Mergermarket global M&A trend report 
11 
www.mergermarket.com
Asia-Pacific (excl. Japan) overview
85.2 
74.8 
45.8 
65.5 
89.9 
82.0 
69.2 
117.6 
90.7 
126.0 
76.8 
71.7 
79.5 
81.3 
108.2 
174.6 
75.4 
56.7 
65.9 
92.7 
115.7 
105.0 
116.8 
134.8 
92.2 
90.2 
105.8 
130.9 
73.9 
84.0 
117.9 
50 
100 
150 
200 
250 
300 
350 
400 
450 
2007 
2008 
2009 
2010 
2011 
2012 
2013 
2014 
Value of deals (US$bn) 
Q1 
Q2 
Q3 
Q4 
Quarterly M&A activity
M&A targeting Asia-Pacific (excl. Japan) companies at the end of Q3 is already the 
highest annual total on Mergermarket record with deals totaling US$ 427bn, 3.6% 
above the whole of 2013’s peak
Q3 was the sixth consecutive quarter to post total deal value higher than US$ 100bn. 
The US$ 134.8bn-worth of deals was 15.4% higher than Q3 2013 but dropped almost 
a quarter (22.8%) from Q2. There have been more than 700 transactions every quarter 
since Q4 2013 - an extra 351 deals have been announced in Q1-Q3 2014 compared to 
the same time last year
Aside from the increased deal count, there has been an increase in the price tags on 
companies, with the average so far this year reaching the highest on record.  Average 
deal size was US$ 220.9m, 15.3% higher than 2013  
• Inbound private equity buyouts (US$ 13bn) from other regions accounted for the 
highest share of inbound value on record at 19.7%, up from 17.4% in the whole of 
2013. The total value of private equity buyouts continue to amass higher deal values 
with buyouts valued at US$ 65.7bn so far in 2014 being the highest on record , up 
54.9% compared to the whole year of 2013
• The global drive to pursue other regions influenced inbound activity which saw deals 
valued at US$ 65.2bn, almost a third (30.3%) higher compared to Q1-Q3 2013 
• Attention from European companies targeting Asia-Pacific looks to be slowing with a 
drop in value for the last two consecutive quarters but the year-to-date value from the 
region (US$ 30.6bn) has already reached the highest annual total since 2011
The energy, mining & utilities sector, the most targeted sector over all with US$ 
68.2bn-worth of deals, saw nearly a quarter (23.5%) of this activity coming from other 
regions worth US$ 16bn. The inbound value was 30.1% higher than the whole of 2013
• Asia-Pacific’s outbound deal value has slowed this year after a rebound in 2013. The 
US$ 56.7bn-worth of deals, down 11.5% from the same time last year, could be the 
fourth lowest annual value in a decade
The 89 outbound deals targeting US companies, just one less than the whole 2013, ac-
cumulated US$ 16.1bn-worth of deals which is down on 2013’s annual value but 12.7% 
up on the same period
Mergermarket record set for Asia-Pacific (excl. Japan) M&A that has surpassed all other annual totals with US$ 427bn-worth of deals
Morgan Stanley topped the financial advisor league table by value with US$ 81.3bn-worth of deals increasing 82.8% from the same period in 2013 (US$ 44.5bn)
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Mergermarket global M&A trend report 
12 
www.mergermarket.com
Asia-Pacific (excl. Japan) overview
Cross-border activity
$79.3 
$75.2 
$43.1 
$65.4 
$80.2 
$59.7 
$59.3 
$52.2 
$16.0 
$10.4 
$5.0 
$15.8 
$9.5 
$6.1 
$12.5 
$13.0 
0% 
5% 
10% 
15% 
20% 
25% 
20 
40 
60 
80 
100 
120 
2007 
2008 
2009 
2010 
2011 
2012 
2013 
YTD 2014 
Value of deals (US$bn) 
Remaining inbound value 
Value of inbound private equity buyouts 
Inbound private equity share in total inbound activity 
Share of 
inbound buyouts in total inbound value 
Q1-Q3 2013 
21.7% 
12.8% 
13.2% 
11.7% 
9.8% 
4.8% 
8.7% 
17.3% 
Q1-Q3 2014 
16.0% 
13.2% 
9.4% 
8.8% 
8.6% 
8.6% 
7.7% 
27.7% 
Energy, Mining & Utilities: US$ 68.2bn (US$ 63.5bn) 
Consumer: US$ 56.5bn (US$ 37.5bn) 
Industrials & Chemicals: US$ 40.1bn (US$ 38.5bn) 
Financial Services: US$ 37.7bn (US$ 34.3bn) 
Technology: US$ 36.9bn (US$ 28.6bn) 
Transport: US$ 36.7bn (US$ 14bn) 
Real Estate: US$ 32.8bn (US$ 25.5bn) 
Other: US$ 118.4bn (US$ 50.5bn) 
Sector in Q1-Q3 2014 vs (Q1-Q3 2013)
2013)
Industry analysis
Deal value
(US$bn)
Ann.
