Press Release - Mergermarket

PRESS CONTACTS 

EMEA: Flora Wilke Americas: Dara Silverstein Asia-Pacific: Michel Chau 

flora.wilke@mergermarket.com dara.silverstein@mergermarket.com michel.chau@mergermarket.com 

Tel: +44 207 059 6348 Tel: +1 646 3783118 Tel: +852 2158 9706 

press release 

mergermarket M&A Round-up for Year End 2011 

January 3 2012, for immediate release 

www.mergermarket.com

mergermarket M&A Round-up for Year End 2011 

CONTENTS: 

2 mergermarket M&A Round-up 

3 Global M&A Overview 

6 - Mid-Market 

7 - Private Equity 

9 - Emerging Markets 

10 - Premia and Multiples Analysis 

11 - Deal Type/Deal Value Breakdown 

12 - Consideration Structure/ 

Insolvency 

13 - Demerger 

14 - Global M&A Overview 

16 - European M&A Overview 

29 - US M&A Overview 

39 - Asia -Pacific (ex.Japan) M&A 

Overview 

49 - Africa & Middle East M&A 

Overview 

52 - Criteria/About mergermarket 

PRESS CONTACTS: 

EMEA: Flora Wilke 

flora.wilke@mergermarket.com 

Tel: +44 207 059 6348 

Americas: Dara Silverstein 

dara.silverstein@mergermarket.com 

Tel: +1 646 378 3118 

Asia-Pacific: Michel Chau 

michel.chau@mergermarket.com 

Tel: +852 2158 9706 

Global M&A up 2.5% in 2011 

Global M&A in 2011 totalled US$ 2,178.4bn, up 2.5% from the same period in 2010 (US$ 2,125.9bn), in the busiest year since 2008 which saw US$ 

2,405.8bn-worth of deals. Activity was, however, down for four successive quarters, with US$ 432bn-worth of deals announced globally in the 

fourth quarter of 2011, down 22.5% from Q3 2011. 

Goldman Sachs remains on top 

Goldman Sachs topped the global M&A financial advisory tables by total deal value for 2011, having advised on 309 deals worth US$ 593.4bn. 

Goldman worked on five of the ten largest deals announced last year. 

US M&A strong in 2011 though dipping at end of year 

The US saw the announcement of US$ 820.6bn-worth of deals in 2011, the highest annual total deal value since 2007 (US$ 1,328.1bn), and 14.4% 

higher than 2010 (US$ 717.2bn). Activity, however, waned in Q4 with a decrease of 9.3% compared to Q3. 

Emerging Market M&A down in spite of strong cross border deal flow 

Emerging market deal activity in 2011 decreased 11.7% from the same period in 2010. However, inbound cross-border activity into emerging 

market countries in 2011 added up to US$ 200.3bn, up 19.1% compared to 2010 (US$ 168.2bn) and was the highest annual total on mergermarket 

record. 

Private Equity Buyouts strongest since 2008 

2011 was the strongest year for buyout activity since 2008, with deals announced with a total value of US$ 277.7bn, a 15.3% increase from the 

same period in 2010. The proportion of global M&A activity in 2011 accounted for by buyouts was 12.9%, up from 11.3% in 2010 and the highest 

proportion since 2007. 

Highest exit premiums in US and Europe since 2008 

Last year was the first to see an upward trend in exit premiums in the US and Europe since 2008. European average premiums on private equity 

exits in 2011 were at their highest levels on mergermarket record (since 2001). 

Energy, Mining & Utilities top sector in 2011 

The Energy, Mining & Utilities sector saw the highest total value of M&A deals in 2011, accounting for 25.6% of global M&A deals announced, with 

deals totalling US$ 557.7bn. Industrials & Chemicals followed with US$ 365bn-worth of deals. 

Busy year for Cross-border M&A 

2011 was the busiest year for cross-border M&A since 2008. Cross-border deals between individual countries accounted for 41.5% of global M&A 

activity, the second highest proportion since 2007. 

European M&A for the year valued US$ 697.9bn, up 4.8% from 2010 (US$ 665.9bn) 

Q4 2011 saw US$ 116.3bn-worth of deals, a 28.7% drop from the previous quarter (US$ 163.1bn in Q3). 

Asia-Pacific M&A valued US$ 336.1bn, down 10.8% from 2010 (US$ 376.9bn) 

Q4 activity was down 31.9%, from US$ 100bn in Q3 to US$ 68bn. 

Press Release: mergermarket M&A Round-up for Year End 2011 

2 


Global M&A Overview 

Global M&A for the year to date totalled US$ 2,178.4bn, up 2.5% from the same period in 2010 (US$ 2,125.9bn), 

making it the busiest year since 2008 (which saw US$ 2,405.8bn). 12,455 deals were announced in 2011, 1.3% 

below the number for 2010 (12,296 deals). 

Activity did, however, decrease over four successive quarters, with US$ 432bn-worth of deals announced globally 

in the fourth quarter of 2011, down 22.5% from Q3 2011 (US$ 557.5bn). Fourth quarter activity was 39% lower than 

in Q4 2010 (US$ 708.1bn), with the lowest quarterly total since Q3 2009 (US$ 325.4bn). 

The largest deal of the year was Kinder Morgan’s US$ 37.4bn offer to acquire US-based El Paso, announced in 

October, in the largest corporate deal since ExxonMobil’s US$ 40.6bn acquisition of XTO Energy in December 2009. 

2011 was the busiest year for cross-border M&A since 2008, in spite of a gradual slowdown in M&A activity after the 

first half of the year. Cross-border deals (by individual countries) announced in 2011 added up to US$ 874.4bn and 

regional cross-border deals were up to US$ 593bn, an increase of 9.8% and 19.6% respectively since 2010, which 

saw US$ 796.7bn-worth by country and US$ 495.7bn-worth by region. The year saw cross-border deals between 

individual countries accounting for 41.5% of global M&A activity, the second highest proportion since 2007 when 

US$ 1,564.4bn-worth accounted for 42.8%. 

The Energy, Mining & Utilities sector was the sector with the highest total value of M&A deals in 2011, with deals 

totalling US$ 557.1bn, up 3.6% from 2010 (US$ 537.7bn) and accounting for 25.6% of global M&A deals in 2011 

Goldman Sachs topped the global M&A financial advisory tables by total deal value last year, having displaced 

JPMorgan which led after the first quarter. Goldman Sachs, which was behind Morgan Stanley in the rankings in 

2010, now leads (with Morgan Stanley in second) by more than US$ 141.7bn. Goldman worked on five of the ten 

largest deals announced in 2011. 

The top ten firms in the global M&A financial advisory tables saw an average increase of 3.5% in the total value of 

deals worked on last year as compared with 2010. Credit Suisse, ranked fourth, was the top ranking non-US firm in 

the advisory tables, and there were nine other non-US firms in the top 20 rankings. 

Value of Deals (US$bn) 

4,000 

3,500 

3,000 

2,500 

2,000 

1,500 

1,000 

500 

0 

Global M&A Deal Size Breakdown - Deal Value 

2004 2005 2006 2007 2008 2009 2010 2011 

$0m - $500m $501m - $2,000m $2,001 - $10,000m mega deals (over $10,001bn) 


1,300 

1,200 

1,100 

1,000 

900 

800 

700 

600 

500 

400 

300 

200 

100 

Value of Deals ($bn) 

0 

1,500 

1,400 

1,300 

1,200 

1,100 

1,000 

900 

800 

700 

600 

500 

400 

300 

200 

100 

0 

RoW M&A 

Asia-Pacific ex Jp M&A 

US M&A 

European M&A 

Volume 

Global Cross Border (regions) 

Global M&A 

Global Cross Border (individual countries) 

Global M&A Activity - Quarterly 

Global Cross Border M&A Analysis - Value 


3 

www.mergermarket.com 

4,500 

4,250 

4,000 

3,750 

3,500 

3,250 

3,000 

2,750 

2,500 

2,250 

2,000 

1,750 

1,500 

1,250 

1,000 

750 

500 

250 

0 

Volume of Deals

Global M&A Overview: Industry and Geography Breakdown 

North Asia 

7.6% 

Central & Eastern Europe 

5.1% 

Northern Europe 

3.2% 

Mix of Announced Deals by Geographic Region 2011 - Value 

Southern Europe 

6.3% 

South & Central Asia 

1.7% 

Australasia 

3.9% 

Japan 

3.1% 

Western Europe 

17.4% 

South East Asia 

2.3% 

Af rica & Middle East 

1.7% 

Central & South America 

6.1% 

North America 

41.6% 

Y/E 2011 Y/E 2010 Change 

Sector Value ($bn) market share Deal count Value ($bn) market share Deal count Value (%) Deal count 

Energy, Mining & Utilities 557.1 25.6% 1,148 537.7 25.3% 1,327 3.6% -179 

Industrials & Chemicals 365.0 16.8% 2,511 264.6 12.4% 2,218 38.0% 293 

Financial Services 270.8 12.4% 1,088 288.6 13.6% 1,209 -6.2% -121 

Pharma, Medical & Biotech 197.0 9.0% 953 182.5 8.6% 939 7.9% 14 

Consumer 183.3 8.4% 1,651 180.4 8.5% 1,492 1.6% 159 

Technology 145.3 6.7% 1,326 95.9 4.5% 1,258 51.6% 68 

Telecommunications 102.7 4.7% 150 177.2 8.3% 207 -42.1% -57 

Business Services 89.8 4.1% 1,550 120.3 5.7% 1,521 -25.3% 29 

Real Estate 80.7 3.7% 207 55.8 2.6% 265 44.7% -58 

Transport 51.1 2.3% 385 90.5 4.3% 363 -43.5% 22 

Leisure 48.2 2.2% 454 37.1 1.7% 417 30.1% 37 

Media 42.0 1.9% 393 33.6 1.6% 366 24.9% 27 

Construction 28.5 1.3% 450 42.4 2.0% 508 -32.8% -58 

Agriculture 9.8 0.4% 149 12.5 0.6% 149 -21.9% 0 

Defence 7.1 0.3% 40 6.6 0.3% 54 8.2% -14 

Total 2,178.4 12,455 2,126 12,293 2.5% 162 

North Asia 

7.9% 


5.1% 

Mix of Announced Deals by Geographic Region 2011 - Volume 

Northern Europe 

5.7% 

Australasia 

3.7% 

Japan 

2.8% 

Southern Europe 

6.2% 

South & Central Asia 

2.1% 

South East Asia 

2.7% 

Af rica & Middle East 

2.5% 

Western Europe 

24.8% 

North America 

31.6% 


4.9% 


4 


Global M&A Overview: Top Deals 

Activity Table of Global M&A for Y/E 2011 

Announced 

Date 

Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Seller Company Deal Value 

(US$m) 

16-Oct-11 Kinder Morgan Inc Barclays Capital; Evercore Partners El Paso Corporation Goldman Sachs; Morgan Stanley 37,439 

21-Jul-11 Express Scripts Inc Citigroup; Credit Suisse Medco Health Solutions Inc Foros; JPMorgan; Lazard 33,430 

10-Jan-11 Duke Energy Corporation Bank of America Merrill Lynch; 

JPMorgan 

22-Sep-11 Nippon Steel Corporation Bank of America Merrill Lynch; 

JPMorgan; Mizuho Financial Group; 

Morgan Stanley 

Progress Energy Inc Barclays Capital; Lazard 25,825 

Sumitomo Metal Industries Ltd 

(90.6% Stake) 

Daiwa Securities Group; Deutsche 

Bank; Goldman Sachs; Sumitomo 

Mitsui Financial Group 

27-Apr-11 Johnson & Johnson Goldman Sachs Synthes GmbH Credit Suisse 21,191 

21-Sep-11 United Technologies Corporation Goldman Sachs; JPMorgan Goodrich Corporation Citigroup; Credit Suisse 17,861 

31-Jan-11 AMB Property Corporation JPMorgan ProLogis Morgan Stanley 14,833 

18-Jan-11 Cargill Inc (Shareholders) Perella Weinberg Partners; UBS 

Investment Bank 

The Mosaic Company (40% Stake) JPMorgan; Lazard; Credit Suisse Cargill Inc 14,808 

14-Jul-11 BHP Billiton Ltd Barclays Capital; Scotia Capital Petrohawk Energy Corporation Goldman Sachs 14,760 

13-Jan-11 Marathon Oil Corporation 

(Shareholders) 


5 


22,474 

Marathon Petroleum Corporation Morgan Stanley Marathon Oil Corporation 14,667

Global M&A Overview: Mid-market M&A Activity (US$ 250m to US$ 2bn) 

The global mid-market saw the announcement of US$ 165bn-worth of M&A deals in Q4 2011, bringing the total 

deal value for the year to US$ 788.9bn. The quarter’s total was 34.1% lower than the same period in 2010 (US$ 

250.5bn in Q4 2010), and 20.3% lower than the previous quarter (US$ 207.1bn in Q3 2011). The second half of 2011 

saw a decrease of 10.7% compared to the first, and the total value of mid-market M&A in 2011 decreased by 0.3% 

compared to 2010, although it was 61.9% higher than the total for 2009. 

All regions saw a decrease in mid-market M&A in Q4 2011 compared with the previous quarter. Africa & the Middle 

East and the Central & South America regions saw the largest decreases with the announcement of mid-market 

deals adding up to US$ 4.1bn and US$ 9.7bn respectively, a 42.1% decrease for Africa & and the Middle East (US$ 

7.2bn in Q3 2011) and a 38.3% decrease for Central & South America (US$ 15.6bn in Q3 2011). All regions also saw 

a lower total value of mid-market M&A for Q4 2011 than in the same period the previous year, with the exception 

of Japan, which saw US$ 4.4bn worth of deals in Q4 2011, a 15.3% increase compared to Q4 2010 (US$ 3.8bn). 

Energy, Mining & Utilities was the most active sector in the global mid-market in 2011, accounting for 23.2% of all 

mid-market activity. The Leisure sector saw the biggest increase in mid-market activity with US$ 25.9bn-worth of 

deals announced in 2011, 61% higher than in 2010 (US$ 16.1bn). The Telecommunications and Agriculture sectors 

showed a 56% decrease from 2010 with US$ 20.1bn and US$ 3.5bn respectively, down from US$ 45.6bn and US$ 

7.8bn in 2010. 

Goldman Sachs topped the mid-market financial advisor league tables with US$ 127.2bn-worth of deals, 

maintaining its lead from 2010. With a 13.7% decrease in the value of deals worked on compared to the previous 

year (down to US$ 89.2bn from US$ 103.3bn), Morgan Stanley was in second place – also maintaining its position 

from 2010. 

Global Mid-Market Financial Adviser League Tables Y/E 2011: Value 

Ranking 2011 2010 

Company 

Value Deal 

Value % Val. 

Y/E 2011 Y/E 2010 Name 

(US$bn) Count (US$bn) Change 

1 1 Goldman Sachs 127.2 156 126.1 0.9% 

2 2 Morgan Stanley 89.2 111 103.3 -13.7% 

3 4 JPMorgan 81.3 114 93.5 -13.0% 

4 3 Credit Suisse 80.4 106 96.0 -16.3% 

5 5 Bank of America Merrill Lynch 79.5 111 75.7 5.0% 

6 7 Deutsche Bank 72.0 89 70.7 1.7% 

7 6 UBS Investment Bank 71.5 89 73.6 -2.9% 

8 9 Citigroup 63.7 87 60.7 5.0% 

9 8 Barclays Capital 55.2 71 68.8 -19.7% 

10 10 Rothschild 54.0 79 51.8 4.3% 


350 

300 

250 

200 

150 

100 

50 

0 

RoW M&A 

Asia-Pacific ex Jp Mid-Market M&A 

US Mid-Market M&A 

European Mid-Market M&A 

% of Global M&A 

Industrials & Chemicals 

15.6% 

Global Mid-Market M&A Activity - Quarterly 

Mid Market M&A Industry Breakdown 2011 - Value 


6 


Consumer 

10.8% 

Financial Services 

12.9% 

Pharma, Medical & Biotech 

6.7% 

Energy, Mining & Utilities 

23.2% 

Technology 

7.8% 

Business Services 

6.1% 

Media 

2.3% 

Transport 

2.8% 

Real Estate 

3.5% 

Leisure 

3.3% 

Telecommunications 

2.5% 

Construction 

1.5% 

Agriculture 

0.4% 

Defence 

0.5% 

50.0% 

45.0% 

40.0% 

35.0% 

30.0% 

25.0% 

20.0% 

15.0% 

10.0% 

5.0% 

0.0% 

% of Global M&A

Global M&A Overview: Private Equity Buyouts 

Private equity-backed buyouts in Q4 2011 added up to US$ 52.4bn, 33.7% less than the previous 

quarter (US$ 79bn in Q3 2011), and the lowest total since Q2 2010 (US$ 51.4bn). The year as a whole, 

however, was the strongest for buyout activity since 2008, with deals announced with a total value of 

US$ 277.7bn, a 15.3% increase on the US$ 240.8bn in 2010. The proportion of global M&A activity in 

2011 accounted for by buyouts was 12.9%, up from 11.3% in 2010 and the highest proportion since 

2007 (23%). 

