QUARTERLY REVIEW Q2 2021 - INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A - XBMA

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QUARTERLY REVIEW Q2 2021 - INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A - XBMA
QUARTERLY REVIEW Q2 2021

INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A
QUARTERLY REVIEW Q2 2021 - INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A - XBMA
GLOBAL M&A VOLUME
A RECORD HIGH
        Global M&A activity reached historic levels in the first
half of 2021, amounting to one of the highest first-half deal
volumes on record. The surge in M&A activity following
the early-pandemic shutdown has continued for the last
12 months, driven by a bull market, economic stimulus,
corporate priorities to adapt to changes in the economy
and lifestyles, the increased value of corporate stock
acquisition currency, relatively inexpensive debt financing
and surplus corporate cash and private equity dry powder.
        Global M&A volume was US$1.6 trillion in Q2 2021,
                                                     Global
a 20% increase from Q1 2021 (US$1.3 trillion) and nearly                                          M&A Volume: 2000-2021
three times the volume in Q2 2020 (US$564 billion). At
the current level of M&A activity, global M&A volume in
2021 is on pace to reach US$5.7 trillion, an increase of                                                             GLOBAL M&A VOLUME
approximately 53% from 2020 (US$3.7 trillion).
                                                                                                                     6.0
        Among the largest deals announced in the first half
                                                                                                                     5.5
of 2021 were Discovery’s US$43 billion merger with Warner                                                            5.0
Media and Canadian National Railway’s US$33 billion                                                                  4.5

merger with Kansas City Southern.                                                                                    4.0
                                                                                                     US$ TRILLIONS

                                                                                                                     3.5

                                                                                                                     3.0

                                                                                                                     2.5

                                                                                                                     2.0

                                                                                                                     1.5

                                                                                                                     1.0

                                                                                                                     0.5

                                                                                                                     0.0
                                                                                                                                0

                                                                                                                              011

                                                                                                                                2

                                                                                                                                3

                                                                                                                                4

                                                                                                                                5

                                                                                                                                6

                                                                                                                                7

                                                                                                                                8

                                                                                                                                9
                                                                                                                             1100

                                                                                                                              111

                                                                                                                             1122

                                                                                                                             1133

                                                                                                                             1144

                                                                                                                             1155

                                                                                                                             1166

                                                                                                                             1177

                                                                                                                             1188

                                                                                                                             1199

                                                                                                                            2200

                                                                                                                             2211
                                                                                                                            003

                                                                                                                            005

                                                                                                                            006

                                                                                                                            009
                                                                                                                            002
                                                                                                                            000

                                                                                                                            007
                                                                                                                            004

                                                                                                                            008
                                                                                                                            00

                                                                                                                          2200

                                                                                                                         2200
                                                                                                                         2200
                                                                                                                         2200

                                                                                                                         2200

                                                                                                                         2200

                                                                                                                        2200
                                                                                                                        2200

                                                                                                                        2200
                                                                                                                        2200
                                                                                                                        2200
                                                                                                                       2200
                                                                                                                       2200

                                                                                                                       2200
                                                                                                                        220

                                                                                                                       2200

                                                                                                                       2200

                                                                                                                       2200

                                                                                                                       2200
                                                                                                                       2200
                                                                                                                       2200
                                                                                                                       2200

ALL FIGURES ARE INFLATION-ADJUSTED TO 2021 DOLLARS. 2021 DATA IS ANNUALIZED IN GRAY BY DOUBLING
FIRST-HALF DATA. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS ANNOUNCED IN 2021 THAT HAVE NOT
BEEN COMPLETED.
SOURCE: THOMSON                                                                                                                          2
QUARTERLY REVIEW Q2 2021 - INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A - XBMA
GLOBAL M&A VOLUME:
Q2 SNAPSHOT
U.S. AND TECHNOLOGY DEALS DRIVE
M&A VOLUME
        Global M&A volume reached US$1.6 trillion for
Q2 2021 and was the largest Q2 volume since 2007
(US$1.8 trillion), 71% higher than the average Q2 volume
of global M&A over the last 10 years (US$905 billion).
        U.S. M&A volume was US$718 billion in Q2 2021, an
increase of 14% from Q1 2021 (US$632 billion) and more
than five times that of Q2 2020 (US$133 billion). U.S. M&A
volume in Q2 2021 was the highest quarterly U.S. M&A
                                                                                              Global M&A Volume: Q1 2020 Snapshot
volume since Q2 2007 (US$757 billion) and nearly double
the average Q2 U.S. M&A volume over the last 10 years
(US$380 billion).
        For the fourth consecutive quarter, the High                                                                 GLOBAL M&A VOLUME BY QUARTER
Technology sector dominated M&A activity in Q2 2021,
                                                                                                                     5,500
                                                                                                                     5,500   5,256
representing 25% of aggregate M&A volume, an increase
                                                                                                                     5,000
                                                                                                                     5,000                                                                 4,716
even above High Technology’s 21% share of global M&A                                                                          1,113
                                                                                                                     4,500
                                                                                                                     4,500
                                                                                                                                                                                                                   4,185
volume in Q1 2021. Many of the largest deals of the quarter                                                                                                                                        3,854
                                                                                                                                                                                                                           3,959
                                                                                                                     4,000
                                                                                                                     4,000                                                                 1,452
                                                                                                                                                                                   3,686                                           3,714
were in the High Technology sector, including Altimeter                                                                      1,129
                                                                                                                                      3,530                                                                3,605   880
                                                                                                                     3,500
                                                                                                                     3,500                                                                                                 1,001
                                                                                                      US$ BILLIONS

