A very special year …
A very special year in 2020 and ranking with sometimes unexpected results. A redistribution of the cards? Probably, but it is the activity of 2021 that will enable us to understand who are the big winners of the crisis among M&A financial advisors and which models are best adapted to the current context where deals are made remotely and often over-the-counter.
In 2020, Morgan Stanley is No. 1 in the ranking by value, with a total of EUR 47.3 billion for 27 deals advised. This is a strong performance for the US bank, ranked No. 6 in our 2019 list. It is followed by BNP Paribas with a total of EUR 45.4 billion for 44 transactions and Société Générale with EUR 35.8 billion for 28 transactions. The latter is making a nice leap forward as the bank headed by Frédéric Oudéa was No. 13 in value in 2019. Lazard follows Société Générale very closely while Rothschild – n°1 last year – is ranked 5th. Goldman Sachs and JP Morgan, leaders in most of the League Tables “announced” in 2020, are respectively No. 6 and No. 7.
This year’s Ranking attracted a very large number of participants, 47 of whom were ranked in terms of number of deals and 43 in terms of value. In 2019, 36 establishments had been ranked in value, a relatively stable number over the last ten years. New entrants included Centerview, which carried out several major transactions in 2020 with its new team in Paris. Perella Weinberg Partners is joining our rankings for the first time, as are Evercore and Callisto. The latter offers management teams the services of an investment bank during LBO transactions.
As for the major deals of 2020, let’s mention Worldline / Ingenico (EUR 9.5 billion), Capgemini / Altran (EUR 5.1 billion), Ceva (EUR 4.8 billion, estimated amount), Regeneron (EUR 4.6 billion), CNP Assurances / La Poste / CDC, a complex deal, valued in our rankings at more than EUR 5 billion, including more than EUR 4 billion for the CNP deal. Also worth mentioning are the takeover of Polish operator Play by Iliad and the Veolia / Suez, KKR / Elsan and Sanofi / Principia transactions.
As for the deals reserved for 2021, we should mention LVMH / Tiffany, Alstom / Bombardier, Euronext / Borsa Italiana, etc. Are there any other major transactions to come? Probably. The financial advisors agree that the crisis favors mergers and acquisitions.