Press Release - Mergermarket

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 $10,001bn)
Value of Deals (US$bn)
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
Press Release: mergermarket M&A Round-up for Year End 2011
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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