M&Ai Report H1 2022

September2022 M&AiReportH12022 perfectinfo.com Contents AuniquelookatUKM&Aactivitythroughoutthefirsthalfof2022 EditedbyAbdeljabbarMaftah M&AInsightProductManager ContentPage M&AiIntroductionandReportMethodology3MarketOverview4 Fees11 LeagueTables16 Trends20 Criteria21 perfectinfo.com2 M&AiReportH12022 Contacts M&AInsight Contacts M&AideliversfullyverifiedM&Apracticeinformationtoourendusersinminutes.Userscanperformadetailedanalysisofalltransactions(completed,unsuccessfulorlive)sincetheUK’sTakeoverCodechangeinSeptember2011.M&AiisadealdrivendatabasecontainingatearsheetcoveringdealfeatureswhichareexportabletoExcel,andallrelateddocumentationgatheredandindexedaccordingtoadetailedtaxonomy.ThedocumentationcontainsRISannouncementsalongwithdealspecificcompanies’agreementssuchasconfidentiality,cooperationorfinancingagreements.Thereport’sdataisbasedonofficialtransactionaldocumentationthatisinstantlyverifiablethroughM&Ai’sdatabaseattheclickofabutton. ReportMethodology M&AInsight M&AInsightProductManager AbdeljabbarMaftahAbdeljabbar.Maftah@iongroup.com +44(0)2037411179 M&AAnalyst AditiShah Aditi.Shah@iongroup.com HeadofEquityandContentArchitecture SimonHancock Simon.Hancock@iongroup.com M&AInsightTeamM&AInsight@iongroup.com Thisreportsourcesitsdatafromextractedandfullyverifiedinformationaspublishedinprospectuses,scheme/offerdocuments,circulars,accounts, RISnoticesandfinancingagreements. Allgraphs,chartsandtablescontainedwithincanberecreatedbyanyonewhohasaccesstotheM&Aidatabase.TheonlyexternalsourcesthathavebeenusedarehistoricalsharepricingsourcedfromtheLSEandcurrencyexchangeratesfromtheBankofEngland. perfectinfo.com 3M&AiReportH12022 UKM&AMarketOverview Summary TotaldealsinH12022: 32 TotalvalueinH12022: £19.4bn Highlights FinancialAdvisor FinancialAdvisor GOLDMANSACHS £9,087M ROTHSCHILD 10 LegalAdvisor LegalAdvisor SLAUGHTERANDMAY £8,066M SLAUGHTERANDMAY 6 Broker Broker UBS £7,630M NUMISSECURITIES 5 PRFirm PRFirm FTICONSULTING £5,032M FTICONSULTING 7 TopAdvisersbyValue TopAdvisersbyVolume TopSector Financials 25.0% BusiestMonth June 37.5% LargestDeal TransactionSize  HomeservePlc/BrookfieldAssetManagementIncorporated£4,077M LargestFee(Target+Bidder) TotalFee  HomeservePlc/BrookfieldAssetManagementIncorporated£124M(3.04%odthedealvalue) MarketssufferedsteepdeclinesinH12022withmosthittingbearterritoryfollowingRussia’sinvasionofUkraine,thelockdowninandaroundShanghaiandcoupledwiththehangoverofsupplychainissuesfromtheCOVID-19pandemic.OntheLondonStockExchange,M&AactivityheldupwellinH12022whichsawaslightincreaseof 18.52%intotaldealvolumealbeitwitha36.78%decreaseintotaldealvaluefromH12021. Volume Privateequitytransactionsfellby10.02%inaggregatedealvalueand28.61%fordealvolume.P2PdealsstillaccountedforalmosthalfofdealvalueinH12022withthelargestdealbeingHomeServeplc’sacquisitionbyBrookfieldAssetManagementforjustover£4billion. TumblingdebtmarketsclosedoffavenuesfordealfinancingwithH12022witnessingadecreaseof57.81%indebtissuancesand55.00%indealsfinancedthroughloans;transactionsfinancedthoughcashroseslightlyincomparisonwithH12021(8.48%). SlaughterandMaytoppedtheLegalAdviserLeagueTablesforbothVolumeandValue,afeatrepeatedbyFTIConsultinginitscapacityasFinancialPR.RothschildtoppedtheFinancialAdviserLeagueTablesforVolumeandGoldmanSachsforValue. VolumeandValueBreakdown Value(£) Volume Value(£) 30 £30bn £30.7bn 20 £20bn £19.4bn 10 £10bn 0 27 H12021 32 H12022 £0bn perfectinfo.com4M&AiReportH12022 MarketAnalysisSectorBreakdown H12021 H12022 20 19 15 11 12 12 10 5 0 MAINMARKET AIM H12021 H12022 BasicMaterials 11.11% 6.25% ConsumerGoods 0.00%6.25% ConsumerServices 14.81% 15.63% Financials 29.63% 25.00% HealthCare 7.41% 6.25% Industrials 18.52% 21.88% Oil&Gas 3.70% 9.38% Technology 11.11% 6.25% Utilities 0.00% 3.13% *Telecommunications-0.00% H12021 H12022 21 20 18 15 14 10 6 5 0 SchemesofArrangement TakeoverOffers DealStructure Volume Volume perfectinfo.com H12022sawanincreaseintheproportionofUKM&AtransactionsontheMainMarket,accountingfor72.73%ofalldeals,upfrom47.83%inH12021. Themarketcontinuestofavourschemesofarrangementovertakeovers.However,H12022sawariseintheuseoftakeoveroffers,accountingfor43.75%oftotaldealvolume,upfrom22.22%inH12021. TheleadingsectorwasFinancials,representing25.00%oftotaldealvolumeinH12022,followedbyIndustrialswith21.88%.Telecommunicationshadnodealinthefirst6monthsoftheyear,forthesecondyearinarow.Oil&Gassawasubstantialimprovementfrom3.70%oftotaldealvolumeinH12021to9.38%inH12022,upby153.51%.BasicMaterialsandTechnologywitnessedbothafallof43.74%oftotaldealvolume. 5M&AiReportH12022 AnnouncementClosingdateTransactionsizeOffertypeTargetBidderReason  06/01/22 08/04/22 £21.60M Merger AngusEnergyPlc SoundEnergyplc Possibleoffer;rejectedoffer 21/01/22 08/03/22 £284.50M Acquisition Photo-MeInternationalPlc SergeCrasnianski Unrecommendedoffer;lapsedduetoacceptance 28/02/22 07/03/22 Acquisition OxfordInstrumentsPlc Spectrisplc Unsolicitedoffer;nobidmade 11/03/22 30/03/22 Acquisition PearsonPlc ApolloG