GLOBAL M&A MARKET REVIEW LEGAL RANKINGS

Transcription

1 GLOBAL M&A MARKET REVIEW LEGAL INGS 1H

2 1H GLOBAL M&A LEGAL ADVISORY INGS CONTENTS 1. Introduction 2. Global M&A Heat Map 3. Global M&A Regional Review 4. Global M&A League Tables 6. Americas M&A Regional Review 7. Americas M&A League Tables 9. EMEA M&A Regional Review 10. EMEA M&A League Tables 14. APAC M&A Regional Review 15. APAC M&A League Tables 20. Disclaimer The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equityswaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards. Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends. Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. On the web, visit: Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone North America Meaghan Burke mburke65@bloomberg.net EMEA Madeeha Ahmad mchaudhry13@bloomberg.net Asia Pacific Ee Wen Tay etay26@bloomberg.net General M&A queries may be submitted to: m-a@bloomberg.net, malondon@bloomberg.net, maasia@bloomberg.net Bloomberg Finance L.P. All rights r eserved.

3 Global M&A Heat Map North America USD 878.1B 1. Skadden Arps Slate Meagher & Flom LLP 18.5% 2. Kirkland & Ellis LLP 14.1% 3. Wachtell Lipton Rosen & Katz 13.2% Western Europe USD B 1. Davis Polk & Wardwell LLP 16.2% 2. Cleary Gottlieb Steen & Hamilton LLP 11.9% 3. Freshfields Bruckhaus Deringer LLP 10.8% Eastern Europe USD 20.7B 1. White & Case LLP 15.0% 2. CMS 11.3% 3. Dentons 10.2% Latin America USD 69.7B 1. Simpson Thacher & Bartlett LLP 24.0% 2. Clifford Chance LLP 20.1% 3. Loyens & Loeff NV 19.8% Middle East & Africa USD 44.7B 1. Herbert Smith Freehills LLP 14.8% 2. Ashurst LLP 14.6% 3. ASAR - Al Ruwayeh & Partners 12.8% Asia Pacific USD 526.0B 1. Simpson Thacher & Bartlett LLP 6.7% 2. Fangda Partners 4.0% 3. Clifford Chance LLP 3.9% Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1H. 2

4 Global M&A Regional Review Global merger and acquisition activity reached $1.5 trillion, representing a 3.7% decrease from the same period last year. The consumer, non-cyclical sector experienced year-on-year growth of 19.3%, with $340.4 billion in deal activity for the period. Atlantia SpA s announced acquisition of Abertis Infraestructuras SA for $34.4 billion was the largest deal both globally and for the sector. Private equity activity increased 16.1% year-on-year to $406.4 billion in transactions. The United States continued to be the most acquisitive country in 1H, accounting for 61.4% of the global private equity volume. Cross border deals reached $665.5 billion in deal volume for 1H, representing a decrease of 3.1% from 1H. Deals involving European-based targets experienced a year-on-year increase of 31.3% to $277.0 billion, accounting for 41.6% of cross border transactions. Global M&A: Highlights of 1H Total Value Summary Date Target Acquirer Seller (Mln.) Industry Global M&A: Premium Breakdown Global M&A: Industry Breakdown Amount (Bln.) % of Total Number of deals 20,027 5/15/ Abertis Infraestructuras SA Atlantia SpA - $34,388.4 Financial $ % 21.4% Volume (Bln.) $1,536.4 Consumer Non-cyclical $ % 19.3% Avg Deal Size (Mln.) $76.7 1/26/ Actelion Ltd Johnson & Johnson - $29,762.2 Consumer Cyclical $ % -2.3% Energy $ % 57.6% Top Adviser 4/23/ CR Bard Inc Becton Dickinson and Co - $24,195.8 Industrial $ % -5.4% Skadden Arps Slate Meagher & Flom LLP Communications $ % -18.3% Number of deals 108 Technology $ % -39.4% 2/10/ Mead Johnson Nutrition Co Reckitt Benckiser Group PLC - $17,809.8 Volume (Bln.) $170.1 Utilities $ % -14.8% Avg Deal Size (Bln.) $1.6 2/1/ ONEOK Partners LP ONEOK Inc - $17,377.7 Basic Materials $ % -75.0% Diversified $ % -58.6% 33% 1% 2% 0% 22% 42% 0-10% 10-25% 25-50% 50-75% % 100%+ % YoY Change Global M&A Review 1H Global M&A: Quarterly Volume $1,400 12,000 $1,200 10,000 $1,000 8,000 $800 6,000 $600 $400 4,000 $200 2,000 $ Q Q Q Q2 Q2 Q2 Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). Deal Type Global M&A: Deal Type Breakdown Amount (Bln.) % Change Deal Count % Change Volume Company Takeover $ % -9.3% Cross Border $ % -3.1% Private Equity $ % 16.1% Asset Sale $ % 21.0% Tender Offer $ % 39.7% Venture Capital $ % -16.3% Spin-off $ % -89.1% Minority Purchase $ % 4.3% Majority Purchase $ % 13.4% 3