Growth’s US$34 billion de-SPAC merger with Grab Holdings.                                                                              617
                                                                                                                                                      2,931 2,952 2,933             975            1,268
                                                                                                                     3,000
                                                                                                                     3,000                                                                                 1,067                   1,322   2,847
                                                                                                                                                                           2,663                                    917
                                                                                                                                                                                           1,103
                                                                                                                                              2,441          638
                                                                                                                     2,500
                                                                                                                     2,500             978            842           960
                                                                                                                                                                                                                            827
                                                                                                                                                                            741     941
                                                                                                                             1,778                                                                  874     879
                                                                                                                     2,000                     748                                                                                         1,550
                                                                                                                     2,000                                   656
                                                                                                                                                                                                                   1,178           1,127
                                                                                                                                                      806           653
                                                                                                                     1,500
                                                                                                                     1,500                                                  766            1,237                           1,120
                                                                                                                                      1,108    555
                                                                                                                                                             797                   1,097            950     848
                                                                                                                     1,000
                                                                                                                     1,000                             661          752                                                            564
                                                                                                                                               547                          595
                                                                                                                             1,236                                                                                 1,210                   1,297
                                                                                                                      500
                                                                                                                      500              827                   861                            924                            1,010
                                                                                                                                                                                                    762     812                    700
                                                                                                                                               591    623           568     561     674
                                                                                                                        0
                                                                                                                        0
                                                                                                                             2007 2008 2009           2010   2011   2012   2013    2014    2015    2016    2017    2018    2019    2020    2021
                                                                                                                             2007 2008 2009           2010   2011   2012   2013    2014    2015    2016    2017    2018    2019    2020    2021

ALL FIGURES ARE INFLATION-ADJUSTED TO 2021 DOLLARS. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS
ANNOUNCED IN 2021 THAT HAVE NOT BEEN COMPLETED. FIGURES MAY NOT SUM DUE TO ROUNDING.
SOURCE: THOMSON                                                                                                                                                                                                                                    3
QUARTERLY REVIEW Q2 2021 - INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A - XBMA
CROSS-BORDER
M&A VOLUME
A RISE IN VOLUME AND A FALL IN SHARE
        Cross-border M&A volume reached US$444 billion in
Q2 2021, which was a 6% increase from the already high
level of cross-border M&A activity in Q1 2021 (US$419
billion) and the highest second-quarter volume of cross-
border M&A since Q2 2018 (US$502 billion).
        Despite the rise in cross-border M&A volume, the
average proportion of global M&A volume attributable
to cross-border M&A in Q2 2021 was lower than its
historical average. In Q2 2021, cross-border deals                                    Cross-Border M&A Volume: 2007-2021
represented 29% of global M&A volume, below the
proportion of global M&A volume attributable to cross-
border M&A in Q1 2021 (31%) and the average proportion
of global M&A volume attributable to cross-border M&A                                                                      CROSS-BORDER M&A VOLUME
over the last 10 years (36%).
                                                                                                                           6.0
        Two of the three largest deals of the quarter were                                                                       5.26

cross-border transactions, including Altimeter Growth’s                                                                    5.0                                                            4.72

US$34 billion de-SPAC merger with Grab Holdings and                                                                                                                                                            4.18
                                                                                                                                                                                                                      3.96
Canadian National Railway’s US$33 billion merger with                                                                      4.0                                                     3.69
                                                                                                                                                                                                 3.85
                                                                                                                                                                                                        3.61
                                                                                                                                                                                                                             3.71
                                                                                                                                 2.92
                                                                                                           US$ TRILLIONS

