China Renaissance Holdings 5,157 25 4 21
19 62 Moelis & Company 21,038 20 693.6% 2,651 19 18 Somerley Capital 21,911 21 -1 22
20 20 EY 21,025 78 27.9% 16,443 20 32 Moelis & Company 21,038 20 7 13

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Mergermarket Global & Regional Japan Analysis 36
M&A Report 2020

Japan
Value Deal Details
(USDbn)

40.4
Announced
Date
29-Sep
Bidder Company

Nippon Telegraph and

Telephone Corporation
Target Company

NTT DoCoMo Inc

(33.79% Stake)
Target
Geography
Japan
Target Sector

Telecoms
USD 109.1bn
Japan M&A value in 2020
4.9 23-Dec LINE Corporation Z Holdings Corporation Japan Technology
(44.62% Stake)

3.0 31-Jan Hitachi Ltd Hitachi High-Tech Japan Industrials &

Corporation (48.27% Chemicals
Stake)

2.9 16-Oct Hitachi Automotive Showa Corporation; Industrials &

13.1% 18
Japan
Systems Ltd Nissin Kogyo Co Ltd; Chemicals
Keihin Corporation

2.3 19-May Sony Corporation Sony Financial Holdings Japan Financial Services
Inc (28.41% Stake) Japan’s share of wider Deals above USD 1bn
APAC’s total M&A value in in Japan in 2020
2020 - largest share for
Japan deals since 2012

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Mergermarket Global & Regional Japan Analysis 37
M&A Report 2020

Japan

Japan M&A activity reached USD 109.1bn on 441 transactions in 2020, 43.1bn on four deals and Industrials & Chemicals which generated USD of Seiyu all exceeded USD 1bn in value. Total PE exit value did not reach
accounting for 13.1% of overall APAC M&A value (USD 834.8bn), the 14.4bn on 72 deals (down 27.9% in value year-on-year), respectively USD 1bn in disclosed value, pegged at USD 972m across 25 deals – the
biggest share since 2012. accounting for 39.5% and 13.2% of total value, followed by Technology lowest value since 2003 – of which the Consumer sector generated
(USD 12.8bn, 65 deals) with 11.8%. While Technology saw a 37% drop USD 746m (76.7%) with five deals.
Total deal value for 2020 saw a 1.6x uptick compared to 2019, while deal
in value year-on-year, Financial Services (USD 8.4bn, 26 deals) saw a
count dropped 7% year-on-year. COVID-19’s financial impact is one more reason for Japanese
3.8x surge.
conglomerates to continue non-core divestitures, and while leveraged
Domestic deals take spotlight
Inbound deals reached USD 8.9bn across 50 deals, not quite reaching financing seems relatively harder to come by under the current
Japan deals were driven by large-sized domestic transactions this 2019 in value. US buyers spent USD 7.1bn over 18 deals, representing environment, PEs seem as ready as ever, according to Mergermarket
year. There were 18 deals above USD 1bn, totaling USD 86.7bn and 79.8% of total inbound value and a 1.6x jump year-on-year, making 2020 intelligence on ongoing processes and deal prospects including
accounting for 79.5% of total deal value, of which 15 were domestic. the third consecutive year that Japan-bound deals by US companies Hitachi Metals [TYO:5486], MODEC [TYO:6269], and Fujitsu General
grew in value and count. Deals by Asia-Pacific (ex. Japan) companies [TYO:6755]. While global PEs will likely dominate larger deals, Japanese
Domestic deals generated USD 100.2bn across merely 391 deals,
recorded USD 1.6bn on 20 deals, around one-third of 2019 value on PEs - even midsized ones - are increasingly eyeing corporate divestiture
accounting for 91.8% of total value, representing the highest full-year
the same deal count. opportunities as many contemplate new fundraises after their portfolio
value for domestic deals since 2005, and a 1.7x bump in value year-on-
companies proved rather resilient to the pandemic.
year. In contrast, domestic deal count was the lowest since 2015. Outbound activity rocky
Moreover, recent initiatives by the new administration under Prime
Listed parents’ consolidation of listed subsidiaries took centerstage Outbound deals, by stark contrast to recent years, have been sluggish,
Minister Yoshihide Suga aimed at realigning Japan’s regional banking
in 2020. NTT’s [TYO:9432] USD 40.4bn acquisition of the stake it did reporting a total USD 36.3bn across 196 deals, around a 62% and 44%
industry are expected to further accelerate consolidation in the
not own in NTT DoCoMo, was the largest Japan-targeted M&A for the drop in value and count, respectively, year-on-year. Many deals are
space. With the government’s carbon-neutrality target for 2050 and
year and the largest ever tender offer for a Japanese company to date. believed to have been put on hold or shelved amidst a global pandemic.
consideration for new tax breaks to facilitate M&A of small to mid-sized
Hitachi’s [TYO:6501] USD 4.9bn acquisition of the stake it did not own That said, the top outbound sectors Industrials & Chemicals (USD 15bn,
companies, deals in relevant industries may also gain momentum.
in Hitachi High-Tech was also the third largest Japan-targeted deal. 49 deals) and Technology (USD 10.9bn, 34 deals) each dropped by
Prominent terminations of “parent-child” dual listings were seen across less than 13% in value year-on-year, despite volume being about half
sectors: Sony’s [TYO:6758] consolidation of Sony Financial Holdings; of 2019’s figures. With a handful of outbound transactions involving
Itochu’s [TYO:8001] take-private of FamilyMart; and Resona Holdings’
[TYO:8308] proposal to take full control of Kansai Mirai Financial Group
Japanese electronics/industrials majors, such as NEC’s [TYO:6701] USD
2.2bn acquisition of Avaloq Group, Japan Inc is continuing its global
“With the government’s carbon-neutrality
[TYO:7321]. hunt for new technology to secure competitive edge with or without target for 2050 and consideration for
Parent-child dual listings – still common in Japan – have increasingly
COVID-19.
new tax breaks to facilitate M&A of small
come under scrutiny by international and institutional investors. The
government introduced new guidelines in 2019 to improve corporate
Buyouts steady, PEs ready
to mid-sized companies, deals in relevant
governance of listed subsidiaries with controlling parent shareholders.
Private equity buyouts remained steady historically speaking, generating
USD 8.8bn across 59 deals, down 26.6% in value from a particularly
industries may also gain momentum.”
Such pressures coupled with their short-term need to achieve
strong 2019. Led by Blackstone’s acquisition of Takeda Consumer
operational efficiency to counter COVID-19’s impact will keep pushing
companies to review parent-child listings.
Healthcare and Bain Capital’s acquisition of Nichiigakkan, the year’s two
largest buyouts, the PMB sector generated USD 4.6bn across six deals,
Raiha Mahmoud,
Dominant sectors for Japan M&A were Telecoms which generated USD accounting for 52% of total buyout value. These and KKR’s acquisition Senior Reporter (APAC)
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Mergermarket Global & Regional Japan Analysis 38
M&A Report 2020

USD USD
USD 40.4bn 36.3bn
Outbound M&A value by
Japanese buyers in 2020
2.2bn
NEC’s acquisition of Avaloq
Group, major outbound deal
NTT’s take-private of subsidiary - down about 62% in 2020 by Japan Inc
NTT DoCoMo, largest deal versus 2019

in Japan in 2020

USD 8.8bn
91.8% 6520x Combined value of private equity
Domestic M&A share of Year-on-Year increase in value
buyouts in Japan in 2020
total deal value for Telecoms in 2020

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Mergermarket Global & Regional Japan Analysis 39
M&A Report 2020

Chart title 1 Chart title 1

Chart titleQuarterly
Japan 2 Breakdown Trend Chart titleSector
Japan 2 Breakdown Trend
2015 - 2020 2019 - 2020

50

120 500

40

100
400
28.9

Deal Value (USDbn)

30
80
Deal Value (USDbn)

Deal Count
300

60 15.2
35.6 43.1
20
57.5
38.7 200
22.8
40 11.4 16.4

21.6 22.4 22.7

10 20.3
14.0 19.7 13.3 10.6 19.9
100
20 9.6 14.4
12.8
9.1 8.6 10.5
5.5 8.4
17.1 13.0 7.7
9.1 9.0 9.1 8.0 3.4
0
1.7
0 0
2015 2016 2017 2018 2019 2020
Telecom- Industrials Techonology Financial Consumer Others
munications & Chemicals Services

Q1 Q2 Q3 Q4 2019 2020

Deal Count

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Mergermarket Global & Regional Japan Analysis 40
M&A Report 2020

Japan League tables

Japan league table by value Japan league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 1 Morgan Stanley 101,004 25 102.6% 49,860 1 2 Nomura Holdings 81,627 63 0 63
2 2 Nomura Holdings 81,627 63 80.5% 45,213 2 1 Deloitte 70,209 50 -26 76
3 5 Deloitte 70,209 50 162.8% 26,714 3 6 Sumitomo Mitsui Financial Group 10,436 39 2 37
4 4 Goldman Sachs & Co 52,192 15 51.5% 34,440 4 4 Mizuho Financial Group 10,167 31 -11 42
5 45 Plutus Consulting 45,556 14 4928.3% 906 5 5 Morgan Stanley 101,004 25 -14 39
6= - Raine Group 38,500 1 - - 6 3 Daiwa Securities Group / DC Advisory 6,019 19 -32 51
6= - Zaoui & Co 38,500 1 - - 7 13 Bank of America 26,523 16 3 13
8 6 Bank of America 26,523 16 5.5% 25,151 8 7 PwC 4,902 16 -14 30
9 11 Sumitomo Mitsui Financial Group 10,436 39 -19.8% 13,017 9 8 GCA Corporation 3,746 16 -13 29
10 3 Mizuho Financial Group 10,167 31 -75.2% 41,020 10 9 Goldman Sachs & Co 52,192 15 -6 21
11 12 Daiwa Securities Group / DC Advisory 6,019 19 -45.0% 10,951 11 11 Frontier Management 1,745 15 -1 16
12 17 PwC 4,902 16 -20.5% 6,169 12 17 Plutus Consulting 45,556 14 3 11
13 14 Barclays 4,278 8 -53.7% 9,232 13 10 EY 1,489 13 -3 16
14 34 GCA Corporation 3,746 16 60.6% 2,333 14 12 KPMG 3,336 10 -5 15
15 13 KPMG 3,336 10 -68.8% 10,700 15 19 YAMADA Consulting Group 872 10 0 10
16 7 JPMorgan 3,001 7 -85.1% 20,153 16 28 Oaklins 668 9 4 5
17 42 Jamieson Corporate Finance 2,226 1 122.6% 1,000 17 20 Barclays 4,278 8 -1 9
18 65 Greenhill & Co 1,901 3 836.5% 203 18 15 JPMorgan 3,001 7 -5 12
19 47 Frontier Management 1,745 15 162.0% 666 19 27 Lincoln International 355 7 2 5
20 15 EY 1,489 13 -76.5% 6,336 20 16 Citi 1,189 5 -6 11

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Mergermarket Global & Regional Middle East & Africa Analysis 41
M&A Report 2020

Middle East & Africa

Value Deal Details

(USDbn)

20.3
Announced
Date
29-Apr
Bidder
Company
Abu Dhabi National Energy
Company PJSC
Target
Company
Abu Dhabi Power
Corporation PJSC (Water
Target
Geography
United Arab
Emirates
Target Sector

Energy, Mining
& Utilities
USD 96.9bn
and electricity generation,
transmission, and distribution
assets) 2020 MEA M&A value – second
15.2 11-Oct The National Commercial Bank Samba Financial Group Saudi Arabia Financial
Services
highest annual figure on record

10.1 23-Jun Snam SpA; OTTP; Brookfield ADNOC Gas Pipeline Assets United Arab Energy, Mining
Asset Management Inc.; GIC; LLC (49% Stake) Emirates & Utilities
NH Investment & Securities
Co Ltd; Global Infrastructure

-149 4
Partners LLC

9.8 01-Mar Kuwait Finance House Ahli United Bank BSC Bahrain Financial
Services

Fall in deal count versus 2019 Number of deals worth

at least USD 5bn
2.9 22-May PT Indofood CBP Sukses Pinehill Company Limited Saudi Arabia Consumer
Makmur TBK

