At UpSlide we help M&A firms work better and faster, we directly work hand in hand with them and are greatly impressed by the impact their actions have on the global economy. 2015 was a brilliant year for Global M&A, which was at an all-time high with $4.28 trillion worth of deals. 2016 is being seen as a record year for broken deals, as the US market is cracking down on deals that aid tax avoidance in addition to Britain’s decision to leave the EU, causing a negative impact on future economic outlook. Despite the struggles with M&A this year, we are impressed how smaller M&A boutiques like Evercore Partners, Centerview Partners, and Moelis & Co. have done particularly well alongside big institutions such as Goldman Sachs, JP Morgan or Bank of America Merrill Lynch.
Our expectations for 2017 are that some major deals like those from this year are still to happen and will help M&A activity even with global uncertainty. On June 13, 2016, Microsoft announced it plans to acquire the professional networking site LinkedIn for $26.2 billion. In a transaction that is set to be the biggest M&A deal for 2016, Bayer has won over Monsanto’s management with a $128 per-share cash offer to acquire the global seed market leader, in a deal worth $66 billion. This transaction brings together two different, but highly complementary businesses.
UpSlide has looked at each firm and its portfolio of transactions over the past year to discover the best M&A firms. Our analysis was based on the following criteria; the power, influence and magnitude of deals done, revenue, history and leadership of founding partners and size of the firm.
Presenting UpSlide‘s 50 Most Powerful M&A Firms in the World…
The firms are not in order, you can access rankings, top deals, best M&A journalists, highest deal earning firms, M&A predictions for 2017 and much more in our Global M&A Report 2016. You can download the report here.
Morgan Stanley operates in 24 countries and has more than 1300 offices and 60,000 employees. According to the Scorpio Partnership Global Private Banking Benchmark, the company had $1.454 trillion of assets under management in 2014, an increase of 17.5% over its 2013 figure.
The corporation, formed by J.P. Morgan & Co. partners Henry S. Morgan (grandson of J.P. Morgan), Harold Stanley and others, came into existence on September 16, 1935, in response to the Glass-Steagall Act that required the splitting of commercial and investment banking businesses.
Morgan Stanley won the role as Microsoft Corp.’s adviser on its agreement to buy LinkedIn Corp., vaulting the bank ahead of Goldman Sachs Group Inc. in technology dealmaking this year. The LinkedIn agreement propels New York-based Morgan Stanley to the No. 1 adviser in technology, media and telecommunications, or TMT, dealmaking this year, according to data compiled by Bloomberg. Morgan Stanley has been helped in the industry by its role underwriting initial public offerings, including LinkedIn’s 2011 IPO, another transaction in which its larger Wall Street rival wasn’t involved. Morgan Stanley may reap $10 million to $20 million on the transaction, Nassof said. The software giant will pay $26.2 billion in cash.
Macquarie Group Limited is a global investment banking and diversified financial services group, providing banking, financial advisory and investment and funds management services to institutional, corporate and retail clients and counterparties around the world. Headquartered in Sydney, Macquarie is the largest Australian investment bank and the top ranked mergers and acquisitions advisor in Australia. Macquarie employs more than 14,000 staff in more than 70 office locations across 28 countries.
The company’s high margins, profits and the lucrative rewards for its executives and shareholders saw the Australian media label the bank “The Millionaire Factory” due to their notably strong performances. As of May 6th in 2016, the group’s chief executive Nicholas Moore became the nation’s highest paid CEO of a listed company as they announced a net profit after tax for the year at $2.06 billion.
Goldman Sachs was founded in 1869 and is headquartered at 200 West Street in Lower Manhattan, New York City, with additional offices in other international financial centers. The firm provides asset management, mergers and acquisitions advice, prime brokerage, and underwriting services to its clients, which include corporations, governments, and individuals. The firm also engages in market making and private equity deals, and is a primary dealer in the U.S. Treasury security market.
Global mergers and acquisitions volume was down 20% in the first quarter, but one bank’s dealmakers have been keeping busy. Goldman Sachs worked on eight of the top 10 M&A deals announced in Q1, according to Dealogic, including ChemChina’s $48 billion bid for Syngenta and Johnson Controls’ $16.6 deal for Tyco International.The firm ranked no. 1 for global M&A volume for deals announced in Q1. It worked on 59 deals with a combined value of $220.5 billion, holding a 29.4% market share.
“While volumes are lower, the complexion of the M&A market is not dissimilar to 2015 in that its mostly driven by strategic buyers. A lot of the drivers for a healthy M&A market persist — corporates face a relatively low-growth macro backdrop and they’re using M&A to grow their top line. And while we remain in a fairly low cost of capital environment, it’s still an attractive time to be buying growth. While volumes were down in Q1 from the same period a year ago, they were actually up from the same period two years ago. In fact, 2015 was the best year on record for M&A activity, with announcements topping $5 trillion throughout the year.” – Matt McClure, Goldman Sachs’ cohead of M&A in the Americas.
Moelis & Co
Moelis & Company was founded very recently in 2007 and has headquarters in New York, with 17 offices in North and South America, Europe, the Middle East, Asia and Australia. It has 650 employees including 450 investment bankers. Of the 100 managing directors, averaging more than 20 years of experience each, 66 are former sector and product heads.
Moelis was founded in July 2007 by Ken Moelis and partners including Navid Mahmoodzadegan and Jeffrey Raich. The firm opened in New York and Los Angeles, and became a top 10 ranked M&A advisor in the US in its first full year of operations, advising on transactions such as Anheuser-Busch’s $61.2 billion sale to InBev, Yahoo’s defense from Microsoft’s $44.6 billion unsolicited proposal, and Hilton Hotels’ $26.5 billion sale to The Blackstone Group
Moelis & Company had revenues of $551.9 million in fiscal year 2015, up 6% from fiscal year 2014.
