Deal Drivers: EMEA FY 2021

A spotlight on mergers and

acquisitions trends in 2021
Contents

Foreword: M&A steps up a gear in 2021 03

Outlook: EMEA heat chart 04

All sectors 05

Consumer 14

Energy, mining & utilities 19

Financial services 24

Industrials & chemicals 29

Pharma, medical & biotech 34

Telecoms, media & technology 39

About this report 44

Foreword: M&A steps up a gear
in 2021
In December of 2020, the European Union began its The pandemic is showing signs of moving in a positive
vaccination campaign. As the rollout gathered pace and direction. If future variants continue to cause milder illness,
lockdown measures were eased, economies roared back to the crisis is likely to be easier to manage and an accepted
life. As pent-up consumer demand fueled growth, Europe and reality as the novel coronavirus becomes endemic, fading
Africa’s GDP rebounded by 5.1% in 2021. The Middle East’s into the background.
GDP growth was more sluggish, at 2.1%.
Companies also still need to make acquisitions for growth,
The economic restart has worked wonders for investor and divestments to raise cash. And there are unprecedented
confidence and M&A. Dealmaking in EMEA was unstoppable levels of investor capital sitting in both private equity
in 2021, with technology, media, and telecommunications funds and special purpose acquisition companies (SPACs).
(TMT) once again representing especially fertile ground for Corporates, too, will be able to easily fund M&A deals. As we
acquisitions. Tech and software span industries, empowering look ahead to 2022, these sources of dry powder will ensure
companies and improving earnings margins and growth. For this strong buy-side demand.
reason, technology deals are likely to continue forging ahead.
The recovery is still in a relatively early stage and
eyes have been fixed on inflation rates and supply
It is worth noting that while 2021 was an chain complications as potential challenges.
exceptional year for M&A, there was some Provided the recovery continues as it has,
weakening of momentum in the final quarter however, there is plenty to be optimistic about
measured by deal volume, activity slipping for the 12 months ahead.

to levels not seen since Q3 2020. But many

of the fundamentals for 2022 are strong.

3
Outlook: Heat chart based on potential companies for sale

EMEA heat chart

Turkey, Middle
East & Africa

CEE & SEE

& Ireland

Benelux
Nordics

& Iberia
France

TOTAL
DACH

Italy
UK
Few will be surprised to learn that the TMT sector is, once TMT 146 81 49 56 95 38 145 135 745
again, set to see the greatest level of deal activity in the
coming year. A total of 745 stories about companies coming to Industrials & chemicals 46 84 34 44 126 39 73 99 545
sale were published over the past six months on Mergermarket.
Consumer 61 51 24 26 156 26 64 80 488
Following an assured comeback in 2021, the industrials and
chemicals (I&C) sector deal pipeline is also looking healthy. Business services 49 41 18 23 50 34 47 45 307
After dropping in 2020, total value and volume rose in 2021
and the sector is set to continue to be active in 2022, as
Energy, mining & utilities 47 16 39 16 41 9 61 57 286
corporates continue to remodel their portfolios and PE stays
acquisitive. There were 545 “company for sale” articles
Financial services 69 19 17 18 35 13 64 36 271
published over the past six months, with Italy and Iberia
looking like a potential hot spot (126 stories).
Pharma, medical & biotech 36 50 15 20 36 19 47 26 249

It is not only in industrials that these two markets are showing

Transportation 8 14 12 3 17 7 36 21 118
strong potential. Italy and Iberia overall could see buoyant
activity—there were 614 stories about companies for sale in
Leisure 30 7 2 1 27 6 19 20 112
the sub-region in the past six months, more than in any other
region in EMEA.
Construction 9 11 4 6 10 9 19 34 102

Turkey, the Middle East, and Africa, meanwhile, could be

set for a return to form. M&A in these markets was subdued Real estate 8 8 3 5 14 2 17 24 81 Cold Warm Hot
through 2021, but the 603 deal reports published over the
past six months suggest they could be due to take off. The Agriculture 3 1 4 4 9 31 52
Note: The Intelligence Heat Charts are based on
same can be said for CEE and SEE, which clocked up 609 ‘companies for sale’ tracked by Mergermarket in
stories. Again, unsurprisingly, TMT is expected to be the Defense 3 1 1 3 2 1 11 the respective regions between July 01, 2021 and
December 31, 2021. Opportunities are captured
richest source of deals in these parts of EMEA. according to the dominant geography and sector
TOTAL 515 383 218 223 614 202 603 609 3,367 of the potential target company.

4
All sectors
Back to business for EMEA M&A

EMEA M&A markets went into overdrive in 2021, spurred by a TMT reigns supreme as most active All sectors M&A activity,
number of propellant factors. The economic restart undergirded M&A sector 2019 - 2021
investor confidence to get back in the game. Piles of private The largest PE deal of the year is potentially one for the
equity dry powder sitting in reserve meant funds had to hunt for history books. KKR offered €35.5bn for Telecom Italia (TIM)
assets. Simultaneously, corporates have been under pressure in November, the deal pending approval not only from the 3,500 400

to transact, raising cash to pay down debt secured during the customary regulators but also from the Italian government,
first year of the pandemic, and repurposing their portfolios to which has the power to block the deal on the basis of national 3,000
350

future-proof their offerings. interest. If it goes through, it will be the largest European
buyout on record, as TIM is Europe’s sixth-largest telco. 300
2,500
This pent-up demand saw M&A in EMEA
Bumper deals in the telecoms and internet space such as this 250
reach a new peak in 2021. Total value

Deal value €(bn)

helped TMT to snatch the crown—the sector dominating by 2,000

Deal volume
came to €1.37tn across the year—a 74% both value and volume. Total value reached €352.5bn—not 200
increase on the previous year and the only was this the highest of any sector in 2021, as well as
1,500
the highest annual total for any sector in Europe on record.
highest annual total on Mergermarket 150
Volume also rose significantly, up 60% to 2,743 deals.
record. Volume, meanwhile, increased 1,000

43% year-on-year to 11,007 transactions— Connectivity continues to be a major investment theme.

100

another annual record. There are some encouraging signs that the worst of the 500
50
pandemic may be behind us, but even so, trends like the
Private equity activity was especially buoyant, with buyout adoption of ecommerce and hybrid work are set to
0 0
value surging 116% year-on-year to €423bn, while volume continue to grow. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
rose by 60% to 2,530 transactions. Funds weren’t only 2019 2020 2021

acquisitive; the rebound in economic demand and the Deal volume Deal value €(bn)
backdrop of rising stock markets supported valuation
multiples, allowing PE funds to liquidate existing holdings. Source: Mergermarket

Exit value increased by 49% annually, to €265bn, and volume

by 58% to 1,368 deals.
6
Big is back as megadeals surge EMEA top sectors by value I 2021
However, it is not only TMT deals such as TIM that have
EUR (m)
seen deal figures balloon. Megadeals have been a common
TMT 352,511
sight in various industries. There were 48 deals valued Industrials & chemicals 206,866
north of €5bn in 2021, collectively worth €470bn. This is an Energy, mining & utilities 163,758
astonishing increase compared to 2019, which recorded Financial services 146,855
only 16 transactions in this size bracket, worth €261.5bn. Pharma, medical & biotech 120,317
Deal financing is plentiful and cheap, thanks to the loosest
possible monetary policy.
EMEA top sectors by volume I 2021
The PE industry in particular is cash-rich and it is the largest Deal count
players that have been raking in new funds for deals. Limited TMT 2,743
partners have been drawn to the industry’s biggest names Industrials & chemicals 1,844
during the pandemic, an effect caused by remote fundraising Business services 1,538
and the difficulty of conducting due diligence on newer, less Consumer 1,057
Pharma, medical & biotech 873
established PE managers. Globally, median fund sizes are
at their highest point in a decade and during the first nine
months of the year approximately half of all private capital EMEA top bidders by value I 2021
raised was achieved by mega funds.
EUR (m)
USA 476,264
UK & Ireland 147,202
France 133,055
DACH 127,022
Nordics 115,957

EMEA top bidders by volume I 2021

Deal count
UK & Ireland 1,833
Nordics 1,709
USA 1,375
DACH 1,313
France 1,215

7
Big gets bigger All sectors top 10 announced deals, 2021
Some of these were US funds with global remits that are
able to invest across EMEA, such as the US$24.4bn Hellman
Announced Bidder company Target company Target dominant Vendor company Deal value
& Friedman Capital Partners VI, the largest fundraise of the date sector (€m)
year and among the top five PE funds ever raised. In Europe,
1 12-May-21 Prosus N.V. Naspers Limited (45.4% Stake) TMT 38,112
Sweden’s EQT Partners managed to pull in US$18.5bn for its
ninth flagship buyout fund. It’s safe to say that big is back. 2 21-Nov-21 KKR & Co. Inc. Telecom Italia S.p.A. (100% Stake) TMT 35,539