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M&A Report 2020

Middle East & Africa

Although it did not quite hit the heights of 2019, M&A 2020, with travel restrictions impacting traditional dealmaking announced in mid-October. Even excluding this deal, the
targeting the Middle East & Africa (MEA), reached its second logistics. Instead activity in 2020 has been driven by deals sector would have increased by 40.7% on the 2019 value of
highest annual value on Mergermarket record, after a solid between MEA-based firms. Intra-MEA M&A reached USD USD 9.6bn.
recovery in the final quarter of the year. In total, USD 96.9bn 68bn across 187 deals, its second highest annual value on
After a turbulent year in the energy markets, coupled with the
was spent in the region in 2020, representing a 32.6% decline Mergermarket record – only behind last year’s USD 94.3bn
pandemic, M&A in the energy, mining & utilities space has had
versus the record-breaking 2019 value of USD 143.8bn – which which included the takeover of SABIC.
a mixed year. There were just 43 deals recorded in the sector
included the USD 70bn tie-up between Saudi Aramco and
Inbound M&A, meanwhile, has remained low even in the in 2020, representing the lowest annual deal count since
SABIC.
second half of 2020. There were 159 acquisitions of MEA- 2009 (38 deals). There were, however, several big-ticket deals
Big-ticket deals drive activity while mid-market remains based firms by foreign entities in 2020 worth an aggregate including the aforementioned ADPower acquisition, as well as
subdued USD 28.9bn. This represented its lowest number of deals since the ADNOC’s two stake sales of its gas pipeline assets for a
2012 (145 deals) and lowest value since 2015 (USD 15.5bn) combined USD 12.2bn.
There were four deals worth at least USD 5bn announced in
after a number of strong years of investment from overseas.
2020, the most seen in the region on Mergermarket record. All in all, there will be cautious optimism for a more buoyant
This included TAQA’s USD 20.2bn acquisition of a majority Tech and financial services remain robust despite M&A market in the coming year as vaccine rollouts begin
stake in the water and electricity generation, transmission, and uncertainty around the world and markets begin to open further. The
distribution assets of ADPower announced in April, the largest recovery in the final quarter of 2020 points to a more active
Tech, as has been seen across the global M&A landscape,
deal in the region this year. year ahead.
continues to drive dealmaking in the region. The push to
While several big-ticket deals have boosted the region’s digitalise products and services accelerated in 2020 and as
annual M&A value, the number of deals has fallen to its lowest a result tech remained the most active sector in MEA by deal
point since 2012, with the pandemic resulting in a clear
decline in smaller and mid-market companies participating in
count. The sector saw 69 deals in 2020, accounting for a 21%
share in the region’s deal count – up from 17.4% a year prior.
“The recovery in the final
M&A. By deal count, the region saw just 346 deals, 149 fewer
than in 2019.
Many MEA-based tech firms are also planning to make quarter of 2020 points to
investments, both in the region and outside, according to
The robust value figures have largely been down to activity Mergermarket intelligence. UAE-based firm Multiply Marketing a more active year ahead.”
in the Middle East, which saw a clear recovery in the fourth Consultancy, for example, may plan to acquire US-based
quarter. The USD 24.2bn recorded in 4Q20 represented a digital marketing companies, while JG Group is reportedly in
5.3x increase on 3Q20 (USD 4.6bn) pushing the Middle East’s talks to buy stakes in US and UK-based tech firms.
annual value (USD 87.2bn) to its second highest point on
Financial Services has seen a noticeable uptick in recent
Jonathan Klonowski,
Mergermarket record. In comparison, African M&A fell to USD
9.8bn, a 56.6% drop in comparison to 2019 (USD 22.6bn) to
years and reached its highest annual value on Mergermarket
record in 2020. A total of USD 28.7bn was spent in the sector,
Research Editor (EMEA)
its lowest annual figure since 2002.
eclipsing the previous record of USD 17.8bn in 2016. This was
COVID curtails cross-border dealmaking largely driven by The National Commercial Bank’s USD 15.2bn
acquisition of Saudi Arabia-based firm Samba Financial Group,
Foreign investment into MEA has suffered a clear decline in
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Mergermarket Global & Regional Middle East & Africa Analysis 43
M&A Report 2020

USD 28.9bn 43
Number of deals in Energy,
19.9%
Technology share of MEA deal
count – up from 17.4% last year
Foreign investment into MEA in 2020 Mining & Utilities sector in
2020 - lowest since 2009
– lowest annual value since 2015

68bn 5.3x
USD 28.7bn
MEA Financial Services M&A this year
Value of intra-MEA M&A Increase in M&A in the Middle
in 2020 – second highest East (excl. Israel) versus 2019
annual value on record

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Mergermarket Global & Regional Middle East & Africa Analysis 44
M&A Report 2020

Chart title 1 Chart title 1

Chart title East
Middle 2 & Africa Quarterly Breakdown Trend Chart titleEast
Middle 2 & Africa Sector Breakdown Trend
2015 - 2020 2019 - 2020

80

180 600

160
60

480
140

Deal Value (USDbn)

12.7

11.5
120
Deal Value (USDbn)

Deal Count
24.0 360
40
100
74.9

22.5 26.7
80
240
7.2
60 17.2
10.9
35.4 20
95.5 38.9
12.5
17.3 41.6
40
10.0 120 27.9 28.7
20.7
17.0
20 6.1 24.8 16.8
29.8
9.5 9.6 10.5
21.5 8.1 10.7
17.9 6.0 3.9 4.7
8.6 9.7
0 0 0
2015 2016 2017 2018 2019 2020 Energy, Mining Financial Industrials Technology Consumer Other
& Utilities Services & Chemicals

Q1 Q2 Q3 Q4 2019 2020

Deal Count

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Mergermarket Global & Regional Middle East & Africa Analysis 45
M&A Report 2020

Middle East & Africa League tables

MEA league table by value MEA league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 2 Citi 44,665 7 -49.4% 88,284 1 2 EY 2,278 25 3 22
2 1 JPMorgan 39,988 10 -59.2% 98,110 2 4 PwC 1,600 22 3 19
3 13 Rothschild & Co 30,417 20 468.5% 5,350 3 6 Rothschild & Co 30,417 20 4 16
4 6 Morgan Stanley 24,123 10 -67.9% 75,113 4 12 Standard Bank Group 2,305 19 9 10
5 3 Bank of America 18,553 11 -78.5% 86,252 5 10 Bank of America 18,553 11 0 11
6 9 Moelis & Company 12,580 4 -1.6% 12,785 6 1 JPMorgan 39,988 10 -18 28
7 4 Goldman Sachs & Co 12,519 8 -85.1% 83,843 7 16 Morgan Stanley 24,123 10 2 8
8= 52 First Abu Dhabi Bank 12,200 2 2138.5% 545 8 5 Goldman Sachs & Co 12,519 8 -9 17
8= - Mizuho Financial Group 12,200 2 - - 9 3 Citi 44,665 7 -14 21
10 5 HSBC 12,138 7 -85.4% 82,922 10 9 HSBC 12,138 7 -6 13
11 49 KPMG 10,086 7 1669.5% 570 11 15 KPMG 10,086 7 -2 9
12 10 Barclays 3,941 6 -47.6% 7,514 12 11 Barclays 3,941 6 -5 11
13 - Somerley Capital 2,931 1 - - 13 7 Lazard 905 6 -9 15
14 15 Deutsche Bank 2,718 1 -30.7% 3,924 14 19 BNP Paribas 419 6 -1 7
15 41 Standard Bank Group 2,305 19 173.4% 843 15 24 PSG Capital 178 6 1 5
16 11 EY 2,278 25 -61.1% 5,856 16 23 Evercore 2,162 5 0 5
17 19 UBS Investment Bank 2,176 4 -28.4% 3,040 17 8 Deloitte 298 5 -10 15
18 21 Evercore 2,162 5 -3.7% 2,245 18 13 Moelis & Company 12,580 4 -5 9
19 - Gordon Dyal & Co 2,000 1 - - 19 26 UBS Investment Bank 2,176 4 0 4
20 - NH Investment & Securities 1,684 1 - - 20 21 Credit Suisse 935 4 -2 6

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M&A Report 2020

M&A Rankings by deal value and

deal count for a wide range of regions

M&A and PE
Financial Advisory League Tables

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M&A Report 2020

Global Advisory League tables

Global league table by value Global league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 1 Goldman Sachs & Co 966,972 373 -18.0% 1,179,910 1 2 Deloitte 110,104 487 -102 589
2 3 Morgan Stanley 850,250 276 -8.8% 931,788 2 1 PwC 51,928 480 -131 611
3 2 JPMorgan 772,835 289 -21.3% 982,037 3 3 KPMG 35,901 394 -77 471
4 5 Bank of America 551,490 243 -16.4% 659,868 4 5 Goldman Sachs & Co 966,972 373 22 351
5 7 Credit Suisse 410,048 132 7.4% 381,676 5 4 EY 33,860 350 -45 395
6 4 Citi 395,970 175 -43.8% 704,525 6 7 JPMorgan 772,835 289 -1 290
7 8 Barclays 269,717 155 -16.4% 322,629 7 8 Morgan Stanley 850,250 276 6 270
8 9 Lazard 269,137 190 16.1% 231,881 8 6 Rothschild & Co 252,549 272 -41 313
9 15 UBS Investment Bank 258,356 136 53.0% 168,832 9 12 Bank of America 551,490 243 29 214
10 16 Rothschild & Co 252,549 272 50.8% 167,420 10 10 Houlihan Lokey 46,528 225 -12 237
11 6 Evercore 247,673 161 -59.6% 612,797 11 9 Lazard 269,137 190 -55 245
12 33 China International Capital Corporation 204,414 76 311.7% 49,650 12 13 Jefferies 169,412 187 -9 196
13 37 CITIC Securities 182,908 69 335.5% 42,001 13 11 Citi 395,970 175 -50 225
14 17 HSBC 182,336 59 18.1% 154,369 14 18 Evercore 247,673 161 5 156
15 18 Deutsche Bank 181,610 82 19.8% 151,594 15 14 Barclays 269,717 155 -30 185
16 12 Jefferies 169,412 187 -15.2% 199,759 16 15 Lincoln International 6,823 144 -39 183
17 28 Nomura Holdings 162,970 121 159.6% 62,789 17 17 Oaklins 6,488 139 -22 161
18 14 Centerview Partners 159,811 48 -13.9% 185,653 18 22 UBS Investment Bank 258,356 136 10 126
19 13 Moelis & Company 122,853 123 -35.0% 188,982 19 16 Credit Suisse 410,048 132 -35 167
20 20 BNP Paribas 121,571 75 45.3% 83,669 20 19 BDO 7,126 130 -16 146

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EMEA Advisory League tables

Europe league table by value Europe league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 1 Goldman Sachs & Co 486,513 149 19.0% 408,976 1 2 Deloitte 20,090 335 -73 408
2 2 JPMorgan 403,890 131 23.9% 325,881 2 1 PwC 23,712 326 -84 410
3 3 Morgan Stanley 361,018 99 12.3% 321,527 3 3 KPMG 19,011 303 -21 324
4 4 Bank of America 223,061 88 2.9% 216,683 4 4 EY 11,885 253 -43 296
5 5 Citi 204,732 76 8.8% 188,158 5 5 Rothschild & Co 198,295 226 -36 262
6 12 Credit Suisse 202,998 48 97.5% 102,785 6 7 Goldman Sachs & Co 486,513 149 -5 154
7 8 Rothschild & Co 198,295 226 34.1% 147,863 7 8 JPMorgan 403,890 131 -5 136
8 7 Lazard 182,261 115 16.3% 156,739 8 6 Lazard 182,261 115 -46 161
9 16 HSBC 153,936 46 182.4% 54,504 9 12 Morgan Stanley 361,018 99 -3 102
10 9 Barclays 145,168 60 8.6% 133,642 10 10 BDO 6,341 98 -23 121
11 10 UBS Investment Bank 126,635 72 4.9% 120,713 11 9 Oaklins 1,402 93 -29 122
12 14 Deutsche Bank 120,393 36 78.0% 67,643 12 15 Bank of America 223,061 88 -2 90
13 13 BNP Paribas 106,999 59 38.7% 77,166 13 14 Clearwater International 1,137 81 -10 91
14 6 Evercore 96,271 52 -38.9% 157,562 14 11 Citi 204,732 76 -28 104
15 15 Jefferies 87,450 64 30.8% 66,833 15 13 Lincoln International 1,928 76 -24 100
16 38 Societe Generale 77,119 37 362.7% 16,668 16 27 UBS Investment Bank 126,635 72 9 63
17 51 LionTree Advisors 70,143 11 537.4% 11,005 17 23 Houlihan Lokey 5,311 70 1 69
18 18 Centerview Partners 65,185 14 59.0% 41,000 18 16 Alantra 5,564 69 -20 89
19 17 Mediobanca 52,643 39 9.0% 48,285 19 22 Jefferies 87,450 64 -7 71
20 25 Nomura Holdings 45,012 37 57.2% 28,636 20 20 Barclays 145,168 60 -21 81

