Worldwide Financial M&A up 83% over 2012
Japan's Orix Corp purchased Dutch asset manager Robeco Groep NV for $2.6 billion and Bancolombia acquired HSBC Bank (Panama) SA for $2.1 billion, bringing the volume of M&A in the financial sector to $32.1 billion for year-to-date 2013, an increase of 83% compared to last year at this time. Deal making in the financial sector accounts for 10% worldwide announced M&A this year, compared to 6% during year-to-date 2012. Activity in the Netherlands, United States and China accounts for nearly 50% of year-to-date M&A in the sector.
Goldman Sachs tops the ranking of M&A advisors in the financial sector this year with $14.8 billion from eight deals, unchanged from the firms ranking last year at this time. JP Morgan and Morgan Stanley rank second and third, respectively.
Slowest Start for Energy & Power M&A since 2004
Linn Energy's $4.1 billion all-stock bid for Berry Petroleum pushed the volume of energy & power M&A to $28.6 billion for year-to-date 2013, a 27% decline from last year at this time and the slowest annual start for deal making in the energy & power sector since 2004. United States deals account for 57% of overall activity in the sector so far this year compared to 33% during year-to-date 2012. Energy targets in the Slovak Republic, United Kingdom and China account for a combined 28% of year-to-date activity.
Citi, which has advised on the top three energy & power mergers this year, leads the year-to-date rankings for financial advisory work in the sector with six deals totaling $13.5 billion. Barclays and Jefferies round out the top three spots for energy & power M&A advice so far in 2013.
Americas ECM Nearly Doubles; Best Start Since 2000
Follow-on offerings from US-based Michael Kors Holdings ($1.5 billion) and Canada's Great-West Lifeco ($642.7 million) brings the volume of Americas equity capital markets activity to $41.1 billion, a 92% increase compared to last year at this time and the best start for ECM activity in the Americas since 2000 ($55.9 billion). Real estate, healthcare and energy & power offerings account for 60% of Americas ECM volume this year.
United States issuers account for 76% of Americas activity so far this year, followed by Canada (8%) and Mexico (6%). Last year at this time, US issuers accounted for 58% of equity and equity-related offerings in the Americas. Citi holds the top spot for Americas ECM underwriting this year, with 12.6% market share, an increase of 1.7 points compared to year-to-date 2012.