date
Bidder company
Bidder geography
Target company
Target geography
Target sector
Seller company
36.5
16-Apr-14
CITIC Pacific Limited
Hong Kong
CITIC Limited
China
Other
CITIC Group Corporation
17.4
14-Sep-14
Investor group
China
Sinopec Marketing Co 
Ltd (29.99% Stake)
China
Business Services
15.6
24-Sep-14
Hanjin Kal Corp
South Korea
Korean Air Lines 
Company Limited
South Korea
Transportation
10.6
18-Mar-14
Shanghai Jinfeng 
Investment Co Ltd
China
Shanghai Greenland 
(Group) Co Ltd
China
Real Estate
Investor group led by 
Shanghai Gelinlan 
Investment Management Ltd
6.7
12-Sep-14
Sinopec Yizheng 
Chemical Fibre Co Ltd
China
Sinopec Oilfield Service 
Corporation
China
Energy, Mining & 
Utilities
China Petrochemical 
Corporation
Top deals
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Mergermarket global M&A trend report 
13 
www.mergermarket.com
Appendix: Global financial advisor league tables
League table of financial advisors to M&A by deal count: Global
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Deal 
Count
Count 
Change
1
3
Goldman Sachs
779,413
265
219
46
2
1
PwC
26,945
252
285
-33
3
2
KPMG
40,232
224
229
-5
4
7
Morgan Stanley
684,772
211
181
30
5
5
JPMorgan
545,095
200
185
15
6
6
Deloitte
11,407
189
185
4
7
11
Citi
581,355
184
129
55
8
9
Lazard
420,170
173
148
25
9
10
Rothschild
158,170
172
137
35
10
8
Bank of America Merrill Lynch
497,780
167
149
18
11
13
Barclays
478,840
162
118
44
12
15
Credit Suisse
264,224
150
111
39
13
4
EY
46,544
143
189
-46
14
16
Deutsche Bank
382,577
142
102
40
15
14
UBS Investment Bank
158,182
105
116
-11
16
20
RBC Capital Markets
129,840
99
78
21
17
21
Houlihan Lokey
26,249
97
75
22
18
24
Evercore Partners
110,951
95
65
30
19
18
Jefferies
117,674
89
81
8
20
25
Macquarie Group
45,688
86
65
21
League table of financial advisors to M&A by deal value: Global
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Value 
(US$m)
% Value 
change
1
1
Goldman Sachs
779,413
265
482,221
61.6%
2
3
Morgan Stanley
684,772
211
405,869
68.7%
3
10
Citi
581,355
184
159,467
264.6%
4
2
JPMorgan
545,095
200
475,440
14.7%
5
4
Bank of America Merrill Lynch
497,780
167
397,887
25.1%
6
5
Barclays
478,840
162
310,741
54.1%
7
9
Lazard
420,170
173
161,143
160.7%
8
7
Deutsche Bank
382,577
142
183,796
108.2%
9
8
Credit Suisse
264,224
150
163,601
61.5%
10
14
Centerview Partners
196,536
33
80,831
143.1%
11
6
UBS Investment Bank
158,182
105
257,368
-38.5%
12
15
Rothschild
158,170
172
79,722
98.4%
13
17
BNP Paribas
137,665
77
71,465
92.6%
14
18
RBC Capital Markets 
129,840
99
67,778
91.6%
15
24
Jefferies
117,674
89
34,208
244.0%
16
16
Evercore Partners
110,951
95
71,737
54.7%
17
32
Perella Weinberg Partners
93,966
21
23,160
305.7%
18
48
Allen & Company
88,622
12
12,818
591.4%
19
27
Societe Generale
82,676
32
29,333
181.9%
20
-
Zaoui & Co
77,319
8
-
-
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Mergermarket global M&A trend report 