                                                                                                                                        3.53
Kansas City Southern. Other significant cross-border
                                                                                                                                                      2.93   2.95   2.93                  3.04
                                                                                                                           3.0                                                                                                      5.69
M&A deals announced in Q2 2021 include the $7.5 billion                                                                                                                    2.66                                2.56
                                                                                                                                               2.44                                              2.36
                                                                                                                                                                                   2.30                               2.78   2.41
acquisition of Hitachi Metals by a consortium led by Bain                                                                               2.17                                                            2.34

                                                                                                                           2.0                        1.82   1.93   1.89
Capital and Brookfield Asset Management’s $5 billion                                                                                                                        1.84
                                                                                                                                                                                                                                    1.98
                                                                                                                                               1.77
acquisition of Modulaire Group.                                                                                                  2.33
                                                                                                                           1.0
                                                                                                                                                                                          1.67   1.49          1.62          1.31
                                                                                                                                        1.36                                       1.39                 1.26
                                                                                                                                                     1.11 1.03  1.04                                                  1.18          0.86
                                                                                                                                             0.67                           0.82
                                                                                                                                 42%
                                                                                                                                 44%     38% 27%
                                                                                                                                        39%     27% 38%38%35% 35%
                                                                                                                                                                35%        35%
                                                                                                                                                                            31%    31%
                                                                                                                                                                                   38%     38% 39%
                                                                                                                                                                                          35%    36% 35%39%39% 35%
                                                                                                                                                                                                                 30% 39%
                                                                                                                                                                                                                      35%           30%
                                                                                                                                                                                                                                     30%
                                                                                                                           0.0
                                                                                                                                 2007 2008
                                                                                                                                 2007 2008 2009
                                                                                                                                           2009       2010
                                                                                                                                                      2010   2011
                                                                                                                                                             2011   2012
                                                                                                                                                                    2012   2013    2014   2015   2016
                                                                                                                                                                                                 2016   2017
                                                                                                                                                                                                        2017   2018
                                                                                                                                                                                                               2018   2019
                                                                                                                                                                                                                      2019   2020
                                                                                                                                                                                                                             2020   2021
                                                                                                                                                                                                                                    2021

CROSS-BORDER M&A TRANSACTIONS ARE DEFINED AS THOSE IN WHICH THE PARTIES ARE HEADQUARTERED OR BASED
IN DIFFERENT COUNTRIES. ALL FIGURES ARE INFLATION-ADJUSTED TO 2021 DOLLARS. DATA IN THIS REPORT DOES NOT                                                      DOMESTIC M&A                CROSS-BORDER M&A
INCLUDE SPIN-OFFS ANNOUNCED IN 2021 THAT HAVE NOT BEEN COMPLETED. FIGURES MAY NOT SUM DUE TO ROUNDING.                                                                                                                                     4
SOURCE: THOMSON
QUARTERLY REVIEW Q2 2021 - INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A - XBMA
Volume & Number of Large Deals: US$ 1-5 billion Q1 2021

LARGE AND MEGA                                                                                                                              VOLUME & NUMBER OF LARGE DEALS US$1-5 BILLION
M&A DEALS                                                                                                                                  2.5                                                                                                               1,000

STRENGTH OF LARGE AND MEGA M&A                                                                                                                                                                                                                               900
DEALS CONTINUES

                                                                                                              M&A VOLUME (US$ TRILLIONS)
                                                                                                                                           2.0                                                                                                               800

        Global large deal volume was US$459 billion in Q2                                                                                        1.71
                                                                                                                                                                                                                                                             700

                                                                                                                                                                                                                                                                   NUMBER OF DEALS
2021, a 7% decrease from Q1 2021 (US$495 billion), but an                                                                                  1.5                                                                                                               600