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UK league table by value UK league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 2 Morgan Stanley 234,099 39 134.9% 99,639 1 4 Rothschild & Co 53,952 93 9 84
2 1 Goldman Sachs & Co 216,951 58 64.0% 132,291 2 3 Deloitte 4,015 74 -17 91
3 5 JPMorgan Cazenove 190,554 55 148.5% 76,674 3 1 KPMG 2,063 73 -39 112
4 12 Credit Suisse 123,608 20 201.2% 41,036 4 2 PwC 6,491 71 -27 98
5 4 Barclays 120,487 34 38.0% 87,321 5 5 Goldman Sachs & Co 216,951 58 -3 61
6 9 Citi 109,974 32 125.4% 48,788 6 9 JPMorgan Cazenove 190,554 55 9 46
7 3 Bank of America 89,381 35 1.0% 88,497 7 6 EY 3,608 54 -7 61
8 16 HSBC 83,659 19 235.3% 24,947 8 22 Houlihan Lokey 4,003 42 12 30
9 6 UBS Investment Bank 63,243 27 6.4% 59,438 9 16 Morgan Stanley 234,099 39 5 34
10 10 Jefferies 61,920 37 33.2% 46,498 10 11 BDO 758 39 0 39
11 11 Evercore 55,160 26 23.1% 44,796 11 12 Jefferies 61,920 37 -1 38
12 7 Rothschild & Co 53,952 93 -6.0% 57,369 12 17 Bank of America 89,381 35 1 34
13 8 Lazard 48,192 34 -11.5% 54,457 13 10 Barclays 120,487 34 -6 40
14 58 Centerview Partners 42,473 6 1558.5% 2,561 14 8 Lazard 48,192 34 -17 51
15 170 Ondra Partners 38,663 1 29190.2% 132 15 24 Citi 109,974 32 6 26
16 - Raine Group 38,620 3 - - 16 20 Alantra 784 32 0 32
17 56 Zaoui & Co 38,500 1 1387.6% 2,588 17 19 Daiwa Securities Group / DC Advisory 7,652 31 -2 33
18 20 Deutsche Bank 23,881 9 28.0% 18,662 18 15 Clearwater International 332 31 -4 35
19 44 Moelis & Company 20,826 15 444.9% 3,822 19 28 UBS Investment Bank 63,243 27 5 22
20 54 LionTree Advisors 20,155 4 635.9% 2,739 20 13 Evercore 55,160 26 -11 37

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Ireland league table by value Ireland league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal Count Deal 2020 2019 Company name Value Deal Count Deal
(USDm) count change count (USDm) count change count
1 1 Goldman Sachs & Co 6,957 3 -93.7% 110,941 1 1 KPMG 231 17 0 17
2 7 Moelis & Company 4,958 3 -56.1% 11,301 2 3 Deloitte 804 16 4 12
3 10 Citi 4,818 3 -49.3% 9,504 3 6 PwC 838 9 0 9
4 6 Davy Corporate Finance 4,396 6 -64.4% 12,360 4 2 IBI Corporate Finance 152 9 -6 15
5 20 Goodbody Corporate Finance 2,074 1 275.0% 553 5 5 Davy Corporate Finance 4,396 6 -3 9
6 25 Houlihan Lokey 1,300 3 224.2% 401 6 26 PJT Partners 746 5 3 2
7 - Tyton Partners 1,300 1 - - 7 42 CAPNUA Corporate Finance 341 5 3 2
8 64 PwC 838 9 10375.0% 8 8 12 Morgan Stanley 708 4 0 4
9 37 Financial Technology Partners 825 1 358.3% 180 9 23 Jefferies 494 4 1 3
10 22 Deloitte 804 16 73.3% 464 10 88 Key Capital 282 4 3 1

DACH league table by value DACH league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 3 JPMorgan 100,589 36 30.6% 77,046 1 1 EY 4,158 63 -27 90
2 1 Goldman Sachs & Co 92,547 40 17.0% 79,086 2 2 PwC 636 58 -15 73
3 6 Credit Suisse 61,437 18 50.1% 40,922 3 3 Deloitte 6,763 54 -16 70
4 8 Rothschild & Co 61,255 40 59.2% 38,485 4 4 KPMG 4,658 53 -5 58
5 4 UBS Investment Bank 57,327 28 9.5% 52,354 5 6 Goldman Sachs & Co 92,547 40 1 39
6 2 Bank of America 50,543 26 -34.9% 77,612 6 5 Rothschild & Co 61,255 40 -17 57
7 10 Deutsche Bank 50,286 13 96.9% 25,536 7 9 GCA Corporation 516 39 5 34
8 9 Lazard 38,752 21 22.1% 31,745 8 8 JPMorgan 100,589 36 0 36
9 5 Morgan Stanley 33,484 22 -19.8% 41,743 9 16 UBS Investment Bank 57,327 28 7 21
10 32 Macquarie Group 31,668 14 812.4% 3,471 10 7 Lincoln International 553 27 -10 37

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Germany league table by value Germany league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 2 JPMorgan 81,976 25 48.6% 55,176 1 1 EY 2,749 44 -30 74
2 1 Goldman Sachs & Co 75,662 27 31.5% 57,536 2 3 PwC 517 41 -6 47
3 10 Rothschild & Co 50,268 28 177.0% 18,149 3 2 Deloitte 2,227 31 -18 49
4 8 Credit Suisse 45,143 10 115.2% 20,975 4 4 KPMG 3,481 30 -10 40
5 9 UBS Investment Bank 44,344 11 136.7% 18,731 5 10 GCA Corporation 283 30 4 26
6 3 Bank of America 38,725 19 4.7% 36,998 6 5 Rothschild & Co 50,268 28 -6 34
7 7 Deutsche Bank 37,274 8 66.1% 22,445 7 8 Goldman Sachs & Co 75,662 27 0 27
8 5 Lazard 35,781 17 29.5% 27,628 8 9 JPMorgan 81,976 25 -1 26
9 23 Macquarie Group 31,025 12 793.8% 3,471 9 19 Carlsquare 91 23 7 16
10 18 BNP Paribas 27,183 17 560.1% 4,118 10 6 Lincoln International 258 22 -8 30
11 29 Nomura Holdings 24,053 4 1352.5% 1,656 11 26 Livingstone Partners 160 21 8 13
12 85 goetzpartners 20,068 13 19012.4% 105 12 20 Bank of America 38,725 19 4 15
13 186 Bain & Company 18,834 1 - - 13 7 UniCredit Group 69 18 -12 30
14 87 Societe Generale 17,458 4 17015.7% 102 14 11 Lazard 35,781 17 -7 24
15 4 Morgan Stanley 16,878 15 -50.3% 33,949 15 23 BNP Paribas 27,183 17 4 13
16 22 HSBC 14,450 6 306.2% 3,557 16 14 Falkensteg 14 17 -2 19
17 6 Citi 12,802 7 -51.1% 26,177 17 21 Morgan Stanley 16,878 15 0 15
18 69 Jefferies 11,748 8 5264.4% 219 18 32 goetzpartners 20,068 13 3 10
19 64 Commerzbank 10,793 12 4200.0% 251 19 33 Oaklins 25 13 3 10
20 96 Berenberg Bank 9,636 1 13283.3% 72 20 43 Saxenhammer & Co Corporate Finance 17 13 5 8

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Switzerland league table by value Switzerland league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal Count Deal 2020 2019 Company name Value Deal Count Deal
(USDm) count change count (USDm) count change count
1 5 Credit Suisse 16,944 11 -15.3% 19,997 1 5 UBS Investment Bank 13,503 20 7 13
2 4 JPMorgan 16,515 8 -38.1% 26,683 2 9 KPMG 667 19 8 11
3 13 Morgan Stanley 15,309 6 96.4% 7,794 3 4 EY 1,409 17 2 15
4 3 Goldman Sachs & Co 15,140 12 -43.3% 26,708 4 1 PwC 119 16 -8 24
5 2 UBS Investment Bank 13,503 20 -59.8% 33,623 5 22 BDO 67 16 11 5
6 18 Deutsche Bank 11,715 4 240.9% 3,436 6 7 Deloitte 2,438 13 1 12
7 1 Bank of America 11,308 6 -72.2% 40,614 7 6 Goldman Sachs & Co 15,140 12 -1 13
8 6 Rothschild & Co 9,882 10 -50.0% 19,764 8 3 Credit Suisse 16,944 11 -6 17
9 14 HSBC 8,300 2 38.3% 6,001 9 12 GCA Corporation 57 11 1 10
10 7 Citi 7,605 4 -46.9% 14,322 10 2 Rothschild & Co 9,882 10 -12 22

Austria league table by value Austria league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal Count Deal 2020 2019 Company name Value Deal Count Deal
(USDm) count change count (USDm) count change count
1 1 HSBC 3,388 3 -32.1% 4,987 1 1 Deloitte 2,098 14 1 13
2 6 Goldman Sachs & Co 2,395 2 -1.4% 2,430 2 2 KPMG 1,405 11 1 10
3 16 Deloitte 2,098 14 6257.6% 33 3 8 UniCredit Group 1,035 4 1 3
4 2 JPMorgan 2,098 3 -41.1% 3,561 4 42 GCA Corporation 176 4 3 1
5 7 Moelis & Company 1,663 2 -31.6% 2,430 5 4 EY - 4 0 4

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France league table by value France league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 4 Goldman Sachs & Co 99,876 21 74.9% 57,113 1 1 Rothschild & Co 76,280 84 -23 107
2 3 JPMorgan 83,085 17 38.9% 59,825 2 7 KPMG 3,457 40 1 39
3 8 Rothschild & Co 76,280 84 92.2% 39,698 3 2 Lazard 69,458 37 -21 58
4 7 Lazard 69,458 37 46.0% 47,570 4 6 PwC 1,006 33 -6 39
5 5 BNP Paribas 67,630 27 33.2% 50,774 5 11 Deloitte 2,945 32 3 29
6 21 Societe Generale 60,412 28 545.9% 9,353 6 3 Credit Agricole 41,962 31 -24 55
7 2 Morgan Stanley 57,651 17 -19.5% 71,574 7 9 Societe Generale 60,412 28 -2 30
8 15 HSBC 46,843 17 137.7% 19,709 8 4 BNP Paribas 67,630 27 -21 48
9 12 Credit Agricole 41,962 31 66.3% 25,232 9 10 Cambon Partners 235 25 -5 30
10 26 LionTree Advisors 38,113 2 559.9% 5,776 10 8 EY 1,183 24 -13 37
11 1 Citi 37,301 9 -51.1% 76,330 11 5 Natixis 1,822 22 -18 40
12 6 Bank of America 37,148 7 -21.9% 47,573 12 41 Eight Advisory 801 22 13 9
13 11 Mediobanca 34,517 12 35.9% 25,391 13 16 Lincoln International 141 22 1 21
14 22 Deutsche Bank 33,101 8 279.0% 8,734 14 38 CIC Conseil 138 22 12 10

15 10 Perella Weinberg Partners 29,427 3 8.2% 27,209 15 26 Goldman Sachs & Co 99,876 21 6 15

16 75 Callisto 14,277 8 1484.6% 901 16 12 Oaklins 290 19 -8 27

17 - Cardinal Partners SAS 10,128 2 - - 17 13 JPMorgan 83,085 17 -6 23

18 32 Credit Suisse 8,142 2 104.5% 3,981 18 15 Morgan Stanley 57,651 17 -5 22

19 13 D’Angelin & Co 7,842 1 -68.2% 24,636 19 35 HSBC 46,843 17 6 11

20 14 Barclays 7,830 6 -66.7% 23,499 20 18 Edmond de Rothschild Corporate Finance 2,266 17 -2 19

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Benelux league table by value Benelux league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 6 Goldman Sachs & Co 59,052 16 192.5% 20,189 1 1 Deloitte 3,435 54 -34 88
2 5 JPMorgan 56,452 24 154.2% 22,211 2 3 KPMG 1,878 44 -4 48
3 1 Lazard 42,503 17 5.9% 40,122 3 4 EY 78 37 -10 47
4 7 BNP Paribas 40,412 10 100.9% 20,116 4 5 Rothschild & Co 16,545 33 -9 42
5 30 LionTree Advisors 38,113 2 781.4% 4,324 5 2 PwC 1,076 33 -23 56
6 3 Rothschild & Co 16,545 33 -38.5% 26,890 6 6 ING 2,875 25 -8 33
7 2 Bank of America 16,083 13 -44.8% 29,144 7 8 GCG 82 25 -7 32
8 35 Evercore 12,656 7 283.5% 3,300 8 16 JPMorgan 56,452 24 7 17
9 4 Citi 7,731 5 -69.0% 24,962 9 7 Rabobank 538 24 -8 32
10 9 UBS Investment Bank 7,556 7 -53.4% 16,198 10 10 Lazard 42,503 17 -13 30

Iberia league table by value Iberia league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 13 Citi 32,940 9 408.6% 6,477 1 1 PwC 10,009 75 -19 94
2 1 Morgan Stanley 31,471 16 77.5% 17,728 2 2 Deloitte 2,593 53 -13 66
3 4 JPMorgan 30,821 10 107.7% 14,842 3 4 KPMG 1,343 35 -3 38
4 3 Goldman Sachs & Co 25,542 14 68.2% 15,188 4 3 EY 2,094 30 -18 48
5 39 Deutsche Bank 23,834 12 1702.9% 1,322 5 13 Morgan Stanley 31,471 16 3 13
6 8 Bank of America 21,871 7 161.7% 8,357 6 15 AZ Capital 14,824 16 4 12
7 14 Banco Bilbao Vizcaya Argentaria 16,466 11 203.7% 5,422 7 9 Lazard 9,925 15 -1 16
8 37 Evercore 15,040 9 987.5% 1,383 8 11 Goldman Sachs & Co 25,542 14 0 14
9 9 AZ Capital 14,824 16 99.0% 7,451 9 57 Deutsche Bank 23,834 12 10 2
10 12 HSBC 14,398 10 108.9% 6,892 10 19 Banco Bilbao Vizcaya Argentaria 16,466 11 2 9