The wall of uninvested capital at PE’s disposal, which currently 3 01-Aug-21 Vonovia SE Deutsche Wohnen SE (70.01% Stake) Real estate 24,763
stands at around US$2.3trn across private capital strategies,
indicates that 2022 is primed for similarly outsized deals and 4 04-Nov-21 Roche Holding AG Roche Holding AG (33.33% Stake) Pharma, medical Novartis AG 18,029
& biotech
carve-outs are likely to be numerous for some time. On the sell-
side, European corporates are eager to bolster their capital
5 12-Jun-21 Consortium of investors led by Autostrade per l'Italia S.p.A. (88.06% Stake) Construction Atlantia SpA 17,975
positions and do so while valuations are still close to all-time Cassa depositi e Prestiti S.p.A.
highs. PE will be only too happy to oblige. Buckle up.
6 27-Sep-21 Gores Guggenheim, Inc. Polestar Performance AB Industrials & 17,067
chemicals

7 18-Mar-21 National Grid Plc Western Power Distribution plc Energy, mining PPL Corporation 16,591
& utilities

8 30-Jul-21 Daimler AG (Shareholders) Daimler Truck AG Industrials & Daimler AG 15,930

chemicals

9 06-Dec-21 BlackRock, Inc.; Hassana Aramco Gas Pipelines Co (49% Stake) Energy, mining Saudi Arabian Oil Co 13,733
Investment Company & utilities

10 19-Aug-21 Clayton, Dubilier & Rice, LLC WM Morrison Supermarkets Plc Consumer 12,009

8
All sectors M&A value split by deal size All sectors M&A volume split by deal size

1,400 12,000
48
87
363
303
1,200
470.0 10,000

16 2,522
214 60
1,000
219
25
8,000
198 41
173
2,183
800
Deal value €(bn)

277.5

Deal volume
261.5 1,904
6,000
304.6
600

185.8
368 4,000 7,684
134.3
400
6,011
205.3 5,353
193.1
107.0 2,000
200
78.2
61.8
153.7
118.7 98.8

0
0
2019 2020 2021
2019 2020 2021

€5m-€250m €251m-€500m €501m-€2000m

Undisclosed €5m-€250m €251m-€500m
€2001m-€5000m >€5001m
€501m-€2000m €2001m-€5000m >€5001m

Source: Mergermarket Source: Mergermarket

9
All sectors PE buyouts All sectors PE exits
Based on announced buyouts, excluding those that lapsed or were Based on announced exits, excluding those that lapsed or were
withdrawn, where the dominant location of the target is in Europe. withdrawn, where the dominant location of the target is in Europe.

800 140 400 80

700 350 70
120

600 300 60
100

500 250 50

Deal value €(bn)

Deal value €(bn)

80
Deal volume

Deal volume
400 200 40

60

300 150 30

40
200 100 20

20
100 50 10

0 0 0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020 2021 2019 2020 2021

Deal volume Deal value €(bn) Deal volume Deal value €(bn)

Source: Mergermarket Source: Mergermarket

10
 All sectors league tables

Financial advisors by value Financial advisors by volume

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 1 Goldman Sachs & Co 573,461 205 1 1 PwC 44,787 485
2 2 JPMorgan 461,972 214 2 2 Deloitte 43,160 480
3 3 Morgan Stanley 353,358 129 3 5 Rothschild & Co 275,561 427
4 6 Bank of America 281,839 111 4 3 KPMG 51,565 405
5 5 Rothschild & Co 275,561 427 5 4 EY 58,497 366
6 4 Citi 238,986 119 6 7 JPMorgan 461,972 214
7 12 BNP Paribas 217,219 128 7 6 Goldman Sachs & Co 573,461 205
8 7 Lazard 192,394 151 8 11 Clearwater International 6,372 173
9 8 Credit Suisse 172,891 81 9 9 BDO 7,417 160
10 11 Deutsche Bank 145,641 63 10 8 Lazard 192,394 151

Legal advisors by value Legal advisors by volume

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 6 Freshfields Bruckhaus Deringer 229,793 242 1 1 DLA Piper 90,872 621
2 10 Kirkland & Ellis 222,678 170 2 3 CMS 32,268 452
3 1 White & Case 220,558 357 3 2 White & Case 220,558 357
4 2 Clifford Chance 186,490 224 4 7 Latham & Watkins 176,424 292
5 7 Latham & Watkins 176,424 292 5 5 Allen & Overy 147,069 266
6 8 Sullivan & Cromwell 157,198 65 6 9 Freshfields Bruckhaus Deringer 229,793 242
7 5 Allen & Overy 147,069 266 7 4 Baker McKenzie 46,954 225
8 11 Weil Gotshal & Manges 135,975 138 8 8 Clifford Chance 186,490 224
9 26 Skadden Arps Slate Meagher & Flom 127,126 93 9 6 Linklaters 120,082 223
10 3 Cleary Gottlieb Steen & Hamilton 123,947 79 10 10 Eversheds Sutherland 17,657 194
Source: Mergermarket Source: Mergermarket

The advisor league tables by value and volume have been run from 01/01/2021 to 31/12/2021 and exclude lapsed and withdrawn deals. The tables are pan-European and cover all sectors. Source: Mergermarket 11
 All sectors league tables—mid-market

Financial advisors by value—mid-market (€5m-€250m) Financial advisors by volume—mid-market (€5m-€250m)

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 3 Rothschild & Co 11,168 95 1 1 Deloitte 9,151 110
2 2 PwC 9,884 106 2 3 PwC 9,884 106
3 1 Deloitte 9,151 110 3 4 KPMG 7,681 96
4 5 KPMG 7,681 96 4 5 Rothschild & Co 11,168 95
5 4 EY 5,317 71 5 2 EY 5,317 71
6 7 JPMorgan 4,235 27 6 6 Lazard 3,902 30
7 6 Lazard 3,902 30 7 8 Oaklins 1,039 28
8 15 Goldman Sachs & Co 3,260 19 8 11 JPMorgan 4,235 27
9 8 BNP Paribas 2,909 21 9 13 Lincoln International 1,935 27
10 31 Citi 2,449 13 10 9 Alantra 2,320 24

Legal advisors by value—mid-market (€5m-€250m) Legal advisors by volume—mid-market (€5m-€250m)

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 3 DLA Piper 9,979 175 1 1 DLA Piper 9,979 175
2 7 Linklaters 8,778 72 2 3 CMS 6,648 97
3 5 White & Case 7,731 69 3 7 Linklaters 8,778 72
4 4 Latham & Watkins 7,134 69 4 4 White & Case 7,731 69
5 8 CMS 6,648 97 5 5 Latham & Watkins 7,134 69
6 9 Freshfields Bruckhaus Deringer 5,817 48 6 2 Baker McKenzie 5,128 62
7 12 Orrick Herrington & Sutcliffe 5,177 58 7 9 Orrick Herrington & Sutcliffe 5,177 58
8 1 Baker McKenzie 5,128 62 8 24 Eversheds Sutherland 3,033 51
9 2 Allen & Overy 4,378 44 9 16 Freshfields Bruckhaus Deringer 5,817 48
10 10 Hogan Lovells International 4,176 48 10 12 Hogan Lovells International 4,176 48
Source: Mergermarket Source: Mergermarket

The advisor league tables by value and volume have been run from 01/01/2021 to 31/12/2021 and exclude lapsed and withdrawn deals. The tables are pan-European and cover all sectors. Source: Mergermarket 12
 All sectors league tables—PR advisors

PR advisors by value PR advisors by volume

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 1 Brunswick Group 222,151 119 1 1 Brunswick Group 222,151 119
2 9 FTI Consulting 69,241 93 2 2 FTI Consulting 69,241 93
3 2 Finsbury Glover Hering 62,250 36 3 6 Kekst CNC (Publicis) 43,315 49
4 5 Sard Verbinnen & Co 51,594 33 4 4 Maitland (AMO) 10,820 48
5 16 Tulchan Communications 48,501 47 5 13 Tulchan Communications 48,501 47
6 3 Kekst CNC (Publicis) 43,315 49 6 5 Barabino & Partners 29,291 44
7 4 Community Group 42,284 43 7 10 IWK (formerly Ira Wülfing Kommunikation) 533 44
8 14 Teneo 39,046 20 8 9 Community Group 42,284 43
9 30 ICR 35,879 25 9 8 Citigate Dewe Rogerson 18,664 42
10 13 Barabino & Partners 29,291 44 10 21 LLYC 16,219 38

PR advisors by value—mid-market (€5m-€250m) PR advisors by volume—mid-market (€5m-€250m)

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 2 Brunswick Group 2,950 26 1 1 FTI Consulting 2,175 36
2 1 FTI Consulting 2,175 36 2 4 Brunswick Group 2,950 26
3 7 Buchanan Communications 1,305 15 3 6 MHP Communications 785 22
4 28 Camarco 1,279 14 4 8 Buchanan Communications 1,305 15
5 9 Tulchan Communications 1,125 15 5 9 Tulchan Communications 1,125 15
6 5 Barabino & Partners 1,065 15 6 2 Barabino & Partners 1,065 15
7 3 Finsbury Glover Hering 1,063 7 7 13 Camarco 1,279 14
8 11 Teneo 1,032 11 8 27 SEC Newgate S.p.A. 282 13
9 150 Hudson Sandler 1,024 11 9 17 Teneo 1,032 11
10 10 Citigate Dewe Rogerson 940 11 10 150 Hudson Sandler 1,024 11
Source: Mergermarket Source: Mergermarket