14 
www.mergermarket.com
Appendix: Global financial advisor league tables
Private equity league tables are based on the financial advisors advising the bidder only
League table of financial advisors to private equity buyouts by deal count: Global 
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Deal 
Count
Count 
Change
1
1
PwC
5,309
27
22
5
2
8
Credit Suisse
23,628
25
15
10
3
10
Deutsche Bank
29,679
24
14
10
4
2
Deloitte
1,317
24
22
2
5
4
Goldman Sachs
21,143
22
19
3
6
9
Morgan Stanley
29,500
21
15
6
7
7
KPMG
2,379
20
16
4
8
3
EY
2,327
18
20
-2
9
24
Macquarie Group
5,279
14
6
8
10
17
JPMorgan
20,424
13
9
4
11
12
Bank of America Merrill Lynch
11,229
13
13
0
12
15
Lazard
9,623
13
11
2
13
5
UBS Investment Bank
11,691
12
18
-6
14
6
Jefferies
9,983
9
16
-7
15
18
Nomura Holdings
6,010
9
9
0
16
11
Barclays
20,898
8
13
-5
17
21
RBC Capital Markets
8,103
7
7
0
18
19
Citi
6,428
7
8
-1
19
13
DC Advisory
1,607
7
12
-5
20
35
Wells Fargo Securities
2,276
6
3
3
League table of financial advisors to private equity buyouts by deal value: Global 
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Value 
(US$m)
% Value 
change
1
7
Deutsche Bank
29,679
24
34,581
-14.2%
2
13
Morgan Stanley
29,500
21
11,417
158.4%
3
3
Credit Suisse
23,628
25
38,135
-38.0%
4
14
Goldman Sachs
21,143
22
10,067
110.0%
5
5
Barclays
20,898
8
37,578
-44.4%
6
2
JPMorgan
20,424
13
38,463
-46.9%
7
1
UBS Investment Bank
11,691
12
39,600
-70.5%
8
8
Bank of America Merrill Lynch
11,229
13
33,685
-66.7%
9
12
Jefferies
9,983
9
11,433
-12.7%
10
4
Lazard
9,623
13
37,995
-74.7%
11
6
RBC Capital Markets
8,103
7
34,822
-76.7%
12
10
Citi
6,428
7
23,325
-72.4%
13
15
Nomura Holdings
6,010
9
7,372
-18.5%
14
-
XMS Capital Partners
5,400
2
-
-
15
17
PwC
5,309
27
4,694
13.1%
16
29
Macquarie Group
5,279
14
1,922
174.7%
17
-
Union Square Advisors
4,075
1
-
-
18
35
Credit Agricole 
3,612
5
1,309
175.9%
19
50
Evercore Partners
2,795
5
800
249.4%
20=
-
Infima
2,697
1
-
-
20=
-
MHS Corporate Finance
2,697
1
-
-
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Mergermarket global M&A trend report 
15 
www.mergermarket.com
Appendix: Europe financial advisor league tables
League table of financial advisors to M&A by deal count: Europe
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Deal 
Count
Count 
Change
1
1
PwC
18,654
173
188
-15
2
2
KPMG
14,807
146
154
-8
3
5
Rothschild
135,804
144
116
28
4
4
Deloitte
7,842
120
131
-11
5
11
Lazard
237,125
108
70
38
6
3
EY
39,923
108
139
-31
7
6
Goldman Sachs
402,118
99
98
1
8
7
JPMorgan
275,064
88
78
10
9
8
Morgan Stanley
336,710
86
73
13
10
17
Deutsche Bank
277,169
75
48
27
11
14
Citi
253,850
72
63
9
12
15
Bank of America Merrill Lynch
215,570
69
56
13
13
13
Barclays
118,900
66
65
1
14
12
BNP Paribas
130,690
64
69
-5
15
22
Credit Suisse
134,716
60
43
17
16
16
UBS Investment Bank
81,559
54
52
2
17
10
BDO