“Our record fourth quarter and full year revenues reflect the growth in our M&A related activity during the second half of the year and an active restructuring business. Our activity was well distributed across sectors and geographies which demonstrates the diversity of our franchise. We also continue to invest in the Firm by recruiting and developing talent. We stand uniquely positioned with our ‘One-Firm’ model that encourages collaboration and allows us to integrate our advisory expertise to provide creative solutions to clients in both M&A and restructuring cycles and periods of market uncertainty.” – Ken Moelis, Chairman and Chief Executive Officer.
Credit Suisse was founded by Alfred Escher in 1856 A.D under the name Schweizerische Kreditanstalt in order to fund the development of Switzerland’s rail system. It issued loans that helped create Switzerland’s electrical grid and the European rail system. It also helped develop the country’s currency system and funded entrepreneurship. In the 1900s Credit Suisse began shifting to retail banking in response to the elevation of the middle-class and the growing popularity of savings accounts.
Credit Suisse is a member of Wall Street’s bulge bracket, a list of less than a dozen of the largest and most profitable banks. The company has been identified as one of the world’s most important banks, upon which international financial stability depends. The bank is also one of Fortune Magazine’s most admired companies.
Credit Suisse has been recognized as the world’s best private bank by Euromoney‘s Global Private Banking Survey and as the best European Equity Manager by Global Investors. In polls by Euromoney, it has been ranked as the top private bank and the best bank in Switzerland.
Wells Fargo & Company is an American international banking and financial services holding company headquartered in San Francisco, California. It is the world’s largest bank by market capitalization and the third largest bank in the U.S. by assets. In July 2015, Wells Fargo became the world’s largest bank by market capitalization, edging past ICBC.
In 2016, Wells Fargo ranked 7th on the Forbes Magazine Global 2000 list of largest public companies in the world and ranked 27th on the Forbes 500 list of largest companies in the United States, according to Fortune 500 (2016).
Wells Fargo in its present form is a result of a merger between San Francisco–based Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998 and the subsequent 2008 acquisition of Charlotte-based Wachovia. Following the mergers, the company transferred its headquarters to Wells Fargo’s headquarters in San Francisco and merged its operating subsidiary with Wells Fargo’s operating subsidiary in Sioux Falls.
Along with JPMorgan Chase, Bank of America, and Citigroup, Wells Fargo is one of the “Big Four Banks” of the United States. As of December 31, 2015, it had 8,700 retail branches and 13,000 automated teller machines. The company operates across 35 countries and has over 70 million customers globally. Wells Fargo Securities ranks in the top 10 in all capital markets sectors.
Deutsche Bank AG
Deutsche Bank AG is a German global banking and financial services company with its headquarters in the Deutsche Bank Twin Towers in Frankfurt. It has more than 100,000 employees in over 70 countries, and has a large presence in Europe, the Americas, Asia-Pacific and the emerging markets. In 2009, Deutsche Bank was the largest foreign exchange dealer in the world with a market share of 21 percent. The company was a component of the Euro Stoxx 50 stock market index until being delisted on August 8th, 2016.
Deutsche Bank is a leading global M&A advisor. In recent months, Deutsche Bank has advised Anheuser-Busch InBev on its $125 billion acquisition of SABMiller; Dell Inc. and Silver Lake Partners on their $67 billion acquisition of EMC Corporation; and Marriott International on its $14 billion acquisition of Starwood Hotels & Resorts Worldwide.
CITIC Securities Company Limited is a leading full-service investment bank in China, it maintains the leading position on business fronts such as investment banking, brokerage, asset management, investment advisory service, etc. CITIC Securities was established in 1995 and it is headquartered in Shenzhen, Guangdong Province. Its parent company is CITIC Group.
In July 2012, CITIC Securities agreed to acquire Crédit Agricole’s Asia brokerage and research unit CLSA for $1.25 billion which 19.9 percent stake or $310.3 million will be bought in the first step and the remaining 80.1 percent stake or $941.7 million will be bought later.
In August 2015, CITIC Securities was reported to be in advanced talks with London Stock Exchange Group Plc to buy Russell Investments, an asset management firm based in the US. However the discussions was suspended due to a series of investigations into top CITIC Securities executives by Chinese authorities. In October London Stock Exchange announced the sale of Russell Investments to TA Associates, a Boston private equity firm for USD 1.15 billion, much lower than USD 1.8 billion offered by CITIC Securities.
JPMorgan ranked as the top investment bank globally by fees for 2015, according to data provider Dealogic, with Goldman Sachs a close second. JPMorgan made $6 billion in fees for work on equity and debt deals, mergers and acquisitions, and syndicated loans. Goldman raked in more than $5.1 billion. No other Wall Street bank cracked the $5 billion mark for investment-banking revenue. Bank of America Merrill Lynch placed third behind Goldman, followed by Morgan Stanley.
JPMorgan Chase, in its current structure, is the result of the combination of several large U.S. banking companies since 1996, including Chase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns and Washington Mutual. Going back further, its predecessors include major banking firms among which are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank. Its original predecessor, the Bank of the Manhattan Company, was the second oldest banking corporation in the United States, and the 31st oldest bank in the world, having been established on September 1, 1799 by Aaron Burr.
JPMorgan ranked top in fees in equity-capital markets, debt-capital markets, and syndicated lending, according to Dealogic data. Goldman made the most in M&A banking, according to the data. In that category, JPMorgan came in second.
Founded in 1848 in New Orleans, Lazard currently operates from 43 cities in key business and financial centers across 27 countries throughout North America, Europe, Asia, Australia, the Middle East, and Central and South America.
For the year ended December 31, 2015, Financial Advisory segment net revenue totaled $1.280 billion. Lazard earned $1 million or more from 268 clients. As of December 31, 2015, Lazard employed 2,610 people, which included 139 managing directors and 768 other professionals in our Financial Advisory segment and 90 managing directors and 405 other professionals in our Asset Management segment.
Barclays traces its origins to a goldsmith banking business established in the City of London in 1690. James Barclay became a partner in the business in 1736. In 1896 several banks in London and the English provinces, including Backhouse’s Bank and Gurney’s Bank, united as a joint-stock bank under the name Barclays and Co. Over the following decades Barclays expanded to become a nationwide bank. In 1967, Barclays deployed the world’s first cash dispenser.