5 Global Announced Deals (By Volume) 01/01/ - 06/30/ Global Announced Deals (By Deal Count) 01/01/ - 06/30/ Skadden Arps Slate Meagher & Flom LLP , Jones Day , Davis Polk & Wardwell LLP , Kirkland & Ellis LLP , Cleary Gottlieb Steen & Hamilton LLP , Latham & Watkins LLP , Kirkland & Ellis LLP , White & Case LLP , Sullivan & Cromwell LLP , Clifford Chance LLP , Wachtell Lipton Rosen & Katz , Goodwin Procter LLP , Cravath Swaine & Moore LLP , Skadden Arps Slate Meagher & Flom LLP , Simpson Thacher & Bartlett LLP , Morgan Lewis & Bockius LLP , Latham & Watkins LLP , Baker & McKenzie LLP , Blake Cassels & Graydon LLP , Weil Gotshal & Manges LLP , White & Case LLP , Hogan Lovells US LLP , Paul Weiss Rifkind Wharton & Garrison LLP , CMS , Shearman & Sterling LLP , Allen & Overy LLP , Gibson Dunn & Crutcher LLP , DLA Piper LLP , Jones Day , Paul Weiss Rifkind Wharton & Garrison LLP , Fried Frank Harris Shriver & Jacobson LLP , Simpson Thacher & Bartlett LLP , Freshfields Bruckhaus Deringer LLP , Linklaters LLP , Slaughter and May , Blake Cassels & Graydon LLP , Weil Gotshal & Manges LLP , Sullivan & Cromwell LLP , Vinson & Elkins LLP , Kim & Chang , TOTAL 1,536,621 20,031 1,595,243 TOTAL 1,536,621 20,031 1,595,243 Global Announced Deals- Principals (By Volume) 01/01/ - 06/30/ Global Announced Deals- Principals (By Deal Count) 01/01/ - 06/30/ Skadden Arps Slate Meagher & Flom LLP , Jones Day , Kirkland & Ellis LLP , Kirkland & Ellis LLP , Wachtell Lipton Rosen & Katz , Latham & Watkins LLP , Blake Cassels & Graydon LLP , Clifford Chance LLP , Davis Polk & Wardwell LLP , Goodwin Procter LLP , Sullivan & Cromwell LLP , Skadden Arps Slate Meagher & Flom LLP , Jones Day , Baker & McKenzie LLP , Cleary Gottlieb Steen & Hamilton LLP , Morgan Lewis & Bockius LLP , Simpson Thacher & Bartlett LLP , White & Case LLP , Latham & Watkins LLP , Weil Gotshal & Manges LLP , Paul Weiss Rifkind Wharton & Garrison LLP , CMS , Cravath Swaine & Moore LLP , Hogan Lovells US LLP , Freshfields Bruckhaus Deringer LLP , Allen & Overy LLP , Slaughter and May , DLA Piper LLP , Vinson & Elkins LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Weil Gotshal & Manges LLP , Linklaters LLP , Linklaters LLP , Blake Cassels & Graydon LLP , Clifford Chance LLP , Simpson Thacher & Bartlett LLP , DLA Piper LLP , Kim & Chang , Homburger AG , Dentons , TOTAL 1,121,091 4,525 1,233,868 TOTAL 1,121,091 4,525 1,233,868 4

6 Cross Border Announced Deals (By Volume) 01/01/ - 06/30/ Global Private Equity Deals (By Volume) 01/01/ - 06/30/ Cleary Gottlieb Steen & Hamilton LLP , Kirkland & Ellis LLP , Cravath Swaine & Moore LLP , Simpson Thacher & Bartlett LLP , Davis Polk & Wardwell LLP , Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , Sullivan & Cromwell LLP , Skadden Arps Slate Meagher & Flom LLP , Latham & Watkins LLP , Simpson Thacher & Bartlett LLP , Cravath Swaine & Moore LLP , Slaughter and May , Weil Gotshal & Manges LLP , Linklaters LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Davis Polk & Wardwell LLP , Sullivan & Cromwell LLP , Shearman & Sterling LLP , Blake Cassels & Graydon LLP , Cleary Gottlieb Steen & Hamilton LLP , Clifford Chance LLP , Loyens & Loeff NV , Wachtell Lipton Rosen & Katz , Goodwin Procter LLP , DLA Piper LLP , White & Case LLP , Gibson Dunn & Crutcher LLP , Sidley Austin LLP , Jones Day , Freshfields Bruckhaus Deringer LLP , Grippo Associatie Simons & Simons , Herbert Smith Freehills LLP , Gianni Origoni Grippo Capelli Partners , Hogan Lovells US LLP , Norton Rose Fulbright LLP , Jones Day , TOTAL 665,471 7, ,989 TOTAL 406,432 5, ,004 5