2,879
53
71
-18
18
9
M&A International
1,490
48
72
-24
19
23
UniCredit Group
10,436
40
42
-2
20
25
Canaccord Genuity
7,986
37
36
1
League table of financial advisors to M&A by deal value: Europe
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Value 
(US$m)
% Value 
change
1
1
Goldman Sachs
402,118
99
303,282
32.6%
2
3
Morgan Stanley
336,710
86
247,827
35.9%
3
9
Deutsche Bank
277,169
75
90,023
207.9%
4
2
JPMorgan
275,064
88
280,582
-2.0%
5
10
Citi
253,850
72
76,916
230.0%
6
14
Lazard
237,125
108
66,186
258%
7
5
Bank of America Merrill Lynch
215,570
69
200,090
7.7%
8
13
Rothschild
135,804
144
66,773
103.4%
9
11
Credit Suisse
134,716
60
69,068
95.0%
10
12
BNP Paribas
130,690
64
68,377
91.1%
11
4
Barclays
118,900
66
222,396
-46.5%
12
25
Perella Weinberg Partners
87,591
11
19,177
356.8%
13
18
Societe Generale
82,676
32
29,333
181.9%
14
6
UBS Investment Bank
81,559
54
180,563
-54.8%
15
-
Zaoui & Co
77,319
8
-
-
16
70
Evercore Partners 
68,343
30
3,389
1,916.6%
17
31
Centerview Partners
55,301
13
11,902
364.6%
18
16
HSBC
53,507
27
37,178
43.9%
19
61
Credit Agricole 
45,416
29
4,264
965.1%
20
19
EY
39,923
108
26,817
48.9%
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Mergermarket global M&A trend report 
16 
www.mergermarket.com
Appendix: Europe financial advisor league tables
Private equity league tables are based on the financial advisors advising the bidder only 
The geography is defined by the target only
League table of financial advisors to private equity buyouts by deal count: Europe
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Deal 
Count
Count 
Change
1
4
Deloitte
1,204
19
13
6
2
2
EY
2,236
16
18
-2
3
3
KPMG
2,026
16
13
3
4
1
PwC
1,833
16
18
-2
5
25
Lazard
7,972
10
4
6
6
23
Deutsche Bank
7,725
9
4
5
7
6
DC Advisory
1,607
7
12
-5
8
37
JPMorgan
3,436
6
2
4
9
19
BDO
159
6
5
1
10
16
UBS Investment Bank
5,890
5
5
0
11
5
Goldman Sachs
5,654
5
12
-7
12
22
Nomura Holdings
3,861
5
4
1
13
31
Credit Agricole 
3,612
5
3
2
14
9
Morgan Stanley
2,692
5
7
-2
15
18
Societe Generale
2,622
5
5
0
League table of financial advisors to private equity buyouts by deal value: Europe
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Value 
(US$m)
% Value 
change
1
20
Lazard
7,972
10
1,603
397.3%
2
10
Deutsche Bank
7,725
9
5,052
52.9%
3
7
UBS Investment Bank
5,890
5
5,907
-0.3%
4
3
Goldman Sachs
5,654
5
6,685
-15.4%
5
8
Nomura Holdings
3,861
5
5,259
-26.6%
6
24
Credit Agricole 
3,612
5
1,309
175.9%
7
9
JPMorgan
3,436
6
5,257
-34.6%
8
1
Credit Suisse
3,136
4
7,729
-59.4%
9=
-
Infima
2,697
1
-
-
9=
-
MHS Corporate Finance
2,697
1
-
-
11
5
Morgan Stanley
2,692
5
6,440
-58.2%
12
41
Societe Generale
2,622
5
584
349.0%
13
6
Barclays
2,325
1
6,314
-63.2%
14
13
EY
2,236
16
3,570
-37.4%
15
19
HSBC
2,193
3
1,960
11.9%
Mergermarket global M&A trend report 
17 
www.mergermarket.com
Appendix: Europe financial advisor league tables