increase relative to the average Q2 volume of large deals                                                                                                                                                                        1.24
                                                                                                                                                 0.94                                                     1.16   1.14   1.13                                 500
                                                                                                                                                                                                   1.11
                                                                                                                                                                                                                                               1.07
over the last 10 years (US$256 billion). The strength in                                                                                                              0.99    0.95          0.89
                                                                                                                                                                                                                                        1.02
                                                                                                                                                                                                                                                      0.95
                                                                                                                                           1.0          0.92                         0.89                                                                    400
large deal volume has been primarily driven by domestic                                                                                                                                                                          0.74
                                                                                                                                                               0.67                                0.69   0.76   0.72   0.71                                 300
                                                                                                                                                                      0.55                                                              0.60   0.68
M&A deal volume, which represented 65% (US$299 billion)                                                                                                 0.52                  0.56   0.51   0.59                                                      0.66
                                                                                                                                           0.5                                                                                                               200
                                                                                                                                                               0.44
of large deal volume in Q2 2021, a slight increase from the
                                                                                                                                                 0.77
                                                                                                                                                                                                                                                             100
average proportion of Q2 large deal volume over the last                                                                                                0.41 0.24 0.44 0.39 0.38     0.31          0.42   0.39   0.41   0.42 0.50 0.42 0.39           0.30
                                                                                                                                                 46%
                                                                                                                                                 45%     44% 35%
                                                                                                                                                        44%     35% 44%44%41% 41%
                                                                                                                                                                                42% 42%
                                                                                                                                                                                     35%           35%
                                                                                                                                                                                                   38%     38%
                                                                                                                                                                                                          34%      34% 37%36%40% 37%41% 41%
                                                                                                                                                                                                                 36%                     37%          40%
                                                                                                                                                                                                                                                       31%
                                                                                                               0.0
                                                                                                    Volume & Number of Mega Deals: > US$ 5 billion Q1 2021                                                                                                   0
10 years (63%).                                                                                                                                  2007
                                                                                                                                                 2007 2008
                                                                                                                                                      2008 2009
                                                                                                                                                           2009       2010
                                                                                                                                                                      2010    2011   2012   2013   2014   2015   2016
                                                                                                                                                                                                                 2016   2017
                                                                                                                                                                                                                        2017    2018
                                                                                                                                                                                                                                2018    2019
                                                                                                                                                                                                                                        2019   2020
                                                                                                                                                                                                                                               2020   2021
                                                                                                                                                                                                                                                      2021

        Mega deal volume was US$641 billion in Q2 2021, a                                                                                                      DOMESTIC M&A                 CROSS-BORDER M&A                   NUMBER OF DEALS

significant increase of 72% from Q1 2021 (US$374 billion)
and relative to the average Q2 volume of mega deals over
                                                                                                                                            VOLUME & NUMBER OF MEGA DEALS > US$5 BILLION
the last 10 years (US$312 billion).
        The number of large M&A deals in Q2 2021 was 211,                                                                                  2.5                                                                                                               200

a decrease from Q1 2021 (223), but an increase of more                                                                                                                                                                                                       180
                                                                                                                                                                                                          2.09
than four times relative to the number of large M&A deals
                                                                                                              M&A VOLUME (US$ TRILLIONS)

                                                                                                                                           2.0                                                                                                               160

in Q2 2020 (51). The number of mega M&A deals in Q2                                                                                              1.76
                                                                                                                                                                                                                                                             140

                                                                                                                                                                                                                                                                   NUMBER OF DEALS
                                                                                                                                                                                                                                        1.53
2021 was 48, an increase of 14% from Q1 2021 (42), and                                                                                     1.5                                                                                   1.44                        120
                                                                                                                                                        1.35                                              1.29
                                                                                                                                                                                                                 1.29                          1.28
more than three times the number of mega M&A deals                                                                                               0.94                                                                                                        100
                                                                                                                                                                                                   1.13
in Q2 2020 (14).                                                                                                                                                                                                        1.00
                                                                                                                                                                                                                                 0.84
                                                                                                                                                                                                                                                      1.02
                                                                                                                                           1.0                                                                                                               80
                                                                                                                                                        0.92   0.83                  0.83                        0.71
                                                                                                                                                                                                                                        1.30   0.81
                                                                                                                                                                              0.73                 0.68
                                                                                                                                                                      0.67                                                                                   60
                                                                                                                                                                                            0.57
                                                                                                                                                                                                                        0.66                          0.75
                                                                                                                                           0.5                 0.70                  0.61                                                                    40
                                                                                                                                                 0.82                 0.48    0.57                        0.80
                                                                                                                                                                                            0.46                           0.61
                                                                                                                                                                                                                 0.58                                        20
                                                                                                                                                        0.44                                       0.45                                0.48           0.26
                                                                                                                                                              0.13   0.19        0.21 0.11                           0.33        0.23
                                                                                                                                                                           0.15
                                                                                                                                                  39%
                                                                                                                                                 46%      32% 15%15% 28%28%21% 21%
                                                                                                                                                        32%                      26% 26%
                                                                                                                                                                                      19%          19%
                                                                                                                                                                                                   40%     39% 45%
                                                                                                                                                                                                          38%    38% 33%45%42% 33%15% 42%
                                                                                                                                                                                                                                       37%            17%
                                                                                                                                                                                                                                                       26%
                                                                                                                                           0.0                                                                                                               0
                                                                                                                                                 2007
                                                                                                                                                 2007 2008
                                                                                                                                                      2008 2009
                                                                                                                                                           2009       2010
                                                                                                                                                                      2010    2011   2012   2013   2014   2015   2016   2017
                                                                                                                                                                                                                        2017    2018
                                                                                                                                                                                                                                2018    2019
                                                                                                                                                                                                                                        2019   2020
                                                                                                                                                                                                                                               2020   2021
                                                                                                                                                                                                                                                      2021