7 Americas M&A Regional Review Deal activity in the Americas reached a volume of $702.5 billion in 1H, representing a 17.8% decrease compared to the same period last year. The United States contributed to 85.7% of the region s total and continued to be most targeted country for M&A transactions. Deals exceeding $1.0 billion in value accounted for 66.2% of the region s total deal volume in 1H. The average transaction value for megadeals experienced a year-on-year decrease of 24.5%. Becton Dickinson and Co s announced acquisition of CR Bard Inc for $24.2 billion was the largest deal within the region for the period. Private equity activity in 1H for Americas-based targets increased 6.7% from the same period last year to $207.2 billion. United States-based companies were the most sought-after for private equity buyouts with $62.2 billion in transactions. JAB Holding Co Sarl s announced acquisition of Panera Bread Co for $7.5 billion was the largest buyout for the period. Americas M&A: Highlights of 1H Country Total Value Summary Date Target Acquirer Seller (Mln.) Industry Americas M&A: Country Breakdown United States $ % -22.4% Canada $ % 59.5% Brazil $ % 133.8% British Virgin Islands $ % 59.1% Mexico $ % -22.8% Chile $ % -85.6% Colombia $ % -79.9% Bermuda $ % % Amount (Bln.) % of Total Number of deals 8,386 Consumer Non-cyclical $ % -6.5% 4/23/ CR Bard Inc Becton Dickinson and Co - $24,195.8 Volume (Bln.) $702.5 Financial $ % 8.1% Avg Deal Size (Mln.) $83.8 Energy $ % 63.6% 2/10/ Mead Johnson Nutrition Co Reckitt Benckiser Group PLC - $17,809.8 Consumer Cyclical $ % -23.2% Top Adviser Communications $ % -32.7% 2/1/ ONEOK Partners LP ONEOK Inc - $17,377.7 Skadden Arps Slate Meagher & Flom LLP Industrial $ % 6.0% Number of deals 83 Technology $ % -55.2% 3/13/ Mobileye NV Intel Corp - $14,132.0 Volume (Bln.) $136.7 Utilities $ % -38.5% Avg Deal Size (Bln.) $1.6 Blackstone Basic Materials $ % -79.1% 6/2/ Logicor Europe Ltd China Investment Corp $13,805.8 Group LP/The Diversified $ % -95.3% Amount (Bln.) % of Total Americas M&A: Industry Breakdown % YoY Change % YoY Change Global M&A Review 1H Americas M&A: Quarterly Volume $1, $ $ $ $ $ Q Q Q Q2 Q2 Q2 Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). Deal Type Americas M&A: Deal Type Breakdown Amount (Bln.) % Change Deal Count % Change Volume Company Takeover $ % -24.0% Cross Border $ % -23.9% Private Equity $ % 6.7% Asset Sale $ % 16.0% Tender Offer $ % 49.0% Venture Capital $ % -3.6% Spin-off $ % -87.6% Minority Purchase $ % -0.9% Majority Purchase $ % -21.5% 6

8 US Announced Deals (By Volume) 01/01/ - 06/30/ US Announced Deals (By Deal Count) 01/01/ - 06/30/ Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , Kirkland & Ellis LLP , Jones Day , Wachtell Lipton Rosen & Katz , Latham & Watkins LLP , Sullivan & Cromwell LLP , Goodwin Procter LLP , Cleary Gottlieb Steen & Hamilton LLP , Morgan Lewis & Bockius LLP , Cravath Swaine & Moore LLP , Skadden Arps Slate Meagher & Flom LLP , Simpson Thacher & Bartlett LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Davis Polk & Wardwell LLP , Weil Gotshal & Manges LLP , Latham & Watkins LLP , Simpson Thacher & Bartlett LLP , Gibson Dunn & Crutcher LLP , DLA Piper LLP , Paul Weiss Rifkind Wharton & Garrison LLP , White & Case LLP , Fried Frank Harris Shriver & Jacobson LLP , Sullivan & Cromwell LLP , White & Case LLP , Hogan Lovells US LLP , Shearman & Sterling LLP , O'Melveny & Myers LLP , Vinson & Elkins LLP , Davis Polk & Wardwell LLP , Blake Cassels & Graydon LLP , McGuireWoods LLP , Weil Gotshal & Manges LLP , Cooley LLP , Homburger AG , Gibson Dunn & Crutcher LLP , Jones Day , Vinson & Elkins LLP , Freshfields Bruckhaus Deringer LLP , Paul Hastings LLP , TOTAL 821,120 8, ,283 TOTAL 821,120 8, ,283 US Announced Deals- Principals (By Volume) 01/01/ - 06/30/ US Announced Deals- Principals (By Deal Count) 01/01/ - 06/30/ Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , Kirkland & Ellis LLP , Jones Day , Wachtell Lipton Rosen & Katz , Latham & Watkins LLP , Simpson Thacher & Bartlett LLP , Goodwin Procter LLP , Cravath Swaine & Moore LLP , Morgan Lewis & Bockius LLP , Sullivan & Cromwell LLP , Skadden Arps Slate Meagher & Flom LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Latham & Watkins LLP , Weil Gotshal & Manges LLP , Vinson & Elkins LLP , DLA Piper LLP , Davis Polk & Wardwell LLP , Simpson Thacher & Bartlett LLP , Blake Cassels & Graydon LLP , Hogan Lovells US LLP , Homburger AG , Cooley LLP , Weil Gotshal & Manges LLP , O'Melveny & Myers LLP , Jones Day , McGuireWoods LLP , Freshfields Bruckhaus Deringer LLP , White & Case LLP , Linklaters LLP , Vinson & Elkins LLP , Cleary Gottlieb Steen & Hamilton LLP , Fenwick & West LLP , Andrews Kurth Kenyon LLP , Sullivan & Cromwell LLP , Slaughter and May , Gibson Dunn & Crutcher LLP , Niederer Kraft & Frey , Paul Hastings LLP , TOTAL 682,680 2, ,220 TOTAL 682,680 2, ,220 7