The advisor league tables by value and volume have been run from 01/01/2021 to 31/12/2021 and exclude lapsed and withdrawn deals. The tables are pan-European and cover all sectors. Source: Mergermarket 13
Consumer
Dealmakers double their M&A activity
as economy recovers
The consumer sector is still facing significant challenges in Consumer M&A activity, PE pursues a supermarket sweep
EMEA and elsewhere, particularly when it comes to retail and 2019 - 2021 The largest transaction of the year was the €12bn acquisition
other consumer-facing services. Many countries in Europe saw of UK-based supermarket Morrison’s by US PE firm Clayton,
two lockdown periods in 2021, with some exceptions, such as Dubilier & Rice (CDR) after a bidding war with a consortium led
the UK which decided against such measures in Q4. 350 45 by Fortress Investment Group. This makes the second year in
a row where the top transaction in the sector was a PE buyout
40
of a UK-based supermarket chain—2020 saw the €7.5bn
Despite this, taken together, consumer 300
acquisition of ASDA by TDR Capital and private investors the
deals were valued at €102.9bn in 2021, 35
Issa brothers.
more than doubling the previous year’s 250
30
total of €46.8bn. Supermarkets represent a corner of retail that has not suffered

Deal value €(bn)

200 at the hands of the pandemic, owing to the essential nature

Deal volume
25
Volume rose at a more modest pace of 31% to 1,057 of goods on sale. There are other motivating factors for
transactions across the same period, putting consumer 20 supermarket buyouts. One is their large property portfolios,
150
in fourth place by deal count—behind the TMT, I&C, and which can be used as collateral to borrow against, helping
business services sectors. 15 financial sponsors to increase their financial leverage and
100 maximize returns.
Private equity loomed especially large. The industry claimed 10

almost half (46.3%) of the sector’s total value across the 50 Another is a tried-and-tested PE strategy: the sale and
region, with the €47.7bn buyout activity in minted deals 5 leaseback. Acquiring supermarket chains with large freehold
eclipsing the €19.1bn worth of deals recorded in 2020. Six of property portfolios allows sponsors to sell these assets
0 0
the top ten consumer deals of the year were attributable to PE Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 and lease them back from the buyer. In the short term, this
firms on the buy-side and 235 consumer deals of all shapes 2019 2020 2021 frees up lots of cash to either invest in the business, reduce
and sizes were recorded—an annual gain of 34%. Deal volume Deal value €(bn) debt, or pay out a dividend recapitalization to the sponsor.

Source: Mergermarket

15
Hyper convenience Consumer top bidders by value I 2021
There is also change afoot within the supermarket space. Online
EUR (m)
deliveries previously had major food retailers on the back foot
USA 36,327
as they contended with the capex requirements and technical France 15,877
challenges of rolling out the service, facing competition from United Kingdom 13,837
disruptors entering the market. More recently, shoppers have Sweden 6,133
pivoted to deliveries and been making larger basket purchases, Thailand 4,737
improving the economies of scale and operating margins.
Consumer top bidders by volume I 2021
At the same time, there has been growth in rapid grocery
delivery services. These companies bill themselves as digital Deal count
equivalents of convenience stores, rather than supermarkets, United Kingdom 136
and usually offer a smaller selection with the upside that they France 126
promise to deliver in less than ten minutes. Italy 107
Sweden 75
Netherlands 73
Gorillas raised a €810.2m round of funding in September 2021,
while Getir announced three rounds of funding in 2021 alone,
totaling €809m, as well as the acquisition of UK-based rival
Weezy in November for an undisclosed sum. US firm Gopuff
has received the most funding, including over US$2bn in 2021
alone. Although well-funded, these firms will be competing
against the likes of Uber and Delivery Hero, which in addition
to providing takeaway deliveries have branched into rapid
groceries. With so much competition and funding in this space,
2022 is certain to see an increase in activity—both in terms of
venture capital investment and acquisitions.

16
Foreign buyers are drawn to Europe Consumer top 10 announced deals, 2021
In the third-largest transaction in the consumer sector,
3G Capital bought Dutch blinds and window shutters
Announced Bidder company Target company Target Vendor company Deal value
maker Hunter Douglas in a deal valued at €6.1bn, with the date dominant (€m)
Sonnenburg family retaining a 25% stake. 3G is best known country

for combining major blue chips, such as the mammoth merger 1 19-Aug-21 Clayton, Dubilier & Rice, LLC WM Morrison Supermarkets Plc United 12,009
Kingdom
between Kraft Foods and Heinz in 2015.
2 07-Dec-21 L'Oreal S.A. L'Oreal S.A. (3.99% Stake) France Nestle S.A. 8,904

The Brazilian-American firm 3G’s presence in the top ten

consumer deals speaks to a larger trend: foreign financial 3 30-Dec-21 3G Capital Inc. Hunter Douglas N.V. Netherlands Ralph Sonnenberg (Private 6,097
(100% Stake) Investor)
sponsors coming to European shores in search of deals.
Of the six top ten consumer transactions accounted for by 4 10-Nov-21 AMF Pensionsforsakring AB; ICA Gruppen AB (45.99% Stake) Sweden 4,955
ICA handlarnas Forbund AB
private equity, as many as five of these involved an overseas
acquirer. The US in particular has shown a keen interest in 5 24-Dec-21 Central Group; Signa Holding GmbH Selfridges & Co Limited United Wittington Investments Limited 4,737
European assets, the dollar having appreciated against both Kingdom

the euro and sterling over the past year. Stock market price- 6 18-Nov-21 CVC Capital Partners Limited ekaterra (100% Stake) United Unilever Plc 4,500
Kingdom
to-earnings ratios are also lower than in the US, offering ample
opportunities for funds to delist high-quality companies with 7 26-Feb-21 L Catterton Management Limited; Birkenstock GmbH & Co. KG Germany 3,785
Financiere Agache
strong product propositions at attractive prices. Provided the
dollar maintains its recent gains, overseas PE buyers are likely 8 25-Mar-21 Hillhouse Capital Management, Ltd. Koninklijke Philips N.V. (Domestic Netherlands Koninklijke Philips N.V. 3,700
Appliances & Personal Care (DAP))
to be a common feature through 2022, too.
9 13-Aug-21 Hellman & Friedman LLC; zooplus AG Germany Maxburg Capital Partners GmbH 3,583
EQT Partners AB

10 15-Nov-21 Heineken N.V. Distell Group Limited South Africa 2,431

(100% Stake)

17
 All sectorsleague
Consumer leaguetables
tables

Financial advisors by value Financial advisors by volume

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 1 Goldman Sachs & Co 39,329 20 1 3 Deloitte 11,495 62
2 2 JPMorgan 32,689 13 2 2 PwC 1,868 60
3 11 BNP Paribas 26,137 14 3 5 Rothschild & Co 22,041 54
4 3 Rothschild & Co 22,041 54 4 1 KPMG 2,637 43
5 5 Bank of America 19,904 8 5 4 EY 6,601 37
6 7 Credit Suisse 18,618 8 6 6 Houlihan Lokey 3,523 24
7 14 Citi 15,826 11 7 9 Clearwater International 172 24
8 37 Centerview Partners 13,641 5 8 7 Goldman Sachs & Co 39,329 20
9 30 Jefferies 12,551 6 9 44 Credit Agricole 2,747 17
10 9 Morgan Stanley 12,465 8 10 43 Alantra 1,184 16

Legal advisors by value Legal advisors by volume

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 21 Clifford Chance 18,667 16 1 1 DLA Piper 13,788 53
2 103 Weil Gotshal & Manges 16,978 11 2 5 CMS 382 35
3 66 Norton Rose Fulbright 15,135 7 3 2 Allen & Overy 5,543 28
4 3 Freshfields Bruckhaus Deringer 14,816 25 4 21 Freshfields Bruckhaus Deringer 14,816 25
5 58 DLA Piper 13,788 53 5 11 Linklaters 10,885 22
6 36 De Brauw Blackstone Westbroek 12,941 6 6 7 Baker McKenzie 1,675 20
7 90 Squire Patton Boggs 12,348 9 7 8 Cuatrecasas 1,279 20
8 348 Debevoise & Plimpton 12,309 2 8 4 PwC legal 2,567 19
9 1 Kirkland & Ellis 11,613 8 9 23 Goodwin Procter 1,459 17
10 4 Linklaters 10,885 22 10 53 Russo De Rosa e Associati 281 17
Source: Mergermarket Source: Mergermarket