The decrease in buyout activity seen in Q4 2011 was spread across all markets. European buyouts 

in Q4 (US$ 17.6bn) were down 40% compared to Q3 2011 (US$ 29.4bn), US buyouts (US$ 25.3bn) 

were down 4.9% compared to Q3 2011 (US$ 26.6bn) and Asia-Pacific buyouts (US$ 5.7bn) were down 

66.9% compared to the previous quarter (US$ 17.2bn). 

On leveraged buyouts (US$ 200m+ and excluding buy-ins), private equity firms raised, on average, 

debt financing of 6.0x EBITDA last year, the highest level since 2007 (6.6x). Meanwhile, debt financing 

on LBOs reached an average of 55.5% of total funding per deal in 2011, down from 59.3% in the full 

year of 2010, and slightly up from 54.1% in 2009. 

2011 saw 69 large-cap deals (US$ 1bn+), with a total value of US$ 150.4bn, up 27.7% compared to 

the previous year’s US$ 117.8bn (59 deals). The largest buyout of the year was the acquisition of the 

US operations of Centro Properties Group for US$ 9.4bn, announced by Blackstone Group in March. 

Barclays Capital was the most active financial advisor on buyouts in 2011, advising on 21 buyouts with 

a total value of US$ 37.2bn. The Carlyle Group was the most active private equity house by deal count 

in 2011, with 28 buyouts with a total value of US$ 9bn. Both companies retain their top positions from 

2010. 

Top 10 Global private equity firms Y/E 2011 - buyouts by deal count 

Ranking House Value (US$m) Deal Count 

1 The Carlyle Group 8,992 28 

2 H.I.G. Capital 342 17 

3 Blackstone Group 19,556 16 

4 Sun Capital Partners 652 16 

5 Lloyds TSB Development Capital 597 16 

6 The Riverside Company 30 16 

7 Bridgepoint Capital 4,172 14 

8 Advent International 4,428 12 

9 Kohlberg Kravis Roberts 18,053 11 

10 EQT Partners 3,270 11 


Debt/EBITDA (x) 

400 

350 

300 

250 

200 

150 

100 

50 

0 

7 

6 

5 

4 

3 

2 

1 

0 

Global Private Equity Buyout Activity - Quarterly 

Global Debt Financing Ratios Trend 

(US$200m+ buyouts, excluding buy-ins) 

Rest of the World (Value) 

Asia-Pacific ex Japan (Value) 

US (Value) 

Europe (Value) 

Buyouts (% of Total M&A) 

Debt/EBITDA Multiple (x) 

Debt/Total Funding (%) 

2004 2005 2006 2007 2008 2009 2010 2011 


7 


35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

Percentage of Global M&A 

Debt/Total Funding (%)

Global M&A Overview: Private Equity Exits 

Private equity exits via secondary buyouts and trade sales in 2011 were up 13.8% from 2010, with a 

total value of US$ 252.5bn compared to US$ 221.8bn in 2010. This was the strongest performance 

since 2007 which saw US$ 389.5bn. Q4 2011 saw US$ 30.4bn-worth of exits, down 53.9% from Q3 

2011 (US$ 65.9bn), and was the second lowest Q4 period in the last seven years after Q4 2008 (US$ 

15.7bn). 

After steady growth in secondary buyout exits for the early part of the year, they levelled in Q4, which 

saw SBOs accounting for 32% of all exits, just failing to match Q3’s 33.3%. However, it was still the 

highest proportion of SBO exits for a Q4 period since Q4 2007 when they accounted for 44.4%. 

Private equity firms exited their holdings at an average enterprise valuation of 11.8x EBITDA in 2011, 

slightly down from 12.5x in 2010 and the lowest since 2004 (10.8x). 

One-day-before average exit premiums increased in all regions in 2011. As in previous years, the US 

accounted for the highest premiums, at an average of 42.8%, compared to 32% in Europe and 32.5% 

globally. 2011 was the first year to see an upward trend in exit premiums in the US and Europe since 

2008. European average premiums on exits in 2011 were at their highest levels on mergermarket 

record (since 2001). 

Goldman Sachs topped the financial advisor league table for 2011, advising on 41 exit deals valued 

at US$ 56.4bn. The Carlyle Group sold the most portfolio holdings for the year with 22 exits valued at 

US$ 11bn. Both companies retained their top positions from 2010. 

Top 10 Global private equity firms Y/E 2011 - exits by deal count 

Ranking House Value (US$m) Deal Count 

1 The Carlyle Group 10,997 22 

2 Equistone Partners Europe 7,453 12 

3 Intel Capital 795 12 

4 3i Group 506 10 

5 New Enterprise Associates 120 10 

6 Redpoint Ventures 1,848 9 

7 Lloyds TSB Development Capital 104 9 

8 Blackstone Group 8,163 8 

9 CVC Capital Partners 5,339 8 

10 Bain Capital 4,269 8 

r 


Premium % 

150 

140 

130 

120 

110 

100 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

Trade Sales (Value) 

SBOs (Value) 

Trade Sales (% of total exits) 

SBOs (% of total exits) 

Global 

Europe 

US 

Trade Sales vs SBO Exit Activity - Quarterly 

Exit Premium Analysis - Average 

2004 2005 2006 2007 2008 2009 2010 2011 


8 


100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

Percentage of Total Exits (excl. IPOs)

Global M&A Overview: Emerging Markets 

The emerging markets saw M&A activity with a total value of US$ 459.7bn in 2011, down 11.7% from 2010 (US$ 

520.6bn), though still the second highest total on mergermarket record (since 2001). After a bounce-back in Q3 

(which saw a 16.9% increase on Q2 2011 after two successive quarters of decline in the first half of the year), 

emerging market M&A reverted to a downward quarterly trend in the last quarter of the year. Q4 2011 M&A added 

up to US$ 76.9bn, a 57.2% decrease from the US$ 179.9bn-worth of M&A seen in the same period in 2010, and a 

41.8% decrease relative to the previous quarter (US$ 132.1.bn in Q3 2011). 

BRIC M&A activity decreased by 45.9% in Q4 2011 (US$ 47.9bn) compared to Q3 2011 (US$ 88.5bn). This was the 

lowest quarterly total since Q1 2009 (US$ 38.6bn) and the lowest Q4 since 2005 (US$ 23.1bn). 

Emerging markets accounted for 21.3% of global M&A activity in 2011, a lower proportion than the 24.5% they 

had accounted for in 2010. In the last quarter of the year, they saw 18.3% of global M&A. BRIC countries saw a total 

of US$ 288.4bn-worth of M&A last year, representing 62.7% of overall emerging markets activity, down 4.2% from 

the same period the previous year (US$ 301.2bn in 2010). 

Inbound cross-border activity into emerging market countries in 2011 added up to US$ 200.3bn, up 19.1% 

compared to 2010 (US$ 168.2bn) and the highest annual total on mergermarket record (2001). Europe is the 

region that invested the most in the emerging markets in 2011, accounting for 40.2% of cross-border deal value 

(US$ 80.4bn): the UK, France, Germany and the Netherlands accounting for 21.1%, 17.6% and 9.6% (for both 

Germany and the Netherlands) of European-related inbound deal value respectively. Energy, Mining & Utilities 

remained the busiest sector for cross-border transactions in 2011, with US$ 69.4bn-worth of deals accounting for 

34.6% of all cross-border deals. 

Emerging market buyout activity, valued at US$ 32.3bn, accounted for 11.6% of global buyout activity in 2011, just 

up from 11.5% in 2010, and the highest contribution since 2009 (19.1%). 

Goldman Sachs ranked first in the financial advisor league table for emerging markets M&A with a total value of 

US$ 78.9bn. Goldman Sachs had not previously ranked first since 2002 (US$ 21.1bn). 


80 

70 

60 

50 

40 

30 

20 

10 

0 

Inbound Value ($bn) 

Outbound Value ($bn) 

Inbound Volume 

Outbound Volume 

Emerging Markets Inbound/Outbound M&A 

350 

300 

250 

200 

150 

100 

50 

0 

Volume of Deals 


200 

180 

160 

140 

120 

100 

80 

60 

40 

20 

0 

Other EM (Value) 

BRIC (Value) 

EM M&A as % of Global M&A 

Emerging Markets M&A Activity Trend 


9 


Value (US$bn) 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Value (US$bn) 

% of Global BO (Value) 

% of EM M&A (Value) 

Emerging Markets Buyout Activity Trend 

2004 2005 2006 2007 2008 2009 2010 2011 

5.0% 

0.0% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

25.0% 

20.0% 

15.0% 

10.0% 

Percentage (%) 

% of Global M&A

Global M&A Overview: Premia and Multiples Analysis 

The average premium (one day before) of global M&A deals in Q4 2011 increased to 33.5%, driving 

the annual average up to 28.5%, up from 22.2% in 2010. North American premiums averaged 35.9% in 

2011, an increase from 31.6% in 2010. Meanwhile, European premiums for the year averaged 21.9%, 

the second highest average since 2002, only topped by 2008’s average of 22.9%. The Asia-Pacific region 

saw an average premium of 21 %, again the highest average premium since 2008 (24.1%). 

The average EBITDA multiple across global M&A in 2011 was 12.6x, down from 14.9x in 2010 and the 

lowest average since 2003 (10.6x). The European average EBITDA multiple in 2011 was 12.1x, the 

second-lowest since 2004, after 11.5x in 2009. 

The quarterly average global EBITDA multiple decreased in the last quarter of the year to 12.1x, from the 

previous quarter’s 15.8x, a drop driven by significant decreases in North America and Asia-Pacific, from 

16.3x in Q3 to 12.8x in Q4 in North America, and from 20.4x to 10.1x in Asia-Pacific. Europe, however, 

showed an increase in the average EBITDA multiple on M&A deals in Q4 2011 to 15.3x, up from 14.4x 

in Q3 2011. 

The TMT (Technology, Media & Telecoms) sector recorded the highest average EBITDA multiple – at 

15.7x – in 2011, overtaking 2010’s leading sector Energy, Mining & Utilities which saw 19.5x. 

EBITDA Multiple (x) - Average 

Premiums % 

30 

25 

20 

15 

10 

5 

0 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

EBITDA Multiple Analysis - Average 

Global 

Europe 

North America 

Asia-Pacific (excl. Japan) 

2004 2005 2006 2007 2008 2009 2010 2011 

Global 

Europe 

North America 

Asia-Pacific (excl. Japan) 

Japan 

Premium Analysis - Average 

2004 2005 2006 2007 2008 2009 2010 2011 


10 


Japan

Global M&A Overview: Deal Type / Deal Value Breakdown 

Deal Type 

The total value of public M&A deals announced globally in 2011 was US$ 900.5bn, up 16.5% from 2010 (US$ 

773.1bn). 

Fewer hostile offers were announced in 2011 than in the previous year, with 38 hostile deals valued at US$ 61bn. 

Compared to 2010, which saw 43 deals valued at US$ 97.1bn, hostile offers decreased 37.1% by deal value and 

11.6% by deal count. 

Hostile offers accounted for 6.8% of the total value of all public M&A deals in 2011, just over half of the proportion 

for the previous year. In 2010 hostile offers had accounted for 12.6% of public M&A deal values (which was the 

average proportion of public deals accounted for by hostile offers since 2004). 

2011 was one of the least hostile periods in the past seven years by deal value, with only 2007 seeing hostile deals 

accounting for a lower proportion of public deals (5.3%). 

Hostile offers also accounted for 49.8% of global unsolicited offers in 2011 by value, with 32 deals valued at US$ 

54.5bn. The proportion of unsolicited offers that were hostile in 2011 decreased 8.6% compared to 2010, when 35 

hostile deals valued at US$ 82.5bn represented 53% of unsolicited offers. 

Deal Value Breakdown 

Mega-deals (over US$ 10bn) accounted for 15.5% of the value of global M&A announced in 2011, with a total of 

US$ 334.2bn, just topping the total for 2010 (US$ 333.1bn). 

Deals valued between US$ 2bn and US$ 10bn added up to US$ 733.9bn, accounting for 34% of global M&A 

announced in 2011, the highest proportion for this deal size range on mergermarket record (since 2001). 

In the last quarter of the year, deals valued between US$ 2bn and US$ 10bn dominated, accounting for 35.1% of 

total deal value, having represented 26% of total deal value in the previous quarter. 

The global average deal size for Q4 2011 was US$ 291m, the lowest Q4 average since 2007 (US$ 277m). 

Share of total Global M&A - Deal Values 

100% 

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

0% 

54.5% 

1.7% 

6.0% 

37.7% 

48.1% 

6.6% 

4.1% 10.1% 

41.2% 

43.6% 

8.6% 

37.7% 

M&A Deal Type - Deal Value 

49.7% 

1.4% 

2.7% 

46.2% 

54.9% 

2.4% 

10.9% 

31.7% 

61.3% 

0.5% 

5.0% 

33.2% 

67.1% 

1.2% 

4.1% 

27.5% 

2004 2005 2006 2007 2008 2009 2010 2011 

21.9% 

25.5% 

24.5% 

28.0% 

24.5% 

30.0% 

22.0% 

23.5% 

Recommended Hostile Contested Non-public M&A 

Global M&A Deal Size Breakdown - % by Deal Value 

31.9% 

27.3% 

20.8% 

26.8% 

29.8% 

20.0% 20.4% 

29.4% 29.6% 

27.9% 27.5% 

23.0% 19.3% 20.5% 

60.5% 

0.7% 

2.7% 

36.2% 

15.7% 15.5% 

32.6% 34.1% 

27.7% 26.0% 

23.4% 22.4% 24.0% 24.3% 

2004 2005 2006 2007 2008 2009 2010 2011 

$0m - $500m $501m - $2,000m $2,001 - $10,000m mega deals (over $10,001m) 


11 


Global M&A Overview: Consideration Structure / Insolvency 

Consideration Structure 

The total value of equity-only deals in 2011 was US$ 348.4bn, 7.2% lower than the previous year, 

which saw a total of US$ 375.3bn. Deals with a cash and equity consideration in 2011 amounted to 

US$ 248.9bn, 12.4% higher than in 2010 (US$ 221.5bn). 

The proportion of global transactions paid with only equity decreased to 20.1% of total deal value in 

2011, compared to 22.5% in 2010. It was the lowest proportion since 2007, which saw equity-only 

deals accounting for 17.8% of all deals. Cash and equity deals, meanwhile, increased relative to 2010, 

accounting for 14.4% of total deal value in 2011, compared to 13.3% in 2010. This proportion was the 

second highest since 2007 (15.4%). The acquisition of Medco Health Solutions by Express Scripts for 

US$ 33.4bn in July became the largest cash and equity deal in 2011, after AT&T’s attempted US$ 39bn 

takeover of T-Mobile USA lapsed in December 2011. 

In Q4 2011, cash and equity deals accounted for 23% of total deal value, a dramatic increase from 

below 20% in each of the previous three quarters, while the total proportion of M&A accounted for 

by equity-only deals declined for the fourth consecutive quarter, to 12% from 15% in Q3 and Q2 

2011 and 34% in Q1 2011. In North America, cash and equity deals accounted for 47% in Q4 2011, 

significantly higher than each of the past three quarters when they accounted for under 30%. 

Cash-only was the preferred structure for cross-border deals in Q4 2011, with cash-only deals 

accounting for approximately 94% of the value of all cross-border deals announced in Q4 2011, 

compared with 90% in Q3 2011. 

Insolvency 

After a gradual increase over the first three quarters of 2011, the final quarter of the year saw the 

total value of insolvency deals dropping to US$ 2.9bn, a big drop of 48.5% compared to the previous 

quarter (US$ 5.6bn), and the lowest quarterly total since Q4 2007 (US$ 0.8bn). The full year saw the 

announcement of 360 insolvency deals with a total value of US$ 15.7bn, a 58.7% decrease in value 

compared to 2010, and the lowest level since 2007 (US$ 15.1bn). 