9 Canada Announced Deals (By Volume) 01/01/ - 06/30/ Canada Announced Deals (By Deal Count) 01/01/ - 06/30/ Paul Weiss Rifkind Wharton & Garrison LLP , Blake Cassels & Graydon LLP , Osler Hoskin & Harcourt LLP , Miller Thomson LLP Blake Cassels & Graydon LLP , Stikeman Elliott LLP , Norton Rose Fulbright LLP , Osler Hoskin & Harcourt LLP , Stikeman Elliott LLP , McCarthy Tetrault LLP , Skadden Arps Slate Meagher & Flom LLP , Gowling WLG Canada LLP Cravath Swaine & Moore LLP , Davies Ward Phillips & Vineberg LLP , McCarthy Tetrault LLP , Torys LLP , Latham & Watkins LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Kirkland & Ellis LLP , Norton Rose Fulbright LLP , Vinson & Elkins LLP , Borden Ladner Gervais LLP , Sullivan & Cromwell LLP , Latham & Watkins LLP , Shearman & Sterling LLP , Kirkland & Ellis LLP , Weil Gotshal & Manges LLP , Jones Day , Cleary Gottlieb Steen & Hamilton LLP , Fasken Martineau DuMoulin LLP , Herbert Smith Freehills LLP , Goodmans LLP , Covington & Burling LLP , Cassels Brock & Blackwell LLP , Davis Polk & Wardwell LLP , Skadden Arps Slate Meagher & Flom LLP , Goodmans LLP , Vinson & Elkins LLP , Allens , Baker & McKenzie LLP TOTAL 143,502 1, ,644 TOTAL 143,502 1, ,644 Brazil Announced Deals (By Volume) 01/01/ - 06/30/ Brazil Announced Deals (By Deal Count) 01/01/ - 06/30/ Mattos Filho Veiga Filho Marrey Jr e Quirog , Mattos Filho Veiga Filho Marrey Jr e Quirog , Sullivan & Cromwell LLP , Pinheiro Neto Advogados Machado Meyer Sendacz e Opice Advogado , Machado Meyer Sendacz e Opice Advogado , Tozzini Freire Teixeira E Silva , Tozzini Freire Teixeira E Silva , Barbosa Mussnich & Aragao , Veirano Advogados Stocche Forbes Padis Filizzola e Clapis Adv , Lobo de Rizzo Advogados Allen & Overy LLP , Stocche Forbes Padis Filizzola e Clapis Adv , Davis Polk & Wardwell LLP , Souza Cescon Barrieu & Flesch Advogados Pinheiro Neto Advogados Barbosa Mussnich & Aragao , Lobo de Rizzo Advogados Demarest Advogados White & Case LLP Lefosse Advogados Baker & McKenzie LLP Baker & McKenzie LLP Souza Cescon Barrieu & Flesch Advogados Jones Day Proskauer Rose LLP Azevedo Sette Advogados Lefosse Advogados Hogan Lovells US LLP Wolf Theiss Rechtsanwalte GmbH Simpson Thacher & Bartlett LLP Demarest Advogados Davis Polk & Wardwell LLP , Bae Kim & Lee White & Case LLP Hogan Lovells US LLP Proskauer Rose LLP Paul Weiss Rifkind Wharton & Garrison LLP Blake Cassels & Graydon LLP TOTAL 21, ,984 TOTAL 21, ,984 8

10 EMEA M&A Regional Review Deal volume for EMEA-based targets increased 30.4% from the same period last year to $430.2 billion. The United Kingdom was the most sought-after country in 1H, with $101.3 billion in transactions. Capital flow from North America to EMEA reached a volume of $123.2 billion in 1H, a year-on-year increase of 113.6%. The EMEA consumer, non-cyclical industry proved to be the most attractive to North American buyers, accounting for 47.4% of the transactions for the period. Private equity activity for EMEA-based targets reached a volume of $114.3 billion in 1H, representing a 40.5% increase from the same period last year. The pending acquisition of Bradford & Bingley assets by the consortium consisting of Prudential PLC and The Blackstone Group LP Ltd for $11.8 billion was the largest private equity deal announced this year. EMEA M&A Highlights of 1H Country Total Value Summary Date Target Acquirer Seller (Mln.) Industry EMEA M&A: Country Breakdown United Kingdom $ % 89.0% France $ % 95.9% Spain $ % 188.9% Italy $ % 49.9% Germany $ % 13.9% Switzerland $ % -43.9% Netherlands $ % 25.6% Finland $ % -62.6% Amount (Bln.) % of Total Number of deals 5,391 Consumer Non-cyclical $ % 140.1% 5/15/ Abertis Infraestructuras SA Atlantia SpA - $34,388.4 Volume (Bln.) $430.2 Financial $ % 37.8% Avg Deal Size (Mln.) $79.8 Consumer Cyclical $ % 96.6% 1/26/ Actelion Ltd Johnson & Johnson - $29,762.2 Industrial $ % 2.1% Top Adviser Energy $ % 71.5% 1/16/ Luxottica Group SpA Essilor International SA Delfin Sarl $16,608.8 Davis Polk & Wardwell LLP Utilities $ % 81.4% United Kingdom of Number of deals 11 Communications $ % -12.4% 3/31/ Bradford & Bingley assets Multiple Acquirers Great Britain and $14,799.6 Volume (Bln.) $61.9 Northern Ireland Technology $ % -44.9% Avg Deal Size (Bln.) $5.6 4/25/ Christian Dior SE Groupe Arnault SE - $13,213.9 Basic Materials $ % -88.5% Diversified $ % -8.9% Amount (Bln.) % of Total EMEA M&A: Industry Breakdown % YoY Change % YoY Change Global M&A Review 1H EMEA M&A: Quarterly Volume $ $ $ $200 $ $ Q Q Q Q2 Q2 Q2 Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). Deal Type EMEA M&A: Deal Type Breakdown Amount (Bln.) % Change Deal Count % Change Volume Company Takeover $ % 39.0% Cross Border $ % 27.0% Private Equity $ % 40.5% Asset Sale $ % 29.0% Tender Offer $ % 39.6% Venture Capital $ % 20.0% Spin-off $ % -94.6% Minority Purchase $ % 10.4% Majority Purchase $ % 76.3% 9