The advisor league tables by value and volume have been run from 01/01/2021 to 31/12/2021 and exclude lapsed and withdrawn deals. The tables are pan-European and cover the consumer sector. Source: Mergermarket 18
Energy, mining & utilities
Energy commodity rebound has investors
returning to the dealmaking table
Across the energy industry, the defining theme of 2021 was EMU M&A activity, Energy transition drives dealmaking
the resurgent oil price. The spot price of Brent crude oil, a 2019 - 2021 The largest EMU deal of the year in the region saw UK-based
global benchmark, started the year at US$50 per barrel and National Grid acquire regional utility firm Western Power
rallied to a high of US$86 in late October before declining in Distribution for €16.6bn. Post-deal, the UK grid operator’s
the final weeks of the year. Brent’s 2021 annual average of 250 60 assets in electricity increased from around 60% to 70% as
US$71 per barrel is the highest in the past three years. it nears its ambition of becoming a pure-play electricity
provider. The sale is highly thematic, feeding into the ongoing
50
energy transition narrative. Fossil fuel is expected to take
This was the biggest and most sustained 200
a decreasing share of the energy mix due to the booming
uptrend for the commodity in years and electric vehicle (EV) market.
40
renewed investor confidence in the 150

Deal value €(bn)

energy sector. M&A value in the wider In a similarly sized deal, BlackRock teamed up with Hassana

Deal volume
Investment Company to take a 49% stake in Aramco’s gas
energy, mining, and utilities segment 30
pipeline unit for €13.7bn in a leaseback deal. The bumper
rose by 34% year-on-year to €163.8bn 100 transaction also feeds into the energy transition theme that
in 2021. Volume rose at a similar rate, 20 is a motivating force in energy M&A. Aramco is taking steps
up 35% to 716 deals. toward renewables and carbon neutrality, BlackRock CEO
50
Larry Fink said of the deal. “Responsibly-managed natural gas
10 infrastructure has a meaningful role to play in this transition,”
Deal activity was not only fueled by the recovery in energy he said. The fuel is the cleanest burning of all fossil fuels, and
commodity prices but also by the strong imperative to invest is seen as a key stepping stone on the way to a net-zero future.
0 0
in energy transition and decarbonization. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020 2021

Deal volume Deal value €(bn)

Source: Mergermarket

20
Utilities grab attention EMU top bidders by value I 2021
Among the largest buyouts of the year in the sector was the
EUR (m)
acquisition of French utility firm Suez’s recycling business.
USA 41,546
The €9.8bn deal saw Caisse des Dépôts et Consignations, United Kingdom 26,189
Global Infrastructure Partners and Meridiam team up to buy France 17,752
the recycling asset. The divestment is just one piece in the Norway 13,125
vendor’s “Shaping SUEZ 2030” strategy, under which it Russia 10,644
aims to enter selected high-growth overseas markets with
faster-growing environmental infrastructure needs, focus
EMU top bidders by volume I 2021
on industrial customers, and build out of its technology
and data capabilities. Deal count
United Kingdom 99
The deal highlights the growth in interest in utility assets Italy 65
over the course of the pandemic, as a generator of steady Spain 56
Germany 47
and recurring revenues. In addition to the aforementioned
France 40
Western Power Distribution and Suez transactions, 2021
also saw Hong Kong-based CK Asset Holdings acquire
Northumbrian Water, Wales & West Utilities, and UK
Power Networks, three UK regional utilities, as well as
Netherlands-based Dutch Enviro Energy, for €1.9bn,
and the €1.4bn acquisition of UK-based Scotia Gas by
Ontario Teachers’ Pension Plan and Brookfield Asset.

The utility sector’s recurring revenue structure has proven

to be especially attractive to PE firms in deals like the Suez
carve-out and the acquisition of Scotia Gas, but financial
sponsors have also proven to be interested in energy assets.

21
EMU top 10 announced deals, 2021 PE activity picks up the pace
Buyout activity in the EMU space nearly doubled year-on-year
from €14.7bn to €27.9bn. Volume ticked up from 50 to 59. Exit
Announced Bidder company Target company Target Vendor company Deal value
date dominant (€m) deal volume rose by a similar rate, up 21% to 41 transactions,
country although value dropped by 21% to €9.5bn.
1 18-Mar-21 National Grid Plc Western Power Distribution plc United PPL Corporation 16,591
Kingdom
A recent survey by Auxadi found that as much as 93% of
2 06-Dec-21 BlackRock, Inc.; Hassana Investment Aramco Gas Pipelines Co (49% Stake) Saudi Arabia Saudi Arabian Oil Co 13,733 senior PE fund managers across the UK, continental Europe,
Company
and North America plan to invest in the energy sector in the
3 09-Apr-21 A consortium led by EIG Global Aramco Oil Pipelines Company (49% Saudi Arabia Saudi Arabian Oil Co 10,423
next five years. Investors have been eager to capitalize on
Energy Partners Stake)
the post-pandemic rebound in global demand for power and
4 27-Sep-21 Air Products and Chemicals, Inc.; Saudi Arabian Oil Co (air separation unit Saudi Arabia Saudi Arabian Oil Co 10,252
government-backed stimulus programs for green energy
Saudi Arabian Oil Co; ACWA Power (ASU), gasification, syngas cleanup,
International; Air Products Qudra utilities and power assets) production, the EU being the mast-bearer with its sweeping
5 29-Jun-21 Caisse des Depots et Consignations; Suez SA (Recycling & Recovery France Suez SA 9,800 European Green Deal.
Global Infrastructure Partners, LLC; businesses in France); Suez Eau France
Meridiam SAS SAS
In the shorter term, the economic restart has led to surging oil
6 21-Dec-21 Aker Exploration ASA Lundin Energy AB (Oil and gas business) Sweden Lundin Energy AB 9,731
and gas prices, reflecting tight energy supplies which show
(100% Stake)
little sign of abating. These fundamentals are reigniting PE’s
7 23-Apr-21 SIBUR Holding OJSC TAIF Group (100% Stake) Russia 5,805
interest after suffering losses in the years leading up to the
pandemic. Add to that the shareholder pressure on fossil fuel
8 19-Nov-21 The Infrastructure Investments Fund G+E GETEC Holding GmbH (100% Stake) Germany EQT Infrastructure Fund 4,000
producers and utilities to remodel their portfolios for a greener
9 20-Oct-21 The Infrastructure Investments Fund Falck Renewables SpA (100% Stake) Italy Falck Spa 3,381 future and there is good reason to expect sustained M&A
activity across EMEA for the foreseeable future.
10 26-Jan-21 IFM Investors Naturgy Energy Group (10.83% Stake) Spain 2,318

22
 All sectors
EMU leagueleague
tablestables

Financial advisors by value Financial advisors by volume

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 6 Goldman Sachs & Co 69,653 17 1 6 Rothschild & Co 30,094 38
2 1 JPMorgan 60,538 22 2 2 PwC 3,875 37
3 15 BNP Paribas 55,229 21 3 3 EY 16,941 33
4 19 Barclays 34,069 10 4 4 Deloitte 1,857 28
5 3 Rothschild & Co 30,094 38 5 1 KPMG 2,085 27
6 8 Morgan Stanley 27,141 13 6 5 JPMorgan 60,538 22
7 16 Moelis & Company 26,970 8 7 10 BNP Paribas 55,229 21
8 9 Lazard 24,777 11 8 13 Goldman Sachs & Co 69,653 17
9 5 HSBC 22,957 5 9 8 Citi 12,166 16
10 31 Robey Warshaw 20,918 2 10 9 Jefferies 4,072 16

Legal advisors by value Legal advisors by volume

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 3 White & Case 45,706 34 1 2 CMS 7,778 47
2 1 Clifford Chance 37,354 44 2 3 Clifford Chance 37,354 44
3 36 Davis Polk & Wardwell 36,904 7 3 1 Linklaters 15,867 38
4 27 Herbert Smith Freehills 31,046 25 4 6 White & Case 45,706 34
5 18 Freshfields Bruckhaus Deringer 26,796 21 5 11 DLA Piper 10,114 29
6 17 Latham & Watkins 24,801 12 6 5 Herbert Smith Freehills 31,046 25
7 44 Cravath, Swaine & Moore 22,572 3 7 4 Allen & Overy 5,237 24
8 49 Skadden Arps Slate Meagher & Flom 21,869 5 8 7 Norton Rose Fulbright 13,627 22
9 21 Ashurst 18,738 12 9 19 Freshfields Bruckhaus Deringer 26,796 21
10
10 19 Slaughter and May 18,374 9 10 22 Thommessen 10,201 19
Source: Mergermarket Source: Mergermarket

The advisor league tables by value and volume have been run from 01/01/2021 to 31/12/2021 and exclude lapsed and withdrawn deals. The tables are pan-European and cover the EMU sector. Source: Mergermarket 23
Financial services
Mass disruption fuels financial
services M&A
The financial services sector registered a major uptick in SPACs on trend Financial services M&A activity,
deal value, with total M&A activity worth €146.9bn, an annual With so much capital, these cash shells have gone looking 2019 - 2021
increase of 61%. Volume rose at a more modest pace of 41% for opportunities—including outside of the US. Since SPACs
year-on-year, to 722 deals. typically have 24 months in which to find a deal, and with
so much blank check capital raised in 2021, these vehicles 250 50

should continue to make their presence known in European

Private equity activity was somewhat dealmaking through 2022, including within fast-growing
underrepresented, accounting for less startups in areas like fintech. 200 40
than a fifth of 2021’s M&A value in 2021.
Buyout value rose by 93% annually, to a In February, Lakestar SPAC I SE became the first cash shell
to be listed on the Frankfurt Stock Exchange in more than
total of €24.4bn, while volume rose by 150 30