CROSS-BORDER M&A TRANSACTIONS ARE DEFINED AS THOSE IN WHICH THE PARTIES ARE HEADQUARTERED OR BASED                                                             DOMESTIC M&A                 CROSS-BORDER M&A                   NUMBER OF DEALS
IN DIFFERENT COUNTRIES. ALL FIGURES ARE INFLATION-ADJUSTED TO 2021 DOLLARS. DATA IN THIS REPORT DOES NOT
INCLUDE SPIN-OFFS ANNOUNCED IN 2021 THAT HAVE NOT BEEN COMPLETED. FIGURES MAY NOT SUM DUE TO ROUNDING.
                                                                                                                                                                                                                                                                         5
SOURCE: THOMSON
QUARTERLY REVIEW Q2 2021 - INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A - XBMA
M&A Volume by Target Region: Q1 2021

M&A VOLUME BY                                                                                                  M&A VOLUME BY TARGET REGION: Q2 2021
TARGET REGION                                                                                                                                          Africa/Middle East
                                                                                                                                                                              Mexico
                                                                                                                                                                               0.4%
U.S. M&A ACTIVITY REMAINS STRONG; EUROPE                                                                                       South America
                                                                                                                                                   Canada
                                                                                                                                                              5.2%

AND CHINA SHARES OF AGGREGATE M&A                                                                                                  2.0%
                                                                                                                                                    2.1%                       Central America
VOLUME FALL                                                                                                           Australia/NZ
                                                                                                                                                                                    0.0%

                                                                                                                         4.5%
        In Q2 2021, U.S. M&A activity accounted for 46%
of global M&A volume, a larger proportion than its share                                                                    Other Asia
                                                                                                                              6.7%
of global M&A volume since 2011 (43%). U.S. M&A activity
                                                                                                                    India
reached US$718 billion in Q2 2021, an increase of 14%                                                                1.6%                                              United States
                                                                                                                                                                           46.3%
from Q1 2021 (US$632 billion) and 441% from Q2 2020                                                                          Japan
                                                                                                                                               China
                                                                                                                              1.8%
(US$133 billion). U.S. M&A volume in Q2 2021 was the                                                                                           8.9%

highest quarterly U.S. M&A volume since Q2 2007
                                                                                                                                                           Europe
(US$757 billion) and 89% higher than the average                                                                                                           20.4%

Q2 U.S. M&A volume over the last 10 years (US$380 billion).
                                                                                                       M&A Volume by Target Region: 2007-2019
        While the share of U.S. M&A volume relative to global
M&A volume was higher in Q2 2021 than in prior periods,
the shares of European and Chinese M&A volume relative
                                                                                                               M&A VOLUME BY TARGET REGION: 2011-2021
to global M&A volume were lower in Q2 2021 than in prior
                                                                                                                                                              Africa/Middle East
periods. In Q2 2021, European M&A activity accounted                                                                              South America         Canada
                                                                                                                                                                     2.4%
                                                                                                                                      2.4%               3.0%             Mexico
for US$317 billion of M&A volume, representing 20% of                                                                                                                      0.5%
                                                                                                                               Australia/NZ
global M&A volume, a decrease compared to Europe’s 28%                                                                            2.7%
                                                                                                                                                                             Central America
                                                                                                                                                                                  0.1%
share of global M&A volume in 2020 and 24% share of                                                                           Other Asia
                                                                                                                                4.5%
total global M&A volume since 2011. Similarly, in Q2 2021,                                                           India
                                                                                                                      1.5%
Chinese M&A activity accounted for US$138 billion of M&A
                                                                                                                               Japan
volume, representing 9% of global M&A volume, a decrease                                                                        2.7%
                                                                                                                                                                        United States
compared to China’s 16% share of global M&A volume in                                                                                           China                       42.9%
                                                                                                                                                13.3%
2020 and 13% share of total global M&A volume since 2011.