11 Europe Announced Deals (By Volume) 01/01/ - 06/30/ Europe Announced Deals (By Deal Count) 01/01/ - 06/30/ Davis Polk & Wardwell LLP , CMS , Cleary Gottlieb Steen & Hamilton LLP , Jones Day , Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , Slaughter and May , Linklaters LLP , Cravath Swaine & Moore LLP , Latham & Watkins LLP , Linklaters LLP , Allen & Overy LLP , Homburger AG , White & Case LLP , Kirkland & Ellis LLP , Freshfields Bruckhaus Deringer LLP , Wachtell Lipton Rosen & Katz , Baker & McKenzie LLP , Jones Day , Hogan Lovells US LLP , DLA Piper LLP , Weil Gotshal & Manges LLP , Gibson Dunn & Crutcher LLP , Cuatrecasas Goncalves Pereira SLP , White & Case LLP , Dentons , Grippo Associatie Simons & Simons , Hengeler Mueller , Gianni Origoni Grippo Capelli Partners , Goodwin Procter LLP , Bredin Prat , Kirkland & Ellis LLP , Skadden Arps Slate Meagher & Flom LLP , Uria Menendez Abogados SLP , Niederer Kraft & Frey , DLA Piper LLP , Sexton Riley LLP , Skadden Arps Slate Meagher & Flom LLP , Clifford Chance LLP , Houthoff Buruma , TOTAL 554,840 6, ,337 TOTAL 554,840 6, ,337 Europe Announced Deals- Principals (By Volume) 01/01/ - 06/30/ Europe Announced Deals- Principals (By Deal Count) 01/01/ - 06/30/ Slaughter and May , CMS , Freshfields Bruckhaus Deringer LLP , Jones Day , Linklaters LLP , Clifford Chance LLP , Cleary Gottlieb Steen & Hamilton LLP , Linklaters LLP , Davis Polk & Wardwell LLP , Latham & Watkins LLP , Homburger AG , Allen & Overy LLP , Kirkland & Ellis LLP , White & Case LLP , Wachtell Lipton Rosen & Katz , Baker & McKenzie LLP , Cravath Swaine & Moore LLP , Freshfields Bruckhaus Deringer LLP , Jones Day , Weil Gotshal & Manges LLP , DLA Piper LLP , Hogan Lovells US LLP , Grippo Associatie Simons & Simons , Cuatrecasas Goncalves Pereira SLP , Gianni Origoni Grippo Capelli Partners , Dentons , Bredin Prat , Hengeler Mueller , Niederer Kraft & Frey , Goodwin Procter LLP , Sexton Riley LLP , Kirkland & Ellis LLP , Clifford Chance LLP , Uria Menendez Abogados SLP , Blake Cassels & Graydon LLP , DLA Piper LLP , Latham & Watkins LLP , Houthoff Buruma , Skadden Arps Slate Meagher & Flom LLP , Skadden Arps Slate Meagher & Flom LLP , TOTAL 437,045 1, ,011 TOTAL 437,045 1, ,011 10