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Spain league table by value Spain league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 12 Citi 32,940 9 408.6% 6,477 1 1 PwC 9,676 73 -12 85
2 4 JPMorgan 29,533 8 150.9% 11,773 2 2 Deloitte 2,586 45 -10 55
3 2 Morgan Stanley 27,810 13 82.0% 15,281 3 4 KPMG 1,255 33 3 30
4 3 Goldman Sachs & Co 25,542 14 68.2% 15,188 4 3 EY 628 27 -20 47
5 7 Bank of America 20,597 6 146.5% 8,357 5 15 AZ Capital 14,824 16 5 11
6 38 Deutsche Bank 19,367 11 1716.8% 1,066 6 10 Goldman Sachs & Co 25,542 14 0 14
7 13 Banco Bilbao Vizcaya Argentaria 16,466 9 203.7% 5,422 7 9 Lazard 9,771 14 -1 15
8 32 Evercore 15,040 9 987.5% 1,383 8 13 Morgan Stanley 27,810 13 1 12
9 9 AZ Capital 14,824 16 103.5% 7,284 9 71 Deutsche Bank 19,367 11 10 1
10 11 HSBC 13,110 8 90.2% 6,892 10 5 Santander Corporate Investment Banking 8,424 10 -10 20
(SCIB)
11 - LionTree Advisors 12,907 3 - -
11 18 BNP Paribas 7,059 10 1 9
12 39 Moelis & Company 11,795 8 1009.6% 1,063
12 6 Arcano Partners 140 10 -9 19
13 - PNC Financial Services Group 11,567 1 - -
13 11 Citi 32,940 9 -5 14
14 5 Rothschild & Co 10,396 9 -11.7% 11,772
14 17 Banco Bilbao Vizcaya Argentaria 16,466 9 0 9
15 6 Lazard 9,771 14 9.0% 8,965
15 54 Evercore 15,040 9 7 2
16 10 PwC 9,676 73 37.3% 7,046
16 8 Rothschild & Co 10,396 9 -6 15
17 1 Santander Corporate Investment Banking 8,424 10 -45.9% 15,560
(SCIB) 17 14 Norgestion 94 9 -3 12
18 14 BNP Paribas 7,059 10 41.5% 4,990 18 16 JPMorgan 29,533 8 -2 10
19 31 Barclays 6,265 3 313.0% 1,517 19 35 HSBC 13,110 8 4 4
20 18 Nomura Holdings 5,995 6 107.3% 2,892 20 72 Moelis & Company 11,795 8 7 1

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Italy league table by value Italy league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 3 Goldman Sachs & Co 38,609 14 222.0% 11,989 1 2 KPMG 4,095 70 11 59
2 10 Lazard 25,808 17 430.7% 4,863 2 1 Deloitte 2,134 63 1 62
3 12 Morgan Stanley 25,386 5 575.7% 3,757 3 3 PwC 5,859 40 -18 58
4 1 Mediobanca 23,863 28 30.5% 18,280 4 6 EY 1,093 38 3 35
5 11 JPMorgan 22,881 9 370.5% 4,863 5 5 Mediobanca 23,863 28 -9 37
6 9 Rothschild & Co 22,793 19 316.2% 5,477 6 8 Vitale & Co 11,845 22 -3 25
7 4 IMI - Intesa Sanpaolo 21,357 15 92.8% 11,076 7 7 Rothschild & Co 22,793 19 -9 28
8 16 HSBC 18,571 3 449.0% 3,383 8 11 Lazard 25,808 17 0 17
9 34 Credit Suisse 18,274 5 2413.6% 727 9 4 UniCredit Group 3,860 17 -22 39
10 5 EQUITA S.I.M 18,193 11 73.4% 10,490 10 10 IMI - Intesa Sanpaolo 21,357 15 -3 18
11 38 Deutsche Bank 16,418 5 2410.4% 654 11 25 Goldman Sachs & Co 38,609 14 7 7
12 7 Bank of America 15,183 10 73.6% 8,748 12 9 Fineurop Soditic 310 14 -5 19
13 21 Vitale & Co 11,845 22 393.5% 2,400 13 16 UBI Banca 300 12 1 11
14 49 Centerview Partners 9,790 2 3163.3% 300 14 20 Clairfield International 251 12 3 9
15 6 UBS Investment Bank 8,419 10 -8.5% 9,205 15 12 EQUITA S.I.M 18,193 11 -1 12
16 13 Barclays 8,237 5 127.2% 3,625 16 21 Bank of America 15,183 10 2 8
17 24 Credit Agricole 7,546 3 403.1% 1,500 17 17 UBS Investment Bank 8,419 10 0 10
18 106 Intermonte Securities Corporate Finance 6,948 3 40770.6% 17 18 40 Houlihan Lokey 1,076 10 6 4
19 8 PwC 5,859 40 -14.1% 6,821 19 22 JPMorgan 22,881 9 1 8
20 - Robey Warshaw 5,153 1 - - 20 23 Oaklins 179 9 1 8

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Nordics league table by value Nordics league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 1 Goldman Sachs & Co 45,119 21 -20.2% 56,518 1 3 EY 4,021 71 12 59
2 3 JPMorgan 32,737 18 0.2% 32,676 2 1 PwC 6,597 69 -20 89
3 2 Morgan Stanley 28,668 14 -16.7% 34,428 3 2 Deloitte 2,548 58 -14 72
4 10 Bank of America 22,029 7 36.9% 16,095 4 5 Carnegie Investment Bank 7,507 44 7 37
5 4 Citi 21,055 10 -25.4% 28,207 5 6 KPMG 5,179 38 2 36
6 6 Barclays 18,547 9 -22.5% 23,939 6 4 ABG Sundal Collier Holding 9,292 30 -7 37
7 19 Lazard 14,054 9 51.6% 9,270 7 8 Danske Bank 11,862 25 -5 30
8 80 HSBC 13,927 5 8044.4% 171 8 9 SEB 11,048 25 -4 29
9 8 Deutsche Bank 13,471 6 -31.7% 19,713 9 11 DNB Markets 2,597 25 3 22
10 11 Credit Suisse 12,154 5 -17.1% 14,653 10 19 Oaklins 605 22 6 16
11 15 Danske Bank 11,862 25 -0.2% 11,886 11 7 Goldman Sachs & Co 45,119 21 -11 32
12 9 SEB 11,048 25 -43.7% 19,611 12 13 Rothschild & Co 5,017 20 1 19
13 16 Handelsbanken Capital Markets 10,949 9 -2.5% 11,229 13 23 Clearwater International 138 20 5 15
14 7 Nordea 10,936 13 -49.3% 21,572 14 15 Nordhaven Corporate Finance 60 19 2 17
15= - CIBC World Markets 9,550 1 - - 15 24 JPMorgan 32,737 18 4 14
15= - Robey Warshaw 9,550 1 - - 16 22 Pareto Securities 605 18 3 15
17 33 Centerview Partners 9,526 1 408.3% 1,874 17 12 BDO 162 18 -2 20
18 68 LionTree Advisors 9,500 4 3268.8% 282 18 28 Arctic Securities 8,627 16 5 11
19 18 ABG Sundal Collier Holding 9,292 30 -4.5% 9,731 19 21 Morgan Stanley 28,668 14 -1 15
20 34 Arctic Securities 8,627 16 393.0% 1,750 20 10 Nordea 10,936 13 -11 24

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Denmark league table by value Denmark league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal Count Deal 2020 2019 Company name Value Deal Count Deal
(USDm) count change count (USDm) count change count
1 2 Goldman Sachs & Co 21,172 7 65.0% 12,828 1 2 PwC 641 22 -1 23
2 - Morgan Stanley 20,006 4 - - 2 1 Deloitte 742 17 -11 28
3 4 Bank of America 19,696 4 131.9% 8,492 3 3 EY 599 17 -5 22
4 - HSBC 12,683 3 - - 4 5 Clearwater International 109 14 2 12
5 8 JPMorgan 11,844 4 103.1% 5,832 5 4 Danske Bank 4,442 10 -2 12
6 3 Barclays 11,795 5 31.6% 8,960 6 8 FIH Partners 4,433 9 1 8
7 13 Credit Suisse 10,354 2 200.7% 3,443 7 13 ABG Sundal Collier Holding 461 9 3 6
8 - Deutsche Bank 9,998 2 - - 8 39 Oaklins 115 9 7 2
9 9 Lazard 9,557 3 64.6% 5,807 9 10 Goldman Sachs & Co 21,172 7 0 7
10 60 Handelsbanken Capital Markets 9,550 2 - - 10 11 KPMG 2,106 6 -1 7

Norway league table by value Norway league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal Count Deal 2020 2019 Company name Value Deal Count Deal
(USDm) count change count (USDm) count change count
1 1 Goldman Sachs & Co 9,200 3 16.6% 7,888 1 2 DNB Markets 2,373 23 4 19
2 - LionTree Advisors 9,200 2 - - 2 1 ABG Sundal Collier Holding 8,713 21 -4 25
3 8 Citi 8,870 2 117.7% 4,075 3 16 Deloitte 392 19 12 7
4 10 ABG Sundal Collier Holding 8,713 21 126.6% 3,845 4 5 Arctic Securities 8,627 16 5 11
5 15 Arctic Securities 8,627 16 393.0% 1,750 5 6 Carnegie Investment Bank 1,619 14 3 11
6 24 JPMorgan 8,603 5 2045.4% 401 6 10 EY 795 12 3 9
7 18 Danske Bank 6,204 10 705.7% 770 7 4 Pareto Securities 457 11 0 11
8 12 Barclays 5,563 2 57.2% 3,539 8 15 Danske Bank 6,204 10 3 7
9 17 DNB Markets 2,373 23 94.3% 1,221 9 3 PwC 1,219 10 -7 17
10 4 Nordea 2,067 3 -69.7% 6,831 10 8 SpareBank 1 Markets 1,462 8 -1 9

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Sweden league table by value Sweden league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 2 JPMorgan 14,403 9 -45.5% 26,443 1 1 PwC 6,213 42 -4 46
2 1 Goldman Sachs & Co 12,591 12 -63.3% 34,289 2 3 EY 2,220 39 9 30
3 3 Morgan Stanley 8,116 9 -62.9% 21,892 3 2 Deloitte 1,432 26 -16 42
4 24 Danske Bank 7,615 8 255.7% 2,141 4 7 Carnegie Investment Bank 5,840 25 6 19
5 11 Jamieson Corporate Finance 7,478 5 -26.0% 10,106 5 6 KPMG 4,825 23 3 20
6 14 ABG Sundal Collier Holding 7,101 6 12.9% 6,288 6 13 BDO 98 15 4 11
7 9 PwC 6,213 42 -44.2% 11,126 7 5 SEB 4,940 14 -6 20
8 5 Evercore 5,861 6 -52.8% 12,426 8 4 Goldman Sachs & Co 12,591 12 -9 21
9 18 Carnegie Investment Bank 5,840 25 63.7% 3,568 9 22 Rothschild & Co 571 10 2 8
10 6 SEB 4,940 14 -59.5% 12,208 10 21 Oaklins 244 10 1 9

Finland league table by value Finland league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Value
(USDm) count change (USDm) (USDm) count change (USDm)
1 2 Nordea 7,329 5 -31.4% 10,685 1 6 EY 459 12 3 9
2 - PJT Partners 4,885 2 - - 2 1 PwC 151 12 -7 19
3 - JPMorgan 4,652 2 - - 3 7 Nordhaven Corporate Finance 37 12 4 8
4 8 Citi 3,553 2 0.4% 3,539 4 4 KPMG 210 10 0 10
5 7 Goldman Sachs & Co 3,416 2 -19.8% 4,260 5 11 Deloitte 142 8 2 6
6= 31 Poyry Capital 3,416 1 1411.5% 226 6 3 Carnegie Investment Bank 53 7 -3 10
6= - UBS Investment Bank 3,416 1 - - 7 13 Aventum Partners 35 6 1 5
8 26 Advium Corporate Finance 3,399 4 975.6% 316 8 8 Nordea 7,329 5 -2 7
9 25 Access Partners 3,133 2 855.2% 328 9 2 MCF Corporate Finance 126 5 -6 11
10 3 Barclays 1,519 2 -81.4% 8,147 10 24 Advium Corporate Finance 3,399 4 1 3