Barclays has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It has a secondary listing on the New York Stock Exchange.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees, and serves real estate investors and occupiers through more than 400 offices worldwide. CBRE have been recognised as one of the most powerful M&A firms in the word because their real estate M&A activity
In June 2004, CBRE began trading on the New York Stock Exchange. In 2005, CBRE was first recognized as a Fortune 1000 company, and in 2006 it was added to the S&P 500. In late 2006, CBRE merged with Trammell Crow Company in a transaction valued at $2.2 billion. In February 2011, CBRE won in auction the right to buy ING’s real estate investment management business in Europe and Asia (Asia acquisition completed in October 2011) as well as ING’s United States–based Clarion Real Estate Securities division, making CBRE the “world’s biggest real estate investment manager”.The agreement also included ING’s listed securities business.
CBRE earned a revenue of $11.0 billion in 2015.
From a net income perspective, the over $17 billion Citi earned in 2015 made it their best year since 2006. Citi have generated strong earnings operating as a smaller company, with a lower headcount, more focused footprint, and dramatically different mix of businesses and assets from what Citi was a decade ago. In just the last three years Citi have strengthened their core businesses while reducing headcount by 28,000, assets by over $130 billion, and legal entities by over one-third.
Investment banking revenues decreased 3%, largely reflecting an industry-wide activity decline in underwriting activity. Advisory revenues increased 16%, reflecting increased target client activity and strength in the overall M&A market.
Allen & Company
Allen & Company LLC is an American privately held boutique investment bank based at 711 Fifth Avenue, New York City. The firm is known for its deliberate avoidance of publicity and specializes in the media and entertainment sectors. Allen & Company is an investment banking firm that provides private placement, underwriting and brokerage services to entertainment and media companies.
Its clients include Seagram, Universal Studios, Hasbro and Galoob Toys, Disney, and ABC. The firm also maintains an investment arm that provides venture capital financing to entertainment and media companies. Allen & Company was founded in 1922 by Charles Allen and is based in New York.
Bank Of America
Bank of America is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina. It is the second largest bank holding company in the United States by assets. In 2010, Forbes listed Bank of America as the third biggest company in the world. Bank of America provides its products and services through operating 5,100 banking centers, 16,300 ATMs, call centers, and online and mobile banking platforms.
Bank of America completed the acquisition of Merrill Lynch & Co on 1 January 2009. Bank of America began rebranding all of its corporate and investment banking activities under the Bank of America Merrill Lynch name in September 2009. In April 2010, Bank of America Merrill Lynch appointed Christian Meissner as head of investment banking for Europe, Middle East and Africa. In April 2011, Bank of America Merrill Lynch integrated its corporate and investment banking operations into a single division. In October 2013, Bank of America Merrill Lynch was recognised as the Most Innovative Investment Bank of the Year in The Banker’s Investment Banking Awards.
The bank’s 2015 profit was $15.89 billion, the best result since 2006, when the bank made more than $21 billion. The profit was also more than twice what Bank of America had reported in 2014, with much of the improvement related to a big drop in legal and regulatory fines.
Livingstone Partners LLC is a mid-market, mergers & acquisitions, and debt advisory firm with offices in Beijing, Chicago, Düsseldorf, London, Los Angeles, Madrid and Stockholm. Its 100 staff complete 60 deals per annum.
The firm’s services include buy side and sell side M&A, management buyouts, capital raising, special situations, and cross border deals. The firm advices on raising growth capital; acquisitions and sourcing sustainable debt; and exit by way of sale, buy-out or IPO. It delivers corporate finance solutions to entrepreneurs, boards, major corporations, private equity investors, and debt providers around the world. The firm was founded in 2007 and is based in Chicago, Illinois. As of May 21, 2007, Livingstone Partners LLC operates as a subsidiary of Livingstone Partners LLP.
UBS is considered the world’s largest manager of private wealth assets, with over CHF 2.2 trillion in invested assets, and remains a leading provider of retail banking and commercial banking services in Switzerland. In 2014, UBS’ assets under management(AuM) amounted to $1,966.9 billion, representing a 15.4% increase in AuM compared to the equivalent data of 2013. It is the biggest bank in Switzerland, operating in more than 50 countries with about 60,000 employees around the world, as of 2014.
The name UBS was originally an abbreviation for the Union Bank of Switzerland, but it ceased to be a representational abbreviation after the bank’s merger with Swiss Bank Corporation in 1998. The company traces its origins to 1856, when the earliest of its predecessor banks was founded.
Simmons & Company
Simmons & Company International is one of the largest and most experienced independent investment banks specializing in the energy industry, offering M&A advisory, capital markets execution and investment research. Simmons & Company International has offices in Houston, Aberdeen, London and Dubai. Simmons & Company International was founded in 1974 by Matthew R. Simmons with the focus of providing financial advisory services to the growing energy service sector. From the very beginning, the business model was to provide the highest quality financial advice focused entirely on one industry, and to remain independent.
Simmons currently employs approximately 150 individuals and is active in the energy services and equipment, midstream/downstream, exploration and production, and alternative energy sectors. From January 2008-September 2012, Simmons & Company completed 167 transactions totaling approximately $34 billion in value, with a majority of its focus towards M&A transactions.
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BNP Paribas is a French multinational bank and financial services company with global headquarters in Paris. BNP Paribas is one of the largest banks in the world.
Based on 2012 information, BNP Paribas was ranked as the third-largest bank in the world, as measured by total assets, by Bloomberg and Forbes. In 2010, It was the world’s 18th largest corporation, according to the Fortune Global 500 list, the rankings are based on revenues. It was formed through the merger of Banque Nationale de Paris (BNP) and Paribas in 2000.
BNP Paribas escaped the 2007–09 credit crisis relatively unscathed reporting a €3 billion net profit for the year of 2008, and €5.8 billion for 2009, both years boosted by profits from trading in its Corporate and Institutional Banking division.