Japan showed the most dramatic decrease in insolvency deals in 2011, seeing the announcement of 

only US$ 0.9bn-worth, a decrease of 86.2% compared to 2010. US insolvency deals were down by 

68.9% from US$ 20.6bn in 2010 to US$ 6.4bn in 2011. Europe was the only region showing an increase 

in the value of insolvency deals compared to 2010, with a total of US$ 5.8bn compared to US$ 2.9bn 

the previous year. Insolvency deals in Asia-Pacific and Central and South America last year had an 

aggregate deal value of less than US$ 3.5bn. 

The Consumer sector saw the highest value of insolvency deals last year, with 75 deals valued at US$ 

3.9bn. The bankruptcy of Nueva Rumasa SA for US$ 2bn was the largest insolvency deal in 2011. 

% of Global M&A 


% cash only deals 

% equity only deals 

% cash & equity deals 

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

60 

50 

40 

30 

20 

10 

0 

24.4% 

18.6% 

22.7% 

19.2% 

26.3% 

57.0% 58.2% 59.1% 

Global Consideration Breakdown - Value 

14.6% 15.4% 

17.8% 

66.8% 

6.7% 

23.5% 

69.8% 

21.1% 

23.5% 

55.3% 

13.3% 14.4% 

22.5% 20.1% 

2004 2005 2006 2007 2008 2009 2010 2011 

Quarterly Insolvency Deals - Global 


12 


Value ($bn) 

Volume 

64.2% 

65.5% 

200 

175 

150 

125 

100 

75 

50 

25 

0 

Number of deals

Global M&A Overview: Demerger 

Global demerger activity in 2011 totalled US$ 64.3bn (just over 2010’s US$ 64.1bn) and accounted for 

3% of all global M&A activity. Although the number of demergers decreased globally (36 demergers 

announced in 2011), the number and aggregate value of demergers in the US and in North America 

as a whole significantly increased in 2011, with the value of demerger activity in the US seeing a 307% 

increase to US$ 42.7bn, and the value in North America almost quadrupling to a total of US$ 43.7bn. 

North America was the region accounting for the highest number and value of demergers, with the 

highest totals in the region since 2008. 

Europe, however, saw the lowest total value of demergers since 2004, with 11 demergers adding 

up to a total of US$ 6.4bn in 2011. It was a significant drop in value compared to 2010 (US$ 40.5bn), 

although the number of deals was almost the same as in 2010 (when there were ten demergers). 

North America accounted for 68.1% of global demergers in 2011, Asia-Pacific for 19.7% and Europe 

for only 9.9% of global demerger transactions. 

The demerger pipeline decreased slightly with the announcements and completions of several 

expected deals, such as the Tyco International demerger. Kraft Foods announced the possible 

demerger and the appointments of leadership of both companies in the second half of 2011. 

The McGraw-Hill demerger still hinges on the management developing a separation plan for the 

transaction. 

Lazard was the top financial advisor in terms of deal value with five demerger deals in 2011, adding 

up to US$ 21.2bn. 


250 

200 

150 

100 

50 

0 

Global Demerger Activity Trend 

RoW Value (US$bn) 

Asia-Pacific Value (US$bn) 

Europe Value (US$bn) 

N.America Value (US$bn) 

% of Global M&A in value 

2004 2005 2006 2007 2008 2009 2010 2011 


13 


10.0% 

9.0% 

8.0% 

7.0% 

6.0% 

5.0% 

4.0% 

3.0% 

2.0% 

1.0% 

0.0% 

% of Global M&A

Global M&A Overview: League Tables of Financial Advisers 

League Table of Financial Advisers to Global M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Press Release: mermergermarket M&A Round-up for Year End 2011 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

2 1 Goldman Sachs 593,411 309 481,698 23.2% 

1 2 Morgan Stanley 451,770 246 492,656 -8.3% 

4 3 JPMorgan 441,000 227 363,597 21.3% 

3 4 Credit Suisse 356,701 209 435,412 -18.1% 

9 5 Barclays Capital 321,417 148 258,482 24.3% 

8 6 Bank of America Merrill Lynch 315,788 213 274,311 15.1% 

5 7 Citigroup 296,214 170 316,046 -6.3% 

6 8 Deutsche Bank 260,684 177 276,497 -5.7% 

11 9 Lazard 230,722 180 202,254 14.1% 

7 10 UBS Investment Bank 226,506 209 275,583 -17.8% 

10 11 Rothschild 139,286 209 215,420 -35.4% 

17 12 Evercore Partners 101,939 64 79,211 28.7% 

13 13 HSBC 101,595 82 116,520 -12.8% 

14 14 SG 84,341 72 111,500 -24.4% 

15 15 Nomura Holdings 81,956 119 107,348 -23.7% 

12 16 BNP Paribas 80,660 94 135,881 -40.6% 

20 17 RBC Capital Markets 70,076 111 58,270 20.3% 

52 18 Moelis & Company 56,978 51 17,014 234.9% 

26 19 Jefferies & Company 55,297 116 39,389 40.4% 

22 20 Perella Weinberg Partners 52,763 20 55,967 -5.7% 

League Table of Financial Advisers to Global M&A: Volume 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 Company Name 

Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

2 1 Goldman Sachs 593,411 309 292 17 

3 2 KPMG 33,712 254 262 -8 

1 3 Morgan Stanley 451,770 246 299 -53 

6 4 JPMorgan 441,000 227 219 8 

5 5 PwC 16,429 226 242 -16 

12 6 Bank of America Merrill Lynch 315,788 213 182 31 

4 7 Credit Suisse 356,701 209 249 -40 

10 8 UBS Investment Bank 226,506 209 199 10 

7 9 Rothschild 139,286 209 219 -10 

13 10 Ernst & Young 21,665 186 163 23 

9 11 Lazard 230,722 180 206 -26 

11 12 Deutsche Bank 260,684 177 188 -11 

8 13 Deloitte 17,687 172 218 -46 

14 14 Citigroup 296,214 170 153 17 

15 15 Barclays Capital 321,417 148 137 11 

16 16 Nomura Holdings 81,956 119 111 8 

18 17 Jefferies & Company 55,297 116 101 15 

17 18 RBC Capital Markets 70,076 111 106 5 

23 19 M&A International 2,089 98 81 17 

22 20 BNP Paribas 80,660 94 81 13 

14 


Global M&A Overview: League Tables of Financial Advisers 

League Table of Financial Advisers to Global Buyouts*: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

1 1 Barclays Capital 37,164 21 37,572 -1.1% 

6 2 Citigroup 33,567 19 19,222 74.6% 


7 4 Deutsche Bank 27,736 13 15,569 78.1% 

9 5 Goldman Sachs 25,207 27 10,403 142.3% 

4 6 Morgan Stanley 24,110 19 23,522 2.5% 


2 8 Credit Suisse 20,747 20 31,051 -33.2% 

73 9 Wells Fargo Securities 18,602 4 410 4,437.1% 

8 10 UBS Investment Bank 18,597 14 14,834 25.4% 

15 11 Nomura Holdings 16,242 16 6,711 142.0% 

17 12 HSBC 11,528 13 5,933 94.3% 

187 13 BMO Capital Markets 7,687 5 - - 


19 15 Rothschild 6,926 13 4,593 50.8% 

13 16 Lazard 6,341 15 7,384 -14.1% 

5 17 JPMorgan 6,203 7 20,967 -70.4% 


58 19 Tudor, Pickering, Holt & Co 5,400 1 725 644.8% 

37 20 Banca IMI/Intesa Sanpaolo 4,715 7 1,419 232.3% 

*Based on the target geography only and the advisor advising the buy-side only. 

League Table of Financial Advisers to Global Buyouts*: Volume 

Ranking 2011 2010 



15 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

10 1 Goldman Sachs 25,207 27 17 10 

3 2 PwC 1,862 25 31 -6 


5 4 Barclays Capital 37,164 21 27 -6 

2 5 Credit Suisse 20,747 20 32 -12 

4 6 Deloitte 1,572 20 28 -8 

9 7 Citigroup 33,567 19 17 2 


6 9 Ernst & Young 1,601 19 24 -5 

1 10 KPMG 2,073 18 41 -23 

7 11 Bank of America Merrill Lynch 29,441 17 23 -6 

23 12 Grant Thornton Corporate Finance 224 17 9 8 


19 14 Lazard 6,341 15 10 5 


13 16 Deutsche Bank 27,736 13 14 -1 

16 17 HSBC 11,528 13 11 2 

11 18 Rothschild 6,926 13 16 -3 

17 19 DC Advisory Partners 2,326 12 11 1 

35 20 Jefferies & Company 7,344 11 4 7

European M&A Overview 

In line with the global trend, European M&A decreased - in terms of both deal value and number of deals - over 

the second half of 2011, and the decline in Europe was more pronounced than in other major regions. Q4 2011 

saw US$ 116.3bn-worth of deals, a 28.7% decrease from the previous quarter (US$ 163.1bn in Q3), and a 52.4% 

decrease from the same period the previous year (US$ 244.3bn). The second half of 2011 saw US$ 279.4bn-worth 

of deals, a total M&A value 33.2% lower than the first half (which saw US$ 418.5bn-worth). 

The majority of the larger European countries showed a decline of 50% or more in M&A activity by value in Q4 

2011 compared to the previous quarter. Whilst this was not unexpected in some of these countries (such as Ireland 

down 95% to US$ 820m, Spain down 61.6% to US$ 8.6bn and UK down 44.6% to US$ 21.4bn) due to the current 

market conditions, some other decreases were more surprising with Russia down by 31.3% (to US$ 13.7bn), 

Germany by 48.5% (to US$ 4.5bn), Turkey by 13.3% (to US$ 2.6bn) and Poland by 26.3% (to US$ 2.9bn). 

Europe finished the year with a higher total M&A value than 2010, a total of US$ 697.9bn for the year compared 

to US$ 665.9bn for 2010. 

Northern Europe, and a few of the Western European countries, had a better year for M&A in 2011 than in 2010, 

during which the Nordic countries saw a 70.8% increase to US$ 69bn-worth of deals. France, Ireland, Spain and 

Poland saw similar jumps of 47.9% (to US$ 71.7bn), 57.4% (to US$ 20.5bn), 169.3% (to US$ 81.2bn) and 88.1% (to 

US$ 22.7bn) respectively. The poor M&A totals in H2 2011, however, affected many other European countries with 

Portugal down 16.3% (to US$ 3.8bn), Austria 69.6% (to US$ 3.9bn), Italy 54.3% (to US$ 36bn), Turkey 43.6% (to US$ 

12.6bn), the Netherlands and Belgium both down around 40% (to US$ 18.9bn and US$ 19.5bn respectively) and 

Greece down 30.5% (to US$ 3.4bn). 

Goldman Sachs and Morgan Stanley held onto their top rankings in the European M&A financial advisory tables by 

total deal value. Goldman Sachs worked on seven of the ten largest deals in Europe for 2011. 


130 

120 

110 

100 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

Value (US$bn) 

Volume 

European Private Equity Buyout Activity - Quarterly 

400 

375 

350 

325 

300 

275 

250 

225 

200 

175 

150 

125 

100 

75 

50 

25 

0 




600 

550 

500 

450 

400 

350 

300 

250 

200 

150 

100 

50 

0 

150 

140 

130 

120 

110 

100 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

Value (US$bn) 

Volume 





European M&A Activity - Quarterly 

European Inbound/Outbound M&A 


16 


1,800 

1,700 

1,600 

1,500 

1,400 

1,300 

1,200 

1,100 

1,000 

900 

800 

700 

600 

500 

400 

300 

200 

100 

0 

300 

275 

250 

225 

200 

175 

150 

125 

100 

75 

50 

25 

0 


Volume of Deals

European M&A Overview : Industry and Geography Breakdown 

Mix of Announced European Deals by Geographic Region 2011 - Value 


15.7% 

Nordic 

9.9% 

Benelux 

8.3% 

Iberia 

12.2% 

South Eastern Europe 

2.6% 

Italy 

5.2% 

UK & Ireland 

20.4% 

France 

10.4% 

Germanic 

15.3% 



Energy, Mining & Utilities 159.1 22.8% 393 158.1 23.7% 381 0.6% 12 

Industrials & Chemicals 120.5 17.3% 1,153 113.0 17.0% 969 6.7% 184 

Financial Services 116.0 16.6% 394 70.1 10.5% 444 65.5% -50 

Consumer 70.6 10.1% 799 61.8 9.3% 745 14.3% 54 

Pharma, Medical & Biotech 59.0 8.4% 310 65.5 9.8% 322 -10.0% -12 


Technology 38.2 5.5% 432 19.8 3.0% 365 92.7% 67 

Business Services 23.4 3.4% 704 33.2 5.0% 621 -29.5% 83 

Transport 17.9 2.6% 192 40.2 6.0% 163 -55.6% 29 

Real Estate 16.1 2.3% 86 17.9 2.7% 90 -9.8% -4 

Leisure 14.2 2.0% 209 12.8 1.9% 189 10.8% 20 

Media 11.7 1.7% 186 7.1 1.1% 151 64.2% 35 

Construction 10.3 1.5% 217 10.1 1.5% 236 2.7% -19 

Agriculture 1.5 0.2% 53 2.7 0.4% 50 -46.2% 3 

Defence 0.9 0.1% 10 1.1 0.2% 17 -19.1% -7 

Total 697.9 5,204 665.9 4,838 4.8% 366 

Mix of Announced European Deals by Geographic Region 2011 - Volume 


11.4% 


17 


Nordic 

13.7% 

Benelux 

9.3% 

South Eastern Europe 

3.6% 

Iberia 

6.4% 

Italy 

5.6% 

Other 

0.2% 

France 

12.4% 

UK & Ireland 

21.1% 

Germanic 

16.4%

European M&A Overview: Top Deals 

Activity Table of European M&A for Y/E 2011 

Announced 

Date 


(US$m) 

27-Apr-11 Johnson & Johnson Goldman Sachs Synthes GmbH Credit Suisse 21,191 

19-May-11 Takeda Pharmaceutical Company Ltd Deutsche Bank; Nomura Holdings Nycomed International Management 

GmbH (Excluding US business) 

Credit Suisse; Goldman Sachs; Moelis 

& Company 

25-Feb-11 Criteria CaixaCorp SA Citigroup; Morgan Stanley; SG la Caixa (banking business) Barclays Capital; Goldman Sachs; 

KPMG 

03-Apr-11 Vivendi SA Barclays Capital; Citigroup; Deutsche 

Bank; HSBC; Rothschild; SG 

DLJ Merchant Banking Partners; 

Coller International Partners; Nordic 

Capital; and Avista Capital Partners 


18 


13,740 

la Caixa 13,024 

SFR SA (44% Stake) BNP Paribas; Lazard Vodafone Group Plc 11,032 

17-Jun-11 KazakhGold Group Limited HSBC OJSC Polyus Gold 10,390 

18-Aug-11 Hewlett-Packard Company Barclays Capital; Perella Weinberg 

Partners 

Autonomy Corporation Plc Bank of America Merrill Lynch; 

Citigroup; Goldman Sachs; 

JPMorgan; Qatalyst Group; UBS 


10-May-11 Microsoft Corporation Internal Skype Global Sarl Goldman Sachs; JPMorgan Silver Lake Partners; Canada 

Pension Plan Investment Board; 

ebay International AG; Andreessen 

Horowitz; and Joltid Limited 

02-Aug-11 Cheung Kong Infrastructure 

Holdings Limited 

HSBC; RBC Capital Markets Northumbrian Water Group Plc Deutsche Bank 7,786 

09-May-11 Volkswagen AG Citigroup; Credit Suisse; Rothschild MAN SE (26% Stake) Barclays Capital; Goldman Sachs 7,651 

16-Feb-11 International Petroleum Investment 

Company 

Goldman Sachs Compania Espanola de Petroleos SA 

(52.94% Stake) 

Banco Bilbao Vizcaya Argentaria; 

BNP Paribas 

10,255 

9,044 

Total SA 7,645

European M&A Overview: League Tables of Financial Advisers 

League Table of Financial Advisers to European M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