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CEE league table by value CEE league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 3 JPMorgan 17,643 8 172.8% 6,467 1 1 Deloitte 4,602 39 1 38
2 10 Societe Generale 13,424 6 338.1% 3,064 2 2 PwC 239 32 1 31
3 6 Goldman Sachs & Co 11,015 6 157.4% 4,280 3 3 EY 889 30 3 27
4 4 Rothschild & Co 10,478 10 88.4% 5,562 4 4 KPMG 1,259 20 -7 27
5 8 BNP Paribas 8,577 6 166.4% 3,219 5 5 UniCredit Group 1,561 16 -1 17
6 2 Bank of America 8,266 2 -30.6% 11,904 6 9 VTB Capital AO 7,027 11 -1 12
7 7 Credit Suisse 7,808 1 131.0% 3,380 7 8 Rothschild & Co 10,478 10 -2 12
8 1 Citi 7,591 9 -55.0% 16,883 8 6 Citi 7,591 9 -7 16
9 5 VTB Capital AO 7,027 11 31.5% 5,345 9 11 Sberbank 840 9 0 9
10 9 Lazard 5,718 3 85.9% 3,076 10 17 JPMorgan 17,643 8 2 6
11 16 Santander Bank Polska 4,885 6 152.3% 1,936 11 26 Societe Generale 13,424 6 2 4
12 12 Deloitte 4,602 39 75.0% 2,630 12 12 Goldman Sachs & Co 11,015 6 -1 7
13 15 UBS Investment Bank 2,502 5 26.7% 1,975 13 25 BNP Paribas 8,577 6 2 4
14 - HSBC 2,091 2 - - 14 14 Santander Bank Polska 4,885 6 -1 7
15 31 UniCredit Group 1,561 16 256.4% 438 15 28 UBS Investment Bank 2,502 5 1 4
16 25 KPMG 1,259 20 44.1% 874 16 15 Trigon Group 101 5 -2 7
17 - Cushman & Wakefield 1,114 1 - - 17 18 Clairfield International 458 4 -2 6
18 - Yapi ve Kredi Bankasi Anonim Sirketi 1,018 2 - - 18 139 SUMMA Advisers 32 4 3 1
19 - AZ Capital 947 1 - - 19 35 Superia Corporate Finance 6 4 0 4
20 28 Renaissance Capital 929 2 56.7% 593 20= 32 Advance Capital - 4 0 4
20= 10 Oaklins - 4 -6 10

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Poland league table by value Poland league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 - JPMorgan 5,893 2 - - 1 1 PwC 141 14 1 13
2 7 Societe Generale 5,297 3 306.5% 1,303 2 2 Deloitte 91 10 1 9
3 6 Lazard 5,297 2 306.5% 1,303 3 3 Santander Bank Polska 4,885 6 -1 7
4 2 Santander Bank Polska 4,885 6 152.3% 1,936 4 9 EY 317 5 1 4
5 10 Goldman Sachs & Co 2,212 2 101.6% 1,097 5 6 Rothschild & Co 249 5 -1 6
6 3 UBS Investment Bank 2,001 2 35.7% 1,475 6 26 Societe Generale 5,297 3 2 1
7 9 Citi 1,114 2 -3.0% 1,149 7 8 mInvestment Banking 742 3 -2 5
8 - Cushman & Wakefield 1,114 1 - - 8 5 Trigon Group 101 3 -4 7
9 - HSBC 1,098 1 - - 9 - JPMorgan 5,893 2 2 0
10 - AZ Capital 947 1 - - 10 25 Lazard 5,297 2 1 1

Russia league table by value Russia league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 3 VTB Capital AO 7,027 11 74.9% 4,018 1 1 VTB Capital AO 7,027 11 0 11
2 1 Citi 6,241 5 24.8% 5,000 2 2 Sberbank 840 9 0 9
3 13 Goldman Sachs & Co 995 3 177.9% 358 3 3 Citi 6,241 5 -2 7
4 12 Renaissance Capital 929 2 56.7% 593 4 12 Deloitte 577 5 3 2
5 20 KPMG 914 3 - - 5 6 Advance Capital - 4 0 4
6 4 JPMorgan 914 1 -70.2% 3,071 6 9 Goldman Sachs & Co 995 3 0 3
7 6 Sberbank 840 9 -71.6% 2,956 7 14 KPMG 914 3 1 2
8 9 Deloitte 577 5 -50.3% 1,160 8 5 Renaissance Capital 929 2 -2 4
9= - Bacchus Capital Advisers 342 1 - - 9 10 EY 181 2 -1 3
9= - Standard Bank Group 342 1 - - 10 13 Rothschild & Co 88 2 0 2

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Turkey league table by value Turkey league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1= - Aream & Co 1,800 1 - - 1 31 KPMG 541 5 4 1
1= 10 Morgan Stanley 1,800 1 990.9% 165 2 1 Pragma Corporate Finance 246 5 -2 7
3 - UBS Investment Bank 1,357 1 - - 3 3 EY 75 5 0 5
4 31 KPMG 541 5 - - 4 - Development and Investment Bank of Turkey 524 4 4 0
(TKYB)
5 - Development and Investment Bank of Turkey 524 4 - -
(TKYB) 5 - Citi 450 3 3 0

Israel league table by value Israel league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 - Evercore 1,530 2 - - 1 12 Schwartz Investment House 172 4 1 3
2 10 Barclays 1,496 2 44.4% 1,036 2 60 KPMG 34 4 3 1
3 1 Goldman Sachs & Co 1,340 2 -67.1% 4,079 3 - Stifel/KBW 1,289 3 - -
4 - Stifel/KBW 1,289 3 - - 4 - Bank of America 850 3 - -
5 9 Goren Capital Group 1,243 1 8.4% 1,147 5 13 Lazard 689 3 1 2
6 5 RBC Capital Markets 1,150 1 -64.5% 3,239 6 2 Rothschild & Co 176 3 -2 5
7 27 Cantor Fitzgerald 975 1 517.1% 158 7 - Evercore 1,530 2 - -
8 - Bank of America 850 3 - - 8 9 Barclays 1,496 2 -1 3
9 7 Lazard 689 3 -73.1% 2,564 9 1 Goldman Sachs & Co 1,340 2 -3 5
10 - Centerview Partners 689 1 - - 10 10 PwC 346 2 -1 3

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Africa league table by value Africa league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 4 JPMorgan 3,445 5 -40.9% 5,834 1 1 Standard Bank Group 2,305 19 9 10
2 2 Bank of America 2,613 3 -73.3% 9,775 2 2 PwC 784 14 5 9
3 18 Standard Bank Group 2,305 19 173.4% 843 3 3 EY 1,209 8 -1 9
4 - Gordon Dyal & Co 2,000 1 - - 4 8 Rothschild & Co 675 7 1 6
5 - Nomura Holdings 1,422 1 - - 5 10 PSG Capital 178 6 1 5
6 37 EY 1,209 8 253.5% 342 6 5 JPMorgan 3,445 5 -3 8
7 - Alpen Capital (ME) 1,000 1 - - 7 17 BNP Paribas 296 5 1 4
8 27 PwC 784 14 66.1% 472 8 28 Rand Merchant Bank 226 4 2 2
9 30 Rothschild & Co 675 7 72.2% 392 9 11 Investec 223 4 -1 5
10= 17 Barclays 575 1 -33.4% 863 10 20 Bank of America 2,613 3 0 3
10= - Robey Warshaw 575 1 - -

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Americas league table by value Americas league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 1 Goldman Sachs & Co 667,368 274 -29.8% 950,508 1 1 Goldman Sachs & Co 667,368 274 26 248
2 3 Morgan Stanley 604,639 192 -18.1% 738,579 2 2 JPMorgan 531,363 201 -6 207
3 2 JPMorgan 531,363 201 -33.1% 794,222 3 4 Morgan Stanley 604,639 192 9 183
4 6 Bank of America 445,527 186 -2.9% 458,759 4 7 Bank of America 445,527 186 32 154
5 7 Credit Suisse 296,719 93 -13.3% 342,222 5 3 Houlihan Lokey 43,239 178 -19 197
6 5 Citi 266,007 113 -49.3% 524,670 6 5 Jefferies 152,758 161 -3 164
7 4 Evercore 238,722 142 -59.8% 593,458 7 11 Evercore 238,722 142 12 130
8 8 Barclays 225,652 123 -14.9% 265,088 8 8 Barclays 225,652 123 -23 146
9 14 Lazard 171,984 111 23.5% 139,285 9 13 Raymond James 13,130 114 -5 119
10 12 Centerview Partners 158,299 44 -14.4% 184,906 10 6 Citi 266,007 113 -42 155
11 11 Jefferies 152,758 161 -20.5% 192,102 11 20 Rothschild & Co 118,991 113 9 104
12 23 UBS Investment Bank 143,709 74 155.5% 56,238 12 9 Deloitte 10,841 113 -33 146
13 20 Rothschild & Co 118,991 113 67.5% 71,057 13 10 Lazard 171,984 111 -23 134
14 15 Deutsche Bank 105,844 53 -1.9% 107,853 14 15 Piper Sandler Companies 16,206 110 -6 116
15 13 Moelis & Company 102,881 98 -43.3% 181,533 15 12 PwC 15,099 99 -30 129
16 30 HSBC 78,263 19 135.1% 33,288 16 22 Moelis & Company 102,881 98 -3 101
17 9 RBC Capital Markets 77,624 89 -64.2% 216,601 17 16 Credit Suisse 296,719 93 -22 115
18 54 Nomura Holdings 69,837 42 474.7% 12,152 18 17 Stifel/KBW 34,878 91 -19 110
19 18 Wells Fargo Securities 56,890 31 -27.1% 78,047 19 21 RBC Capital Markets 77,624 89 -13 102
20 34 Qatalyst Group 52,775 12 84.8% 28,552 20 19 Lincoln International 5,914 88 -19 107

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Americas Advisory League tables

US league table by value US league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 1 Goldman Sachs & Co 648,838 264 -30.9% 938,348 1 1 Goldman Sachs & Co 648,838 264 27 237
2 3 Morgan Stanley 596,392 183 -16.1% 710,746 2 3 JPMorgan 504,275 189 2 187
3 2 JPMorgan 504,275 189 -35.3% 779,846 3 4 Morgan Stanley 596,392 183 17 166
4 6 Bank of America 431,763 175 -0.6% 434,559 4 2 Houlihan Lokey 43,239 176 -18 194
5 7 Credit Suisse 294,850 88 -10.1% 327,814 5 6 Bank of America 431,763 175 36 139
6 5 Citi 249,444 106 -51.0% 509,123 6 5 Jefferies 143,598 154 -8 162
7 4 Evercore 238,116 138 -59.8% 591,679 7 9 Evercore 238,116 138 12 126
8 8 Barclays 217,591 118 -14.3% 253,882 8 7 Barclays 217,591 118 -21 139
9 14 Lazard 161,057 102 19.7% 134,591 9 12 Raymond James 12,566 109 -2 111
10 12 Centerview Partners 158,299 44 -14.0% 184,032 10 11 Piper Sandler Companies 16,158 107 -8 115
11 11 Jefferies 143,598 154 -25.2% 192,061 11 8 Citi 249,444 106 -27 133
12 26 UBS Investment Bank 130,431 68 265.4% 35,696 12 10 Lazard 161,057 102 -17 119
13 15 Deutsche Bank 105,844 53 -0.6% 106,446 13 21 Rothschild & Co 104,356 95 8 87
14 20 Rothschild & Co 104,356 95 59.5% 65,427 14 18 Moelis & Company 102,540 94 -4 98
15 13 Moelis & Company 102,540 94 -43.1% 180,260 15 16 Credit Suisse 294,850 88 -13 101
16 35 HSBC 71,138 13 187.3% 24,763 16 15 Lincoln International 5,914 87 -17 104
17 48 Nomura Holdings 67,802 40 474.7% 11,797 17 13 Stifel/KBW 34,535 84 -22 106
18 10 RBC Capital Markets 58,774 68 -69.8% 194,531 18 14 William Blair & Company 23,474 84 -21 105
19 17 Wells Fargo Securities 56,890 31 -27.1% 78,047 19 20 Robert W. Baird & Co 9,111 77 -15 92
20 33 Qatalyst Group 52,775 12 84.8% 28,552 20 17 Deloitte 9,899 73 -28 101

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US North East league table by value US North East league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 1 Morgan Stanley 370,802 119 -10.1% 412,572 1 1 Goldman Sachs & Co 355,509 157 27 130
2 2 Goldman Sachs & Co 355,509 157 -4.9% 373,968 2 4 Morgan Stanley 370,802 119 29 90
3 4 JPMorgan 295,532 95 -10.6% 330,626 3 7 Jefferies 114,576 104 29 75
4 6 Bank of America 242,069 97 41.5% 171,090 4 5 Bank of America 242,069 97 21 76
5 5 Evercore 169,654 82 -48.1% 326,944 5 2 Houlihan Lokey 33,217 96 -8 104
6 12 Credit Suisse 153,119 55 109.7% 73,028 6 3 JPMorgan 295,532 95 2 93
7 3 Citi 146,602 61 -59.5% 361,822 7 9 Evercore 169,654 82 15 67
8 9 Centerview Partners 132,402 28 10.9% 119,390 8 6 Citi 146,602 61 -14 75
9 10 Barclays 127,667 51 8.4% 117,792 9 12 Lazard 106,842 56 0 56
10 13 Jefferies 114,576 104 81.2% 63,225 10 15 Credit Suisse 153,119 55 4 51