League table of financial advisors to M&A by deal count: UK
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Deal 
Count
Count 
Change
1
6
Rothschild
36,365
63
40
23
2
7
Goldman Sachs
88,168
49
38
11
3
1
PwC
5,546
45
57
-12
4
3
EY
8,283
43
47
-4
5
2
KPMG
4,163
41
57
-16
6
8
JPMorgan Cazenove
71,595
40
37
3
7
14
Bank of America Merrill Lynch
61,431
37
23
14
8
22
Lazard
54,636
36
15
21
9
5
BDO
681
35
42
-7
10
4
Deloitte
3,518
34
43
-9
11
11
Barclays
42,740
31
24
7
12
10
Canaccord Genuity
2,962
29
29
0
13
9
Morgan Stanley
57,510
26
30
-4
14
21
Deutsche Bank
49,208
24
15
9
15
15
Citi
48,346
22
22
0
League table of financial advisors to M&A by deal value: UK
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Value 
(US$m)
% Value 
change
1
2
Goldman Sachs
88,168
49
190,016
-53.6%
2
1
JPMorgan Cazenove
71,595
40
190,057
-62.3%
3
5
Bank of America Merrill Lynch
61,431
37
147,223
-58.3%
4
3
Morgan Stanley
57,510
26
162,496
-64.6%
5
12
Lazard
54,636
36
18,703
192.1%
6
10
Deutsche Bank
49,208
24
31,255
57.4%
7
13
Citi
48,346
22
17,492
176.4%
8
6
Barclays
42,740
31
145,400
-70.6%
9
14
Rothschild
36,365
63
14,279
154.7%
10
4
UBS Investment Bank
24,892
21
151,313
-83.5%
11
9
Credit Suisse
20,751
16
43,457
-52.2%
12
-
Zaoui & Co
19,750
3
-
-
13
-
Arkle Associates
14,500
1
-
-
14
21
BNP Paribas
14,239
15
6,843
108.1%
15
16
Societe Generale
12,907
8
11,895
8.5%
League table of financial advisors to M&A by deal count: Ireland
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Deal 
Count
Count 
Change
1
5
IBI Corporate Finance
501
12
4
8
2
8
Citi
57,068
6
3
3
3
9
Morgan Stanley
78,454
5
3
2
4
2
Goldman Sachs
123,960
4
4
0
5
10
JPMorgan
78,983
4
3
1
6
7
Deutsche Bank
58,355
4
3
1
7
3
Barclays
9,056
4
4
0
8
-
Lazard
2,362
4
-
-
9
11
Rothschild
167
4
3
1
10
4
Investec
850
3
4
-1
11
13
Davy Corporate Finance
96
3
2
1
12
39
BDO
48
3
1
2
13
-
Key Capital
-
3
-
-
14
42
Evercore Partners 
54,517
2
1
1
15
1
Bank of America Merrill Lynch
28,076
2
4
-2
League table of financial advisors to M&A by deal value: Ireland
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Value 
(US$m)
% Value 
change
1
3
Goldman Sachs
123,960
4
10,447
1,086.6%
2
11
JPMorgan
78,983
4
1,273
6,104.5%
3
9
Morgan Stanley
78,454
5
6,526
1,102.2%
4
2
Deutsche Bank
58,355
4
11,067
427%
5
4
Citi
57,068
6
9,995
471%
6
42
Evercore Partners
54,517
2
-
-
7
-
Perella Weinberg Partners
45,894
1
-
-
8
1
Bank of America Merrill Lynch
28,076
2
11,280
148.9%
9=
7
Greenhill & Co
23,126
1
8,428
174%
9=
-
Mizuho Financial Group
23,126
1
-
-
11
6
Barclays
9,056
4
8,699
4.1%
12
10
Centerview Partners
6,149
2
3,249
89.3%
13
-
Lazard
2,362
4
-
-
14
-
RBC Capital Markets
1,521
1
-
-
15
13
Investec
850
3
413
105.8%
Mergermarket global M&A trend report 
18 
www.mergermarket.com
Appendix: Europe financial advisor league tables
League table of financial advisors to M&A by deal count: Germany