1 1 Goldman Sachs 278,203 131 250,276 11.2% 


4 3 JPMorgan 162,606 103 190,448 -14.6% 

7 4 Deutsche Bank 161,243 90 145,958 10.5% 

2 5 Credit Suisse 154,888 94 247,851 -37.5% 

6 6 Citigroup 130,264 78 146,825 -11.3% 

8 7 Rothschild 114,174 174 129,287 -11.7% 



14 10 HSBC 87,728 56 74,631 17.5% 

13 11 Bank of America Merrill Lynch 87,147 83 87,436 -0.3% 

10 12 SG 83,891 70 111,500 -24.8% 

9 13 BNP Paribas 77,861 81 119,298 -34.7% 

11 14 Lazard 69,451 110 109,792 -36.7% 

17 15 Royal Bank of Scotland Group 41,013 36 50,613 -19.0% 


16 17 Credit Agricole CIB 36,029 30 53,888 -33.1% 

35 18 ING 31,571 52 16,129 95.7% 

42 19 Perella Weinberg Partners 30,237 12 11,547 161.8% 

33 20 KPMG 25,208 182 17,692 42.5% 

League Table of Financial Advisers to European M&A: Volume 

Ranking 2011 2010 


Press Release: mergermarket M&A Round-up for Year End 2011 19 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

1 1 KPMG 25,208 182 182 0 

3 2 Rothschild 114,174 174 164 10 

2 3 PwC 11,078 161 165 -4 

8 4 Goldman Sachs 278,203 131 105 26 

12 5 Ernst & Young 11,230 116 89 27 

7 6 Lazard 69,451 110 117 -7 

4 7 Deloitte 6,393 107 155 -48 

9 8 JPMorgan 162,606 103 101 2 


11 10 UBS Investment Bank 98,901 95 96 -1 

6 11 Credit Suisse 154,888 94 124 -30 

10 12 Deutsche Bank 161,243 90 99 -9 


15 14 BNP Paribas 77,861 81 64 17 

13 15 Citigroup 130,264 78 70 8 

27 16 SG 83,891 70 37 33 

16 17 BDO 8,310 67 61 6 


44 19 Leonardo & Co 14,929 59 19 40 

14 20 DC Advisory Partners 5,396 59 65 -6


League Table of Financial Advisers to European Buyouts*: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

16 1 Goldman Sachs 13,603 12 3,735 264.2% 

7 2 HSBC 11,145 10 5,672 96.5% 


1 4 Citigroup 7,792 5 11,925 -34.7% 


14 6 Rothschild 6,578 11 4,343 51.5% 

13 7 Deutsche Bank 6,407 6 4,349 47.3% 

20 8 Lazard 6,341 14 3,223 96.7% 



31 11 Banca IMI/Intesa Sanpaolo 4,715 7 1,419 232.3% 

3 12 BNP Paribas 4,277 6 8,554 -50.0% 

19 13 UniCredit Group 3,655 5 3,409 7.2% 

42 14 Leonardo & Co 3,226 7 870 270.8% 

11 15 SG 2,866 8 4,836 -40.7% 


League Table of Financial Advisers to European Buyouts:* Volume 

Ranking 2011 2010 




Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

2 1 PwC 878 22 27 -5 

3 2 Deloitte 790 17 26 -9 

20 3 Lazard 6,341 14 5 9 

4 4 Ernst & Young 402 14 20 -6 


1 6 KPMG 1,191 13 28 -15 

27 7 Goldman Sachs 13,603 12 4 8 

7 8 DC Advisory Partners 2,326 12 11 1 

5 9 Rothschild 6,578 11 15 -4 

10 10 HSBC 11,145 10 9 1 


17 12 SG 2,866 8 6 2 


28 14 Banca IMI/Intesa Sanpaolo 4,715 7 4 3 

34 15 Leonardo & Co 3,226 7 3 4


Financial Advisers to UK M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

4 1 Goldman Sachs 102,904 55 79,268 29.8% 

1 2 JPMorgan Cazenove 68,341 43 109,624 -37.7% 


7 4 Citigroup 53,471 33 52,134 2.6% 



10 7 Deutsche Bank 45,748 24 47,627 -3.9% 

2 8 Rothschild 39,987 69 82,187 -51.4% 


5 10 Credit Suisse 32,471 31 63,540 -48.9% 

12 11 HSBC 31,529 20 43,051 -26.8% 

15 12 Lazard 24,937 34 28,874 -13.6% 

21 13 Royal Bank of Scotland Group 20,839 13 16,659 25.1% 

14 14 SG 18,438 16 31,491 -41.4% 

19 15 RBC Capital Markets 17,618 17 23,022 -23.5% 

Financial Advisers to French M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

3 1 BNP Paribas 46,818 44 64,692 -27.6% 

7 2 HSBC 38,172 26 52,054 -26.7% 

6 3 Rothschild 36,525 54 52,828 -30.9% 

2 4 SG 34,586 43 65,945 -47.6% 



15 7 Lazard 28,224 35 20,978 34.5% 

4 8 Goldman Sachs 27,333 19 56,784 -51.9% 

11 9 Deutsche Bank 26,807 15 27,338 -1.9% 

8 10 Credit Suisse 26,460 17 48,891 -45.9% 

17 11 Credit Agricole CIB 25,753 24 16,874 52.6% 

22 12 Citigroup 19,342 10 9,624 101.0% 



25 15 Hawkpoint 9,858 11 4,568 115.8% 

Financial Advisers to UK M&A: Volume 

Ranking 2011 2010 



21 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

1 1 Rothschild 39,987 69 81 -12 

4 2 KPMG 5,028 66 53 13 

9 3 Goldman Sachs 102,904 55 44 11 

7 4 PwC 6,055 49 49 0 

2 5 JPMorgan Cazenove 68,341 43 55 -12 

6 6 Deloitte 1,450 39 51 -12 



8 9 Lazard 24,937 34 47 -13 

11 10 Citigroup 53,471 33 37 -4 

16 11 Ernst & Young 4,695 33 29 4 


18 13 BDO 2,124 32 27 5 


3 15 Credit Suisse 32,471 31 53 -22 

Financial Advisers to French M&A: Volume 

Ranking 2011 2010 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

1 1 Rothschild 36,525 54 54 0 

2 2 BNP Paribas 46,818 44 36 8 

Count 

Change 

5 3 SG 34,586 43 25 18 

3 4 Lazard 28,224 35 28 7 

20 5 Leonardo & Co 7,694 35 9 26 

6 6 PwC 2,920 28 23 5 

15 7 HSBC 38,172 26 11 15 

4 8 Credit Agricole CIB 25,753 24 28 -4 

7 9 Morgan Stanley 28,975 19 19 0 

17 10 Goldman Sachs 27,333 19 10 9 

10 11 Credit Suisse 26,460 17 15 2 

9 12 Deutsche Bank 26,807 15 18 -3 

33 13 Bryan, Garnier & Co 1,240 15 6 9 

8 14 DC Advisory Partners 964 15 19 -4 

23 15 UBS Investment Bank 10,204 14 8 6


Financial Advisers to German M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

1 1 Goldman Sachs 31,949 12 27,549 16.0% 

2 2 Deutsche Bank 31,447 19 25,839 21.7% 

11 3 Rothschild 27,962 28 11,268 148.2% 

6 4 JPMorgan 26,764 13 19,466 37.5% 

4 5 Credit Suisse 25,945 9 24,475 6.0% 

21 6 Citigroup 24,895 6 2,972 737.7% 


15 8 BNP Paribas 13,906 10 6,443 115.8% 


17 10 SG 12,968 4 5,587 132.1% 


7 12 Lazard 11,125 15 19,244 -42.2% 



19 15 Berenberg Bank 5,168 6 5,295 -2.4% 

Financial Advisers to Germanic M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

1 1 Goldman Sachs 76,570 28 70,020 9.4% 

2 2 Credit Suisse 70,436 24 69,800 0.9% 

6 3 Deutsche Bank 51,379 25 37,581 36.7% 

10 4 JPMorgan 34,778 20 22,966 51.4% 

13 5 Rothschild 32,454 35 12,250 164.9% 


3 7 Citigroup 25,964 9 39,881 -34.9% 


4 9 Lazard 16,121 22 39,148 -58.8% 

15 10 BNP Paribas 15,921 13 9,749 63.3% 


16 12 SG 13,793 5 8,303 66.1% 




Financial Advisers to German M&A: Volume 

Ranking 2011 2010 



22 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

3 1 Rothschild 27,962 28 19 9 

Count 

Change 

10 2 Ernst & Young 3,405 26 13 13 

4 3 Deutsche Bank 31,447 19 18 1 

2 4 KPMG 590 19 21 -2 

13 5 DC Advisory Partners 380 16 12 4 

6 6 Lazard 11,125 15 18 -3 

161 7 Robert W. Baird & Co 1,033 14 1 13 

12 8 JPMorgan 26,764 13 12 1 

1 9 Lincoln International 241 13 27 -14 

16 10 Deloitte 150 13 11 2 

9 11 Goldman Sachs 31,949 12 14 -2 

39 12 Leonardo & Co 1,391 12 4 8 


49 14 Rabobank 407 11 3 8 

28 15 BNP Paribas 13,906 10 6 4 

Financial Advisers to Germanic M&A: Volume 

Ranking 2011 2010 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

8 1 Rothschild 32,454 35 24 11 

5 2 KPMG 3,056 35 27 8 

6 3 Ernst & Young 3,680 34 25 9 

12 4 Goldman Sachs 76,570 28 22 6 

1 5 Deutsche Bank 51,379 25 29 -4 

10 6 PwC 1,963 25 24 1 

2 7 Credit Suisse 70,436 24 28 -4 

9 8 Deloitte 796 24 24 0 

7 9 Lazard 16,121 22 24 -2 

16 10 JPMorgan 34,778 20 14 6 



25 13 M&A International 90 18 9 9 

51 14 BDO 1,181 16 4 12 

14 15 DC Advisory Partners 380 16 15 1


Financial Advisers to Benelux M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

3 1 JPMorgan 31,568 18 45,683 -30.9% 

1 2 Goldman Sachs 30,533 14 67,101 -54.5% 



10 5 Deutsche Bank 21,242 14 28,966 -26.7% 

18 6 ING 17,486 37 14,329 22.0% 

9 7 BNP Paribas 14,588 19 29,069 -49.8% 

4 8 Credit Suisse 11,469 12 45,200 -74.6% 



- 11 Centerview Partners 9,000 1 - - 

13 12 HSBC 6,446 2 27,442 -76.5% 

11 13 Lazard 6,409 14 28,624 -77.6% 

24 14 Leonardo & Co 6,250 21 4,906 27.4% 

8 15 SG 6,206 3 30,671 -79.8% 

Financial Advisers to Italian M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

10 1 Credit Agricole CIB 11,436 4 24,540 -53.4% 

5 2 Banca IMI/Intesa Sanpaolo 10,043 24 29,720 -66.2% 

12 3 SG 9,736 10 23,539 -58.6% 

6 4 UniCredit Group 9,661 19 28,257 -65.8% 

27 5 HSBC 8,180 5 592 1,281.8% 

17 6 Rothschild 8,108 21 3,558 127.9% 

11 7 Lazard 7,560 14 24,306 -68.9% 

3 8 Deutsche Bank 7,119 6 39,775 -82.1% 

1 9 Credit Suisse 6,897 3 47,968 -85.6% 

25 10 Bank of America Merrill Lynch 6,774 9 864 684.0% 

4 11 Goldman Sachs 6,424 4 39,559 -83.8% 

16 12 Mediobanca 6,324 23 7,652 -17.4% 


9 14 BNP Paribas 4,765 9 24,606 -80.6% 

18 15 Leonardo & Co 4,704 11 2,830 66.2% 

Financial Advisers to Benelux M&A: Volume 

Ranking 2011 2010 




Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

1 1 KPMG 1,747 57 46 11 

3 2 ING 17,486 37 31 6 

4 3 PwC 4,030 26 23 3 

17 4 Leonardo & Co 6,250 21 10 11 

2 5 Rabobank 3,397 20 40 -20 

19 6 BNP Paribas 14,588 19 9 10 

9 7 JPMorgan 31,568 18 15 3 


8 9 Deloitte 1,041 18 18 0 

14 10 Boer & Croon 17 17 13 4 

6 11 Rothschild 3,378 15 19 -4 

5 12 Goldman Sachs 30,533 14 19 -5 

15 13 Deutsche Bank 21,242 14 11 3 


11 15 Lazard 6,409 14 14 0 

Financial Advisers to Italian M&A: Volume 

Ranking 2011 2010 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

2 1 Banca IMI/Intesa Sanpaolo 10,043 24 20 4 

1 2 Mediobanca 6,324 23 21 2 

5 3 Rothschild 8,108 21 12 9 

Count 

Change 

3 4 UniCredit Group 9,661 19 20 -1 

7 5 KPMG 1,256 16 10 6 

4 6 Lazard 7,560 14 14 0 

22 7 Leonardo & Co 4,704 11 3 8 

40 8 SG 9,736 10 1 9 



10 11 BNP Paribas 4,765 9 8 1 

19 12 Vitale & Associati 800 7 4 3 

9 13 Deutsche Bank 7,119 6 8 -2 

17 14 Deloitte 347 6 5 1 

16 15 Fineurop Soditic 96 6 5 1


Financial Advisers to Iberian M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

18 1 Goldman Sachs 36,104 21 5,257 586.8% 


10 3 Citigroup 32,490 14 12,971 150.5% 

7 4 SG 27,896 17 13,900 100.7% 



14 7 Santander Global Banking and 

Markets 

19,668 9 8,605 128.6% 

34 8 Rothschild 17,390 11 1,042 1,568.9% 

5 9 Banco Bilbao Vizcaya Argentaria 17,361 19 17,042 1.9% 


26 11 HSBC 15,521 6 3,584 333.1% 

24 12 KPMG 15,297 14 3,648 319.3% 

19 13 BNP Paribas 14,779 9 4,931 199.7% 

11 14 Caixa Banco de Investimento 13,664 6 11,344 20.5% 

3 15 Credit Suisse 12,246 8 20,024 -38.8% 

Financial Advisers to Spanish M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

17 1 Goldman Sachs 35,544 20 5,257 576.1% 

9 2 Citigroup 27,382 12 12,971 111.1% 


7 4 SG 23,096 16 13,900 66.2% 



Markets 

19,668 9 8,031 144.9% 

29 7 HSBC 15,521 6 2,019 668.7% 

24 8 KPMG 15,297 13 3,490 338.3% 

18 9 BNP Paribas 14,779 9 4,931 199.7% 

5 10 Banco Bilbao Vizcaya Argentaria 12,561 17 17,042 -26.3% 


19 12 Lazard 10,295 11 4,246 142.5% 

34 13 Rothschild 8,917 9 1,042 755.8% 


13 15 Deutsche Bank 8,334 6 9,522 -12.5% 

Financial Advisers to Iberian M&A: Volume 

Ranking 2011 2010 


Press Pre: Release: mergermarket M&A Round-up for Year End 2011 

24 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

3 1 PwC 792 39 35 4 

1 2 Deloitte 3,049 25 52 -27 

24 3 Goldman Sachs 36,104 21 6 15 

8 4 Banco Bilbao Vizcaya Argentaria 17,361 19 14 5 

17 5 SG 27,896 17 8 9 

4 6 Banco Espirito Santo de Investimento 11,147 15 29 -14 

10 7 Citigroup 32,490 14 13 1 

2 8 KPMG 15,297 14 36 -22 


21 10 Rothschild 17,390 11 7 4 

7 11 Lazard 10,295 11 15 -4 

5 12 BDO 4,927 11 20 -9 




Markets 

19,668 9 11 -2 

Financial Advisers to Spanish M&A: Volume 

Ranking 2011 2010 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

3 1 PwC 792 38 34 4 

1 2 Deloitte 3,049 25 47 -22 

21 3 Goldman Sachs 35,544 20 6 14 

8 4 Banco Bilbao Vizcaya Argentaria 12,561 17 14 3 

15 5 SG 23,096 16 8 8 

2 6 KPMG 15,297 13 35 -22 

9 7 Citigroup 27,382 12 13 -1 

7 8 Lazard 10,295 11 15 -4 

4 9 BDO 4,919 10 20 -10 




Markets 

19,668 9 10 -1 

28 13 BNP Paribas 14,779 9 3 6 

22 14 Rothschild 8,917 9 6 3 

20 15 UBS Investment Bank 8,729 8 6 2


Financial Advisers to Nordic M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

8 1 Goldman Sachs 47,855 14 5,517 767.4% 

11 2 Deutsche Bank 37,389 14 4,553 721.2% 

2 3 JPMorgan 21,728 14 9,359 132.2% 

14 4 Credit Suisse 21,173 6 4,039 424.2% 


41 6 Nomura Holdings 17,323 6 990 1,649.8% 

13 7 Nordea Corporate Finance 13,373 20 4,136 223.3% 

75 8 Royal Bank of Scotland Group 9,926 6 160 6,103.8% 

4 9 SEB Enskilda 9,274 31 8,010 15.8% 


6 11 Lazard 7,921 11 5,971 32.7% 

68 12 Evercore Partners 7,024 3 200 3,412.0% 


7 14 Carnegie Investment Bank 6,407 24 5,780 10.8% 


Financial Advisers to Swedish M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