US Mid West league table by value US Mid West league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 1 Goldman Sachs & Co 89,324 50 -72.1% 320,121 1 1 Goldman Sachs & Co 89,324 50 -10 60
2 2 JPMorgan 61,801 35 -80.2% 311,695 2 2 Houlihan Lokey 9,237 47 -9 56
3 4 Morgan Stanley 50,878 22 -75.8% 210,397 3 10 Jefferies 21,922 37 2 35
4 6 Bank of America 48,441 29 -62.3% 128,340 4 5 William Blair & Company 8,254 36 -7 43
5 5 Credit Suisse 47,864 20 -72.2% 172,200 5 6 Lincoln International 3,726 36 -5 41
6 8 Barclays 46,256 22 -60.4% 116,924 6 3 JPMorgan 61,801 35 -11 46
7 17 Moelis & Company 39,524 20 150.7% 15,764 7 20 Raymond James 3,905 35 10 25
8 3 Evercore 38,476 25 -83.4% 232,292 8 4 Robert W. Baird & Co 1,117 31 -14 45
9 9 Citi 30,937 18 -63.8% 85,379 9 15 Bank of America 48,441 29 0 29
10 200 Nomura Holdings 24,111 12 - - 10 8 Stifel/KBW 8,444 29 -9 38

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US South league table by value US South league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 1 Goldman Sachs & Co 173,483 93 -46.0% 321,441 1 2 Goldman Sachs & Co 173,483 93 10 83
2 2 JPMorgan 154,995 72 -39.9% 257,698 2 1 Houlihan Lokey 14,170 83 -5 88
3 7 Morgan Stanley 117,879 68 -5.9% 125,276 3 6 JPMorgan 154,995 72 10 62
4 6 Credit Suisse 111,207 35 -20.8% 140,484 4 10 Morgan Stanley 117,879 68 16 52
5 3 Bank of America 97,730 64 -50.1% 195,699 5 9 Bank of America 97,730 64 12 52
6 8 Barclays 86,650 53 -28.9% 121,948 6 3 Jefferies 52,326 64 -13 77
7 4 Evercore 81,994 58 -57.2% 191,731 7 7 Evercore 81,994 58 -3 61
8 5 Citi 56,310 32 -67.7% 174,232 8 5 Piper Sandler Companies 10,233 55 -8 63
9 9 Jefferies 52,326 64 -48.3% 101,136 9 8 Barclays 86,650 53 -7 60
10 21 Moelis & Company 50,142 44 236.9% 14,885 10 4 Raymond James 2,731 52 -13 65

US West league table by value US West league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 3 Morgan Stanley 320,090 77 124.3% 142,722 1 1 Goldman Sachs & Co 281,126 106 29 77
2 1 Goldman Sachs & Co 281,126 106 34.5% 208,985 2 2 JPMorgan 203,048 87 18 69
3 4 Bank of America 211,313 72 109.1% 101,064 3 5 Morgan Stanley 320,090 77 22 55
4 2 JPMorgan 203,048 87 22.5% 165,762 4 10 Bank of America 211,313 72 30 42
5 5 Credit Suisse 122,511 33 21.5% 100,861 5 4 Jefferies 52,029 68 12 56
6 6 Citi 93,630 40 36.8% 68,429 6 3 Houlihan Lokey 5,299 52 -13 65
7 15 Lazard 80,809 35 112.2% 38,082 7 14 Evercore 55,814 49 13 36
8 18 Centerview Partners 69,328 19 114.3% 32,345 8 6 Barclays 43,561 49 -1 50
9 8 Deutsche Bank 60,985 28 3.2% 59,113 9 12 Moelis & Company 55,393 48 8 40
10 22 Evercore 55,814 49 172.8% 20,462 10 13 Raymond James 5,698 42 4 38

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Canada league table by value Canada league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 1 Goldman Sachs & Co 29,619 13 -62.7% 79,320 1 1 Deloitte 1,185 37 -10 47
2 41 Rothschild & Co 22,454 13 715.9% 2,752 2 2 RBC Capital Markets 21,685 31 -6 37
3 4 JPMorgan 22,335 10 -63.4% 60,944 3 5 PwC 1,978 29 -5 34
4 10 RBC Capital Markets 21,685 31 -47.2% 41,093 4 6 Scotiabank 18,345 27 -3 30
5 2 TD Securities 20,165 17 -74.5% 79,126 5 4 CIBC World Markets 18,604 24 -10 34
6 3 Morgan Stanley 19,387 10 -73.2% 72,228 6 13 National Bank Financial 17,239 23 2 21
7 7 Bank of America 18,831 12 -61.5% 48,899 7 7 TD Securities 20,165 17 -10 27
8 18 CIBC World Markets 18,604 24 2.3% 18,187 8 9 BMO Capital Markets 10,435 17 -10 27
9 19 Scotiabank 18,345 27 15.7% 15,853 9 11 Canaccord Genuity Group 3,795 17 -7 24
10 5 Barclays 17,668 13 -68.5% 56,176 10 3 KPMG 19 16 -21 37
11 17 UBS Investment Bank 17,460 8 -30.4% 25,091 11 12 Goldman Sachs & Co 29,619 13 -8 21
12 12 Jefferies 17,421 13 -54.6% 38,380 12 40 Rothschild & Co 22,454 13 8 5
13 22 National Bank Financial 17,239 23 33.2% 12,944 13 21 Barclays 17,668 13 -1 14
14 13 Citi 13,897 9 -61.3% 35,934 14 23 Jefferies 17,421 13 2 11
15 8 BMO Capital Markets 10,435 17 -77.3% 46,015 15 20 Raymond James 1,501 13 -3 16
16 - Societe Generale 9,159 2 - - 16 18 Bank of America 18,831 12 -5 17
17 14 Evercore 9,048 4 -74.5% 35,430 17 26 Cormark Securities 3,626 12 3 9
18 45 HSBC 7,125 6 229.1% 2,165 18 10 JPMorgan 22,335 10 -15 25
19 26 Lazard 6,516 3 -34.9% 10,016 19 8 Morgan Stanley 19,387 10 -17 27
20 28 William Blair & Company 5,727 8 -8.7% 6,274 20 38 Moelis & Company 2,328 10 5 5

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Latin America league table by value Latin America league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 14 Banco BTG Pactual 26,354 20 285.6% 6,835 1 1 Banco Itau BBA 4,143 27 -19 46
2 11 JPMorgan 20,190 11 165.3% 7,610 2 4 BR Partners 8,395 26 5 21
3 17 Banco Bradesco BBI 18,552 17 255.5% 5,219 3 2 Banco BTG Pactual 26,354 20 -18 38
4 1 Bank of America 8,789 13 -67.2% 26,794 4 3 Santander Corporate Investment Banking 5,874 20 -8 28
(SCIB)
5 4 BR Partners 8,395 26 -61.3% 21,706
5 8 Banco Bradesco BBI 18,552 17 0 17
6 3 Morgan Stanley 7,706 7 -70.6% 26,191
6 7 Deloitte 347 14 -5 19
7 16 Credit Suisse 7,546 6 32.5% 5,695
7 6 Bank of America 8,789 13 -6 19
8 2 Santander Corporate Investment Banking 5,874 20 -78.0% 26,675
(SCIB) 8 15 JPMorgan 20,190 11 1 10
9 6 Citi 5,465 9 -62.5% 14,561 9 5 Citi 5,465 9 -12 21
10 47 Mediobanca 4,980 1 1302.8% 355 10 12 Rothschild & Co 1,698 9 -6 15
11 9 Banco Itau BBA 4,143 27 -58.9% 10,069 11 34 Banco Bilbao Vizcaya Argentaria 3,867 8 4 4
12 7 Lazard 4,115 7 -64.8% 11,704 12 11 Morgan Stanley 7,706 7 -8 15
13 42 Banco Bilbao Vizcaya Argentaria 3,867 8 593.0% 558 13 18 Lazard 4,115 7 -2 9
14 - Banchile 3,867 1 - - 14 16 Scotiabank 1,082 7 -3 10
15 - Deutsche Bank 2,443 1 - - 15 22 PwC 561 7 -1 8
16 5 Goldman Sachs & Co 1,979 6 -88.9% 17,764 16 14 Vinci Partners 106 7 -4 11
17 20 Rothschild & Co 1,698 9 -55.8% 3,840 17 13 Credit Suisse 7,546 6 -5 11
18 39 RBC Capital Markets 1,484 2 141.7% 614 18 9 Goldman Sachs & Co 1,979 6 -10 16
19 23 Scotiabank 1,082 7 -15.6% 1,282 19 10 Oaklins 356 6 -10 16
20 13 BNP Paribas 791 3 -88.7% 6,996 20= 54 Artica Invest 154 6 4 2
20= 35 Clairfield International 154 6 2 4

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Americas Advisory League tables

Brazil league table by value Brazil league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 17 Banco BTG Pactual 21,327 16 352.6% 4,712 1 3 BR Partners 8,395 26 5 21
2 31 JPMorgan 18,975 8 3764.6% 491 2 1 Banco Itau BBA 4,046 23 -20 43
3 13 Banco Bradesco BBI 18,552 17 255.5% 5,219 3 4 Banco Bradesco BBI 18,552 17 0 17
4 1 BR Partners 8,395 26 -61.3% 21,706 4 2 Banco BTG Pactual 21,327 16 -12 28
5 4 Bank of America 7,170 9 -51.8% 14,873 5 5 Santander Corporate Investment Banking 796 11 -4 15
(SCIB)
6 6 Banco Itau BBA 4,046 23 -57.4% 9,495
6 6 Bank of America 7,170 9 -3 12
7 14 Lazard 3,826 3 -24.1% 5,040
7 32 JPMorgan 18,975 8 6 2
8 3 Morgan Stanley 2,726 5 -82.0% 15,137
8 7 Rothschild & Co 1,689 8 -3 11
9 18 Rothschild & Co 1,689 8 -48.3% 3,268
9 8 Vinci Partners 106 7 -4 11
10 8 Goldman Sachs & Co 1,604 4 -78.8% 7,571
10 36 Artica Invest 154 6 4 2

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Asia Pacific Advisory League tables

Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 5 China International Capital Corporation 204,414 76 334.4% 47,056 1 1 PwC 21,146 115 -49 164
2 7 CITIC Securities 182,908 69 335.5% 42,001 2 3 Deloitte 36,263 81 -8 89
3 1 Goldman Sachs & Co 124,846 63 69.9% 73,488 3 4 EY 21,025 78 1 77
4 2 Morgan Stanley 97,364 61 54.8% 62,892 4 7 China International Capital Corporation 204,414 76 29 47
5 11 UBS Investment Bank 94,324 34 187.6% 32,800 5 9 CITIC Securities 182,908 69 28 41
6 4 JPMorgan 70,727 43 36.7% 51,739 6 2 KPMG 7,079 68 -40 108
7 21 China Securities 68,776 17 361.4% 14,905 7 5 Goldman Sachs & Co 124,846 63 8 55
8 3 Bank of America 55,422 45 -8.6% 60,604 8 6 Morgan Stanley 97,364 61 9 52
9 15 HSBC 48,472 25 102.0% 23,996 9 16 Bank of America 55,422 45 11 34
10 6 Citi 46,502 39 0.8% 46,132 10 10 JPMorgan 70,727 43 3 40
11 9 Credit Suisse 40,138 31 2.4% 39,209 11 8 Citi 46,502 39 -3 42
12 17 Deloitte 36,263 81 62.7% 22,283 12 15 Macquarie Group 21,505 35 -1 36
13 46 Guotai Junan Securities 34,899 18 643.8% 4,692 13 12 UBS Investment Bank 94,324 34 -5 39
14 18 Nomura Holdings 23,430 19 12.4% 20,846 14 13 Credit Suisse 40,138 31 -5 36
15 10 Huatai Securities 23,041 27 -33.6% 34,696 15 11 Rothschild & Co 19,512 29 -11 40
16 24 Somerley Capital 21,911 21 66.8% 13,134 16 14 Huatai Securities 23,041 27 -9 36
17 23 Macquarie Group 21,505 35 45.3% 14,797 17 19 HSBC 48,472 25 4 21
18 16 PwC 21,146 115 -8.2% 23,047 18 21 China Renaissance Holdings 5,157 25 4 21
19 62 Moelis & Company 21,038 20 693.6% 2,651 19 18 Somerley Capital 21,911 21 -1 22
20 20 EY 21,025 78 27.9% 16,443 20 32 Moelis & Company 21,038 20 7 13

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Asia Pacific Advisory League tables