Paris headquartered BNP Paribas group has published its 2015 results. The group has totalled revenues of €42.9m, up 9.6% compared to end 2014. Net income of BNP Paribas has hit €6.7 billion, dropping by 51.7% year-on-year, with a dividend per share of €2.31.
Launched in 2006 by Joseph R. Perella, Peter Weinberg, Terry Meguid and several other partners from financial institutions, the firm is a private partnership with approximately 450 employees. It is headquartered in New York with offices in London, Abu Dhabi, Dubai, Denver, and San Francisco.
Perella Weinberg Partners’ Agility Fund was named Outsourced CIO of the Year by Institutional Investor in 2015 and 2014 and by Foundation & Endowment Intelligence in 2013. Perella Weinberg Partners was named European Boutique Financial Adviser of the year at the European M&A Awards 2012 hosted by Financial Times and Mergermarket in December 2012.
Perella Weinberg Partners has advised on transactions valued at more than $800 billion, including monumental M&A deals like Holcim’s amendments of key economic and governance parameters in relation to its proposed €42 billion merger with Lagarge; Medtronic, Inc.’s $42.9 billion acquisition of Covidien plc.; Willis Group Holdings’s $18 billion merger with Towers Watson; Numericable Group SA’s €15.5 Billion acquisition of SFR Vivendi; and NYSE Euronext’s $10.2 billion sale to Intercontinental Exchange. In addition, Perella Weinberg Partners has worked on several high-profile restructuring engagements, including advising a stakeholder on Energy Future Holdings’ $50 billion restructuring, the equity committee on Calpine’s $23 billion restructuring, and certain creditors in connection with Delphi’s $22 billion restructuring.
This year, Nomura Group will mark the 90th year since its establishment. Starting business in 1925 with less than 90 employees, Nomura Group today has grown to become the largest securities company in Japan with a total of about 29,000 executives and employees in Japan and the rest of the world and about ¥109 trillion in client assets. Mass layoffs and market chaos followed the infamous collapse of Lehman, which triggered the worst banking crisis the world had experienced for almost 80 years. Investors’ money was wiped out. From what remained, Barclays bought Lehman’s US investment banking and trading business, while Nomura acquired the company’s European and Asian franchises.
Nomura acted as financial advisor on some ¥1 trillion-plus M&A transactions that were the result of close cross-border collaboration. Gross revenues in Investment Banking in FY2014/15 amounted to ¥193.8 billion.
Jefferies was named one of the World’s Most Admired Companies by Fortune magazine in 2011, Best Place to Work in the Financial Industry by Here Is The City News in 2010, 2011, 2012 and 2013, and one of the best companies to work for in the UK by The Sunday Times.
“Our full year results did not meet our expectations and we have made significant changes and are committed to improving our performance in 2016. On the positive side, our diversification and depth of capability came through in the form of solid full year results in Investment Banking and Equities, despite market challenges. We reported strong Investment Banking Net Revenues for the year of $1.4 billion that included record Net Revenue years in both Equity Capital Markets and Advisory of $408 million and $632 million, respectively, offsetting a market driven slowdown in our leveraged finance and energy investment banking businesses in both of which we have leading market positions. We continued to gain market share in our Equities sales and trading business. Despite the challenges experienced by most of our Fixed Income credit businesses, we saw solid Net Revenues recorded by our U.S. and International rates businesses, as well as our U.S. investment grade corporate credit business.” Rich Handler, Chairman and Chief Executive Officer, and Brian Friedman, Chairman of the Executive Committee.
Investec is an international specialist banking and asset management group. It provides a range of financial products and services to a client base in three principal markets: the United Kingdom, South Africa and Australia. Investec is dual listed on the London Stock Exchange and the Johannesburg Stock Exchange. Investec is a FTSE 250 company.
Investec employs approximately 8,200 people worldwide and operates primarily in South Africa, the United Kingdom, Australiaand Ireland. It also has banking operations in Switzerland, Mauritius, Guernsey, Hong Kong, Jersey, Namibia, Botswana, Canada, Taiwan and the United States.
Rothschild & Co is a global firm with 57 offices around the world. It is the 7th oldest bank in continuous operation in the United Kingdom. Rothschild’s financial advisory division is known to serve British nobility, including the British Royal Family. Chairman Sir Evelyn Rothschild is currently the personal financial advisor of Queen Elizabeth II, and she knighted him in 1989 for his services to banking and finance.
In the late 18th century and early 19th century, Mayer Amschel Rothschild rose to become one of Europe’s most powerful bankers in the Landgraviate of Hesse-Kassel in the Holy Roman Empire. In pursuit of expansion, he appointed his sons to start banking operations in the various capitals of Europe, including sending his third son, Nathan Mayer Rothschild, to England. Nathan Mayer Rothschild first settled in Manchester, where he established a business in finance and textile trading. He later moved to London, where he founded N M Rothschild & Sons in 1811, through which he made a fortune with his involvement in the government bonds market. According to historian Niall Ferguson, “For most of the nineteenth century, N M Rothschild was part of the biggest bank in the world which dominated the international bond market. For a contemporary equivalent, one has to imagine a merger between Merrill Lynch, Morgan Stanley, J P Morgan and probably Goldman Sachs too—as well, perhaps, as the International Monetary Fund, given the nineteenth-century Rothschild’s role in stabilising the finances of numerous governments.
Rothschild is consistently in the top 10 global investment banks for mergers and acquisitions (M&A) advisory. According to Thomson Financial data, Rothschild ranked as the sixth biggest mergers and acquisitions adviser for completed deals worldwide in 2011. The firm is particularly strong in Europe, especially in France, Germany, Italy, the UK and the Benelux countries, in each of which Rothschild consistently holds a top league table position. Rothschild’s strength also extends to Eastern Europe, Asia and the Americas.
Rothschild has received many awards in recognition of its M&A and restructuring advisory in various countries from Acquisitions Monthly, Financial Times Mergermarket, Financial News, and Euromoney.