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Deal 
Count
Count 
Change
1
2
PwC
2,404
28
33
-5
2
5
Rothschild
33,567
26
15
11
3
3
KPMG
2,902
26
24
2
4
1
EY
34,659
25
33
-8
5
6
Deutsche Bank
57,943
22
13
9
6
4
Goldman Sachs
58,700
16
16
0
7
16
Morgan Stanley
67,828
15
9
6
8
11
Lazard
37,127
15
11
4
9
15
JPMorgan
49,632
14
10
4
10
29
Macquarie Group
3,171
13
5
8
11
17
Citi
29,625
12
9
3
12
9
Deloitte
960
12
12
0
13
14
Perspektiv
12
12
11
1
14
8
UniCredit Group
2,092
11
12
-1
15
7
Lincoln International
85
11
13
-2
League table of financial advisors to M&A by deal value: Germany
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Value 
(US$m)
% Value 
change
1
4
Morgan Stanley
67,828
15
32,243
110.4%
2
1
Goldman Sachs
58,700
16
45,597
28.7%
3
2
Deutsche Bank
57,943
22
33884
71.0%
4
5
JPMorgan
49,632
14
28,672
73.1%
5
15
Lazard
37,127
15
8,070
360.1%
6
16
EY
34,659
25
5,476
532.9%
7
8
Rothschild
33,567
26
16644
101.7%
8
7
Bank of America Merrill Lynch
30,814
9
18,112
70.1%
9
6
Citi
29,625
12
25,087
18.1%
10
27
Barclays
18,125
10
3,179
470.1%
11
64
Guggenheim Partners
16,205
1
95
16,959%
12=
-
Lenner & Partners
9,148
1
-
-
12=
-
Nordea Corporate Finance 
9,148
1
-
-
12=
75
SEB
9,148
1
35
26,037%
15
-
Zaoui & Co
7,600
1
-
-
League table of financial advisors to M&A by deal count: Germanic
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Deal 
Count
Count 
Change
1
2
PwC
6,729
45
39
6
2
3
KPMG
3,822
41
34
7
3
1
EY
34,901
38
41
-3
4
4
Goldman Sachs
173,345
35
23
12
5
5
Rothschild
83,460
34
23
11
6
6
Deloitte
1,776
31
23
8
7
10
Lazard
130,489
27
17
10
8
7
Deutsche Bank
86,915
25
18
7
9
11
Credit Suisse
74,503
24
17
7
10
13
Morgan Stanley
118,336
22
15
7
11
18
Citi
107,068
21
12
9
12
15
JPMorgan
63,600
21
14
7
13
19
Bank of America Merrill Lynch
53,254
17
12
5
14
29
Barclays
30,825
17
7
10
15
8
UniCredit Group
4,153
16
18
-2
League table of financial advisors to M&A by deal value: Germanic
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Value 
(US$m)
% Value 
change
1
1
Goldman Sachs
173,345
35
57,965
199.1%
2
9
Lazard
130,489
27
17,535
644.2%
3
2
Morgan Stanley
118,336
22
44,990
163%
4
5
Citi
107,068
21
36,463
193.6%
5
4
Deutsche Bank
86,915
25
36,653
137.1%
6
8
Rothschild
83,460
34
27,888
199.3%
7
-
Zaoui & Co
75,113
6
-
-
8
10
Credit Suisse
74,503
24
16,722
345.5%
9
3
JPMorgan
63,600
21
40,022
58.9%
10
17
BNP Paribas
54,661
9
9741
461.1%
11
7
Bank of America Merrill Lynch
53,254
17
29,896
78.1%
12
33
Societe Generale
40,831
4
2,386
1,611.3%
13
14
HSBC
40,450
2
12,817
215.6%
14
-
Centerview Partners
38,275
5
-
-
15
20
EY
34,901
38
5,738
508.2%
Mergermarket global M&A trend report 
19 
www.mergermarket.com
Appendix: Europe financial advisor league tables
League table of financial advisors to M&A by deal count: Benelux
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Deal 
Count
Count 
Change
1
7
KPMG
2,510
24
18
6