Asia (excl. Australasia & Japan) league table by value Asia (excl. Australasia & Japan) league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 4 China International Capital Corporation 204,414 76 334.4% 47,056 1 1 PwC 17,862 79 -41 120
2 6 CITIC Securities 182,908 69 335.5% 42,001 2 5 China International Capital Corporation 204,414 76 29 47
3 2 Goldman Sachs & Co 107,853 45 112.3% 50,807 3 6 CITIC Securities 182,908 69 28 41
4 1 Morgan Stanley 85,482 52 50.4% 56,836 4 3 EY 20,029 65 1 64
5 15 UBS Investment Bank 82,073 20 395.0% 16,581 5 4 Deloitte 31,431 54 -5 59
6 18 China Securities 68,776 17 361.4% 14,905 6 7 Morgan Stanley 85,482 52 12 40
7 3 JPMorgan 59,152 30 22.1% 48,449 7 2 KPMG 6,531 46 -18 64
8 7 Bank of America 47,436 33 20.2% 39,476 8 8 Goldman Sachs & Co 107,853 45 8 37
9 10 HSBC 47,313 24 97.2% 23,996 9 13 Bank of America 47,436 33 7 26
10 5 Citi 44,138 31 2.9% 42,894 10 9 Citi 44,138 31 -6 37
11 43 Guotai Junan Securities 34,899 18 643.8% 4,692 11 10 JPMorgan 59,152 30 -6 36
12 14 Deloitte 31,431 54 60.8% 19,547 12 12 Credit Suisse 30,496 27 -2 29
13 9 Credit Suisse 30,496 27 19.4% 25,531 13 11 Huatai Securities 23,041 27 -9 36
14 8 Huatai Securities 23,041 27 -33.6% 34,696 14 20 China Renaissance Holdings 5,157 25 4 21
15 32 Nomura Holdings 22,384 16 242.3% 6,539 15 16 HSBC 47,313 24 3 21
16 20 Somerley Capital 21,911 21 66.8% 13,134 16 15 Somerley Capital 21,911 21 -1 22
17 23 EY 20,029 65 85.3% 10,807 17 17 UBS Investment Bank 82,073 20 -1 21
18 12 PwC 17,862 79 -13.3% 20,608 18 21 Guotai Junan Securities 34,899 18 -3 21
19 86 Moelis & Company 16,771 12 1317.7% 1,183 19 19 China Securities 68,776 17 -4 21
20 17 Barclays 15,464 12 -4.8% 16,241 20 14 Rothschild & Co 7,794 17 -6 23

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Asia Pacific Advisory League tables

Australasia league table by value Australasia league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 7 Macquarie Group 20,419 32 46.5% 13,934 1 2 PwC 3,284 36 -12 48
2 1 Goldman Sachs & Co 18,991 25 -25.4% 25,464 2 4 Macquarie Group 20,419 32 2 30
3 4 UBS Investment Bank 13,710 18 -22.5% 17,694 3 3 Deloitte 4,832 29 -3 32
4 9 Morgan Stanley 12,715 11 23.3% 10,316 4 5 Goldman Sachs & Co 18,991 25 0 25
5 14 JPMorgan 12,025 15 104.9% 5,870 5 1 KPMG 548 22 -26 48
6 3 Rothschild & Co 11,718 12 -36.9% 18,570 6 7 UBS Investment Bank 13,710 18 -1 19
7 8 Credit Suisse 11,288 7 -17.5% 13,678 7 19 JPMorgan 12,025 15 9 6
8 2 Bank of America 9,001 13 -60.4% 22,739 8 9 EY 1,386 14 1 13
9 17 Jefferies 7,058 8 46.8% 4,808 9 13 Bank of America 9,001 13 3 10
10 22 Deloitte 4,832 29 53.9% 3,139 10 6 Rothschild & Co 11,718 12 -7 19
11 18 Grant Samuel 4,724 6 9.9% 4,300 11 8 Morgan Stanley 12,715 11 -6 17
12 26 Moelis & Company 4,642 9 201.8% 1,538 12 21 BDO 216 10 4 6
13 5 Lazard 4,128 7 -73.3% 15,489 13 11 Moelis & Company 4,642 9 -2 11
14 36 RBC Capital Markets 4,072 2 330.4% 946 14 25 Citi 3,478 9 4 5
15 10 Evercore 3,700 2 -63.7% 10,188 15 16 Jefferies 7,058 8 0 8
16 20 Citi 3,478 9 7.4% 3,238 16 40 Miles Advisory Partners 103 8 4 4
17 19 PwC 3,284 36 -1.7% 3,340 17 17 Credit Suisse 11,288 7 0 7
18 - Millennium Investment Banking 3,082 1 - - 18 15 Lazard 4,128 7 -1 8
19 - The Bank Street Group 2,900 1 - - 19 26 Luminis Partners 1,053 7 2 5
20 30 Houlihan Lokey 2,778 3 150.7% 1,108 20 24 Grant Samuel 4,724 6 1 5

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Asia Pacific Advisory League tables

Greater China league table by value Greater China league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 1 China International Capital Corporation 204,414 76 334.4% 47,056 1 1 China International Capital Corporation 204,414 76 29 47
2 2 CITIC Securities 182,908 69 335.5% 42,001 2 2 CITIC Securities 182,908 69 28 41
3 4 Goldman Sachs & Co 90,962 32 334.2% 20,947 3 10 Goldman Sachs & Co 90,962 32 12 20
4 7 China Securities 68,776 17 361.4% 14,905 4 3 Huatai Securities 23,041 27 -9 36
5 13 UBS Investment Bank 68,382 12 574.4% 10,140 5 8 China Renaissance Holdings 5,157 25 4 21
6 6 Morgan Stanley 55,942 22 218.4% 17,569 6 4 Deloitte 15,422 24 -3 27
7 26 Guotai Junan Securities 34,899 18 643.8% 4,692 7 15 Morgan Stanley 55,942 22 9 13
8 5 HSBC 34,779 20 74.9% 19,887 8 12 HSBC 34,779 20 3 17
9 14 JPMorgan 26,041 10 184.2% 9,162 9 6 Somerley Capital 18,980 20 -2 22
10 8 Citi 23,433 19 64.5% 14,249 10 27 Citi 23,433 19 12 7
11 3 Huatai Securities 23,041 27 -33.6% 34,696 11 9 Guotai Junan Securities 34,899 18 -3 21
12 37 Nomura Holdings 19,442 10 598.8% 2,782 12 5 PwC 10,589 18 -7 25
13 9 Somerley Capital 18,980 20 44.5% 13,134 13 7 China Securities 68,776 17 -4 21
14 17 Bank of America 18,427 12 137.3% 7,766 14 29 CLSA 5,943 15 8 7
15 16 Deloitte 15,422 24 96.3% 7,856 15 30 Houlihan Lokey 10,001 13 6 7
16 62 Moelis & Company 13,590 8 1121.0% 1,113 16 17 UBS Investment Bank 68,382 12 0 12
17 52 Deutsche Bank 13,352 10 643.0% 1,797 17 23 Bank of America 18,427 12 4 8
18 - AZ Capital 11,677 6 - - 18 14 Haitong Securities 3,772 12 -3 15
19 39 PwC 10,589 18 320.4% 2,519 19 18 Shenwan Hongyuan Group Co 2,743 11 -1 12
20 43 Houlihan Lokey 10,001 13 328.5% 2,334 20 13 JPMorgan 26,041 10 -7 17

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Asia Pacific Advisory League tables

India league table by value India league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 12 Morgan Stanley 26,713 24 855.7% 2,795 1 1 EY 7,931 37 1 36
2 17 Bank of America 18,141 15 1080.3% 1,537 2 11 Morgan Stanley 26,713 24 16 8
3 6 EY 7,931 37 17.3% 6,760 3 26 Bank of America 18,141 15 12 3
4 15 JPMorgan 7,172 7 305.7% 1,768 4 3 RBSA Advisors 6,313 15 -1 16
5 9 RBSA Advisors 6,313 15 23.9% 5,095 5 2 JM Financial 5,027 12 -4 16
6 10 Citi 6,006 6 64.1% 3,661 6 5 Avendus Capital 1,663 12 -2 14
7 36 SBI Capital Markets 5,875 6 2454.3% 230 7 18 JPMorgan 7,172 7 2 5
8 8 Deloitte 5,145 6 -4.4% 5,379 8 9 Citi 6,006 6 -5 11
9 2 JM Financial 5,027 12 -48.7% 9,803 9 47 SBI Capital Markets 5,875 6 5 1
10 14 Axis Capital 4,222 4 123.9% 1,886 10 6 Deloitte 5,145 6 -7 13

South Korea league table by value South Korea league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 5 Citi 11,109 5 45.2% 7,652 1 1 PwC 7,824 52 -26 78
2 6 Credit Suisse 10,649 10 69.1% 6,299 2 2 KPMG 4,463 27 2 25
3 20 EY 10,591 11 1183.8% 825 3 5 EY 10,591 11 0 11
4 8 Bank of America 9,278 2 65.4% 5,611 4 9 Deloitte 979 11 2 9
5 1 PwC 7,824 52 -56.8% 18,131 5 8 Credit Suisse 10,649 10 1 9
6 3 JPMorgan 5,392 7 -52.4% 11,329 6 6 JPMorgan 5,392 7 -2 9
7 7 KPMG 4,463 27 -22.1% 5,732 7 10 KR & Partners 310 7 1 6
8 4 Goldman Sachs & Co 4,302 3 -55.4% 9,640 8 - KB Securities 2,850 6 6 0
9 - KB Securities 2,850 6 - - 9 4 Citi 11,109 5 -7 12
10 35 BDA Partners 1,353 3 1213.6% 103 10 12 Samsung Securities 908 5 1 4

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Asia Pacific Advisory League tables

Japan league table by value Japan league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 1 Morgan Stanley 101,004 25 102.6% 49,860 1 2 Nomura Holdings 81,627 63 0 63
2 2 Nomura Holdings 81,627 63 80.5% 45,213 2 1 Deloitte 70,209 50 -26 76
3 5 Deloitte 70,209 50 162.8% 26,714 3 6 Sumitomo Mitsui Financial Group 10,436 39 2 37
4 4 Goldman Sachs & Co 52,192 15 51.5% 34,440 4 4 Mizuho Financial Group 10,167 31 -11 42
5 45 Plutus Consulting Co 45,556 14 4928.3% 906 5 5 Morgan Stanley 101,004 25 -14 39
6= - Raine Group 38,500 1 - - 6 3 Daiwa Securities Group / DC Advisory 6,019 19 -32 51
6= - Zaoui & Co 38,500 1 - - 7 13 Bank of America 26,523 16 3 13
8 6 Bank of America 26,523 16 5.5% 25,151 8 7 PwC 4,902 16 -14 30
9 11 Sumitomo Mitsui Financial Group 10,436 39 -19.8% 13,017 9 8 GCA Corporation 3,746 16 -13 29
10 3 Mizuho Financial Group 10,167 31 -75.2% 41,020 10 9 Goldman Sachs & Co 52,192 15 -6 21

South East Asia league table by value South East Asia league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 2 JPMorgan 22,722 7 -12.6% 26,011 1 5 Deloitte 10,443 20 7 13
2 5 Goldman Sachs & Co 14,535 11 -18.6% 17,852 2 14 Goldman Sachs & Co 14,535 11 5 6
3 11 UBS Investment Bank 14,496 9 160.3% 5,568 3 11 UBS Investment Bank 14,496 9 2 7
4 6 Barclays 12,315 4 -17.9% 15,009 4 6 Credit Suisse 11,898 9 -3 12
5 9 Credit Suisse 11,898 9 1.1% 11,767 5 2 EY 783 9 -7 16
6 14 HSBC 11,198 3 186.6% 3,907 6 8 Citi 6,521 8 -1 9
7 - The Quant Group 10,594 2 - - 7 3 Morgan Stanley 3,521 8 -6 14
8 - Greenhill & Co 10,576 1 - - 8 7 KPMG 189 8 -3 11
9 16 Deloitte 10,443 20 198.5% 3,499 9 10 JPMorgan 22,722 7 0 7
10 20 ANZ Bank 8,007 1 169.7% 2,969 10 99 Baker Tilly International 102 7 6 1

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Private Equity Advisory League tables*

Global Buyouts league table by value Global Buyouts league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 7 Goldman Sachs & Co 76,873 41 87.8% 40,936 1 1 PwC 12,323 71 -19 90
2 9 Credit Suisse 59,764 16 95.2% 30,612 2 2 Deloitte 4,049 53 -25 78
3 12 UBS Investment Bank 50,632 27 184.2% 17,817 3 4 KPMG 2,360 48 5 43
4 1 Morgan Stanley 50,032 23 -31.5% 73,012 4 3 EY 3,062 46 -17 63
5 2 Bank of America 49,491 26 -17.1% 59,672 5 6 Goldman Sachs & Co 76,873 41 9 32
6 10 Rothschild & Co 37,403 33 59.1% 23,510 6 8 Rothschild & Co 37,403 33 5 28
7 5 Citi 34,079 15 -24.5% 45,108 7 11 JPMorgan 31,187 28 4 24
8 6 Barclays 32,927 21 -21.2% 41,795 8 16 UBS Investment Bank 50,632 27 7 20
9 4 Deutsche Bank 31,502 21 -31.5% 46,007 9 15 Bank of America 49,491 26 5 21
10 3 JPMorgan 31,187 28 -34.7% 47,744 10 17 Houlihan Lokey 1,843 26 6 20