In 2015, Evercore delivered its seventh consecutive year of significant growth in revenues and earnings, returning $210 million to shareholders through dividends and repurchases.
2015 was an outstanding year for Evercore who delivered record results, earning revenues in excess of $1 billion for the first time in their history. The Evercore Advisory team worked on several of the most prominent transactions in the marketplace, advising on two of the three largest M&A transactions announced in the U.S. and on the largest proxy contest ever taken to a vote. Evercore advised clients on 484 successful transactions in 2015, a 16% increase over the prior year, continuing our track record of advising on many of the largest and most complex transactions, including two of the six largest transactions globally.
HSBC Bank plc is one of the largest banking and financial services organisations in the world. HSBC’s international network comprises around 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
Long regarded as a sleepy commercial bank in Asia, HSBC Holdings PLC has vaulted into the top ranks of takeover deal makers in China in the past year. The latest coup is its lead role in advising China National Chemical Corp. on its $43 billion takeover of Swiss pesticides and seed maker Syngenta AG, China’s biggest overseas deal ever. Asia’s best-known dealmaker has been behind $103bn of the region’s $626bn worth of deals so far this year. Mr Li’s deals have accounted for 70 per cent of HSBC’s global M&A advisory work in 2015. Even Goldman Sachs which, globally, has five times as many deals to its name as HSBC, gets 14 per cent of its global work from Mr Li.
HSBC’s reported revenue for 2015 was $59.8 billion, while it was $61.2 billion in 2014. Against this backdrop, the Group’s financial performance in 2015 was broadly satisfactory, with reported profit before tax rising 1% to $18.9 billion. On the adjusted basis used to measure management and business performance, profit before tax of $20.4 billion was 7% lower than that achieved in 2014, driven by higher costs and credit charges.
Formed in 1998 from a merger between Price Waterhouse and Coopers & Lybrand, PwC has a history in client services that dates back to the nineteenth century. Both accounting firms originated in London during the mid 1800s. Today, PwC serves 26 industries.
With offices in 157 countries and more than 223,000 people, PWC are among the leading professional services networks in the world. In FY16, PwC firms provided services to 422 companies in the Fortune Global 500 and for the year ending 30 June 2016, PwC’s gross revenues were US$35.9 billion, up 7% on the previous year.
PWC provided in-depth financial advice on over 400 deals globally in 2015 – with an aggregate deal value of more than $67 billion, of which 40% were cross-border. They were ranked by Thomson Reuters as the number one adviser on M&A transactions in the UK by volume of deals (up to $500m in value) in the 10 years to 2015. The Corporate Finance teams within the member firms of PwC are made up of more than 2,500 corporate finance specialists in more than 60 offices in key centres throughout the world.
DC Advisory is a mid-market corporate finance adviser with specific expertise in cross-border transactions. DC Advisory employ over 200 staff across six European offices in France (Paris and Lyon), Germany (Frankfurt), Poland (Warsaw) and the UK (London and Manchester). Their parent company is Daiwa Capital Markets, 50% of all M&A was cross-border and DC Advisory were involved in 91 transactions in 2015, in 21 different nations.
The Bank of Nova Scotia operating as Scotiabank is a Canadian multinational bank. It is the third largest bank in Canada by deposits and market capitalization. It serves more than 23 million customers in over 55 countries around the world and offers a range of products and services including personal and commercial banking, wealth management, corporate and investment banking. With assets of $856.5 billion, Scotiabank shares trade on the Toronto and New York Stock Exchanges.
The bank was incorporated by the Legislative Assembly of Nova Scotia on March 30, 1832, in Halifax, Nova Scotia, with William Lawson (1772–1848) serving as the first president.
Robey Warshaw LLP is a boutique investment bank based in London. The firm was founded in 2013 and is led by investment bankers Sir Simon Robey, Philip Apostolides, and Simon Warshaw. With less than 20 employees, it has advised on some of the largest corporate mergers and acquisitions since 2015.
In 2014, Robey Warshaw helped AstraZeneca successfully fend off a politically charged merger bid by Pfizer. The following year, it served as adviser to BG Group and SABMiller in their mergers with Royal Dutch Shell and Anheuser-Busch InBev respectively.The two deals landed the firm in the top 10 European M&A advisers in 2015, according to Dealogic. Robey Warshaw was in November named the European Independent Adviser of the Year at the Financial News Awards for Excellence in Investment Banking, 2015.
Zaoui & Co
Zaoui & Co, the tiny European advisory firm set-up by two brothers on leaving senior roles at Morgan Stanley and Goldman Sachs, has given a glimpse into the rapid profits it has made from work on mergers and acquisitions. Recently released filings show the London-based firm, fully owned by Michael and Yoel Zaoui, earned £17.3m in revenues and made a net profit of £8.7m, in the 18 months to the end of 2015. Total profits for the firm, which employs around 12 people, are likely to be significantly greater because Zaoui & Co is also incorporated in Luxembourg, where most of its revenues are recorded.
Its UK filing is also unlikely to have captured fees it earned for roles on megadeals such as the €40 billion tie-up between French cement maker Lafarge and its Swiss rival Holcim in 2014, or the €15.6 billion merger of telecom equipment group Alcatel-Lucent with rival Nokia last year.
Zaoui & Co’s only UK client to date on an agreed transaction was GlaxoSmithKline, the UK’s biggest drugmaker, which used the firm on a complicated series of large asset swaps and deals with Switzerland’s Novartis.
The firm is headquartered in New York City and Chicago with 2,500 staff located in 20 cities throughout the United States, Europe, and Asia. It has more than $240 billion of assets under management. The firm’s CEO is Mark Walter. It has eight Managing Partners who are key executives, and with a Senior Leadership Team of 17 other executives, oversee the Firm’s businesses. It was founded by Peter Lawson-Johnston II, Solomon R. Guggenheim’s great-grandson.