                                                                                                                                                           Europe
                                                                                                                                                           23.9%

REPRESENTS SHARE OF GLOBAL M&A VOLUME BASED ON TARGET’S HEADQUARTERS. ALL FIGURES ARE INFLATION-
ADJUSTED TO 2021 DOLLARS. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS ANNOUNCED IN 2021 THAT HAVE
NOT BEEN COMPLETED. FIGURES MAY NOT SUM DUE TO ROUNDING.                                                                                                                                         6
SOURCE: THOMSON
QUARTERLY REVIEW Q2 2021 - INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A - XBMA
TRENDS IN M&A VOLUME
BY TARGET REGION
GROWTH AROUND THE GLOBE
        The second quarter saw M&A activity continue to
rise across the globe. North American M&A activity was
particularly robust in Q2 2021, reaching US$750 billion, an
increase of 8% from Q1 2021 (US$692 billion), an increase
of 447% from Q2 2020 (US$137 billion), and approximately
85% higher than the average North American M&A volume
over the prior 10 second quarters (US$406 billion).
        In Europe, Q2 2021 M&A activity was US$317 billion, an
increase of 20% from Q1 2021 (US$264 billion), an increase
of 59% from Q2 2020 (US$200 billion), and approximately
34% higher than the average European M&A volume over
the prior 10 second quarters (US$236 billion).
        In the Asia-Pacific (excluding Japan), Q2 2021 M&A                                                          TRENDS IN M&A VOLUME BY TARGET REGION
                                                                                                                    2,000
activity was US$337 billion, an increase of 50% from Q1
2021 (US$225 billion), an increase of 105% from Q2 2020                                                             1,800

(US$164 billion), and approximately 70% higher than the                                                             1,600

average Asia-Pacific (excluding Japan) M&A volume over                                                              1,400
the prior 10 second quarters (US$199 billion).
                                                                                                                    1,200
                                                                                                     US$ BILLIONS

        In Japan, Q2 2021 M&A activity was US$28 billion, an
                                                                                                                    1,000
increase of 39% from Q1 2021 (US$20 billion), an increase of
57% from Q2 2020 (US$18 billion), and approximately 37%                                                              800

higher than the average Japanese M&A volume over the                                                                 600

prior 10 second quarters (US$20 billion).                                                                            400

                                                                                                                     200

                                                                                                                       0
                                                                                                                        2007   2008   2009
                                                                                                                                      2009   2010
                                                                                                                                             2010   2011
                                                                                                                                                    2011   2012
                                                                                                                                                            2012   2013
                                                                                                                                                                    2013   2014
                                                                                                                                                                            2014   2015
                                                                                                                                                                                    2015   2016
                                                                                                                                                                                            2016   2017
                                                                                                                                                                                                    2017   2018
                                                                                                                                                                                                            2018   2019
                                                                                                                                                                                                                    2019 2020
                                                                                                                                                                                                                          2020 2021
                                                                                                                                                                                                                                2021

ALL FIGURES ARE INFLATION-ADJUSTED TO 2021 DOLLARS. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS
ANNOUNCED IN 2021 THAT HAVE NOT BEEN COMPLETED.
SOURCE: THOMSON                                                                                                                                                                                                                        7
QUARTERLY REVIEW Q2 2021 - INTERNATIONAL INSTITUTE FOR THE STUDY OF CROSS-BORDER INVESTMENT AND M&A - XBMA
CROSS-BORDER M&A IN
EMERGING ECONOMIES
REBOUND CONTINUES
        Following another strong quarter of M&A activity
in emerging economies, M&A volume involving acquirers
or targets in emerging economies is on pace to increase
in 2021 relative to prior years. In Q2 2021, M&A activity in
emerging economies was US$325 billion, an increase of
35% from Q1 2021 (US$240 billion) and 86% from Q2 2020
(US$174 billion). If the pace of M&A volume in emerging
economies continues through the balance of the year,

                                                   Cross-Border
M&A volume in emerging economies is projected to reach                                                                M&A Volume in Emerging Economies:
its highest level on record (US$1.1 trillion).                                             2007-2021
        Cross-border emerging economy M&A volume in Q2
2021 was US$88 billion, an increase of 19% from Q1 2021
(US$74 billion) and 69% from Q2 2020 (US$52 billion),                                                                 EMERGING ECONOMY M&A VOLUME
and an increase from the average M&A volume in cross-                                                                 1,200
                                                                                                                                                                                 1,095
border emerging economy transactions over the last 10
                                                                                                                                                                                         1,002
second quarters (US$75 billion).                                                                                      1,000                                                                      949
                                                                                                                                                                                                        928
                                                                                                                                                 907
                                                                                                                                                                                                              886   869
        Significant cross-border transactions in Q2 2021                                                                      850                                          836
                                                                                                                       800
involving acquirers or targets in emerging economies                                                                                 710               698    697    683
                                                                                                       US$ BILLIONS