10 1 Goldman Sachs 32,258 8 2,367 1,262.8% 

27 2 Deutsche Bank 27,706 9 822 3,270.6% 


22 4 Credit Suisse 15,708 3 1,071 1,366.7% 


15 6 JPMorgan 12,456 9 1,800 592.0% 

2 7 SEB Enskilda 7,779 19 5,719 36.0% 

- 8 Evercore Partners 7,024 3 - - 


3 10 Lazard 6,492 7 4,018 61.6% 

26 11 Barclays Capital 6,164 5 865 612.6% 


25 13 Handelsbanken Capital Markets 4,722 12 866 445.3% 

- 14 Mizuho Financial Group 4,500 2 - - 


Financial Advisers to Nordic M&A: Volume 

Ranking 2011 2010 



25 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

2 1 SEB Enskilda 9,274 31 31 0 

Count 

Change 

11 2 ABG Sundal Collier 3,871 28 15 13 

1 3 PwC 1,483 25 38 -13 

6 4 Carnegie Investment Bank 6,407 24 19 5 

3 5 KPMG 1,383 21 25 -4 

7 6 Nordea Corporate Finance 13,373 20 19 1 

15 7 Handelsbanken Capital Markets 5,419 20 13 7 

10 8 Ernst & Young 1,508 19 16 3 

8 9 Arctic Securities 3,958 15 16 -1 

23 10 Goldman Sachs 47,855 14 8 6 

19 11 Deutsche Bank 37,389 14 9 5 

18 12 JPMorgan 21,728 14 9 5 



22 15 Access Partners 1,238 12 9 3 

Financial Advisers to Swedish M&A: Volume 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 Company Name Value Deal Deal Count 

2 1 SEB Enskilda 7,779 19 19 0 

12 2 Handelsbanken Capital Markets 4,722 12 8 4 

6 3 Carnegie Investment Bank 4,025 12 12 0 

8 4 Nordea Corporate Finance 4,120 11 11 0 

3 5 KPMG 1,222 11 17 -6 

10 6 Ernst & Young 568 11 10 1 

11 7 ABG Sundal Collier 1,621 10 9 1 

1 8 PwC 673 10 22 -12 

17 9 Deutsche Bank 27,706 9 5 4 


24 11 JPMorgan 12,456 9 3 6 

22 12 Goldman Sachs 32,258 8 3 5 

7 13 Lazard 6,492 7 11 -4 

16 14 Access Partners 1,198 7 6 1 

43 15 HDR Partners 186 7 2 5


Financial Advisers to CEE M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

28 1 Deutsche Bank 23,426 16 676 3,365.4% 


13 3 HSBC 16,680 4 2,046 715.2% 

1 4 VTB Capital 14,840 11 29,503 -49.7% 

12 5 Troika Dialog Group 12,378 15 2,986 314.5% 

9 6 UniCredit Group 12,288 12 4,358 182.0% 

38 7 Credit Agricole CIB 10,838 3 302 3,488.7% 

8 8 Credit Suisse 10,328 9 4,869 112.1% 


4 10 Renaissance Capital 9,009 10 10,776 -16.4% 

20 11 ING 8,773 10 1,250 601.8% 

27 12 Rothschild 8,616 20 754 1,042.7% 


19 14 Trigon Group 6,928 6 1,442 380.4% 

5 15 JPMorgan 6,022 8 10,655 -43.5% 

Financial Advisers to Russian M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

11 1 HSBC 16,680 3 1,800 826.7% 

1 2 VTB Capital 14,840 11 29,503 -49.7% 


9 4 Troika Dialog Group 12,307 12 2,986 312.2% 

8 5 Credit Suisse 9,959 7 3,720 167.7% 

4 6 Renaissance Capital 9,009 10 10,436 -13.7% 

28 7 Deutsche Bank 7,306 8 113 6,365.5% 

- 8 Gazprombank 5,981 9 - - 

5 9 JPMorgan 5,566 5 10,255 -45.7% 

17 10 ING 4,030 2 969 315.9% 

- 11 Credit Agricole CIB 4,000 1 - - 

30 12 UniCredit Group 3,807 4 80 4,658.8% 

- 13 Xenon Capital Partners 3,597 1 - - 

- 14 UBS Investment Bank 2,710 4 - - 

24 15 Rothschild 2,589 4 371 597.8% 

Financial Advisers to CEE M&A: Volume 

Ranking 2011 2010 




Value 

(US$m) 

Deal 

Count 

Deal 

Count 

7 1 Rothschild 8,616 20 11 9 

5 2 KPMG 508 20 13 7 

Count 

Change 

13 3 Ernst & Young 923 18 7 11 

16 4 Deutsche Bank 23,426 16 5 11 

28 5 Troika Dialog Group 12,378 15 2 13 

3 6 UniCredit Group 12,288 12 16 -4 

4 7 VTB Capital 14,840 11 14 -3 

9 8 PwC 190 11 10 1 

6 9 Renaissance Capital 9,009 10 12 -2 

17 10 ING 8,773 10 4 6 

10 11 Credit Suisse 10,328 9 9 0 

- 12 Gazprombank 5,981 9 - - 

11 13 JPMorgan 6,022 8 8 0 


54 15 Citigroup 4,277 7 1 6 

Financial Advisers to Russian M&A: Volume 

Ranking 2011 2010 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

12 1 Troika Dialog Group 12,307 12 2 10 

2 2 VTB Capital 14,840 11 14 -3 

3 3 Renaissance Capital 9,009 10 11 -1 

- 4 Gazprombank 5,981 9 - - 

16 5 Deutsche Bank 7,306 8 2 6 

6 6 Credit Suisse 9,959 7 5 2 

- 7 Ernst & Young 178 6 - - 

7 8 PwC 127 6 5 1 


5 10 JPMorgan 5,566 5 6 -1 

9 11 UniCredit Group 3,807 4 3 1 

- 12 UBS Investment Bank 2,710 4 - - 

8 13 Rothschild 2,589 4 4 0 

28 14 Citigroup 1,996 4 1 3 

23 15 Barclays Capital 369 4 1 3


Financial Advisers to Irish M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

2 1 AIB Corporate Finance 16,410 8 5,568 194.7% 

31 2 Goldman Sachs 13,543 5 135 9,931.9% 


12 4 Deutsche Bank 11,755 5 550 2,037.3% 

23 5 Bank of America Merrill Lynch 6,152 3 190 3,137.9% 

24 6= Nomura Holdings 5,828 1 190 2,967.4% 

- 6= Santander Global Banking and Markets 5,828 1 - - 

21 8 Hawkpoint 5,727 2 222 2,479.7% 

6 9 IBI Corporate Finance 3,488 14 4,570 -23.7% 

4 10 JPMorgan 3,311 3 5,349 -38.1% 


- 12 BDT Capital Partners 2,421 1 - - 

5 13 Credit Suisse 2,415 2 5,149 -53.1% 

13 14 Davy Corporate Finance 1,707 7 430 297.0% 

8 15= Citigroup 960 1 2,558 -62.5% 

54 15= Houlihan Lokey 960 1 - - 

- 15= Ondra Partners 960 1 - - 

Financial Advisers to Irish M&A: Volume 

Ranking 2011 2010 



27 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

1 1 IBI Corporate Finance 3,488 14 8 6 

6 2 AIB Corporate Finance 16,410 8 4 4 

15 3 Davy Corporate Finance 1,707 7 2 5 

8 4 Goodbody Corporate Finance 401 7 4 3 

9 5 KPMG 297 6 3 3 

21 6 Goldman Sachs 13,543 5 2 3 

26 7 Deutsche Bank 11,755 5 1 4 

Count 

Change 


32 9 Royal Bank of Scotland Group 2,421 4 1 3 


7 11 JPMorgan 3,311 3 4 -1 

36 12 Jefferies & Company 469 3 1 2 

14 13 Barclays Capital 341 3 2 1 

19 14 Deloitte 160 3 2 1 

- 15 Investec 74 3 - -

European M&A Overview: Individuals Activity Tables 

Financial Advisors Individual Ranking to European M&A: Value 

Y/E 2011 Individual Name Company Name Value (US$m) Deal Count 

1 Martin Reitz Rothschild 23,525 4 

2 Peter Weinberg Perella Weinberg Partners 22,522 2 

3= John Powers Goldman Sachs 21,191 1 

3= Kenneth Hitchner Goldman Sachs 21,191 1 

3= Boon Sim Credit Suisse 21,191 1 

6 Luis Zubillaga SG 17,824 2 

7 Thierry Varene BNP Paribas 17,478 2 

8 Stephan Goetz SG 16,433 3 

9 Sergei Chinkis HSBC 16,330 2 

10 Paul Baker Morgan Stanley 16,174 2 

11 Albrecht Stewen Rothschild 14,364 3 

12 Laurent Meyer SG 14,146 5 

13 John Muncey JPMorgan 13,812 3 

14 Jan Skarbek Citigroup 13,769 3 

15 Dietrich Becker Perella Weinberg Partners 13,319 3 

16= Nicholas Rowe Royal Bank of Scotland Group 12,925 1 

16= Craig Evans Royal Bank of Scotland Group 12,925 1 

16= Christian Johnson Goldman Sachs 12,925 1 

16= Zac Fletcher Goldman Sachs 12,925 1 

20 Thierry Marais BNP Paribas 12,357 2 

* Based on information available on mergermarket record until 31 December 2011, and search limited to Managing Directors/Partners 

Financial Advisors Individual Ranking to European M&A: Volume 


1 David Silver Robert W. Baird & Co 763 9 

2 Gregoire Chertok Rothschild 6,269 8 

3 Laurent Baril Rothschild 5,585 8 

4 Andrew Pinder Investec 336 8 

5 Emre Erginler 3 Seas Capital Partners 18 7 

6 Ravi Gupta Rothschild 5,329 6 

7 Raul Moro BDO 4,919 6 

8 Martin Suter Rothschild 1,091 6 

9 Manfred Ferber FERBER & CO 869 6 

10= David Worlidge Merchant Securities Group 851 6 

10= Simon Clements Merchant Securities Group 851 6 

12 Ibrahim Romano Standard Unlu Menkul Degerler 786 6 

13 Stuart Vincent Rothschild 727 6 

14 Pierpaolo Carpinelli Rothschild 398 6 

15 Michael Meade Numis Securities 288 6 

16 Dagmar Enklaar Boer & Croon 6 6 

17 Laurent Meyer SG 14,146 5 

18 Bruno Bibas SG 5,092 5 

19 Rikard Schwalbe SEB Enskilda 3,058 5 

20 Alessandro Franzosi SG 2,610 5 


28 


US M&A Overview 

After a strong first quarter in 2011 (US$ 259bn), US M&A saw a downward trend through the rest of the year. US$ 

177bn-worth of deals were announced in Q4, a 9.3% decrease since Q3 (US$ 195.1bn) and 26.7% less than the same 

period the previous year (US$ 241.6bn). In the global picture, however, the US fared well in Q4 and accounted for 37.7% 

of the value of global M&A (US$ 432bn). 

Despite the downward M&A trend, 2011 finished on a high note. The US saw the announcement of US$ 820.6bn-worth 

of deals in 2011, the highest annual total deal value since 2007 (US$ 1,328.1bn), and 14.4% higher than 2010 (US$ 

717.2bn). Buyout activity in the US was also strong in 2011 with US$ 113bn-worth of deals, just over 2010’s total of 

US$ 103.1bn. 

US transactions dominated the global top deals in 2011, with eight out of the ten biggest deals having US targets. 

Kinder Morgan’s US$ 37.4bn merger proposal for El Paso Corporation, announced during Q4, was the largest 

announced transaction of the year. 

US inbound cross-border deals amounted to US$ 160.7bn last year - a decrease of 6.6% compared to 2010 (US$ 

172.2bn) and the second lowest level since 2005 (US$ 107.3bn). US outbound cross-border total value was US$ 216bn, 

the highest level since 2008 (US$ 233.9bn). 

The Energy, Mining & Utilities sector, which saw four of the top ten deals globally in 2011, dominated in the US too, 

with US$ 233.4bn-worth of deals accounting for 28.5% of total US deal value. The aggregate value of deals announced 

in the sector increased by 32.6% compared to 2010 (US$ 176bn). 

Non-traditional US M&A in the form of spin-offs saw US$ 42.7bn-worth of deals; a 306% increase compared to the 

previous year (US$ 10.5bn). The 12 announced spin-offs during 2011 had a higher aggregate deal value than the 

previous two years combined (nine deals worth US$ 21.2bn). 

Goldman Sachs topped the US financial advisory M&A league tables with US$ 354.1bn-worth of deals, regaining the 

top spot after falling behind Morgan Stanley in 2010. 

US Private Equity Buyout Activity - Quarterly 


220 

200 

180 

160 

140 

120 

100 

80 

60 

40 

20 

0 

Value (US$bn) 

Volume 

280 

260 

240 

220 

200 

180 

160 

140 

120 

100 

80 

60 

40 

20 

0 




500 

450 

400 

350 

300 

250 

200 

150 

100 

50 

0 

140 

130 

120 

110 

100 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

Value (US$bn) 

Volume 





US M&A Activity - Quarterly 

US Inbound/Outbound M&A 


29 


1,300 

1,200 

1,100 

1,000 

900 

800 

700 

600 

500 

400 

300 

200 

100 

0 

325 

300 

275 

250 

225 

200 

175 

150 

125 

100 

75 

50 

25 

0 


Volume of Deals

US M&A Overview: Industry and Geography Breakdown 

Mix of Announced Americas Deals by Geographic Region 2011 - Value 

US (West) 

13.6% 


12.9% 

Canada 

7.4% 

US (South) 

33.3% 

US (North East) 

18.0% 

US (Mid West) 

14.7% 

Y/E 2011 Y/E 2010 change 

Sector Value ($bn) Market share Deal count Value ($bn) Market share Deal count Value (%) Deal count 

Energy, Mining & Utilities 233.5 28.5% 260 177.7 24.8% 348 31.4% -88 

Industrials & Chemicals 142.3 17.3% 620 70.8 9.9% 552 101.0% 68 


Technology 78.0 9.5% 542 60.5 8.4% 566 29.0% -24 

Financial Services 67.0 8.2% 360 110.8 15.4% 418 -39.5% -58 

Business Services 46.4 5.7% 468 60.8 8.5% 522 -23.7% -54 

Real Estate 36.7 4.47% 25 11.2 1.56% 37 228.3% -12 

Consumer 32.1 3.9% 331 59.9 8.3% 300 -46.4% 31 


Media 15.7 1.9% 109 4.2 0.6% 109 270.2% 0 

Leisure 15.4 1.9% 107 15.6 2.2% 118 -1.7% -11 

Defence 6.1 0.7% 23 5.3 0.7% 30 16.4% -7 

Transport 4.4 0.54% 58 10.1 1.41% 47 -55.9% 11 

Construction 3.8 0.5% 85 5.8 0.8% 108 -34.7% -23 

Agriculture 0.4 0.1% 15 0.3 0.04% 18 53.1% -3 

Total 820.6 3,449 717.3 3,598 14.4% -149 

Mix of Announced Americas Deals by Geographic Region 2011 - Volume 


13.5% 


30 


Canada 

9.9% 

US (West) 

21.1% 

US (North East) 

16.5% 

US (South) 

25.0% 

US (Mid West) 

14.0%

US M&A Overview: Top Deals 

Activity Table of US M&A for Y/E 2011 

Announced 

Date 


(US$m) 

16-Oct-11 Kinder Morgan Inc Barclays Capital; Evercore Partners El Paso Corporation Goldman Sachs; Morgan Stanley 37,439 

21-Jul-11 Express Scripts Inc Citigroup; Credit Suisse Medco Health Solutions Inc Foros ; JPMorgan; Lazard 33,430 

10-Jan-11 Duke Energy Corporation Bank of America Merrill Lynch; 

JPMorgan 

Progress Energy Inc Barclays Capital; Lazard 25,825 

21-Sep-11 United Technologies Corporation Goldman Sachs; JPMorgan Goodrich Corporation Citigroup; Credit Suisse 17,861 

31-Jan-11 AMB Property Corporation JPMorgan ProLogis Morgan Stanley 14,833 

18-Jan-11 Cargill Inc (Shareholders) Perella Weinberg Partners; UBS 


The Mosaic Company (40% Stake) JPMorgan; Lazard; Credit Suisse Cargill Inc 14,808 