Schwartz advised Pfizer Inc. on its $160 billion plan to combine with Allergan Plc. The deal, which would have been the largest health-care merger in history, fell apart after the U.S. Treasury Department cracked down on inversion transactions that move a company’s tax address abroad. Halliburton Co. and Baker Hughes Inc. said Sunday that they were calling off a $28 billion merger after the U.S. Justice Department raised concern the combination would stifle competition in the oil-exploration industry.
Guggenheim has been building up staff devoted to mergers, restructurings, underwriting and trading, while larger rivals have shrunk in response to tighter regulations since the 2008 financial crisis. The firm promoted Mark Van Lith and Gerald Donini to co-chief executive officers of its securities division in 2015, and opened a San Francisco office with 11 professionals earlier this year.
In 2015, RBC Capital Markets grew earnings by 11%, increased their annual dividend by 8% from last year and delivered strong return on equity of 18.6%. RBC announced their key acquisition of City National Bank adding private and commercial banking capabilities complementing their presence in the U.S.
Investment banking revenue in 2015 increased $97 million or 6%, primarily due to strong growth in M&A activity reflecting increased mandates in the U.S. and Europe, and higher debt origination as a result of increased issuance activity mainly in the U.S. Higher loan syndication activity in Europe also contributed to the increase.
Canaccord Genuity Group Inc. is a global, full-service investment banking and financial services company that specializes in wealth management and brokerage in capital markets. It is the largest independent investment dealer in Canada. The firm focuses on growth companies, with operations in 10 countries worldwide and the ability to list companies on 10 stock exchanges. Canaccord Genuity, the international capital markets division, is based in Canada, with offices in the US, the UK, France, Germany, Ireland, Hong Kong, China, Singapore, Australia and Barbados.
Landmark transactions have included advising Amaya Gaming Group in its $4.9 billion acquisition of PokerStars and Full Tilt Poker, advising Yamana Gold’s $3.9 billion joint acquisition with Agnico Eagle of Osisko Mining, advising Primaris REIT’s hostile defence and $5.0 billion sale to H&R REIT and KingSett Capital led consortium, advising Viterra’s $6.1 billion sale to Glencore, and advising the $2.2 billion cross-border sale of Daylight Energy to Sinopec, a unit of China Petrochemical Corp. It has also advised on GLENTEL’s $670 million sale to Bell Canada in 2014, and the sale of Canada Goose (clothing) to Bain Capital. In 2012, it advised on Extorre Gold Mines’ $404 million sale to Yamana Gold.
In 2015, Clairfield International closed more than 135 transactions with over USD 5.5 billion in value, of which over 75% were auctioned internationally and over 25% ultimately closed with international buyers. These transactions include several deals that are noteworthy for their size, complexity, or international impact. Clairfield US/ Miami advised the South African Oceana Group’s acquisition of the US Daybrook Fisheries in one of the largest seafood transactions of the year. Clairfield Mexico advised Pitney Bowes Inc. on the sale of the outstanding shares of its Mexican subsidiary to Moneta Technologies. Clairfield Italy advised the sale of 100% of Safil S.p.A and 80% of Gruppo Tessile Industriale, both Italian-based worsted yarn manufacturers, to Südwolle Group in Germany. Clairfield Sweden advised the sale of the famous Swedish toy company Brio (owned by Proventus) to the German Ravensburger. Furthermore, Clairfield’s Debt Advisory group successfully advised PE players including 3i, Lindsay Goldberg, and Equistone on prominent acquisitions in Europe.
“Our repeated ranking among the top M&A advisory firms in Europe is testimony to our global value and quality proposition with top results in virtually all geographies. The middle market is open to international buyers especially with specialized guidance from local advisors focused on specific challenges of this market.” – Alexander Klemm, vice-chairman of Clairfield International.
Numis had a great year building on its position as a first class, and truly independent, stockbroker and corporate advisor. During the year Numis completed 11 IPOs (2014: 16), grew revenues 6% to £98.0m (2014: £92.9m) and grew adjusted profits by 7% to £32.7m (2014: £30.5m).
During the year ended 30 September 2015 revenues increased by 6% to £98.0m and adjusted profit before tax increased by 7% to £32.7m. In addition, there were £1.9m of losses recognised on investments held outside of our market making business and £4.7m of charges relating to employee share scheme arrangements. This resulted in a statutory profit before tax for the year of £26.1m.
Notable deals completed during the year included IPOs for Autotrader, DFS, Aldermore, On The Beach, UK Mortgages and Sophos. As well as equity issuance, Numis completed 31 advisory roles during the year, the largest being Micro Focus’ $2.35 billion reverse acquisition of Attachmate Group.
Cenkos was founded in 2004 and over the past 11 years has established a successful platform that has been profitable in every year of its existence and delivered strong returns to shareholders.
Cenkos’ revenue of £76.5m and profits before tax of £19.9m were at their second highest level after 2014’s record year, on the back of over £3 billion of equity fundraisings for clients in the year, including £1 billion for BCA Marketplace plc. Cenkos are ranked as one of the leading brokers in London for growth companies. Corporate Advisers Rankings Guide for February 2016 shows the Company as the number one Financial Adviser on AIM by client market capitalisation, and number two by number of AIM clients.
The largest deal in 2015 was the £1,029 million fundraise for BCA Marketplace plc. Cekos raised over £3 billion for clients in 2015, against a backdrop of unpredictable markets and fewer IPO opportunities. During the year Cenkos completed 32 transactions – including three IPOs. During the year Cenkos also completed nine M&A corporate finance transactions, while corporate finance revenue (including fees from placings) fell 13% to £60.1 million in 2015 (2014: £69.1 million).
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Founded in 1972, investment banking firm Houlihan Lokey employs approximately 1,000 people worldwide. Although it’s best known as a middle-market advisor and restructuring house, Houlihan Lokey also serves large public corporations and small private companies. Its financial restructuring division has risen to prominence in recent years-Houlihan Lokey’s teams have worked on some of the world’s biggest bankruptcy proceedings, including those of CIT Group, Lehman Brothers, WorldCom, General Motors, Enron, and Conseco. On August 13, 2015, the bank became a public company, listing on the New York Stock Exchange under the ticker symbol HLI.