                                                                                                                                                                                 784
include the US$12 billion acquisition of Aramco Oil                                                                           328
                                                                                                                                                 498
                                                                                                                                                                                         633
                                                                                                                                                                                                 618    587
                                                                                                                       600                                                                                                565
                                                                                                                                                                                                              596
Pipelines by an investor group led by EIG Global Energy                                                                                    507                             558                                      656
                                                                                                                                     360               348    379
                                                                                                                                                                     404
Partners, Univision’s US$5 billion combination with Grupo
                                                                                                                       400
Televisa’s content and media assets, and DSV Panalpina’s                                                                                   271                                                                            402

US$4 billion acquisition of Agility Public Warehousing’s                                                                      522
                                                                                                                       200                       409
                                                                                                                                     350               350                               369     331    341
global integrated logistics business.                                                                                                      235
                                                                                                                                                              318
                                                                                                                                                                     279   278    311                         291
                                                                                                                                                                                                                          163
                                                                                                                                                                                                              213
                                                                                                                               61%
                                                                                                                              61%     49% 46%
                                                                                                                                     49%    46%45%45%
                                                                                                                                                    50% 51%
                                                                                                                                                          46% 46%
                                                                                                                                                               41%         41%
                                                                                                                                                                           33%    34% 37%
                                                                                                                                                                                 28%    29% 35%37%37% 35%
                                                                                                                                                                                                        33% 37%
                                                                                                                                                                                                             24%          32%
                                                                                                                                                                                                                           29%
                                                                                                                         0
EMERGING MARKET TRANSACTIONS ARE DEFINED AS THOSE IN WHICH EITHER OR BOTH PARTIES ARE
HEADQUARTERED OR BASED IN AN EMERGING ECONOMY. CROSS-BORDER M&A TRANSACTIONS ARE DEFINED AS                                   2007
                                                                                                                              2007 2008
                                                                                                                                   2008 2009
                                                                                                                                        2009 2010
                                                                                                                                             2010      2011
                                                                                                                                                       2011   2012
                                                                                                                                                              2012   2013
                                                                                                                                                                     2013 2014
                                                                                                                                                                          2014 2015
                                                                                                                                                                               2015 2016
                                                                                                                                                                                    2016         2017
                                                                                                                                                                                                 2017   2018 2019 2020
                                                                                                                                                                                                        2018 2019 2020 2021
                                                                                                                                                                                                                       2021
THOSE IN WHICH THE PARTIES ARE HEADQUARTERED OR BASED IN DIFFERENT COUNTRIES. ALL FIGURES ARE
INFLATION-ADJUSTED TO 2021 DOLLARS. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS ANNOUNCED IN
2021 THAT HAVE NOT BEEN COMPLETED. FIGURES MAY NOT SUM DUE TO ROUNDING. DEVELOPED AND EMERGING
ECONOMIES ARE DEFINED BY IMF CLASSIFICATION.                                                                                                           DOMESTIC M&A                CROSS-BORDER M&A
SOURCE: THOMSON                                                                                                                                                                                                                  8
DISTRESSED DEALS
A RISE IN DISTRESSED M&A VOLUME
        Despite widespread optimism in the first quarter
for economic recovery as the world returns to a new
normal, the flurry of M&A activity of the second quarter
brought with it a rise in distressed deal activity. In Q2 2021,
distressed M&A activity reached US$17 billion, an increase
of 33% from Q1 2021 (US$13 billion) and an increase of 52%
relative to the average second quarter volume of large deals
over the last 10 years (US$11 billion).
        Notable distressed deals in Q2 2021 include Twin Star’s
US$398 million acquisition of Videocon and the US$240
million investment in Healogics by an investor groupDistressed
                                                    led by                                               Deals: 2000 – 2020
Clayton Dubiller & Rice, Partners Group and Northwestern
Mutual.