US Buyouts league table by value US Buyouts league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 7 Goldman Sachs & Co 46,853 18 105.5% 22,795 1 3 Goldman Sachs & Co 46,853 18 3 15
2 9 Credit Suisse 27,825 8 71.7% 16,208 2 11 UBS Investment Bank 19,710 17 7 10
3 3 Bank of America 25,757 16 -26.9% 35,240 3 13 JPMorgan 12,758 17 8 9
4 1 Deutsche Bank 20,334 16 -50.9% 41,404 4 10 Bank of America 25,757 16 6 10
5 17 UBS Investment Bank 19,710 17 468.3% 3,468 5 8 Deutsche Bank 20,334 16 5 11
6 2 Morgan Stanley 17,822 7 -55.4% 39,989 6 5 Jefferies 7,475 15 1 14
7 5 Citi 14,241 6 -50.0% 28,500 7 24 Houlihan Lokey - 15 10 5
8 55 Lazard 13,659 4 - - 8 1 Barclays 10,000 12 -11 23
9 6 JPMorgan 12,758 17 -50.6% 25,835 9 2 RBC Capital Markets 10,175 11 -5 16
10 8 RBC Capital Markets 10,175 11 -41.3% 17,327 10 12 William Blair & Company 5,591 11 1 10

*Based on advisors to bidder on buyout deals with target dominant geography being Global and US
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Private Equity Advisory League tables*

Europe Buyouts league table by value Europe Buyouts league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 7 Credit Suisse 29,939 7 130.0% 13,017 1 1 PwC 10,321 46 -15 61
2 10 UBS Investment Bank 29,908 8 250.5% 8,533 2 2 Deloitte 3,039 41 -20 61
3 1 Rothschild & Co 28,229 27 27.7% 22,101 3 4 KPMG 1,225 40 15 25
4 2 Morgan Stanley 26,955 9 50.2% 17,946 4 3 EY 2,145 34 -20 54
5 6 Goldman Sachs & Co 23,748 16 58.2% 15,013 5 6 Rothschild & Co 28,229 27 6 21
6 4 Bank of America 21,088 6 35.6% 15,548 6 10 Alantra 1,191 17 1 16
7 87 goetzpartners 20,012 5 27694.4% 72 7 16 Goldman Sachs & Co 23,748 16 4 12
8 11 Barclays 19,289 6 158.6% 7,459 8 7 GCA Corporation 251 16 -2 18
9 75 Bain & Company 18,941 3 11174.4% 168 9 8 Daiwa Securities Group / DC Advisory 1,628 14 -3 17
10 5 JPMorgan 14,888 7 -1.3% 15,087 10 5 Lincoln International 62 13 -9 22

Asia Pacific (excl. Japan) Buyouts league table by value Asia Pacific (excl. Japan) Buyouts league table by deal count
Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 6 Goldman Sachs & Co 5,666 6 98.7% 2,851 1 1 PwC 1,469 16 -3 19
2 - Oaklins 3,905 2 - - 2 2 KPMG 1,135 7 -3 10
3 14 JPMorgan 3,541 4 195.1% 1,200 3 4 EY 902 7 0 7
4 22 Rothschild & Co 3,385 2 1071.3% 289 4 6 Goldman Sachs & Co 5,666 6 2 4
5 5 Jefferies 2,406 1 -28.5% 3,363 5 3 Deloitte 1,001 6 -2 8
6 3 Bank of America 2,281 3 -60.3% 5,744 6 22 JPMorgan 3,541 4 3 1
7 26 Macquarie Group 1,817 1 898.4% 182 7 8 Bank of America 2,281 3 0 3
8 8 PwC 1,469 16 -29.3% 2,078 8 - Lazard 1,104 3 3 0
9 9 KPMG 1,135 7 -42.5% 1,975 9 - Oaklins 3,905 2 2 0
10 - Lazard 1,104 3 - - 10 7 Rothschild & Co 3,385 2 -2 4

*Based on advisors to bidder on buyout deals with target dominant geography being Europe and Asia-Pacific (excl. Japan)
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Private Equity Advisory League tables*

Global Exits league table by value Global Exits league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 8 Morgan Stanley 115,127 51 271.7% 30,970 1 5 Jefferies 66,927 61 2 59
2 4 Goldman Sachs & Co 112,080 51 77.4% 63,192 2 3 Houlihan Lokey 7,394 57 -6 63
3 5 JPMorgan 75,779 34 23.4% 61,402 3 4 Rothschild & Co 20,044 55 -7 62
4 6 Jefferies 66,927 61 14.7% 58,357 4 14 Morgan Stanley 115,127 51 15 36
5 7 Barclays 45,636 22 27.3% 35,837 5 7 Goldman Sachs & Co 112,080 51 2 49
6 1 Bank of America 44,346 25 -43.5% 78,502 6 1 Lincoln International 3,710 43 -25 68
7 336 Raine Group 38,700 2 - - 7 2 William Blair & Company 13,672 41 -23 64
8 - Zaoui & Co 38,500 1 - - 8 16 Evercore 27,017 38 6 32
9 10 Credit Suisse 36,898 24 72.0% 21,447 9 13 Raymond James 3,037 35 -4 39
10 3 Citi 33,227 29 -48.1% 63,974 10 12 JPMorgan 75,779 34 -5 39

US Exits league table by value US Exits league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 9 Morgan Stanley 80,427 36 335.0% 18,491 1 5 Jefferies 49,952 42 4 38
2 4 Jefferies 49,952 42 0.0% 49,943 2 1 Houlihan Lokey 4,497 41 -8 49
3 5 JPMorgan 47,556 21 39.1% 34,180 3 13 Morgan Stanley 80,427 36 14 22
4 6 Goldman Sachs & Co 43,058 27 43.8% 29,951 4 3 William Blair & Company 10,192 34 -9 43
5 2 Bank of America 42,306 18 -27.2% 58,077 5 9 Goldman Sachs & Co 43,058 27 3 24
6 8 Barclays 35,907 16 75.6% 20,452 6 4 Lincoln International 3,384 27 -13 40
7 1 Evercore 19,533 25 -73.2% 72,824 7 7 Robert W. Baird & Co 1,713 27 -7 34
8 13 Centerview Partners 19,398 8 60.8% 12,060 8 2 Harris Williams 5,269 26 -20 46
9 3 Citi 19,238 15 -64.0% 53,415 9 11 Evercore 19,533 25 3 22
10 14 Credit Suisse 19,048 13 59.3% 11,955 10 8 Raymond James 2,364 25 -6 31

*Based on advisors to target/seller on exit deals with target dominant geography being Global and US
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Private Equity Advisory League tables*

Europe Exits league table by value Europe Exits league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 1 Goldman Sachs & Co 65,967 17 240.2% 19,392 1 1 Rothschild & Co 16,988 45 -4 49
2= - Raine Group 38,500 1 - - 2 4 KPMG 682 21 -4 25
2= - Zaoui & Co 38,500 1 - - 3 2 PwC 2,773 18 -9 27
4 25 Morgan Stanley 33,351 11 1169.1% 2,628 4 15 Goldman Sachs & Co 65,967 17 4 13
5 2 JPMorgan 27,891 10 45.5% 19,167 5 6 Jamieson Corporate Finance 12,614 17 -2 19
6 3 Rothschild & Co 16,988 45 18.3% 14,361 6 13 Jefferies 15,975 16 2 14
7 22 Credit Suisse 16,096 5 447.1% 2,942 7 3 Lincoln International 326 15 -10 25
8 21 Jefferies 15,975 16 384.4% 3,298 8 9 GCA Corporation 318 15 -2 17
9 8 Deutsche Bank 13,901 4 108.7% 6,661 9 5 Lazard 5,561 13 -6 19
10 6 Jamieson Corporate Finance 12,614 17 41.5% 8,917 10 21 Liberty Corporate Finance 2,259 13 2 11

Asia Pacific (excl. Japan) Exits league table by value Asia Pacific (excl. Japan) Exits league table by deal count

Ranking 2020 2019 Ranking 2020 2019

2020 2019 Company name Value Deal % Value Value 2020 2019 Company name Value Deal Count Deal
(USDm) count change (USDm) (USDm) count change count
1 15 Citi 3,723 6 285.0% 967 1 9 Citi 3,723 6 3 3
2 1 Goldman Sachs & Co 2,510 4 -56.1% 5,721 2 1 PwC 1,397 6 -6 12
3 - Grant Samuel 1,817 1 - - 3 3 Goldman Sachs & Co 2,510 4 -1 5
4 13 PwC 1,397 6 43.0% 977 4 - Rippledot Capital 487 3 3 0
5 - SBI Capital Markets 1,322 1 - - 5 14 EY 224 3 1 2
6 14 UBS Investment Bank 1,200 1 24.0% 968 6 35 KR & Partners 127 3 2 1
7 27 Standard Chartered 886 1 608.8% 125 7 - BDA Partners 528 2 2 0
8 - BDA Partners 528 2 - - 8 4 Avendus Capital 445 2 -3 5
9 - CLSA 523 1 - - 9 6 Credit Suisse 434 2 -2 4
10 - Rippledot Capital 487 3 - - 10 15 JPMorgan 332 2 1 1

*Based on advisors to target/seller on exit deals with target dominant geography being Europe and Asia-Pacific (excl. Japan)
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Criteria Contacts
Research Editor (APAC) Commercial
All data is based on transactions over USD 5m and is Production Riccardo Ghia
[email protected] Americas
Global Editorial Analytics
based on the Mergermarket’s M&A deals database. Director
+852 2158 9704 Kurt Viehl
[email protected]
Beranger Guille Senior Reporter (APAC) +1 212 390 7812
Deals with undisclosed deal values are included where [email protected] Raiha Mahmoud
+44 20 3741 1186 [email protected] Asia
the target’s turnover exceeds USD 10m. Deals where Head of Research (Asia)
+81 3 6262 5715 Laurence Edwards
[email protected]
Gerry Tee
the effective stake acquired is less than 30% will only [email protected]
Junior Graphics Designer +852 2158 9771
Carmen Wong
+852 2158 9741
be included if the value is greater than USD 100m. [email protected]
+852 2158 9770
EMEA
Manuel Ritter
Head of Research (EMEA) Manuel [email protected]
Full deal inclusion criteria can be found here. Andrea Putaturo +44 20 3741 1296
[email protected]
Trend data: Based on the dominant Top deals: Based on the dominant geography +44 20 3741 1274
geography of the target company and of the target company.
excludes lapsed and withdrawn bids. Sector Deputy Head of Research (EMEA)
League tables: Based on the dominant Marie-Laure Keyrouz
trends based on the dominant sector of the
geography of the target, bidder or seller, and [email protected]
target.
excludes lapsed and withdrawn bids. Private +44 20 3741 1282
Global cross-border M&A: Based on the equity buyout league tables are based on
dominant geography of the target and bidder advisors advising the bidder only on buyout Data-driven Content Coodinator
Mark Druskoff
company being in a different region. deals with target dominant geography being
[email protected]
the country/region and excludes lapsed and
Inbound: Global/US/Japan: The dominant
withdrawn bids. Private equity exit league Global PE Specialist
geography of the target is X and the dominant
tables based on advisors advising the target/ Mate Taczman Deal Submissions Press Relations
geography of the bidder is any other country
seller on exit deal with target dominant [email protected]
excluding X. Europe/Asia/Africa & Middle East: +44 20 3741 1361 Americas Global
geography being the country/region and
The dominant geography of the target is X Jason Loria Lindsay Spivak
excludes lapsed and withdrawn bids.
and the dominant geography of the bidder is Research Editor (EMEA) [email protected] [email protected]
any other region excluding X. All values are in USD Jonathan Klonowski +1 646 378 3122 +1 212-390-7801
M&A Trends and Top Deals correct as of 11am [email protected]
Outbound: Global/US/Japan: The dominant +44 20 3741 1293 Asia
(GMT), 04-Jan-2021.
geography of the bidder is X and the John Capulong
dominant geography of the target is any other Cut off date 31-Dec-2020. Head Analyst (Americas) [email protected]
country excluding X. Europe/Asia/Africa & Philip Segal +852 2158 9723
League Tables correct as of 11am (GMT), [email protected]
Middle East: The dominant geography of the
05-Jan-2021. Cut off date 31-Dec-2020. +1 212 574 7877 EMEA
bidder is X and the dominant geography of Michael Richards
the target is any other region excluding X. [email protected]
+44 20 3741 1423

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