Deal value €(bn)

ten years. Frankfurt and Amsterdam were the most active

Deal volume
62% to 126 deals. European countries for SPAC listing activity in 2021, due to
their conducive rules. Recognizing the opportunity to attract
The largest transaction of the year exemplified a number capital to London, the UK’s Financial Conduct Authority 100 20

of trends—the €7.2bn deal saw US-based SPAC FinTech revised its listing regime in July to be more accommodating.
Acquisition Corp take over eToro, an online trading platform. In particular, the regulator has, in the case of SPACs,
The deal comes as part of a tumultuous year for SPACs, waived the suspension of trading of shares following the 50 10
especially in the US market. Q1 saw no fewer than 314 announcement of a merger, subject to certain conditions.
US SPAC listings, higher than any previous annual volume, For one, the SPAC deal must be above £100m and investors
raising between them US$100.3bn, also more than any must be free to exercise their all-important redemption
0 0
previous full-year figure. rights, an expected feature of these investment vehicles. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Undoubtedly, SPAC activity will continue to grow in Europe 2019 2020 2021

and the wider EMEA region. Deal volume Deal value €(bn)

Source: Mergermarket

25
Crypto growth FS top bidders by value I 2021
The eToro deal is also notable for its choice of target company.
EUR (m)
The company operates an investment platform which offers
USA 49,543
cryptocurrency trading, as well as more traditional assets France 19,643
like stocks and forex, aimed at retail investors and benefiting United Kingdom 12,189
from a major secular tailwind. Cheaper, more affordable Italy 7,847
platforms that fractionalize shares have led to a surge in retail Canada 7,260
investment in the past two years.
FS top bidders by volume I 2021
The convergence between the SPAC and the fintech trends
could be seen in the second-largest financial sector deal of Deal count
2021, the €6.9bn acquisition of cryptocurrency exchange Bullish United Kingdom 162
by Far Peak Acquisition, a SPAC. Bullish is a cryptocurrency USA 84
exchange startup that aims to offer both retail and institutional France 75
investors yield on their digital assets and is putting regulation at Netherlands 37
Germany 33
the front and center of its proposition.

Crypto is still in its infancy, and even in the US, where the
largest number of blockchain projects are being developed,
there is no clear regulatory framework. Different companies
have taken different approaches to regulation, some more
proactive than others. Bullish is headed up by Tom Farley,
former president of the NYSE, a fact that should give the
company a foot in the door as it navigates forthcoming
rule-setting.

26
Legacy firms restructure Financial services top 10 announced deals, 2021
While crypto is likely to take an increasing share of financial
services M&A, given the rapid continued growth of wallet
Announced Bidder company Target company Target Vendor company Deal value
adoption, more traditional deals made up the remaining date dominant (€m)
largest acquisitions of 2021 as legacy financial institutions country

undergo a wave of restructuring. For example, French public 1 13-Mar-21 FinTech Acquisition Corp. V eToro Group Ltd United 7,221
Kingdom
sector banks Caisse des Dépôts et Consignations and La
Banque Postale acquired a 37.2% stake in insurer CNP 2 09-Jul-21 Far Peak Acquisition Bullish (GI) Limited United Nomura Co., Ltd.; Louis Moore Bacon 6,855
Kingdom (Private Investor); Thiel Capital LLC;
Assurances for €5.6bn from financial services group BPCE. Block.one; Alan Howard (Private
Investor); Apeiron Investment Group
Ltd; Galaxy Digital Holdings Ltd;
BPCE, which operates France’s fourth-largest bank, was also Richard Li (Private Investor)
involved in another of the top ten deals in the sector, the
acquisition of a 29.3% stake in investment bank Natixis 3 28-Oct-21 Caisse des Depots et Consignations; CNP Assurances S.A. France BPCE Group 5,587
La Banque Postale S.A. (37.16% Stake)
for €3.7bn.
4 03-Mar-21 Ministero dell'Economia e delle SACE S.p.A. Italy Cassa depositi e Prestiti S.p.A. 4,250
Finanze
In Italy, investment bank Cassa depositi e Prestiti sold export
5 27-Jun-21 Brookfield Business Partners L.P. Modulaire Group United TDR Capital LLP 4,189
credit insurer SACE to the government’s Ministry of Economy Kingdom
and Finance (Ministero dell’Economia e delle Finanze) for 6 28-Jun-21 Allied Irish Banks Plc Ulster Bank Ireland DAC Ireland Royal Bank of Scotland Group Plc 4,100
€4.3bn. In much of Europe, many countries, Italy included, (performing commercial (Republic)
lending business)
have highly fragmented banking sectors and this is likely
to fuel considerable activity, as will the rise of the fintech 7 23-Dec-21 Carlyle Aviation Group LLC Manchester Aviation Finance Luxembourg CK Asset Holdings Limited 3,780
S.à r.l. (100% Stake); Accipiter
innovators these banks compete against. Finance Sarl (100% Stake)

8 09-Feb-21 BPCE Group Natixis S.A. (29.3% Stake) France 3,706

9 13-Aug-21 Arthur J. Gallagher & Co. Willis Re Limited United Willis Towers Watson Public 3,400
Kingdom Limited Company

10 08-Oct-21 Athora Holding Ltd. NN Insurance Belgium N.V./ Belgium NN Insurance Belgium N.V./S.A. 3,300
S.A. (closed-book individual
life portfolio)

27
 All sectorsservices
Financial league tables
league tables

Financial advisors by value Financial advisors by volume

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 2 Goldman Sachs & Co 77,232 37 1 3 Rothschild & Co 37,920 55
2 1 JPMorgan 65,281 33 2 8 Goldman Sachs & Co 77,232 37
3 3 Morgan Stanley 40,168 19 3 1 KPMG 8,447 34
4 5 Rothschild & Co 37,920 55 4 5 JPMorgan 65,281 33
5 6 Bank of America 29,648 22 5 4 PwC 2,991 31
6 35 BNP Paribas 28,928 18 6 2 Deloitte 4,978 30
7 7 Barclays 28,548 17 7 6 EY 5,353 24
8 4 Citi 26,589 18 8 12 Bank of America 29,648 22
9 20 Lazard 21,796 16 9 11 Morgan Stanley 40,168 19
10 96 Jefferies 16,131 9 10 18 BNP Paribas 28,928 18

Legal advisors by value Legal advisors by volume

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 2 Freshfields Bruckhaus Deringer 26,723 27 1 5 Allen & Overy 18,660 38
2 13 Sullivan & Cromwell 24,950 9 2 1 White & Case 17,136 37
3 30 Skadden Arps Slate Meagher & Flom 21,019 12 3 8 CMS 4,033 36
4 41 Allen & Overy 18,660 38 4 3 DLA Piper 4,504 35
5 4 White & Case 17,136 37 5 6 Freshfields Bruckhaus Deringer 26,723 27
6 101 Morgan Lewis & Bockius 15,814 6 6 12 Eversheds Sutherland 1,882 26
7 16 Kirkland & Ellis 15,637 18 7 2 Clifford Chance 13,536 24
8 17 Wachtell, Lipton, Rosen & Katz 15,445 3 8 9 Latham & Watkins 13,483 20
9 122 Osler, Hoskin & Harcourt 15,289 3 9 4 Linklaters 6,663 20
10 1 Cleary Gottlieb Steen & Hamilton 13,742 14 10 11 Kirkland & Ellis 15,637 18
Source: Mergermarket Source: Mergermarket

The advisor league tables by value and volume have been run from 01/01/2021 to 31/12/2021 and exclude lapsed and withdrawn deals. The tables are pan-European and cover the financial services sector. Source: Mergermarket 28
Industrials & chemicals
Spin-offs to SPACs and PE
loom large in I&C deals
The I&C sector staged something of a comeback in 2021. SPACs and EVs I&C M&A activity,
After taking a dip of 19% and 33% by volume and value, The second-largest deal was the spin-off of Daimler’s 2019 - 2021
respectively, the previous year, the sector saw M&A climb truck business, valued at €15.9bn. Like Polestar, this had a
in 2021. green angle—the newly spun-off entity will focus on zero-
emission vehicles. Electrification is a major investment theme 600 120

underpinning deal activity, whether in the energy sector or

Activity rose 80% year-on-year to
automotive and battery production. Deloitte forecasts that
€207bn worth of deals. Deal volume EV sales could rise at a compound annual growth rate of 29%
500 100

was also up, by 35% to 1,844 transactions. over the next decade, from 2.5 million vehicles in 2020 to 31.1
On both fronts, this bested not only 2020’s million by 2030, and come to account for nearly one-third of all
400 80
car sales.
figures but 2019’s as well.