14-Jul-11 BHP Billiton Ltd Barclays Capital; Scotia Capital Petrohawk Energy Corporation Goldman Sachs 14,760 

13-Jan-11 Marathon Oil Corporation 

(Shareholders) 

15-Feb-11 Deutsche Boerse AG Credit Suisse; Deutsche Bank 

JPMorgan; Rothschild; SG 

28-Apr-11 Exelon Corporation Barclays Capital; Evercore Partners; 

JPMorgan; Loop Capital Markets 

Marathon Petroleum Corporation Morgan Stanley Marathon Oil Corporation 14,667 

NYSE Euronext BNP Paribas; Citigroup; Goldman 

Sachs; Morgan Stanley; Perella 

Weinberg Partners 

Constellation Energy Group Inc Credit Suisse; Goldman Sachs; 

Lazard; Morgan Stanley 


31 


12,267 

10,410

Americas: League Tables of Financial Advisers 

League Table of Financial Advisers to Americas M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

2 1 Goldman Sachs 388,550 200 283,661 37.0% 

4 2 JPMorgan 345,613 154 224,621 53.9% 


3 4 Credit Suisse 270,307 137 261,041 3.5% 



5 7 Citigroup 206,685 113 220,989 -6.5% 

10 8 Lazard 172,382 94 98,488 75.0% 


8 10 Deutsche Bank 133,088 92 144,918 -8.2% 


11 12 Rothschild 60,953 76 92,384 -34.0% 




30 16 BTG Pactual 41,029 38 20,101 104.1% 

53 17 Qatalyst Group 40,177 20 6,939 479.0% 


25 19 BMO Capital Markets 35,248 45 25,809 36.6% 

73 20 Foros 34,828 5 3,332 945.3% 

League Table of Financial Advisers to Americas M&A: Volume 

Ranking 2011 2010 



32 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

1 1 Goldman Sachs 388,550 200 211 -11 


5 3 JPMorgan 345,613 154 143 11 


3 5 Credit Suisse 270,307 137 171 -34 



10 8 Citigroup 206,685 113 97 16 



8 11 Lazard 172,382 94 114 -20 

9 12 Deutsche Bank 133,088 92 103 -11 

14 13 Rothschild 60,953 76 82 -6 

12 14 Houlihan Lokey 20,321 75 92 -17 

23 15 Lincoln International 4,832 57 43 14 


29 17 Evercore Partners 93,264 51 36 15 

21 18 PwC 4,775 50 48 2 

24 19 William Blair & Company 3,837 49 40 9 

31 20 Raymond James & Associates 6,295 48 34 14


League Table of Financial Advisers to US M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

2 1 Goldman Sachs 354,062 181 263,365 34.4% 

3 2 JPMorgan 326,463 142 201,826 61.8% 



4 5 Credit Suisse 237,427 106 191,050 24.3% 


7 7 Citigroup 187,350 100 157,798 18.7% 

10 8 Lazard 158,110 83 97,053 62.9% 

8 9 Deutsche Bank 124,845 83 140,048 -10.9% 








11 17 Rothschild 35,061 54 71,882 -51.2% 

57 18 Foros 34,828 5 3,332 945.3% 

19 19 Centerview Partners 34,753 11 25,991 33.7% 

40 20 Wells Fargo Securities 29,045 27 7,161 305.6% 

League Table of Financial Advisers to US M&A: Volume 

Ranking 2011 2010 



33 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

1 1 Goldman Sachs 354,062 181 189 -8 

5 2 JPMorgan 326,463 142 125 17 




3 6 Credit Suisse 237,427 106 140 -34 


12 8 Citigroup 187,350 100 82 18 


8 10 Lazard 158,110 83 103 -20 

9 11 Deutsche Bank 124,845 83 94 -11 





13 16 Rothschild 35,061 54 63 -9 



17 19 Moelis & Company 38,437 43 45 -2 

28 20 Raymond James & Associates 5,358 43 28 15


League Table of Financial Advisers to US Buyouts*: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 


10 2 Citigroup 22,320 10 4,769 368.0% 

6 3 Deutsche Bank 21,329 7 8,391 154.2% 

3 4 Credit Suisse 19,742 13 20,970 -5.9% 




22 8 Wells Fargo Securities 15,102 3 410 3,583% 


9 10 Goldman Sachs 7,856 8 5,064 55.1% 

39 11 BMO Capital Markets 7,301 3 - - 

20 12 Jefferies & Company 7,145 10 598 1,095% 


19 14 Tudor, Pickering, Holt & Co 5,400 1 725 644.8% 

4 15 JPMorgan 3,403 2 19,544 -82.6% 


League Table of Financial Advisers to US Buyouts*: Volume 

Ranking 2011 2010 



34 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 



3 3 Credit Suisse 19,742 13 14 -1 

8 4 Citigroup 22,320 10 7 3 



4 7 Goldman Sachs 7,856 8 9 -1 

7 8 Deutsche Bank 21,329 7 8 -1 



12 11 Moelis & Company 2,399 7 3 4 

14 12 Macquarie Group 2,456 5 3 2 

51 13 Lincoln International 180 5 1 4 

13 14 Houlihan Lokey 1,507 4 3 1 

- 15 Ernst & Young 305 4 - -


Financial Advisers to Canadian M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

6 1 BMO Capital Markets 27,481 32 23,864 15.2% 

4 2 RBC Capital Markets 27,071 39 29,019 -6.7% 

8 3 CIBC World Markets 23,791 15 20,008 18.9% 

5 4 TD Securities Inc 23,218 21 28,721 -19.2% 



3 7 Goldman Sachs 17,355 14 29,284 -40.7% 

2 8 JPMorgan 16,997 9 30,477 -44.2% 

12 9 GMP Securities 14,110 21 11,074 27.4% 

11 10 Scotia Capital 9,871 15 15,946 -38.1% 


7 12 Citigroup 8,668 11 21,160 -59.0% 

17 13 National Bank Financial 8,148 24 7,896 3.2% 

38 14 Lazard 6,945 6 1,388 400.4% 


Financial Advisers to Central & South American M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

6 1 BTG Pactual 41,029 38 19,748 107.8% 

1 2 Credit Suisse 29,696 33 76,272 -61.1% 

7 3 Banco Itau BBA 28,704 32 13,199 117.5% 

8 4 Goldman Sachs 27,435 23 12,694 116.1% 


10 6 Rothschild 20,933 13 12,483 67.7% 

20 7 Banco Bradesco BBI 19,138 20 6,263 205.6% 

2 8 Citigroup 18,276 19 53,999 -66.2% 

9 9 JPMorgan 17,141 11 12,585 36.2% 





Markets 

14,170 14 45,681 -69.0% 

13 14 Caixa Banco de Investimento 10,343 5 11,038 -6.3% 

24 15 HSBC 9,025 6 3,482 159.2% 

Financial Advisers to Canadian M&A: Volume 

Ranking 2011 2010 



35 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

2 1 RBC Capital Markets 27,071 39 44 -5 

6 2 BMO Capital Markets 27,481 32 25 7 

5 3 National Bank Financial 8,148 24 28 -4 

1 4 TD Securities 23,218 21 47 -26 

4 5 GMP Securities 14,110 21 28 -7 


3 7 CIBC World Markets 23,791 15 35 -20 

10 8 Scotia Capital 9,871 15 20 -5 


7 10 Canaccord Genuity 6,051 15 24 -9 

19 11 KPMG 225 15 12 3 

8 12 Goldman Sachs 17,355 14 23 -9 



21 15 Citigroup 8,668 11 10 1 

Financial Advisers to Central & South American M&A: Volume 

Ranking 2011 2010 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

1 1 BTG Pactual 41,029 38 37 1 

Count 

Change 

2 2 Credit Suisse 29,696 33 35 -2 

4 3 Banco Itau BBA 28,704 32 20 12 

7 4 Goldman Sachs 27,435 23 16 7 

23 5 Banco Bradesco BBI 19,138 20 5 15 

9 6 Citigroup 18,276 19 14 5 

10 7 BR Partners 971 18 13 5 


19 9 PwC 1,252 15 7 8 



Markets 

14,170 14 22 -8 

11 12 Rothschild 20,933 13 12 1 

6 13 JPMorgan 17,141 11 17 -6 

13 14 Banco Espirito Santo de Investimento 7,292 11 9 2 

5 15 Bank of America Merrill Lynch 15,107 9 18 -9


Financial Advisers to US (North East) M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

5 1 Credit Suisse 150,119 62 103,901 44.5% 

7 2 JPMorgan 140,962 77 85,932 64.0% 

2 3 Goldman Sachs 131,574 94 162,340 -19.0% 

4 4 Citigroup 113,219 56 104,221 8.6% 




11 8 Lazard 66,231 32 39,988 65.6% 

8 9 Deutsche Bank 61,749 45 63,175 -2.3% 


44 11 Foros 33,972 3 3,159 975.4% 


9 13 Rothschild 25,453 23 59,206 -57.0% 

14 14 BNP Paribas 19,570 11 23,217 -15.7% 

17 15 Jefferies & Company 18,203 49 20,525 -11.3% 

Financial Advisers to US (Mid-West) M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

2 1 JPMorgan 107,032 38 53,201 101.2% 

11 2 Lazard 89,505 33 13,351 570.4% 

4 3 Credit Suisse 80,393 24 38,698 107.7% 

8 4 Citigroup 60,837 25 29,297 107.7% 

1 5 Goldman Sachs 55,791 32 63,183 -11.7% 





- 10 Foros 33,642 2 - - 

31 11 Evercore Partners 25,661 11 1,801 1,324.8% 



- 14 Loop Capital Markets 10,410 1 - - 

- 15 Qatalyst Group 8,950 1 - - 

Financial Advisers to US (North East) M&A: Volume 

Ranking 2011 2010 



36 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

1 1 Goldman Sachs 131,574 94 112 -18 


7 3 JPMorgan 140,962 77 59 18 


3 5 Credit Suisse 150,119 62 74 -12 


10 7 Citigroup 113,219 56 47 9 



9 10 Deutsche Bank 61,749 45 50 -5 


6 12 Lazard 66,231 32 62 -30 

15 13 Moelis & Company 30,928 27 27 0 



Financial Advisers to US (Mid-West) M&A: Volume 

Ranking 2011 2010 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

5 1 JPMorgan 107,032 38 32 6 


Count 

Change 

10 3 Lazard 89,505 33 23 10 

1 4 Goldman Sachs 55,791 32 44 -12 







13 11 Citigroup 60,837 25 21 4 

7 12 Credit Suisse 80,393 24 31 -7 



19 15 RBC Capital Markets 6,023 20 11 9


Financial Advisers to US (South) M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

5 1 Goldman Sachs 197,862 83 109,724 80.3% 



6 4 JPMorgan 128,381 53 96,036 33.7% 


7 6 Credit Suisse 86,044 41 91,318 -5.8% 

2 7 Citigroup 73,684 41 115,589 -36.3% 


8 9 Deutsche Bank 57,884 33 77,067 -24.9% 

9 10 Lazard 47,667 31 58,104 -18.0% 



21 13 Scotia Capital 21,457 5 8,860 142.2% 


14 15 Tudor, Pickering, Holt & Co 18,201 20 22,638 -19.6% 

Financial Advisers to US (West) M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 


5 2 Goldman Sachs 81,828 43 47,014 74.1% 

2 3 JPMorgan 66,346 37 54,151 22.5% 




6 7 Lazard 28,634 31 34,042 -15.9% 

4 8 Deutsche Bank 27,262 28 47,226 -42.3% 



14 11 Citigroup 19,958 17 7,644 161.1% 

10 12 Credit Suisse 18,439 28 22,150 -16.8% 




Financial Advisers to US (South) M&A: Volume 

Ranking 2011 2010 



37 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

1 1 Goldman Sachs 197,862 83 72 11 


5 3 JPMorgan 128,381 53 49 4 




2 7 Credit Suisse 86,044 41 56 -15 

9 8 Citigroup 73,684 41 37 4 



13 11 Deutsche Bank 57,884 33 31 2 

8 12 Lazard 47,667 31 40 -9 



22 15 Raymond James & Associates 2,596 26 15 11 

Financial Advisers to US (West) M&A: Volume 

Ranking 2011 2010 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 


1 2 Goldman Sachs 81,828 43 53 -10 

6 3 JPMorgan 66,346 37 36 1 


8 5 Lazard 28,634 31 30 1 



2 8 Jefferies & Company 8,236 29 40 -11 

10 9 Deutsche Bank 27,262 28 23 5 

7 10 Credit Suisse 18,439 28 33 -5 





11 15 Moelis & Company 8,849 18 23 -5

Americas: Individuals Activity Tables 

Financial Advisors Individual Ranking to Americas M&A: Value 


1 Boon Sim Credit Suisse 58,952 3 

2 Mark Shafir Citigroup 51,291 2 

3= Raymond Strong Evercore Partners 46,476 2 

3= Robert Pacha Evercore Partners 46,476 2 

5 Steve Munger Morgan Stanley 44,823 2 

6= Lee Jacobe Barclays Capital 37,439 1 

6= Paul Bjorneby Barclays Capital 37,439 1 

8 Barry Blake Citigroup 35,277 4 

9 Christopher Hite Citigroup 34,600 3 

10 Raymond Cooper Citigroup 33,830 2 

11= Kenneth Jacobs Lazard 33,430 1 

11= David Gluckman Lazard 33,430 1 

11= James Woolery JPMorgan 33,430 1 

11= Ravi Sachdev JPMorgan 33,430 1 

11= Stuart Smith Credit Suisse 33,430 1 

16 Chris Ventresca JPMorgan 30,542 5 

17 Michael Macakanja JPMorgan 29,789 4 

18 George Bilicic Lazard 25,825 1 

19= Chris Gallea JPMorgan 25,272 2 

19= Michael Carr Goldman Sachs 25,272 2 


Financial Advisors Individual Ranking to Americas M&A: Volume 


1 Alessandro Farkuh Banco Bradesco BBI 18,068 17 

2 Jeff Raich Moelis & Company 5,918 9 

3= Tim Kingston Goldman Sachs 4,988 7 

3= Pedro Garcia de Souza Banco Itau BBA 4,988 7 

5 John Momtazee Moelis & Company 4,674 7 

6 Glenn Gurtcheff Harris Williams & Co 187 7 

7 Chris Ventresca JPMorgan 30,542 5 

8 Anton Sahazizian Moelis & Company 11,125 5 

9 Evan Winkler Moelis & Company 4,913 5 

10 Navid Mahmoodzadegan Moelis & Company 4,194 5 

11 Brian McDonagh Robert W. Baird & Co 1,040 5 

12 Ira Wolfson Rothschild 864 5 

13 Felipe Bittencourt Vinci Partners 292 5 

14 Robert Ennis Petsky Prunier 40 5 

15 Barry Blake Citigroup 35,277 4 

16 Michael Macakanja JPMorgan 29,789 4 

17 Luiz Muniz Rothschild 18,916 4 

18 Anu Aiyengar JPMorgan 17,148 4 

19 George Boutros Qatalyst Group 16,012 4 

20 Kenneth Moelis Moelis & Company 6,599 4 


38 


Asia-Pacific (ex. Japan) M&A Overview 

After signs of recovery in the third quarter, M&A in Asia-Pacific (excluding Japan) reverted at the end of the year 

to the overall downward trend for the year seen across the globe. The last quarter saw the announcement in the 

region of 427 deals worth US$ 68bn, the lowest quarterly total since Q3 2009 (US$ 65.4bn). Usually the busiest 

quarter of the year for M&A in the Asia-Pacific region, this quarter was the lowest Q4 since 2005 (US$39.5bn), and 

showed a decrease of 31.9% in deal value compared to the previous quarter (US$ 99.9bn). 

After seeing the highest total annual deal value for the region the previous year, the 2011 total was dragged down 

by the poor fourth quarter. With US$ 336bn-worth of deals, the total value of M&A in 2011 was 10.8% below 2010’s 

total (US$ 376.9bn). It was the fourth busiest year on mergermarket record (since 2001). 

Activity went down in almost all the major countries in the region, with India seeing a 43.9% drop in deal value 

from US$ 51.8bn in 2010 to US$ 29.1bn in 2011, Malaysia seeing a 31.3% drop from US$ 22.1bn to US$ 15.2bn, 

South Korea seeing a 14.3% drop to US$ 34.4bn, and Australia seeing a 12.6% drop to US$79.3bn. China was the 

notable exception with an increase of 8% compared to 2010, from US$ 95.4bn to US$ 103bn. 