12 UK Announced Deals (By Volume) 01/01/ - 06/30/ UK Announced Deals (By Deal Count) 01/01/ - 06/30/ Linklaters LLP , CMS , Slaughter and May , Linklaters LLP , Kirkland & Ellis LLP , Latham & Watkins LLP , Cleary Gottlieb Steen & Hamilton LLP , Jones Day , Davis Polk & Wardwell LLP , Clifford Chance LLP , Freshfields Bruckhaus Deringer LLP , Allen & Overy LLP , Clifford Chance LLP , White & Case LLP , AZB & Partners , Freshfields Bruckhaus Deringer LLP , S&R Associates , Travers Smith , Vaish Associates , Kirkland & Ellis LLP , Bharucha & Partners , Baker & McKenzie LLP , White & Case LLP , Ashurst LLP , Ashurst LLP , Morgan Lewis & Bockius LLP , Sullivan & Cromwell LLP , Macfarlanes LLP , Latham & Watkins LLP , Squire Patton Boggs US LLP , Skadden Arps Slate Meagher & Flom LLP , Skadden Arps Slate Meagher & Flom LLP , Herbert Smith Freehills LLP , Dentons Macfarlanes LLP , Slaughter and May , Allen & Overy LLP , Herbert Smith Freehills LLP , Baker & McKenzie LLP , Goodwin Procter LLP , TOTAL 195,954 2, ,422 TOTAL 195,954 2, ,422 Germany Announced Deals (By Deal Count) 01/01/ - 06/30/ France Announced Deals (By Deal Count) 01/01/ - 06/30/ Hengeler Mueller , Jones Day , Clifford Chance LLP , Clifford Chance LLP , CMS , Latham & Watkins LLP , Freshfields Bruckhaus Deringer LLP , Linklaters LLP , Noerr LLP , CMS Latham & Watkins LLP , Weil Gotshal & Manges LLP , Allen & Overy LLP , Hogan Lovells US LLP , Hogan Lovells US LLP , Mayer Brown LLP White & Case LLP , Orrick Herrington & Sutcliffe LLP , Dentons , Allen & Overy LLP Jones Day , Bredin Prat , Weil Gotshal & Manges LLP Goodwin Procter LLP , Baker & McKenzie LLP Cleary Gottlieb Steen & Hamilton LLP , Linklaters LLP , De Pardieu Brocas Maffei McDermott Will & Emery LLP Inc Dechert LLP Kirkland & Ellis LLP , Dentons Orrick Herrington & Sutcliffe LLP Baker & McKenzie LLP DLA Piper LLP McDermott Will & Emery LLP Inc Ashurst LLP , Davis Polk & Wardwell LLP , Luther Rechtsanwaltsgesellschaft mbh Skadden Arps Slate Meagher & Flom LLP , TOTAL 61,009 1, ,164 TOTAL 128, ,485 11

13 Italy Announced Deals (By Deal Count) 01/01/ - 06/30/ Benelux Announced Deals (By Deal Count) 01/01/ - 06/30/ Chiomenti Studio Legale , Houthoff Buruma , NCTM Studio Legale Associato Allen & Overy LLP , Jones Day , Loyens & Loeff NV , Dentons Jones Day , Orrick Herrington & Sutcliffe LLP Linklaters LLP , Gattai Minoli Agostinelli & Partners Clifford Chance LLP , Linklaters LLP , CMS , Freshfields Bruckhaus Deringer LLP , Freshfields Bruckhaus Deringer LLP , Latham & Watkins LLP NautaDutilh NV Allen & Overy LLP Stibbe BV , CMS Latham & Watkins LLP , Cleary Gottlieb Steen & Hamilton LLP , White & Case LLP , Portolano Cavallo Studio Legale Hogan Lovells US LLP Bonelli Erede Pappalardo , Cleary Gottlieb Steen & Hamilton LLP , Shearman & Sterling LLP , Baker & McKenzie LLP , Clifford Chance LLP De Brauw Blackstone Westbroek NV , Grimaldi & Associates Gibson Dunn & Crutcher LLP , Ashurst LLP Dentons Cuatrecasas Goncalves Pereira SLP Norton Rose Fulbright LLP , White & Case LLP Sullivan & Cromwell LLP , TOTAL 78, ,858 TOTAL 79, ,515 Iberia Announced Deals (By Deal Count) 01/01/ - 06/30/ Nordic Announced Deals (By Deal Count) 01/01/ - 06/30/ Cuatrecasas Goncalves Pereira SLP , White & Case LLP , Uria Menendez Abogados SLP , Hannes Snellman Advokatbyra Ab/FI , Perez-Llorca , Baker & McKenzie LLP , Clifford Chance LLP , Allen & Overy LLP , Linklaters LLP , Attorneys COBALT AS Rousaud Costas Duran Slp Thommessen Krefting Greve Lund , Freshfields Bruckhaus Deringer LLP , Linklaters LLP , CMS , Freshfields Bruckhaus Deringer LLP , Allen & Overy LLP , SORAINEN , Garrigues Abogados Ellex Dentons Paul Hastings LLP , DLA Piper LLP , CMS White & Case LLP , Advokatfirman Vinge KB Latham & Watkins LLP , Simpson Thacher & Bartlett LLP , Simpson Thacher & Bartlett LLP , Cooley LLP Jones Day , Clifford Chance LLP Hogan Lovells US LLP Jones Day Sullivan & Cromwell LLP , DLA Piper LLP Baker & McKenzie LLP Skadden Arps Slate Meagher & Flom LLP , Gibson Dunn & Crutcher LLP Castren & Snellman , TOTAL 65, ,551 TOTAL 36, ,951 12

14 Eastern Europe Announced Deals (By Deal Count) 01/01/ - 06/30/ CMS , Ellex White & Case LLP , Attorneys COBALT AS Dentons , Clifford Chance LLP Baker & McKenzie LLP , Weil Gotshal & Manges LLP SORAINEN Hogan Lovells US LLP Allen & Overy LLP Latham & Watkins LLP , Linklaters LLP Morgan Lewis & Bockius LLP Norton Rose Fulbright LLP Wolf Theiss Rechtsanwalte GmbH Noerr LLP Cyril Amarchand Mangaldas Balcioglu Selcuk Akman Keki Avukatlik Ort Squire Patton Boggs US LLP TOTAL 20, ,058 13