Deal value €(bn)

Deal volume
In another SPAC sighting, Gores Holdings V, yet another 300 60
The largest deal saw Gores Guggenheim, a SPAC sponsored by cash shell backed by Gores Group, took over packaging firm
PE firms Gores Group and Guggenheim, announce a merger with Ardagh’s metal packaging business in a deal valued at €7.3bn.
Polestar Performance for €17.1bn. Polestar is an EV company Once again, there was a clear sustainability theme. Ardagh 200 40
owned by Volvo and Chinese automaker Geely that is a direct Metal Packaging is not only the second-largest beverage can
competitor to Tesla. producer in Europe and the third-largest in the Americas, but it
bills itself as a leading supplier of “infinitely recyclable” cans. 100 20

The Polestar deal demonstrates two prominent trends in the

M&A landscape in 2021—the increasing role of SPACs and the
0 0
growth in interest in EV technology. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020 2021

Deal volume Deal value €(bn)

Source: Mergermarket

30
I&C top bidders by value I 2021 Private equity fuels deals A problem carved
PE buyout activity rose by 66% to €64bn, while volume rose In one of the largest PE carve-outs of the year, Bain Capital
EUR (m)
by 48% to 418 deals. The growth in exit activity was even and Cinven acquired Lonza Specialty Ingredients (now
USA 107,618
Germany 22,838 stronger, surging by 159% to €45.9bn, and volume rising renamed Arxada) from its biotech and chemicals parent
France 11,513 by 79% to 215 deals. I&C, a cyclical sector, is responding company in a €3.9bn deal. The company’s products are
Canada 7,586 to the changing consumer habits and the evolving needs of key ingredients in disinfectants, preservatives, sanitizers,
Switzerland 6,635 customers in their value chains. Some have been hit hard and personal care products, as well as coatings and other
during the crisis and need to raise cash to reduce debt industrial uses, offering its new owner multiple growth
and are doing so through divestments. ESG issues are also opportunities to pursue. For Lonza, the divestiture hones
I&C top bidders by volume I 2021
increasingly driving boardroom decisions over what areas of its focus on its drug business, which has been boosted by
Deal count the business to grow and which to jettison. Added pressure is the global efforts to tackle the pandemic. The corporate
Germany 224 also coming from activist shareholders who are calling for the counts among its customers both Moderna, which it supplies
USA 214 spin-off of non-core assets to realize shareholder value. ingredients for its COVID-19 vaccine, and AstraZeneca, which
France 209 it supports in manufacturing its COVID antibody treatment.
Sweden 199
United Kingdom 176

31
I&C top 10 announced deals, 2021 Green Deal and supply chain crisis to
spur deals
There is good reason to expect sustained carve-out activity
Announced Bidder company Target company
Target company Target Target company
Vendor Vendor company Deal value
date dominant dominant (€m) in I&C—particularly the latter. The European Commission
country country has published a chemicals strategy for sustainability, part of
1 13-xxx-21
27-Sep-21 Gores Guggenheim, Inc. Polestar Performance AB Sweden 17,067 the EU’s zero pollution ambition, a key commitment of the
aforementioned Green Deal. This prompted sector leaders in
2 30-Jul-21
08-xxx-21 Daimler AG (Shareholders) Daimler Truck AG Germany Daimler AG 15,930 December 2021 to make an urgent call to the Commission,
asking to collaborate on a transition pathway to guide the
3 11-Aug-21
08-xxx-21 TransDigm Group Inc. Meggitt Plc United 9,372
massive investments required to meet the Green Deal’s
Kingdom
objectives. As the specific requirements of the chemicals
4 02-Aug-21
14-xxx-21 Parker Hannifin Corporation Meggitt Plc United 8,367
industry come into sharper focus, there will be added pressure
Kingdom
to divest of non-core assets that may require too much work,
5 23-Feb-21
30-xxx-21 Ardagh Metal Packaging S.A. Ardagh Metal Packaging S.A. Luxembourg Ardagh Group S.A. 7,286 representing potential future PE deal flow.

6 14-Aug-21
05-xxx-21 Faurecia S.A. HELLA GmbH & Co. KGaA Germany 5,988 Moreover, global supply chain issues could draw more
attention to—and catalyze greater investment in—the
7 01-Jul-21
27-xxx-21 MKS Instruments, Inc. Atotech Limited Germany The Carlyle Group 5,560 industrials sector. The large amounts of dry powder in the
PE market mean that financial sponsors will be keen to take
8 11-Nov-21
03-xxx-21 Sika AG MBCC Group (100% Stake) Germany Lone Star Funds 5,213
advantage of this, while the return of consumer demand at this
stage of the pandemic could give corporates the confidence
9 05-Feb-21
15-xxx-21 Blackstone Infrastructure; Blackstone Signature Aviation plc (81.27% Stake) United 5,068
to spend on restructuring, both through bolt-on acquisitions
Core Equity; GIP Cascade Consortium Kingdom
and carve-outs.
10 30-Jun-21
31-xxx-21 Alecta Pensionsforsakring Omsedisigt; Stockholm Exergi Holding AB (50% Stake) Sweden Fortum Oyj AB 4,048
PGGM N.V.; AXA Investment Managers S.A.;
APG Group N.V.; Keva

32
 All sectors
I&C league league
tables tables

Financial advisors by value Financial advisors by volume

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 5 Citi 80,835 22 1 4 Deloitte 5,334 95
2 13 Morgan Stanley 67,021 23 2 2 PwC 7,380 92
3 14 Bank of America 64,509 19 3 1 KPMG 4,660 82
4 3 JPMorgan 59,192 29 4 5 Rothschild & Co 50,550 70
5 1 Goldman Sachs & Co 53,597 22 5 3 EY 4,362 67
6 4 Rothschild & Co 50,550 70 6 17 Lincoln International 1,934 48
7 9 Deutsche Bank 48,504 13 7 13 Lazard 23,039 30
8 15 Barclays 36,817 16 8 25 Clearwater International 30 30
9 6 Lazard 23,039 30 9 8 JPMorgan 59,192 29
10 2 UBS Investment Bank 19,551 17 10 7 Oaklins 708 29

Legal advisors by value Legal advisors by volume

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 3 Kirkland & Ellis 47,456 23 1 1 DLA Piper 10,337 91
2 74 Weil Gotshal & Manges 46,643 21 2 2 CMS 2,425 74
3 4 Freshfields Bruckhaus Deringer 41,701 40 3 3 White & Case 26,254 51
4 17 Sullivan & Cromwell 41,465 12 4 4 Baker McKenzie 25,845 43
5 2 White & Case 26,254 51 5 5 Latham & Watkins 25,907 41
6 18 Latham & Watkins 25,907 41 6 6 Freshfields Bruckhaus Deringer 41,701 40
7 15 Baker McKenzie 25,845 43 7 8 Allen & Overy 13,174 39
8 105 Davis Polk & Wardwell 22,521 5 8 9 Eversheds Sutherland 2,890 33
9 93 Mannheimer Swartling 20,284 17 9 12 Clifford Chance 11,599 27
10 20 Hannes Snellman 19,184 7 10 7 Linklaters 18,579 26
Source: Mergermarket Source: Mergermarket

The advisor league tables by value and volume have been run from 01/01/2021 to 31/12/2021 and exclude lapsed and withdrawn deals. The tables are pan-European and cover the I&C sector. Source: Mergermarket 33
Pharma, medical & biotech
Supersized deals are absent
but tailwinds persist
The PMB sector saw robust M&A activity in 2021, despite PMB M&A activity, Fundamentals are in place
lacking megadeals on the order of the blockbuster €75.8bn 2019 - 2021 The second-biggest transaction saw Australian biotech group
Allergan/AbbVie deal in 2019. There were 873 transactions CSL acquire Swiss drugmaker Vifor Pharma, a specialist in
in the sector—not only was this 42% above the total in 2020, kidney care, for €10.4bn. The deal complements CSL’s existing
it even overtook the 649 total in 2019. 250 100 areas of focus, expanding its portfolio in hematology and
thrombosis, cardiovascular-metabolic, and transplants.
Total value came to €120.3bn, nearly triple
While headline-stealing big-ticket deals were largely absent
the €41.2bn total in all of 2020. 200 80
in 2021, the underlying fundamentals are all still in place.
Aging populations in Europe in particular mean that long-
The largest transaction saw Roche reabsorb a 33.33% stake in term demand for healthcare continues to rise in lockstep
150 60

Deal value €(bn)

itself from Novartis for €18bn, cutting ties with its competitor with the prevalence of chronic disease. Technological

Deal volume
20 years after it first invested. The deal has further simplified developments such as CRISPR gene editing are driving new
the structure of Novartis, which in 2019 spun off its eye care waves of innovation to tackle the world’s healthcare needs.
business Alcon and is in the process of securing a buyer for its 100 40 The pandemic has added further impetus to innovation.
generic-drug division, Sandoz.
PE has made hay while the sun is shining. Sponsor activity
50 20
was strong in the sector, representing just over a third of all
M&A value. Buyout volume ticked up by 38% to 229 deals,
value rising by 68% to €41.6bn. The biggest relative gains,
however, came from exits. There were 139 PE sales worth
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 €36.5bn—these represented 96% and 166% increases,
2019 2020 2021 respectively, year-on-year.
Deal volume Deal value €(bn)