Asia-Pacific (excluding Japan) inbound cross-border deals added up to US$ 93.9bn in 2011, an 11.3% increase 

compared to 2010 (US$ 84.4bn) and the highest level on mergermarket record (since 2001). Outbound crossborder 

total deal value was US$ 113.6bn, a 16.7% increase since 2010 (US$ 97.4bn) and the highest total since 

2007 (US$ 124.5bn). 

Goldman Sachs was involved in five of the year’s ten largest deals in the region and dominates the financial advisor 

league table for Asia-Pacific (excluding Japan) M&A by deal value in 2011. All firms in the top ten ranking are 

companies from outside the region, with Macquarie Group, ranked 13th, the highest ranking Asia-Pacific-based 

firm. 


20 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 

Value (US$bn) 

Volume 

Asia-Pacific Private Equity Buyout Activity - Quarterly 

(excluding Japan) 

75 

70 

65 

60 

55 

50 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 




170 

160 

150 

140 

130 

120 

110 

100 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

60 

55 

50 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Value (US$bn) 

Volume 





Asia-Pacific M&A Activity - Quarterly 

(excluding Japan) 

Asia-Pacific (excl. Japan) Inbound/Outbound M&A 


39 


700 

650 

600 

550 

500 

450 

400 

350 

300 

250 

200 

150 

100 

50 

0 

175 

150 

125 

100 

75 

50 

25 

0 


Volume of Deals

Asia-Pacific M&A Overview: Industry and Geography Breakdown 

Mix of Announced Asia-Pacific Deals by Geographic Region 2011 - Value 

Malaysia 

3.7% 

Hong Kong 

5.2% 

India 

7.2% 

South Korea 

8.5% 

Thailand 

2.2% 

Singapore 

2.9% 

Japan 

16.9% 

Other 

8.3% 

China 

25.5% 

Australia 

19.6% 



Media 67.2 20.0% 230 93.3 24.7% 274 -28.0% -44 

Construction 53.0 15.8% 174 57.7 15.3% 193 -8.1% -19 

Business Services 51.3 15.3% 428 45.4 12.0% 449 13.0% -21 


Real Estate 19.9 5.9% 212 8.3 2.2% 179 138.6% 33 

Telecommunications 13.0 3.9% 60 7.4 2.0% 67 76.5% -7 

Consumer 12.9 3.8% 87 19.6 5.2% 105 -34.4% -18 

Agriculture 11.7 3.5% 25 25.9 6.9% 43 -54.7% -18 


Defence 11.1 3.3% 78 27.10 7.19% 103 -59.2% -25 

Transport 10.9 3.2% 89 3.8 1.0% 61 182.7% 28 

Leisure 10.5 3.1% 129 18.8 5.0% 144 -44.2% -15 

Pharma, Medical & Biotech 8.1 2.4% 51 15.7 4.2% 100 -48.4% -49 

Energy, Mining & Utilities 4.4 1.3% 33 6.0 1.6% 50 -26.4% -17 

Technology 0.0 0.0% 1 0.0 0.0% 2 -100.0% -1 

Total 336.1 2,053 376.9 2,211 -10.8% -158 

Mix of Announced Asia-Pacific Deals by Geographic Region 2011 - Volume 


40 


Malaysia 

3.3% 

Hong Kong 

4.6% 

Singapore 

4.0% 

India 

10.1% 

Thailand 

1.7% 

South Korea 

11.0% 

Other 

10.0% 

Japan 

14.6% 

China 

24.0% 

Australia 

16.7%

Asia-Pacific M&A Overview: Top Deals 

Activity Table of Asia-Pacific (ex. Japan) M&A for Y/E 2011 

Announced 

Date 


(US$m) 

17-Aug-11 SABMiller Plc JPMorgan; Moelis & Company; 

Morgan Stanley; Royal Bank of 

Scotland Group 

29-Aug-11 Temasek Holdings Pte Ltd; 

Government of Singapore 

Investment Corporation Pte Ltd; and 

CITIC Securities Co Ltd 

Foster's Group Limited Goldman Sachs; Grant Samuel; 

Gresham Advisory Partners 

China Construction Bank 

Corporation (5.44% Stake) 

21-Feb-11 BP Plc Morgan Stanley Reliance Industries Limited (23 

oil and gas production sharing 

contracts) (30% Stake) 

14-Nov-11 Temasek Holdings Pte Ltd; and China 

Investment Corporation 

China Construction Bank 

Corporation (4.14% Stake) 


41 


12,925 

Bank of America Merrill Lynch Bank of America Corporation 8,288 

Goldman Sachs Reliance Industries Limited 7,200 

Bank of America Merrill Lynch Bank of America Corporation 6,600 

15-Feb-11 Shinsegae Co Ltd (Shareholders) Citigroup E-Mart Samsung Securities Co Shinsegae Co Ltd 6,222 

25-Feb-11 PTT Chemical Public Company 

Limited 

Kasikorn Securities Pcl; Kim Eng 

Securities; UBS Investment Bank 

01-Jul-11 Vodafone Group Plc Goldman Sachs; UBS Investment 

Bank 

08-Mar-11 Hyundai Motor Corporation; 

Hyundai Mobils Ltd; and Kia Motors 

Corporation 

Goldman Sachs; HMC Investment 

Securities Co 

PTT Aromatics and Refining Public 

Company Ltd 

Vodafone Essar Limited (33% Stake) Citigroup; JPMorgan; Morgan 

Stanley 

Hyundai Engineering & Construction 

Co (34.88% Stake) 

06-Apr-11 SAIC Motor Corporation Limited Guotai Junan Securities Co SAIC Group (independent auto 

components assets); SAIC Group 

(auto service and trading business); 

and SAIC Group (new energy auto 

business) 

21-Feb-11 West Australian Newspapers 

Holdings Limited 

Trinity Securities Group 5,704 

Bank of America Merrill Lynch; 

Korea Development Bank; Woori 

Investment & Securities Co 

Essar Group 5,460 

Hyundai Securities; Hana Bank; 

Korea Exchange Bank ; Kookmin 

Bank; Citibank Korea Inc; Woori Bank; 

National Agricultural Cooperative 

Federation; Shinhan Bank; and Korea 

Finance Corporation 

Shanghai Automotive Industry 

Corporation (Group) 

Ernst & Young; O’Sullivan Partners Seven Media Group Goldman Sachs; JPMorgan Kohlberg Kravis Roberts & Co; and 

Seven Group Holdings Limited 

4,443 

4,365 

4,123

Asia-Pacific M&A Overview: League Tables of Financial Advisers 

League Table of Financial Advisers to Asia-Pacific (ex. Japan) M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

3 1 Goldman Sachs 95,005 67 62,920 51.0% 

9 2 JPMorgan 62,928 38 41,793 50.6% 




17 6 Citigroup 48,530 42 25,979 86.8% 


4 8 Credit Suisse 39,071 45 61,731 -36.7% 

5 9 Deutsche Bank 33,217 37 51,984 -36.1% 


128 11 Moelis & Company 24,990 7 511 4,790.4% 

14 12 HSBC 24,475 29 28,121 -13.0% 

6 13 Macquarie Group 24,172 46 46,882 -48.4% 

22 14 Scotia Capital 23,078 6 12,573 83.6% 

13 15 Grant Samuel 21,439 9 28,184 -23.9% 

20 16 Lazard 21,003 18 21,903 -4.1% 

48 17 Gresham Advisory Partners 18,006 14 3,542 408.4% 



122 20 Flagstaff Partners 13,860 8 590 2,249.2% 

League Table of Financial Advisers to Asia-Pacific (ex. Japan) M&A: Volume 

Ranking 2011 2010 



42 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

2 1 Goldman Sachs 95,005 67 65 2 


1 3 Ernst & Young 8,526 56 69 -13 

3 4 KPMG 5,696 55 61 -6 

4 5 PwC 4,002 51 59 -8 

11 6 Deloitte 8,411 50 46 4 


8 8 Macquarie Group 24,172 46 52 -6 

7 9 Credit Suisse 39,071 45 52 -7 

15 10 Citigroup 48,530 42 27 15 

12 11 CIMB Group 11,651 41 40 1 

13 12 JPMorgan 62,928 38 39 -1 


10 14 Deutsche Bank 33,217 37 49 -12 

17 15 HSBC 24,475 29 23 6 

9 16 Rothschild 12,318 27 52 -25 


33 18 OSK Investment Bank 4,735 24 12 12 


42 20 DBS Bank 2,889 19 9 10


League Table of Financial Advisers to Asia-Pacific (ex. Japan) Buyouts*: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

18 1 Citigroup 3,141 3 261 1,103.4% 

- 2 Flagstaff Partners 2,658 1 - - 

10 3 CIMB Group 2,018 2 777 159.7% 

- 4 Nomura Holdings 1,998 3 - - 

- 5= Maybank Investment Bank 1,930 1 - - 

- 5= OSK Investment Bank 1,930 1 - - 


13 8 Morgan Stanley 1,643 2 516 218.4% 


8 10 Goldman Sachs 1,368 4 1,604 -14.7% 

- 11 Bravia Capital Hong Kong 1,049 1 - - 

12 12 Ernst & Young 894 1 539 65.9% 

7 13 UBS Investment Bank 758 3 2,350 -67.7% 

11 14 Standard Chartered 755 2 777 -2.8% 

26 15 JPMorgan 702 1 80 777.5% 


League Table of Financial Advisers to Asia-Pacific (ex. Japan) Buyouts*: Volume 

Ranking 2011 2010 



43 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 


3 2 Goldman Sachs 1,368 4 4 0 

26 3 DBS Bank 442 4 1 3 

20 4 Citigroup 3,141 3 1 2 

- 5 Nomura Holdings 1,998 3 - - 

14 6 UBS Investment Bank 758 3 1 2 

1 7 KPMG 104 3 9 -6 

16 8 CIMB Group 2,018 2 1 1 



17 11 Standard Chartered 755 2 1 1 

9 12 Deloitte 497 2 2 0 

2 13 Credit Suisse 409 2 4 -2 

31 14 PwC 234 2 1 1 

10 15 HSBC 223 2 2 0


Financial Advisers to Asia (ex. Japan) M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

2 1 Goldman Sachs 46,858 34 44,244 5.9% 


16 3 Citigroup 42,736 36 20,468 108.8% 



3 6 Credit Suisse 27,526 34 42,963 -35.9% 

4 7 JPMorgan 27,238 25 36,417 -25.2% 

15 8 HSBC 24,029 26 20,987 14.5% 

10 9 Deutsche Bank 22,550 28 30,044 -24.9% 

7 10 China International Capital Corporation 12,686 12 35,560 -64.3% 




13 14 CIMB Group 11,661 41 23,166 -49.7% 

61 15 Korea Development Bank 11,145 10 1,874 494.7% 

Financial Advisers to Greater China M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 



3 3 Goldman Sachs 18,659 20 15,829 17.9% 

16 4 Citigroup 18,165 19 5,348 239.7% 

2 5 Deutsche Bank 17,411 17 19,656 -11.4% 


8 7 JPMorgan 16,444 17 10,975 49.8% 

4 8 Credit Suisse 12,918 17 14,097 -8.4% 

1 9 China International Capital Corporation 12,686 12 35,560 -64.3% 

99 10 RBC Capital Markets 10,841 4 211 5,037.9% 

24 11 HSBC 9,153 10 2,906 215.0% 

7 12 CITIC Securities Co 8,327 15 12,555 -33.7% 


14 14 Rothschild 6,775 9 5,952 13.8% 

6 15 BNP Paribas 6,607 8 13,586 -51.4% 

Financial Advisers to Asia (ex. Japan) M&A: Volume 

Ranking 2011 2010 



44 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 


4 2 CIMB Group 11,661 41 40 1 

Count 

Change 


15 4 Citigroup 42,736 36 22 14 

1 5 Ernst & Young 2,380 36 52 -16 

8 6 Goldman Sachs 46,858 34 37 -3 

5 7 Credit Suisse 27,526 34 39 -5 

7 8 KPMG 4,226 34 39 -5 

3 9 PwC 2,357 31 47 -16 

10 10 Deutsche Bank 22,550 28 35 -7 

11 11 Deloitte 4,445 28 31 -3 


16 13 HSBC 24,029 26 21 5 

12 14 JPMorgan 27,238 25 28 -3 


Financial Advisers to Greater China M&A: Volume 

Ranking 2011 2010 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 


5 2 Goldman Sachs 18,659 20 16 4 

14 3 Citigroup 18,165 19 9 10 

2 4 Deutsche Bank 17,411 17 20 -3 

12 5 JPMorgan 16,444 17 10 7 

6 6 Credit Suisse 12,918 17 15 2 


8 8 CITIC Securities Co 8,327 15 13 2 

11 9 CIMB Group 1,970 14 11 3 

13 10 Somerley Limited 1,497 14 10 4 


1 12 China International Capital Corporation 12,686 12 22 -10 

7 13 PwC 1,515 11 15 -4 

28 14 HSBC 9,153 10 5 5 

18 15 Nomura Holdings 5,030 10 8 2


Financial Advisers to Australasian M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

6 1 Goldman Sachs 50,377 35 21,089 138.9% 

12 2 JPMorgan 36,000 14 7,737 365.3% 



89 5 Moelis & Company 22,608 5 61 36,962% 

3 6 Grant Samuel 21,439 9 28,184 -23.9% 

- 7 Scotia Capital 19,510 2 - - 


22 9 Gresham Advisory Partners 18,006 14 3,542 408.4% 


7 11 Lazard 15,444 7 19,604 -21.2% 


42 13 Flagstaff Partners 13,860 8 590 2,249.2% 

4 14 Deutsche Bank 11,960 11 24,258 -50.7% 

8 15 Credit Suisse 11,545 11 19,477 -40.7% 

Financial Advisers to Japanese M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

8 1 Goldman Sachs 58,602 18 9,837 495.7% 


7 3 Deutsche Bank 46,014 14 10,580 334.9% 


13 5 Mizuho Financial Group 40,297 40 4,348 826.8% 


15 7 Sumitomo Mitsui Financial Group 33,439 31 3,870 764.1% 

2 8 JPMorgan 31,093 11 24,180 28.6% 

3 9 Daiwa Securities Group 27,928 34 19,871 40.5% 

21 10 Credit Suisse 25,344 12 1,497 1,593.0% 


9 12 Citigroup 9,671 8 8,076 19.7% 

- 13 Jefferies & Company 7,200 2 - - 

16 14 Lazard 6,849 9 3,404 101.2% 


Financial Advisers to Australasian M&A: Volume 

Ranking 2011 2010 



45 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

2 1 Goldman Sachs 50,377 35 33 2 

Count 

Change 



5 4 Deloitte 7,568 28 21 7 

12 5 PwC 1,825 23 12 11 

6 6 Ernst & Young 6,752 22 21 1 

4 7 KPMG 1,633 22 24 -2 

11 8 JPMorgan 36,000 14 12 2 

24 9 Gresham Advisory Partners 18,006 14 5 9 


7 11 Deutsche Bank 11,960 11 19 -8 

8 12 Credit Suisse 11,545 11 15 -4 


9 14 Rothschild 5,061 10 15 -5 

16 15 BDO 818 10 10 0 

Financial Advisers to Japanese M&A: Volume 

Ranking 2011 2010 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 


2 2 Mizuho Financial Group 40,297 40 38 2 

4 3 Daiwa Securities Group 27,928 34 31 3 

5 4 Sumitomo Mitsui Financial Group 33,439 31 31 0 


10 6 KPMG 3,688 23 13 10 

7 7 Deloitte 2,815 22 19 3 

8 8 GCA Savvian Group Corporation 4,855 21 18 3 

9 9 Goldman Sachs 58,602 18 14 4 


14 11 Ernst & Young 2,316 16 10 6 

6 12 PwC 1,888 16 21 -5 

12 13 Deutsche Bank 46,014 14 10 4 

17 14 Credit Suisse 25,344 12 6 6 

11 15 JPMorgan 31,093 11 11 0


Financial Advisers to Indian M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 


8 2 Goldman Sachs 12,862 3 11,721 9.7% 


6 4 Citigroup 7,305 7 13,050 -44.0% 

14 5 JPMorgan 6,335 2 10,316 -38.6% 

7 6 HSBC 2,754 5 12,119 -77.3% 

4 7 Standard Chartered 2,736 3 22,741 -88.0% 

50 8 Avendus Capital 2,036 13 128 1,490.6% 




- 12 ANZ Bank 1,325 2 - - 

23 13 Kotak Investment Banking 1,309 4 1,760 -25.6% 

41 14 Ambit Corporate Finance 1,287 3 377 241.4% 

11 15= Credit Suisse 1,213 2 11,048 -89.0% 

33 15= Jefferies & Company 1,213 2 711 70.6% 

Financial Advisers to South East Asian M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 