Houlihan was ranked No. 1 in announced U.S. M&A deal volume for deals under $5 billion, No. 1 globally in restructuring, and the No. 1 M&A fairness opinion advisor in the U.S. Led by CEO Scott Beiser, Houlihan Lokey operates through four main service lines: corporate finance (comprising mergers and acquisitions, capital markets, and illiquid financial assets advisory), financial restructuring, financial advisory services, and, most recently, strategic consulting, following the acquisition of Bridge Strategy Group in January 2015.
The firm is headquartered in Los Angeles, and has additional U.S. offices in New York, Chicago, San Francisco, Dallas, Atlanta, Minneapolis, Miami, Newport Beach, and Washington, D.C. Its overseas offices are located in London, Paris, Frankfurt, Mumbai, Hong Kong, Sydney, Tokyo, and Beijing. Through its investment in India-based Avista Advisory, the firm also serves clients in Singapore and Mumbai. In 2015, the firm made some key acquisitions in its buildup to filing for an IPO, agreeing to acquire London-based advisory firm McQueen Limited in July, and acquiring New York-based advisory firm MESA Securities in June.
No. 1 M&A Advisor for All U.S. Transactions—Thomson Reuters
No. 1 Global M&A Fairness Opinion Advisor Over the Past 15 Years—Thomson Reuters
No. 1 Global Investment Banking Restructuring Advisor—Thomson Reuters
Benchmark International’s global offices provide business owners in the middle market and lower middle market with creative, value-maximizing solutions for growing and exiting their businesses. To date, Benchmark International has handled engagements in excess of $5B across 30 industries worldwide. With decades of global M&A experience, Benchmark International’s deal teams, working from 13 offices across the world, have assisted hundreds of owners with achieving their personal objectives and ensuring the continued growth of their businesses.
Benchmark International won Technology Deal of the Year, over $250M to $500M, at the 14th Annual M&A Advisor Awards. enchmark was a Finalist in four categories, Technology Deal of the Year, Cross Border Deal of the Year, Dealmaker of the Year and Investment Banking Firm of the Year, which in itself is a huge achievement given the impressive quality of the competition which included PWC, KPMG, Goldman Sachs and Raymond James to name but a few. The deal was a collaborative effort between the Tampa and New York offices. The deal team was led by Managing Directors, Kendall Stafford and Clinton Johnston; Deal Associates Sunny Garten and Emily Cogley.
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Lincoln International is an independent investment bank specializing in advisory services and financing for middle-market companies. The firm provides a variety of advisory services including mergers & acquisitions, fairness opinions, debt and restructuring advisory. The firm, which is based in Chicago, Illinois, was founded in 1996. The company operates additional offices in Beijing, New York, Frankfurt, Paris, Los Angeles, London, Amsterdam, Madrid, Milan, Moscow, Mumbai, Sao Paulo, Tokyo and Vienna, with strategic partnerships with firms in China and South Korea.
Centerview Partners is an American independent investment banking and private equity investment firm. The firm offers mergers and acquisitions advisory, takeover defense, capital allocation and divestitures services. The firm also operates as a financial sponsor in certain private equity transactions. In 2007, the firm raised its first investment fund with $485 million of commitments from institutional investors.
Founded in 2006 by a group of senior investment bankers, the firm is headquartered in New York City with offices in London, Los Angeles and San Francisco. In 2006, UBS Vice Chairman Blair Effron had dinner with his friend Robert Pruzan, a veteran investment banker and former CEO of Wasserstein Perella. The two men decided to capitalize on the lucrative M&A boom by going in to business together, opening a boutique they dubbed Centerview Partners-the name came from the view at their new office on the 19th floor of Rockefeller Center. The firm has since moved to larger offices in New York; it also has outposts in London, Los Angeles, and San Francisco.
At Centerview, there are just two lines of business: M&A advisory and restructuring, with both businesses addressing strategic, financial, and operational issues for its clients. Since Effron and Pruzan’s vision was realized, Centerview has added several additional high-powered bankers and brought total headcount up to more than 225.
Though small in size, Centerview has worked on several huge deals, including GE’s planned disposition of approximately $200 billion of GE Capital assets, Altria’s $113 billion spin off of Philip Morris, Time Warner Cable’s $79 billion merger with Charter Communications, Kraft’s $58 billion merger with Heinz, Energy Future Holdings’ $42 billion restructuring, Lorillard’s $27 billion sale to Reynolds American, Alliance Boots in its $27 billion two-step acquisition of Walgreen’s, Pharmacyclics $21 billion sale to AbbVie, Salix Pharmaceuticals on its $16 billion sale to Valeant, ResCap on its $15 billion Chapter 11 restructuring, and Motorola Mobility’s $13 billion sale to Google. Overall, Centerview’s partners have advised on more than $1 trillion worth of transactions since Centerview was formed.
Greenhill is an independent, New York based, investment bank founded in 1996 by Robert F. Greenhill, the former President of Morgan Stanley and former Chairman and Chief Executive Officer of Smith Barney. He founded the first M&A group on Wall Street while at Morgan Stanley and became an early pioneer of the industry. It is considered one of the most elite and prestigious firms on Wall Street, with a formidable and widely respected M&A practice. Recent clients include Actavis, Alcoa, Fluor Corporation, Gannett, GlaxoSmithKline, London Stock Exchange Group, Safeway, Tesco, Teva, and the US Department of Treasury.
Greenhill’s secondary advisory team, operating as Greenhill Cogent, is the leading advisor focused on the secondary market for alternative assets. Greenhill & Co announced in 2015 that it had signed a definitive agreement to acquire Cogent Partners. Under the terms of the acquisition agreement, Greenhill will acquire 100% ownership of Cogent in exchange for total consideration of up to $97.6 million, with approximately 30% of such amount payable in the future upon the achievement of agreed revenue targets. Since inception, Greenhill Cogent has advised on over 8,000 limited partnership interests representing approximately $160 billion in commitments.