Source: Mergermarket

35
PMB top bidders by value I 2021 Private equity cashes in Of the same size was another French secondary sale.
A number of these PE transactions were PE-to-PE deals. Intermediate Capital Group partially exited DomusVi to a large
EUR (m)
The largest of these saw Partners Group offload French PE consortium including UI Investissement, Bpifrance, and
USA 30,440
Switzerland 21,511 laboratories firm Cerba Healthcare in a €4.5bn secondary Arkéa Capital among others. At over 33,000 beds, Domus
Sweden 13,424 deal with EQT Partners, and Bpifrance and Canada’s is now the third-largest care home provider in Europe.
France 12,153 Public Sector Pension Investment Board reinvesting. The company offers a full range of services for the elderly,
Australia 11,514 Demand for laboratory assets has increased amid including medical nursing homes, traditional nursing homes,
the pandemic. Cerba has developed new COVID-19 residential services, and home-care services. While nursing
exploratory tools to enhance clinical research for the homes have come under intense pressure over the past
PMB top bidders by volume I 2021
development of vaccines and treatments for the disease 24 months, they have also benefited from state support to
Deal count and other infectious respiratory illnesses. bulwark themselves from the impact of the pandemic. In the
France 134 longer run, demand for their services is only set to rise.
United Kingdom 121
USA 110
Germany 75
Sweden 66

36
Regulations looming PMB top 10 announced deals, 2021
A potential driver of future pharma M&A is the decision
of the EU’s antitrust agencies to collaborate with their
Announced Bidder company Target company Target Vendor company Deal value
counterparts in other regions to overhaul how they evaluate date dominant (€m)
mergers. The aim is to protect against deals that could kill country

off promising drug development or lead to price gouging. 1 04-Nov-21 Roche Holding AG Roche Holding AG Switzerland Novartis AG 18,029
(33.33% Stake)

EU regulators have reported that nearly a quarter of the 2 14-Dec-21 CSL Limited Vifor Pharma AG (100% Stake) Switzerland Patinex AG 10,429

pharmaceutical deals reviewed between 2009 and 2017

showed a risk of potential price increases, especially for 3 03-Feb-21 Jazz Pharmaceuticals, Inc. GW Pharmaceuticals Plc United 5,336
Kingdom
generics. They required divestments before clearing those
deals. Ultimately, for the right price, there will likely be a 4 06-Jan-21 AmeriSourceBergen Corporation Walgreens Boots Alliance, Inc. United Walgreens Boots Alliance, Inc. 5,255
(majority of Alliance Healthcare Kingdom
number of PE suitors seeking to be on the other side of businesses)
these trades. 5 03-May-21 Montes Archimedes Acquisition Corp. Roivant Sciences, Ltd. Switzerland 5,233

6 30-Jun-21 EQT Partners AB; Public Sector Pension Cerba HealthCare SAS France Partners Group Holding AG 4,500
Investment Board; Bpifrance S.A.

7 31-May-21 Intermediate Capital Group Plc; Macif- DomusVi SAS France Intermediate Capital Group Plc; 4,500
Mutualite; Sagesse, Retraite, Sante Bpifrance S.A.; Mubadala Capital
SAS; UI Investissement; Bpifrance
S.A.; Yves Journel (Private Investor);
Stags SAS; Arkea Capital; Flandrin
Finance; Merieux Equity Partners
SAS; BNP Paribas Agility Capital

8 09-Feb-21 Nestle Purina PetCare Company; Independent Vetcare Limited United 3,500
EQT Partners AB; Silver Lake Partners Kingdom

9 07-Apr-21 CA Healthcare Acquisition Corp. LumiraDx Limited United 2,526

Kingdom

10 08-Nov-21 Coloplast A/S Atos Medical AB (100% Stake) Sweden PAI Partners SAS 2,155

37
 All sectors
PMB leagueleague
tablestables

Financial advisors by value Financial advisors by volume

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 3 Goldman Sachs & Co 61,185 25 1 1 PwC 1,734 48
2 26 Credit Suisse 35,408 16 2 3 Rothschild & Co 18,393 47
3 10 JPMorgan 33,174 27 3 5 EY 2,495 34
4 21 UBS Investment Bank 27,596 7 4 2 Deloitte 1,989 33
5 5 Bank of America 27,570 10 5 14 JPMorgan 33,174 27
6 12 Centerview Partners 24,936 8 6 7 Goldman Sachs & Co 61,185 25
7 - Citi 20,587 6 7 4 KPMG 799 21
8 1 Rothschild & Co 18,393 47 8 20 Clearwater International 4,990 17
9 6 Morgan Stanley 17,875 8 9 52 Credit Suisse 35,408 16
10 8 Jefferies 16,884 11 10 11 Degroof Petercam - 15

Legal advisors by value Legal advisors by volume

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 17 Kirkland & Ellis 37,785 19 1 2 CMS 977 39
2 16 White & Case 28,737 34 2 1 DLA Piper 6,134 38
3 69 Baer & Karrer 28,458 5 3 3 White & Case 28,737 34
4 10 Cleary Gottlieb Steen & Hamilton 26,132 8 4 4 Latham & Watkins 19,550 30
5 379 Simpson Thacher & Bartlett 25,844 5 5 5 Goodwin Procter 11,081 24
6 8 Davis Polk & Wardwell 23,681 5 6 8 Freshfields Bruckhaus Deringer 13,695 23
7 1 Weil Gotshal & Manges 20,378 16 7 13 Linklaters 10,412 22
8 2 Latham & Watkins 19,550 30 8 7 Baker McKenzie 6,831 21
9 191 Lenz & Staehelin 18,272 5 9 21 Kirkland & Ellis 37,785 19
10 19 Vinge 14,237 14 10 25 Cuatrecasas 1,440 18
Source: Mergermarket Source: Mergermarket

The advisor league tables by value and volume have been run from 01/01/2021 to 31/12/2021 and exclude lapsed and withdrawn deals. The tables are pan-European and cover the PMB sector. Source: Mergermarket 38
Telecoms, media & technology
Tech remains the dominant sectoral theme
of the pandemic
The TMT sector had an exceptionally strong 2020, with TMT M&A activity, Telecoms transactions
deal value doubling despite, or perhaps because of, mass 2019 - 2021 The second-largest deal was the €35.5bn offer for Telecom
disruptions amid global lockdowns. While value has not Italia (TIM) by PE firm KKR. TIM has been ranked the fastest 5G
increased at the same rate in 2021, it was still extremely mobile network in Europe, according to Opensignal. However,
strong—value was up by 42% to a new record annual high of 800 120 competition has crushed its profit margins just as it needs to
€352.5bn. This dwarfed I&C, the next highest value sector. invest in upgrading its network, which is Italy’s main telecoms
700 infrastructure and a strategic asset for the country. Backing
100
from KKR could support that upgrade. But it is possible
TMT volume also jumped up by 60% to
600 the deal, which would mark the largest leveraged buyout in
2,743 deals, another record high. European history, will not cross the line. KKR’s offer, which
80
500 is non-binding, may never be finalized and the company has

Deal value €(bn)

The largest deal was a €38.1bn share swap between since gone on to explore its options, including separating

Deal volume
Netherlands-based Prosus and its parent company, South 400 60 its infrastructure and services assets to improve capital
Africa-based Naspers. The transaction was pursued to efficiency and satisfy the interests of its many stakeholders.
address Naspers’ oversized weight on the Johannesburg Stock 300
Exchange, as well as to improve both companies’ valuations. 40 This asset splitting has been a common play in the telecoms
Both companies trade at a discount to the underlying assets space for some time already. In another top ten deal, Telefónica
200
they own, especially the stake they hold in Chinese software subsidiary Telxius Telecom sold its tower division to real estate
and gaming giant Tencent. This discount is what prompted 20 investment trust American Tower Corporation for €7.7bn. The
100
Prosus to spin Naspers out in the first place back in 2019. goal here is to unlock capital and reduce operating costs by
leasing towers rather than investing into them.
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020 2021

Deal volume Deal value €(bn)

Source: Mergermarket

40
PE loves tech TMT top bidders by value I 2021
The TIM transaction is an indication of the appetite of PE
EUR (m)
houses for big-ticket deals in the TMT sector. Rising valuations
USA 160,048
in the tech sector have not proved to be a deterrent for Netherlands 43,096
dealmaking—instead, PE houses have rushed to use their United Kingdom 27,058
vast levels of dry powder to invest in new transactions. France 26,331
Italy 12,072
Buyout value jumped 163% to €132.6bn in 2021, while volume
rose by 81% to 829 deals. Exit activity grew more modestly,
TMT top bidders by volume I 2021
with value edging up by 8% to €85.4bn, and the number of
transactions rose by 40% to 451 deals. Deal count
USA 604
The second-largest PE deal was an example of two prominent United Kingdom 424
trends in tech dealmaking in 2021—private equity investment France 230
and SPAC activity. The deal saw Thoma Bravo Advantage, a Germany 222
Sweden 193
SPAC managed by software buyout firm Thoma Bravo, merge
with ironSource for €8.4bn. The Israeli software firm caters to
the so-called app economy, helping companies to monetize
and distribute apps, a clear growth area.