15 APAC M&A Regional Review In 1H, M&A activity targeting the Asia-Pacific region decreased marginally year-on-year to $406.8 billion. Inbound M&A activity accounted for 91.7% of the region s deal volume, with $374.0 billion in transactions for the period. Deal activity involving India-based targets reached $33.8 billion, representing a 45.7% increase from the same period last year. The communications sector experienced the largest year-on-year growth of 295.2%. M&A activity targeting the Association of Southeast Asian Nations, ASEAN, region declined to $53.5 billion in 1H, resulting in the lowest half yearly volume since 1H2012. South Korea experienced a 30.0% increase in year-on-year deal volume amounting to $38.8 billion. Lotte Confectionery Co Ltd. s announced $8.9 billion restructuring was the largest M&A deal for the Asia- Pacific region in Q2. Summary Date Target Acquirer Seller Number of deals 6,233 Volume (Bln.) $406.8 Avg Deal Size (Mln.) $65.3 AZB & Partners Top Adviser Number of deals 50 Volume (Bln.) $19.8 Avg Deal Size (Bln.) $0.4 APAC Industry Breakdown 5% 4% 3% 1% 9% 7% 11% 11% 13% 36% 6/29/ Multiple Targets China Vanke Co Ltd 6/1/ 4/28/ APAC M&A: Highlights of 1H Hengda Real Estate Group Co Ltd Belle International Holdings Ltd APAC M&A: Breakdown Deal Type Guangdong International Trust & Investment Corp Amount (Bln.) % Change Deal Total Value (Mln.) 3/20/ Vodafone India Ltd Idea Cellular Ltd Vodafone Group PLC $12, /26/ Multiple Targets Lotte Confectionery Co Ltd - $8,855.5 Financial Industrial Communications Consumer Cyclical Consumer Non-cyclical Technology Energy Basic Materials Utilities Diversified $8,109.5 Multiple Acquirers - $5,806.4 Multiple Acquirers - $5,724.8 % YoY Change Company Takeover $ % -4.4% Cross Border $ % -5.1% Private Equity $ % 13.5% Asset Sale $ % 20.3% Tender Offer $ % 23.4% Venture Capital $ % -36.2% Spin-off $ % -88.6% Minority Purchase $ % 3.6% Majority Purchase $ % -4.8% $600 $400 $200 APAC M&A: Quarterly Volume $0 0 Volume $(Bln.) Deal Count Australia/NZ M&A: Quarterly Volume Greater China M&A: Quarterly Volume Japan M&A: Quarterly Volume $ $ $ $0 0 Volume $(Bln.) Deal Count $300 $200 $100 $0 $100 $50 $ Volume $(Bln.) Deal Count Graphs represent any regional involvement (target, seller, or acquirer). 14 Global M&A Review 1H

16 APAC Ex Japan Announced Deals (By Volume) 01/01/ - 06/30/ APAC Ex Japan Announced Deals (By Deal Count) 01/01/ - 06/30/ Simpson Thacher & Bartlett LLP , Kim & Chang , Fangda Partners , AZB & Partners , Clifford Chance LLP , Shin & Kim , Kim & Chang , Cyril Amarchand Mangaldas , AZB & Partners , Baker & McKenzie LLP , Herbert Smith Freehills LLP , Lee & Ko , Slaughter and May , Herbert Smith Freehills LLP , Skadden Arps Slate Meagher & Flom LLP , Minter Ellison , Kirkland & Ellis LLP , Bae Kim & Lee , Allens , Jones Day , Loyens & Loeff NV , Fangda Partners , S&R Associates , Latham & Watkins LLP , Vaish Associates , Clifford Chance LLP , Bharucha & Partners , Allens , Davis Polk & Wardwell LLP , Gilbert + Tobin , Grandall Law Firm , Trilegal , Ashurst LLP , King & Wood Mallesons , Baker & McKenzie LLP , HWL Ebsworth Lawyers Linklaters LLP , Simpson Thacher & Bartlett LLP , Gilbert + Tobin , Skadden Arps Slate Meagher & Flom LLP , TOTAL 473,324 6, ,713 TOTAL 473,324 6, ,713 APAC Private Equity Announced Deals (By Volume) 01/01/ - 06/30/ Simpson Thacher & Bartlett LLP , Clifford Chance LLP , Loyens & Loeff NV , Herbert Smith Freehills LLP , Kirkland & Ellis LLP , Skadden Arps Slate Meagher & Flom LLP , Allens , Fangda Partners , Cleary Gottlieb Steen & Hamilton LLP , Davis Polk & Wardwell LLP , Freshfields Bruckhaus Deringer LLP , Morrison & Foerster LLP , Kim & Chang , Ashurst LLP , Ropes & Gray LLP , Shearman & Sterling LLP , Allen & Overy LLP , Linklaters LLP , Lee & Ko , Gilbert + Tobin , TOTAL 135,636 1, ,437 15

