Which corporate finance-offices and investment banks guided the most Dutch merges and acquisitions in 2015? The five biggest M&A advisors considered deal size in the Netherlands are all American investment banks, with J.P. Morgan in leading position. The three Dutch big banks do stand at the top of the transaction list with number of deals.
“The Dutch banks are rewarded with prizes at the annual M&A Awards. But the American investment banks do all the big Dutch deals,” wrote NRC December 10th about the M&A Awards 2015. This makes sense when we look at the league tables. Multinationals don’t know boundaries, literally. For cross border transactions they use advisors which are available globally. This irreversible trend has been going on for a while now in the M&A-world.
Top 25 considered deal size
At the biggest Dutch take-over in 2015, of BG by Shell, (65 billion) we find J.P. Morgan, Goldman Sachs and Bank of Amerika as M&A advisors. Also the 10 billion euro plus-deals of Ahold-Delhaize, JAB-Keurig Green Mountain and NXP-Freescale were mainly guided by international investment banks which got the honour to construct the transactions.
|
|
Name |
Number of deals |
Deal size (billion €) |
|
1 |
J.P. Morgan |
20 |
145,834 |
|
2 |
Goldman Sachs |
11 |
135,836 |
|
3 |
Bank of America Merrill Lynch |
8 |
126,873 |
|
4 |
Morgan Stanley |
7 |
40,622 |
|
5 |
Lazard |
9 |
31,841 |
|
6 |
Deutsche Bank |
3 |
25,687 |
|
7 |
HSBC |
4 |
23,922 |
|
8 |
Credit Suisse |
3 |
23,745 |
|
9 |
ING Group |
35 |
12,002 |
|
10 |
Rothschild |
11 |
10,453 |
|
11 |
ABN AMRO |
26 |
9,657 |
|
12 |
Rabobank |
24 |
8,330 |
|
13 |
Aperghis & Co |
4 |
7,200 |
|
14 |
KPMG |
22 |
2,906 |
|
15 |
Zaoui & Co |
1 |
2,800 |
|
16 |
Deloitte |
18 |
2,209 |
|
17 |
EY |
14 |
2,069 |
|
18 |
Kempen & Co |
8 |
1,884 |
|
19 |
NIBC |
18 |
1,881 |
|
20 |
Emendo Capital |
4 |
1,796 |
|
21 |
Citigroup |
1 |
1,750 |
|
22 |
Nomura |
1 |
1,610 |
|
23 |
William Blair |
4 |
1,467 |
|
24 |
Lincoln International |
9 |
1,452 |
|
25 |
BNP Paribas |
4 |
1,436 |
Even though the battle of advisory for international mega mergers was definitely won by London and Wall Street (also when one of these mega mergers is from the Netherlands), the role of the Dutch investment banks and advisory firms in the Dutch economy is undiminished big.
Dutch dealmakers advised invariably at domestic SME and midcap transactions. Don’t forget that the SMEs and midcap companies together offer the majority of the working population a job and contain the majority of the total revenue of business in the Netherlands.
Top 25 considered number of deals
So apart from those several huge transactions, which parties structurally provide M&A-advice to companies and private equity sector throughout the year? ING Group is standing out with 35 deals. Followed by Rabobank/Rembrandt (29) and ABN AMRO (26). KPMG is the first non-bank in the list, followed by Deloitte. The first boutique in the list is Holland Corporate Finance.
|
|
Name |
Number of deals |
Deal size (billion €) |
|
1 |
ING Group |
35 |
12,002 |
|
2 |
Rabobank/Rembrandt* |
29 |
8,355 |
|
3 |
ABN AMRO |
26 |
9,657 |
|
4 |
KPMG |
22 |
2,906 |
|
5 |
J.P. Morgan |
20 |
145,834 |
|
6 |
Deloitte |
18 |
2,209 |
|
7 |
NIBC |
18 |
1,881 |
|
8 |
PwC |
16 |
1,295 |
|
9 |
Holland Corporate Finance |
16 |
0,690 |
|
10 |
MBCF |
16 |
0,08 |
|
11 |
EY |
14 |
2,069 |
|
12 |
Capitalmind |
13 |
0,163 |
|
13 |
BDO |
12 |
0,709 |
|
14 |
Goldman Sachs |
11 |
135,836 |
|
15 |
Rothschild |
11 |
10,453 |
|
16 |
Lazard |
9 |
31,841 |
|
17 |
Lincoln International |
9 |
1,452 |
|
18 |
Bank of America Merrill Lynch |
8 |
126,873 |
|
19 |
Kempen & Co |
8 |
1,884 |
|
20 |
Nielen Schuman |
8 |
0,927 |
|
21 |
Morgan Stanley |
7 |
40,622 |
|
22 |
JBR |
6 |
0,055 |
|
23 |
Quore Capital |
5 |
1,024 |
|
24 |
Squarefield |
5 |
0,120 |
|
25 |
Hogenhouck |
5 |
0,025 |
|
25 |
Baker Tilly Berk Corporate Finance |
5 |
0,025 |
|
25 |
Main Corporate Finance |
5 |
0,025 |
* The deals of Rabobank and Rembrandt Fusies & Overnames are combined because these entities operate under one balance sheet.
Source: M&A