41
TMT top 10 announced deals, 2021 SPAC combinations
The SPAC trend could be seen in other technology-related
transactions of the year. Aside from the eToro and Bullish deals
Announced Bidder company Target company Target Vendor company Deal value
Announced Bidder company Target company Target Vendor company Deal value in the fintech area, 2021 also saw UK-based online car retailer
date dominant (€m)
date dominant (€m)
country Cazoo’s merger with Ajax I for €5.6bn.
country
12-May-21 Prosus N.V. Naspers Limited (45.4% South 38,112
1 12-May-21 Prosus N.V. Naspers Limited (45.4%
Stake)
South
Africa
38,112
Stake) Africa Cazoo has been riding high on the momentum of the market it
21-Nov-21 KKR & Co. Inc. Telecom Italia S.p.A. (100% Italy 35,539 serves. The UK-based online used car marketplace, founded
2 21-Nov-21 KKR & Co. Inc. Telecom Italia S.p.A. (100%
Stake)
Italy 35,539
Stake) in 2018 by LoveFilm and Zoopla founder Alex Chesterman,
21-Mar-21 Thoma Bravo Advantage ironSource Ltd. Israel CVC Capital Partners Limited; Viola Group; 8,403
3 21-Mar-21 Thoma Bravo Advantage ironSource Ltd. Israel CVC Capital Partners Limited; Viola Group;
CBC Capital; Redline Capital Management
8,403 allows customers to purchase a car with financing and have
CBC Capital; Redline Capital Management
S.A.; Disruptive; Saban Ventures it delivered to their door in as little as 72 hours. Second-hand
S.A.; Disruptive; Saban Ventures
13-Jan-21 American Tower Corporation Telxius Telecom S.A. Germany Telxius Telecom S.A. 7,700 car prices have been rising at an unprecedented rate, as more
4 13-Jan-21 American Tower Corporation Telxius Telecom S.A.
(telecommunications towers
Germany Telxius Telecom S.A. 7,700
people opt for used pre-owned vehicles amid a shortage of new
(telecommunications towers
division in Spain, Brazil, Peru,
division in Spain, Brazil, Peru,
Chile and Argentina)
cars. According to the AA, the price of the UK’s most popular
Chile and Argentina)
cars increased by 57% between 2019 and 2021. A separate
09-Nov-21 DoorDash, Inc. Wolt Enterprises Oy (100% Finland KKR & Co. Inc. ; EQT Partners AB; Goldman 7,000
5 09-Nov-21 DoorDash, Inc. Wolt Enterprises Oy (100%
Stake)
Finland KKR & Co. Inc.; EQT Partners AB; Goldman
Sachs (private equity operations); Tiger
7,000 analysis by the Society of Motor Manufacturers and Traders
Stake) Sachs (private equity operations); Tiger
Global Management, LLC; DST Global; Coatue
Global Management, LLC; DST Global; Coatue found that the number of second-hand cars sold in the UK
Management, L.L.C; Lifeline Ventures Oy; 83
Management, L.L.C; Lifeline Ventures Oy; 83
North Ltd.; Vintage Ventures Management reached a record high in May and June 2021.
North Ltd.; Vintage Ventures Management
Ltd; ICONIQ Capital, LLC; Highland Europe
Ltd; ICONIQ Capital, LLC; Highland Europe
(UK) LLP; Prosus Ventures
(UK) LLP; Prosus Ventures The broader narrative here is that any software, whether B2B
10-Aug-21 NortonLifeLock Inc. Avast PLC Czech 6,646 or B2C, that saves the end user time and money continues to
6 10-Aug-21 NortonLifeLock Inc. Avast PLC Czech
Republic
6,646
Republic be a strong proposition. Technology offers an opportunity for
08-Nov-21 ViaSat Inc Inmarsat Plc (100% Stake) United Apax Partners LLP; Warburg Pincus LLC; 6,354
7 08-Nov-21 ViaSat Inc Inmarsat Plc (100% Stake) United Apax Partners LLP; Warburg Pincus LLC; 6,354 companies to eke out efficiencies and improve their margins
Kingdom Ontario Teachers' Pension Plan; Canada
Kingdom Ontario Teachers' Pension Plan; Canada at a time when their profit and loss accounts have never been
Pension Plan Investment Board
Pension Plan Investment Board
15-Sep-21 Vivendi SA Lagardere SCA (72.83% Stake) France Amber Capital UK LLP 6,247 under closer scrutiny. Regardless of the course the pandemic
8 15-Sep-21 Vivendi SA Lagardere SCA (72.83% Stake) France Amber Capital UK LLP 6,247
takes, this is an evergreen proposition. Combine this with
29-Mar-21 Ajax I Cazoo Group Ltd United Compagnie Nationale a Portefeuille S.A; 5,596 the ongoing splitting of telcos into operating companies and
9 29-Mar-21 Ajax I Cazoo Group Ltd United
Kingdom
Compagnie Nationale a Portefeuille S.A;
BlackRock, Inc.; L Catterton Management
5,596
infrastructure assets and there is every reason to expect that
Kingdom BlackRock, Inc.; L Catterton Management
Limited; General Catalyst Partners; Molten
Limited; General Catalyst Partners; Molten
Ventures; Sapphire Ventures, LLC; Novator the TMT sector will maintain its dominance in the year ahead.
Ventures; Sapphire Ventures, LLC; Novator
Partners LLP; Octopus Ventures Limited;
Partners LLP; Octopus Ventures Limited; Eight
Eight Roads Ventures; Entree Capital;
Roads Ventures; Entree Capital; Mubadala
Mubadala Capital; dmg ventures; D1 Capital
Capital; dmg ventures; D1 Capital Partners
Partners L.P.; Stride.VC; Delin Ventures
L.P.; Stride.VC; Delin Ventures
17-Feb-21 Kinnevik AB (Shareholders) Zalando SE (21.11% Stake) Germany Kinnevik AB 5,407
10 17-Feb-21 Kinnevik AB (Shareholders) Zalando SE (21.11% Stake) Germany Kinnevik AB 5,407

42
 All sectors
TMT leagueleague
tablestables

Financial advisors by value Financial advisors by volume

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 3 JPMorgan 109,221 45 1 4 PwC 12,720 86
2 1 Goldman Sachs & Co 106,896 40 2 1 EY 12,247 86
3 2 Morgan Stanley 65,132 28 3 2 Deloitte 4,844 76
4 51 Mediobanca S.p.A. 43,657 7 4 3 KPMG 9,213 73
5 4 LionTree Advisors 42,403 6 5 5 Rothschild & Co 17,215 48
6 10 Bank of America 40,753 24 6 16 JPMorgan 109,221 45
7 12 Credit Suisse 36,567 15 7 7 Goldman Sachs & Co 106,896 40
8 13 Citi 32,176 24 8 24 BDO 3,826 38
9 15 Jefferies 23,728 24 9 50 Houlihan Lokey 4,069 36
10 6 BNP Paribas 23,429 19 10 11 Lincoln International 724 31

Legal advisors by value Legal advisors by volume

2021 2020 Company name Value (€m) Deal count 2021 2020 Company name Value (€m) Deal count
1 21 Kirkland & Ellis 56,406 57 1 1 DLA Piper 25,098 180
2 2 Latham & Watkins 52,513 102 2 6 Latham & Watkins 52,513 102
3 25 Gianni & Origoni 40,229 8 3 16 Orrick Herrington & Sutcliffe 10,127 99
4 4 White & Case 38,589 96 4 2 White & Case 38,589 96
5 9 Clifford Chance 38,456 41 5 4 CMS 9,553 93
6 27 Chiomenti 36,557 7 6 9 Goodwin Procter 21,135 64
7 299 Gatti Pavesi Bianchi Ludovici 35,824 5 7 3 Baker McKenzie 5,006 63
8 3 Allen & Overy 33,848 61 8 7 Allen & Overy 33,848 61
9 15 Linklaters 30,262 43 9 8 Kirkland & Ellis 56,406 57
10 14 Freshfields Bruckhaus Deringer 27,571 51 10 5 Freshfields Bruckhaus Deringer 27,571 51
Source: Mergermarket Source: Mergermarket

The advisor league tables by value and volume have been run from 01/01/2021 to 31/12/2021 and exclude lapsed and withdrawn deals. The tables are pan-European and cover the TMT sector. Source: Mergermarket 43
About this report
Produced in partnership with Mergermarket, an Acuris company
Editors (Acuris Studios): Julian Frazer, Yining Su

For a full version of the Mergermarket M&A deal database inclusion and
league table criteria, go to: www.mergermarket.com/pdf/deal_criteria.pdf

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