17 AU & NZ Announced Deals (By Volume) 01/01/ - 06/30/ AU & NZ Announced Deals (By Deal Count) 01/01/ - 06/30/ Herbert Smith Freehills LLP , Herbert Smith Freehills LLP , Allens , Minter Ellison , Gilbert + Tobin , Allens , Ashurst LLP , Gilbert + Tobin , Baker & McKenzie LLP , HWL Ebsworth Lawyers Minter Ellison , Corrs Chambers Westgarth Allen & Overy LLP , Baker & McKenzie LLP , King & Wood Mallesons , Chapman Tripp Linklaters LLP , Clifford Chance LLP , Clifford Chance LLP , Bell Gully Freshfields Bruckhaus Deringer LLP , Jones Day Macfarlanes LLP , Allen & Overy LLP , Cleary Gottlieb Steen & Hamilton LLP King & Wood Mallesons , Bell Gully Norton Rose Fulbright LLP Trilegal Ashurst LLP , K&L Gates LLP Linklaters LLP , Corrs Chambers Westgarth Kim & Chang HWL Ebsworth Lawyers Freshfields Bruckhaus Deringer LLP , Kirkland & Ellis LLP K&L Gates LLP Goodwin Procter LLP Fenwick & West LLP TOTAL 48, ,589 TOTAL 48, ,589 Japan Announced Deals (By Volume) 01/01/ - 06/30/ Japan Announced Deals (By Deal Count) 01/01/ - 06/30/ Morrison & Foerster LLP , Nagashima Ohno & Tsunematsu , Simpson Thacher & Bartlett LLP , Anderson Mori & Tomotsune , Skadden Arps Slate Meagher & Flom LLP , Mori Hamada & Matsumoto , Jones Day , Nishimura & Asahi , Nagashima Ohno & Tsunematsu , Morrison & Foerster LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Latham & Watkins LLP , Davis Polk & Wardwell LLP , Jones Day , Shearman & Sterling LLP , Allen & Overy LLP , Mori Hamada & Matsumoto , Skadden Arps Slate Meagher & Flom LLP , Fangda Partners , Shearman & Sterling LLP , Sullivan & Cromwell LLP , Baker & McKenzie LLP , Fried Frank Harris Shriver & Jacobson LLP , White & Case LLP , Cleary Gottlieb Steen & Hamilton LLP , Morgan Lewis & Bockius LLP Weil Gotshal & Manges LLP , Simpson Thacher & Bartlett LLP , Nishimura & Asahi , Davis Polk & Wardwell LLP , Debevoise & Plimpton LLP , Herbert Smith Freehills LLP , Kirkland & Ellis LLP , Fenwick & West LLP Latham & Watkins LLP , Kim & Chang , Akin Gump Strauss Hauer & Feld LLP , Cooley LLP , Vinson & Elkins LLP , O'Melveny & Myers LLP TOTAL 77,827 1, ,848 TOTAL 77,827 1, ,848 16

18 South Korea Announced Deals (By Volume) 01/01/ - 06/30/ South Korea Announced Deals (By Deal Count) 01/01/ - 06/30/ Kim & Chang , Kim & Chang , Shin & Kim , Shin & Kim , Lee & Ko , Lee & Ko , Bae Kim & Lee , Bae Kim & Lee , Nagashima Ohno & Tsunematsu , Yulchon LLC , Simpson Thacher & Bartlett LLP , Yoon & Yang LLC Jones Day , JIPYONG Skadden Arps Slate Meagher & Flom LLP , Latham & Watkins LLP Freshfields Bruckhaus Deringer LLP , Cooley LLP , Davis Polk & Wardwell LLP , Ropes & Gray LLP Cleary Gottlieb Steen & Hamilton LLP , Kim Choi & Lim Sullivan & Cromwell LLP , Nagashima Ohno & Tsunematsu , Yulchon LLC , Simpson Thacher & Bartlett LLP , Morgan Lewis & Bockius LLP , Jones Day , Cooley LLP , Morgan Lewis & Bockius LLP , Nishimura & Asahi , Nishimura & Asahi , Ropes & Gray LLP O'Melveny & Myers LLP Latham & Watkins LLP White & Case LLP Yoon & Yang LLC Allen & Overy LLP O'Melveny & Myers LLP Norton Rose Fulbright LLP TOTAL 48, ,206 TOTAL 48, ,206 China Announced Deals (By Volume) 01/01/ - 06/30/ China Announced Deals (By Deal Count) 01/01/ - 06/30/ Fangda Partners , Fangda Partners , Simpson Thacher & Bartlett LLP , Grandall Law Firm , Clifford Chance LLP , King & Wood Mallesons , Loyens & Loeff NV , Simpson Thacher & Bartlett LLP , Kirkland & Ellis LLP , Beijing Grandway Law Offices , Skadden Arps Slate Meagher & Flom LLP , Zhong Lun Law Firm , Grandall Law Firm , Skadden Arps Slate Meagher & Flom LLP , King & Wood Mallesons , Latham & Watkins LLP , Baker & McKenzie LLP , Baker & McKenzie LLP , Davis Polk & Wardwell LLP , Kirkland & Ellis LLP , Linklaters LLP , Allbright Law Offices , Shearman & Sterling LLP , Jones Day Morrison & Foerster LLP , Clifford Chance LLP , Sullivan & Cromwell LLP , Jia Yuan Law Firm , Hogan Lovells US LLP , Hunan Qiyuan Law Firm Beijing Dacheng Law Offices , Davis Polk & Wardwell LLP , Jincheng & Tongda Law Firm , Shearman & Sterling LLP , Cleary Gottlieb Steen & Hamilton LLP , Hogan Lovells US LLP , Norton Rose Fulbright LLP , Weil Gotshal & Manges LLP , Herbert Smith Freehills LLP , Haiwen & Partners , TOTAL 283,675 2, ,282 TOTAL 283,675 2, ,282 17