In July 2015, Greenhill advised Teva Pharmaceuticals on the $40.5 billion acquisition of Allergan plc’s Generics business in one of the largest transactions globally in 2015.
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Liberum is a pan-European investment bank launched in September 2007 to provide a different style of broking in an industry where clients and staff were treated poorly by other institutions. Fashioned from the ashes of the financial crisis, Liberum Capital has grown to house 156 staff, has an office in New York City, is 100% owned by employees and ranked second in the Thomson Reuters Extel Survey for small and mid-cap pan-European brokerage firms in 2014.
Peel Hunt is one of the UK’s top mid- and small-cap brokers. The company offers a variety of services, including corporate finance and insurance advising, as well as traditional brokerage activities. Peel Hunt’s clients include more than 400 small to mid-sized firms in the UK and abroad. Marketing more than 2,000 stocks, the company’s among the top specialist firms in London; it has affiliates in Brussels, Tokyo, and Hong Kong. Charles Peel and Christopher Holdsworth-Hunt founded the namesake firm in 1989. Belgium-based KBC Group acquired Peel Hunt in 2001, but sold it to its management and other investors in 2010; KBC needed to raise cash after a series of government bailouts.
The firm acts on behalf of over 80 listed companies with market capitalizations up to £750 million and, on their behalf, is involved in transactions ranging from flotations, fundraisings, public takeovers, acquisitions, divestments and corporate reorganizations. It was formerly known as Peel Hunt Limited and changed its name to Peel Hunt LLP in December, 2010. Peel Hunt LLP was founded in 1989 and is based in London, United Kingdom.
Global M&A Partners
In the last 5 years, Global M&A Partners have closed more than 1,500 transactions with an aggregate deal value of more than €42 billion. The Global M&A team has accumulated extensive experience in cross border deals. Global M&A Partners has 34 independent investment banking firms and is still growing, transacting in more than 50 countries in all five business continents, with some 200+ active deal makers supported by 150 business analysts, organized around 8 industry sectors.
Global M&A Partners is a partnership of 34 leading independent M&A Firms transacting in 50 countries, across five continents -and still growing. Prime purpose is to provide cross-border support and opportunities for clients, servicing local and multinational enterprises with typical transaction range of €20m to €500m.
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IMAP is an exclusive global partnership of the world’s leading independent merger and acquisition advisory firms with a presence in more than 35 countries. IMAP closed over 2,100 transactions, valued at $90 billion in the last 10 years and is consistently ranked among the world’s Top 10 M&A advisors for mid-market transactions.
The partners of N+1 have decided to adopt a new common brand: ALANTRA. This new brand responds to the new reality of the group, a truly global player with over 345 professionals in 19 countries. It also responds to the principle “one firm, one brand,” by which the different partnerships of the group will be adopting a common brand from now on.
ALANTRA starts this new phase with the aim of becoming a unique partner for corporates, family owned companies and financial investors active in the mid-market, a segment its partners have been serving for over 30 years. In investment banking, where ALANTRA has completed 368 transactions since 2013, the company offers a full range of services in 13 highly-specialized industry sectors. The most noteworthy transactions advised in 2016 year-to-date include the following (client in italic): the acquisition by US private equity firm Lindsay Goldberg of Austrian Schur Flexibles Group from Capiton, the CHF 511Mnrecommended public purchase and exchange offer by AFG on Looser Holding (both Swiss based), the sale of Italian La Fortezza to Swedish listed group ITAB for €105Mn, the €42Bn public tender offer to SwissSyngenta from ChemChina (fairness opinion provider), the sale of a 25% stake of Spanish Roca in German Duravit and the sale of Gamber-Johnson to Main Street Capital Corporation by listed Leggett & Platt (both US based).
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BCMS was founded in 1989 by Brian, Dave and Steve Rebbettes, who still own the company today. BCMS employ 260 people in offices across five continents, all staffed by professionals with on-the-ground, expert local knowledge. BCMS is a specialist advisor to shareholders and owner-managers looking to sell all or part of their company and are ranked the world’s leading advisor to privately owned business by deals completed for 2015.
Société Générale is a French multinational banking and financial services company headquartered in Paris. The company is a universal bank and has divisions supporting French Networks, Global Transaction Banking, International Retail Banking, Financial services, Corporate and Investment Banking, Private Banking, Asset Management and Securities Services.
Société Générale is France’s third largest bank by total assets, sixth largest in Europe or seventeenth by market capitalization. The company is a component of the Euro Stoxx 50 stock market index.
ISS is a global company with approximately 900 employees spread across 18 offices in 12 countries. ISS covers approximately 39,000 meetings in 115 countries yearly, delivering proxy research and vote recommendations while working closely with clients to execute more than 8.5 million ballots representing two trillion shares. ISS’ RI research covers more than 13,000 companies across the globe.
Tudor, Pickering & Holt
Founded by a former Goldman Sachs banker, Tudor, Pickering, Holt & Co. is an investment banking and asset management firm based in Houston, Tex. The firm has additional offices in Denver and New York. It also has an affiliate (Tudor, Pickering, Holt & Co. international) that operates out of London, U.K.
The firm’s 130 employees specialize in covering the energy sector, providing research, sales, trading, investment banking, and private investment practices.The firm is led by its CEO, Bobby Tudor, who worked for Goldman Sachs for nearly two decades in New York, Houston, and London. His positions at Goldman included U.S. southwest region head, and European industrial and natural resources group head.
The firm, headquartered in Houston, Texas, was formed through the 2007 combination of Tudor Capital and Pickering Energy Partners, Inc. and today has approximately 150 employees and offices in Denver, New York and London.
“This year companies have been reluctant to take on meaningful regulatory or tax risk or to pursue unsolicited transactions to the same extent that many companies did last year. The fact that a number of those deals were not ultimately successful has undoubtedly had an impact,” Gary Posternack, Global Head of M&A Barclays.
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