18 2 Citigroup 11,713 10 3,346 250.1% 

1 3 CIMB Group 10,338 29 21,929 -52.9% 


2 5 Goldman Sachs 9,577 8 15,712 -39.0% 

13 6 Maybank Investment Bank 8,241 10 4,820 71.0% 

4 7 Credit Suisse 7,721 10 12,232 -36.9% 

40 8 Kim Eng Securities 6,605 6 738 795.0% 

- 9= Kasikorn Securities 5,704 1 - - 

- 9= Trinity Securities Group 5,704 1 - - 

29 11 OSK Investment Bank 4,682 23 1,524 207.2% 


3 13 JPMorgan 4,498 5 14,616 -69.2% 

9 14 RHB Investment Bank 4,357 8 9,174 -52.5% 

10 15 Deutsche Bank 4,072 8 8,056 -49.5% 

Financial Advisers to Indian M&A: Volume 

Ranking 2011 2010 



46 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

2 1 Ernst & Young 372 14 23 -9 

6 2 Avendus Capital 2,036 13 12 1 

15 3 KPMG 305 9 7 2 


11 5 PwC 376 8 8 0 

16 6 Citigroup 7,305 7 6 1 

35 7 Yes Bank 809 7 3 4 

31 8 o3 Capital Advisors 383 7 4 3 

20 9 Singhi Advisors 173 7 6 1 

9 10 Enam Securities 906 6 9 -3 

3 11 BMR Advisors 252 6 14 -8 

- 12 Translink 252 6 - - 

76 13 Veda Corporate Advisors 157 6 1 5 

5 14 ICICI Bank 135 6 13 -7 

12 15 Mape Advisory Group 125 6 8 -2 

Financial Advisers to South East Asian M&A: Volume 

Ranking 2011 2010 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

Count 

Change 

1 1 CIMB Group 10,338 29 33 -4 


14 3 DBS Bank 2,559 17 9 8 

21 4 Citigroup 11,713 10 6 4 


25 6 Maybank Investment Bank 8,241 10 5 5 

3 7 Credit Suisse 7,721 10 16 -6 


2 9 AmInvestment Bank 2,948 9 19 -10 

4 10 Goldman Sachs 9,577 8 14 -6 

6 11 RHB Investment Bank 4,357 8 14 -6 

13 12 Deutsche Bank 4,072 8 9 -1 

16 13 KPMG 1,241 8 8 0 


9 15 HSBC 1,040 7 11 -4


Financial Advisers to South Korean M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

17 1 Korea Development Bank 11,145 10 1,874 494.7% 

4 2 Woori Investment & Securities Co 10,999 14 5,562 97.8% 


23 4 Samsung Securities Co 7,227 6 1,402 415.5% 

26 5 Citigroup 6,222 1 1,176 429.1% 


10 7 Goldman Sachs 5,506 3 3,529 56.0% 

3 8 Credit Suisse 5,240 5 5,743 -8.8% 

- 9 HMC Investment Securities Co 4,443 1 - - 



9 12 Shinhan Investment Corp 3,074 3 3,547 -13.3% 

53 13 Daewoo Securities Co 1,948 4 11 17,609.1% 

24 14 Deutsche Bank 1,830 4 1,337 36.9% 

- 15 Jefferies & Company 1,550 1 - - 

Financial Advisers to South Korean M&A: Volume 

Ranking 2011 2010 



47 


Value 

(US$m) 

Deal 

Count 

Deal 

Count 

4 1 Woori Investment & Securities Co 10,999 14 10 4 

6 2 KPMG 859 12 8 4 

Count 

Change 

3 3 Deloitte 246 11 12 -1 

12 4 Korea Development Bank 11,145 10 5 5 

1 5 Ernst & Young 804 8 20 -12 

2 6 PwC 202 8 20 -12 

7 7 Samsung Securities Co 7,227 6 8 -2 


8 9 Credit Suisse 5,240 5 6 -1 



53 12 Daewoo Securities Co 1,948 4 1 3 

14 13 Deutsche Bank 1,830 4 4 0 


27 15 HSBC 698 4 1 3

Asia-Pacific M&A Overview: Individuals Activity Tables 

Financial Advisors Individual Ranking to Asia-Pacific (ex. Japan) M&A: Value 


1 Zac Fletcher Goldman Sachs 15,624 3 

2 Anthony Burgess Flagstaff Partners 13,790 6 

3= Nicholas Rowe Royal Bank of Scotland Group 12,925 1 

3= Craig Evans Royal Bank of Scotland Group 12,925 1 

3= Paul Baker Morgan Stanley 12,925 1 

3= John Muncey JPMorgan 12,925 1 

3= Christian Johnson Goldman Sachs 12,925 1 

8 Sergei Chinkis HSBC 10,390 1 

9= Chris Wyke Moelis & Company 9,400 1 

9= Anton Sahazizian Moelis & Company 9,400 1 

9= Alexander Rubin Moelis & Company 9,400 1 

9= Steven Panagos Moelis & Company 9,400 1 

9= Rick Leaman Moelis & Company 9,400 1 

14= Mark Preston RBC Capital Markets 7,786 1 

14= Edward Golder RBC Capital Markets 7,786 1 

14= Dai Clement RBC Capital Markets 7,786 1 

14= Charles Packshaw HSBC 7,786 1 

14= Eric Lyons HSBC 7,786 1 

14= Omar Faruqui Deutsche Bank 7,786 1 

14= Alan Brown Deutsche Bank 7,786 1 


Financial Advisors Individual Ranking to Asia-Pacific (ex. Japan) M&A: Volume 


1 Anthony Burgess Flagstaff Partners 13,790 6 

2 Grey Warburton Hartleys Limited 1,338 5 

3 Hyun Kuk Park Samsung Securities Co 1,005 5 

4 Ron Malek Greenhill & Co 3,018 4 

5 Jason Morris Nomura Holdings 1,963 4 

6 Roger Feletto Greenhill & Co 1,666 4 

7 Sung Woo Park Samsung Securities Co 950 4 

8 Lalit Ratadia Enam Securities 153 4 

9 Zac Fletcher Goldman Sachs 15,624 3 

10 Garren Cronin O’Sullivan Partners 4,636 3 

11 Jon Gidney JPMorgan 2,517 3 

12 Patrick Lee Nomura Holdings 1,800 3 

13 Pomjin Choi Daewoo Securities Co 1,797 3 

14 Geoff Rasmussen Azure Capital 1,660 3 

15= Jun Xu Haitong Securities Co 1,435 3 

15= Shoukang Lin China International Capital Corporation 1,435 3 

15= Guorong Jiang China International Capital Corporation 1,435 3 

15= Chenli Huang China International Capital Corporation 1,435 3 

15= Zhaohui Huang China International Capital Corporation 1,435 3 

20 Jennifer Yu Rothschild 1,174 3 


48 


Africa & Middle East M&A Overview 

Deal activity in Africa and the Middle East in 2011 had a total value of US$ 38.5bn, a decrease of 28.9% 

compared to 2010 (US$ 54.2bn), and the lowest value since 2009 (US$ 32.4bn). 

After a strong first quarter in 2011 (US$ 15.6bn), the region saw a downward trend in deal activity 

through the rest of the year. The last quarter saw a total of US$ 6.9bn-worth of deals announced, 

down by 46.5% compared to Q4 2010 (US$ 12.8bn), and 27.7% compared to Q3 2011 (US$ 9.5bn). It 

was the lowest Q4 M&A total in the region since Q4 2004 (US$ 4.6bn). 

Goldman Sachs topped the financial advisory league table by deal value in 2011, moving up two 

positions from its 2010 ranking. 


49 



40 

35 

30 

25 

20 

15 

10 

5 

0 

Value (US$bn) 

Volume 

Africa & Middle East M&A Activity - Quarterly 



Energy, Mining & Utilities 11.1 28.9% 46 9.5 17.5% 47 17.5% -1 


Consumer 5.6 14.5% 52 4.1 7.6% 32 35.4% 20 


Real Estate 3.8 10.0% 7 4.9 9.0% 15 -21.5% -8 

Technology 2.5 6.4% 26 1.6 2.9% 35 57.2% -9 


Business Services 1.3 3.3% 26 3.8 7.0% 27 -66.5% -1 


Transport 0.42 1.08% 9 1.05 1.9% 7 -60.3% 2 

Construction 0.3 0.9% 15 1.8 3.3% 19 -81.2% -4 

Leisure 0.2 0.5% 10 3.3 6.1% 11 -93.6% -1 

Defence 0.1 0.2% 3 0.1 0.2% 4 -48.9% -1 

Agriculture 0.0 0.1% 5 0.2 0.3% 5 -80.7% 0 

Media 0.0 0.0% 1 0.0 0.1% 2 -72.7% -1 

Total 38.5 317 54.2 317 -28.9% 0 

150 

140 

130 

120 

110 

100 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

Volume of Deals

Africa & Middle East M&A Overview: Top Deals 

Activity Table of Africa & Middle East M&A for Y/E 2011 

Announced 

Date 


(US$m) 

11-Jan-11 China National Chemical 

Corporation 

Compass Advisers Makhteshim Agan Industries Limited 

(60% Stake) 

25-Jan-11 Capital Property Fund Java Capital Pangbourne Properties Ltd 1,770 

05-Jul-11 Jinchuan Group International 

Resources Co Ltd 

14-Feb-11 Growthpoint Properties Ltd; and 

Public Investment Corporation Ltd 

Goldman Sachs Metorex Limited KPMG; One Capital; Standard Bank 

Group 

Investec V&A Waterfront Holdings Ltd Thirty3degrees Financial Services 

(Proprietary); Goldman Sachs 

26-Sep-11 Tronox Incorporated Goldman Sachs; Moelis & Company Namakwa Sands and KZN Sands 

mines and smelters (74% Stake); and 

Tiwest Joint Venture (50% Stake) 

08-Feb-11 Mvelaphanda Resources Limited 

(shareholders) 

Northam Platinum Ltd (50.4% Stake) Deutsche Bank; Ernst & Young; 

JPMorgan; One Capita 

London & Regional Properties Ltd; 

and Istithmar World Capital 

Press Release: mergermarket M&A Round-up Year End 2011 50 


2,508 

1,393 

1,341 

JPMorgan Exxaro Resources Limited 1,301 

Mvelaphanda Resources Limited 1,129 

29-Jan-11 Centurion Investment Company NMC Healthcare LLC (40% Stake) 1,089 

19-Dec-11 KAP International Holdings Ltd PSG Capital Unitrans Holding (Pty) Ltd; PG Bison; 

and Steinhoff Raw Materials 

19-Feb-11 Vitol Holding BV; and Helios 

Investment Partners LLP 

Royal Dutch Shell plc (Downstream 

Businesses In Africa) (80% Stake) 

14-Dec-11 The Coca-Cola Company Aujan Industries Co LLC (beverage 

business) (49% Stake) 

Standard Bank Group Steinhoff International Holdings Ltd 1,075 

Royal Dutch Shell plc 1,000 

Royal Bank of Scotland Group Aujan Industries Co LLC 980

Africa & Middle East: League Tables of Financial Advisers 

League Table of Financial Advisers to Africa & Middle East M&A: Value 

Ranking 2011 2010 

Y/E 2010 Y/E 2011 House 

Value 

(US$m) 

Deal 

Count 

Value 

(US$m) 

% Value 

Change 

3 1 Goldman Sachs 22,820 16 15,918 43.4% 


10 3 Deutsche Bank 12,298 15 9,540 28.9% 

7 4 BNP Paribas 11,273 4 11,282 -0.1% 

11 5 JPMorgan 9,521 11 8,626 10.4% 

12 6 Credit Suisse 9,282 10 6,633 39.9% 

- 7 Banco Bilbao Vizcaya Argentaria 7,645 1 - - 

40 8 Standard Bank Group 7,553 16 597 1,165.2% 



5 11 Standard Chartered 5,515 5 14,681 -62.4% 



18 14 Citigroup 4,972 5 4,098 21.3% 

14 15 Rand Merchant Bank 4,382 18 5,582 -21.5% 

20 16 Rothschild 3,936 6 2,600 51.4% 

- 17 Santander Global Banking 

and Markets 

2,828 1 - - 

73 18 One Capital 2,642 4 90 2,835.6% 

4 19 HSBC 2,602 4 14,930 -82.6% 

- 20 Compass Advisers 2,508 1 - - 

League Table of Financial Advisers to Africa & Middle East M&A: Volume 

Ranking 2011 2010 

Value Deal Deal Count 


(US$m) Count Count Change 

5 1 Rand Merchant Bank 4,382 18 11 7 

1 2 Goldman Sachs 22,820 16 15 1 

40 3 Standard Bank Group 7,553 16 2 14 

12 4 Deutsche Bank 12,298 15 7 8 

15 5 Investec 2,454 12 6 6 

7 6 Ernst & Young 2,024 12 10 2 


3 8 JPMorgan 9,521 11 12 -1 

20 9 Credit Suisse 9,282 10 5 5 

2 10 KPMG 2,275 7 13 -6 


16 12 Rothschild 3,936 6 6 0 

13 13 Lazard 1,887 6 7 -1 

14 14 Standard Chartered 5,515 5 6 -1 

6 15 Citigroup 4,972 5 11 -6 


- 17 Renaissance Capital 1,736 5 - - 

22 18 BNP Paribas 11,273 4 4 0 


26 20 Royal Bank of Scotland Group 5,824 4 3 1 


51 


Criteria 

The global Year End 2011 house league tables are based on announced transactions over US$5m in the period from 1 January 2011 to 31 December 2011. Deals with undisclosed deal values are included 

where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded from the league tables include 

property transactions and restructurings where the ultimate shareholders’ interests are not changed. League tables are based on the dominant geography of the target, bidder or seller. 

The trend graphs and pie charts are based on the dominant industry and/or dominant geography of the target and include announced transactions over US$ 5m in the given time period. Deals with undisclosed 

deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded 

from the graphs and charts include property transactions and restructurings where the ultimate shareholders’ interests are not changed. 

The top deals tables are based on announced transactions between 1 January 2011 and 31 December 2011 and are based on dominant geography of the target only. 

All data excludes minority stake deals (10% - 30%) where dominant target geography is Asia-Pacific and the deal value is less than US$ 100m. 

Unless stated otherwise, all data excludes lapsed and withdrawn bids. 

All data correct as of 3 January 2012. 

Germanic: Germany, Austria and Switzerland 

Nordic: Denmark, Sweden, Finland, Norway, Faroe Islands, Greenland and Iceland 

Benelux: Belgium, the Netherlands and Luxembourg 

Iberia: Portugal and Spain 

CEE: Armenia, Azerbaijan, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland, 

Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine 

US (Mid-West): llinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin 

US (North East): Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont 

US (South): Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, 

Tennessee, Texas, Virginia, West Virginia 

US (West): Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming 

Greater China: China, Hong Kong, Macau, Taiwan 

South East Asia: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam 

Criteria: http://www.mergermarket.com/pdf/deal_criteria.pdf 


52 


Contact: 

Europe: 

Flora Wilke 

flora.wilke@mergermarket.com 

Tel: +44 207 059 6348 

Americas: 

Dara Silverstein 

dara.silverstein@mergermarket.com 

Tel: +1 646 378 3118 

Asia-Pacific: 

Michel Chau 

michel.chau@mergermarket.com 

Tel: +852 2158 9706 

About mergermarket 

mergermarket is a mergers & acquisitions (M&A) intelligence service. 

mergermarket is part of The Mergermarket Group which has over 450 employees worldwide 

and regional head offices in New York, London and Hong Kong. 

In any market, the life blood of advisers is deal flow. mergermarket is unique in the provision 

of origination intelligence to the investment banking, legal, private equity, acquisition finance, 

public relations (PR) and corporate markets. 

With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, 

Africa and Asia-Pacific, mergermarket generates proprietary intelligence and delivers it 

together with daily aggregated content, on its mergermarket.com platform and by real-time 

email alerts to subscribers. 

This wealth of intelligence, together with a series of deal databases, individual and house 

league tables, profiles and editorial have proven time and time again that this product can and 

does generate real revenues for clients. This is apparent when you see that mergermarket is 

used by over 1500 of the world’s foremost advisory firms to assist in their origination process. 

80 Strand 

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sales@mergermarket.com 

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53

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