2
1
Rabobank
668
20
27
-7
3
9
ABN AMRO Bank
15,610
17
15
2
4
4
ING
1,736
17
20
-3
5
3
Deloitte
1,164
17
21
-4
6
2
PwC
104
15
23
-8
7
11
Morgan Stanley
62,658
13
13
0
8
15
Lazard
46,557
13
11
2
9
6
Rothschild
8,775
12
18
-6
10
21
Citi
44,733
11
7
4
11
25
BoerCroon
47
11
5
6
12
5
BNP Paribas
34,964
10
19
-9
13
27
Deutsche Bank
40,794
9
4
5
14
18
EY
8,021
9
9
0
15
39
NIBC Bank
12
8
3
5
League table of financial advisors to M&A by deal value: Benelux
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Value 
(US$m)
% Value 
change
1
2
Morgan Stanley
62,658
13
35,396
77.0%
2
12
Lazard
46,557
13
13,638
241.4%
3
3
JPMorgan
44,842
5
33,930
32.2%
4
4
Citi
44,733
11
27,372
63.4%
5
5
Bank of America Merrill Lynch
42,397
6
26,961
57.3%
6
28
Deutsche Bank
40,794
9
2,471
1,550.9%
7
52
Perella Weinberg Partners
39,296
3
172
22,747%
8
15
BNP Paribas
34,964
10
11,538
203%
9
7
UBS Investment Bank
29,241
5
18,520
57.9%
10
16
Barclays
26,986
7
8,220
228%
11
27
Societe Generale
25,958
5
2,500
938.3%
12
20
Credit Suisse
25,357
7
5,077
399.4%
13
50
Credit Agricole 
23,297
2
204
11,320%
14
1
Goldman Sachs
22,792
7
43749
-47.9%
15
13
ABN AMRO Bank
15,610
17
13,306
17.3%
League table of financial advisors to M&A by deal count: France
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Deal 
Count
Count 
Change
1
1
Rothschild
68,418
42
39
3
2
2
BNP Paribas
97,073
39
37
2
3
4
Lazard
110,375
36
24
12
4
3
Societe Generale
71,151
28
25
3
5
5
Credit Agricole 
33,660
26
22
4
6
6
PwC
695
19
20
-1
7
14
Morgan Stanley
89,064
18
11
7
8
28
Deutsche Bank
51,704
15
6
9
9
22
JPMorgan
47,505
15
8
7
10
8
EY
3,581
15
15
0
11
12
Leonardo & Co
473
14
12
2
12
17
Barclays
35,457
13
9
4
13
13
KPMG
1,137
13
12
1
14
11
DC Advisory
1,122
13
13
0
15
9
Goldman Sachs
66,381
11
14
-3
League table of financial advisors to M&A by deal value: France
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Value 
(US$m)
% Value 
change
1
7
Lazard
110,375
36
13,516
716.6%
2
4
BNP Paribas
97,073
39
16,591
485.1%
3
8
Morgan Stanley
89,064
18
13,163
576.6%
4
14
Credit Suisse
84,131
10
5,682
1,380.7%
5
13
Societe Generale
71,151
28
6,409
1,010.2%
6
6
Rothschild
68,418
42
14,560
369.9%
7
2
Goldman Sachs
66,381
11
20,214
228.4%
8
18
Citi
65,234
7
4,209
1,449.9%
9
5
Deutsche Bank
51,704
15
15,487
233.9%
10
-
Zaoui & Co
49,969
4
-
-
11
1
JPMorgan
47,505
15
22,103
114.9%
12
17
HSBC
41,487
7
4,420
838.6%
13
12
Bank of America Merrill Lynch
40,749
10
6,714
506.9%
14
3
Barclays
35,457
13
18,997
86.6%
15
19
Credit Agricole 
33,660
26
4,000
741.5%
Mergermarket global M&A trend report 
20 
www.mergermarket.com
Appendix: Europe financial advisor league tables
League table of financial advisors to M&A by deal count: Iberia
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Deal 
Count
Count 
Change
1
2
Deloitte
2,079
25
28
-3
2
1
PwC
3,040
22
33
-11
3
4
EY
218
17
23
-6
4
3
KPMG
3,443
16
26
-10
5
14
Lazard
18,789
15
6
9
6
5
Banco Bilbao Vizcaya Argentaria
12,476
13
18
-5
7
13
Morgan Stanley
35,941
11
6
5
8
12
Santander Global Banking and Markets
29,406
11
6
5
9
26
Banco Espirito Santo de Investimento 
13,595
11
3
8
10
32
Deutsche Bank
40,446
9
2
7
11
6
Rothschild
19,303
9
11
-2
12
25
BNP Paribas
23,109
8
3
5
13
23
Bank of America Merrill Lynch
44,602
7
3
4
14
8
Goldman Sachs
30,146
7
8
-1
15
24
UBS Investment Bank
19,771
7
3
4
League table of financial advisors to M&A by deal value: Iberia
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Value 
(US$m)
% Value 
change
1
10
Bank of America Merrill Lynch
44,602
7
2,948
1,413.0%
2
12
Deutsche Bank
40,446
9
2,405
1,581.7%
3
15
Morgan Stanley
35,941
11
1,922
1,770.0%
4
1
Goldman Sachs
30,146
7
11,942
152.4%
5
11
Santander Global Banking and Markets
29,406
11
2,925
905.3%
6
7
JPMorgan
24,005
6
3,845
524%
7
16
BNP Paribas
23,109
8
1,746
1,224%
8
14
UBS Investment Bank
19,771
7
1,934
922.3%
9
6
Rothschild
19,303
9
4,706
310%
10
20
Lazard
18,789
15
1,560
1,104.4%
11
2
Barclays
14,933
6
6,723
122.1%
12
19
Caixa Banco de Investimento
14,019
4
1,614
768.6%
13
17
Banco Espirito Santo de Investimento 
13,595
11
1,648
724.9%
14
5
Banco Bilbao Vizcaya Argentaria
12,476
13
4,805
159.6%
15
28
Banco BTG Pactual
11,869
1
868
1,267.4%
League table of financial advisors to M&A by deal count: Spain
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Deal 
Count
Count 
Change
1
2
Deloitte
2,004
24
28
-4
2
1
PwC
2,988
20
32
-12
3
4
EY
218
16
23
-7
4
13
Lazard
18,234
14
6
8
5
3
KPMG
3,198
14
23
-9
6
5
Banco Bilbao Vizcaya Argentaria
11,702
12
17
-5
7
29
Deutsche Bank
40,446
9
2
7
8
12
Morgan Stanley
22,714
9
6
3
9
6
Rothschild
19,303
9
11
-2
10
15
Santander Global Banking and Markets
16,759
9
5
4
11
8
Goldman Sachs
30,146
7
8
-1
12
23
UBS Investment Bank
19,771
7
3
4
13
24
BNP Paribas
11,240
7
3
4
14
-
Montalban Atlas Capital
695
7
-
-
15
22
Bank of America Merrill Lynch
32,733
6
3
3
League table of financial advisors to M&A by deal value: Spain
Ranking
Q1-Q3 2014
Q1-Q3 2013
Q1-Q3 
2014
Q1-Q3 
2013
Company Name
Value 
(US$m)
Deal 
Count
Value 
(US$m)
% Value 
change
1
12
Deutsche Bank
40,446
9
2,405
1,581.7%
2
10
Bank of America Merrill Lynch
32,733
6
2,948
1,010.3%
3
1
Goldman Sachs
30,146
7
11,942
152.4%
4
15
Morgan Stanley
22,714
9
1,922
1,081.8%
5
7
JPMorgan
22,647
5
3,845
489.0%
6
14
UBS Investment Bank
19,771
7
1,934
922.3%
7
5
Rothschild
19,303
9
4,706
310.2%
8
17
Lazard
18,234
14
1,560
1,068.8%
9
11
Santander Global Banking and Markets
16,759
9
2,802
498%
10
6
Banco Bilbao Vizcaya Argentaria
11,702
12
4,682
149.9%
11
36
Mediobanca
11,333
4
286
3,862.6%
12
16
BNP Paribas
11,240
7
1,746
543.8%
13
13
Societe Generale
10,838
2
2,299
371.4%
14=
37
Credit Agricole 
10,027
1
264
3,698.1%
14=
-
Robertson Robey Associates
10,027
1
-
-
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