                                                                                                                         DISTRESSED M&A VOLUME
                                                                                                                         150

                                                                                                                         125

                                                                                                                         100
                                                                                                          US$ BILLIONS

                                                                                                                          75

                                                                                                                          50

                                                                                                                          25

ALL FIGURES ARE INFLATION-ADJUSTED TO 2021 DOLLARS. DISTRESSED TRANSACTIONS INCLUDE THOSE IN WHICH
THE TARGET ENTITY IS UNDERGOING RESTRUCTURING OR HAS REDUCED THE DEBT ON ITS BALANCE SHEET THROUGH                        0
A BANKRUPTCY SALE, A TENDER OFFER OR AN EXCHANGE OFFER FOR EXISTING DEBT SECURITIES, OR A LOAN
                                                                                                                               011

                                                                                                                              033

                                                                                                                               100
                                                                                                                                 5

                                                                                                                                 111

                                                                                                                               122

                                                                                                                               166
                                                                                                                               133

                                                                                                                               144

                                                                                                                               155

                                                                                                                               177

                                                                                                                               188

                                                                                                                               199

                                                                                                                               211
                                                                                                                              06

                                                                                                                              09
                                                                                                                              02

                                                                                                                              07

                                                                                                                              20
                                                                                                                              00

                                                                                                                              04

                                                                                                                              08
                                                                                                                              05

MODIFICATION. AN ENTITY IS CONSIDERED TO BE UNDERGOING RESTRUCTURING IF IT HAS PUBLICLY CONFIRMED

                                                                                                                             20

                                                                                                                            20

                                                                                                                            20
                                                                                                                            20

                                                                                                                            20

                                                                                                                            20

                                                                                                                            20
                                                                                                                            20

                                                                                                                            20
                                                                                                                            20
                                                                                                                            20

                                                                                                                            20
                                                                                                                           20
                                                                                                                           20

                                                                                                                           20
                                                                                                                           20

                                                                                                                           20

                                                                                                                           20
                                                                                                                           20

                                                                                                                           20
                                                                                                                           20
                                                                                                                           20

RETENTION OF A RESTRUCTURING ADVISOR, PLANS TO RESTRUCTURE ITS DEBT, HAS FILED FOR BANKRUPTCY OR
HAS DEFAULTED ON ITSDEBT, HAS RECEIVED AN S&P OR MOODY’S RATING OF CCC+/CAA1 OR BELOW BEFORE OR IN
REACTION TO THE ANNOUNCEMENT OF A TRANSACTION, OR ITS CREDIT FACILITY OR DEBT SECURITIES CARRY A YIELD
OF 1,000 BPS ABOVE THAT OF U.S. TREASURIES.
SOURCE: THOMSON                                                                                                                                  9
GLOBAL M&A BY SECTOR:
LAST 12 MONTHS
HIGH TECHNOLOGY DOMINATES IN THE
COVID-19 ERA
     The High Technology sector continues to lead all other
major industry sectors in M&A volume in the last year. In the
last 12 months, High Technology represented US$1.2 trillion of
global M&A volume, accounting for 23% of global M&A volume
in the aggregate. The proportion of total global M&A volume
attributable to the High Technology sector increased in Q2
2021 relative to prior quarters, with High Technology deals
responsible for 29% of global M&A volume (US$389 billion)
in Q2 2021.
     The High Technology sector continues to far outpace
all others, with nearly double the M&A volume of the next                                        Global M&A by Sector: Last 12 Months Q3 2019
highest sector. Over the last 12 months, the Energy & Power
and Financials sectors were the second and third largest
contributors to global M&A volume, representing 12% of total                                                              M&A VOLUME BY SECTOR - LAST 12 MONTHS
global M&A volume (US$647 billion) and 11% of total global M&A
                                                                                                                            1,400
volume (US$563 billion ), respectively. In contrast, the Consumer
Staples sector contributed the least M&A volume of any industry                                                             1,200

sector over the last 12 months, representing just 3% of total
                                                                                                                            1,000
global M&A volume (US$139 billion).
     Retail, Materials and Healthcare were the sectors with
                                                                                                           US$ BILLIONS

                                                                                                                              800
the highest proportions of cross-border M&A volume in the
last 12 months, with 41%, 40% and 39% of total M&A volume,                                                                    600

respectively, attributable to cross-border transactions.
                                                                                                                              400
     The sectors with the lowest proportion of cross-border M&A
activity over the last 12 months were Energy & Power, with 24%                                                                200

of total M&A volume attributable to cross-border transactions,
                                                                                                                                  0
                                                                                                                                  0
and Real Estate, with 27% of total M&A volume attributable to                                                                             r           ls              ls            als                                                     les              t           ns                   il
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                                                                                                                                                                                                                                        lec
                                                                                                                                                                                       GLOBAL M&A*                       CROSS-BORDER M&A

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                                                                                                                                                                                                                                       du
INCLUDE SPIN-OFFS ANNOUNCED IN 2021 THAT HAVE NOT BEEN COMPLETED.

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SOURCE: THOMSON                                                                                                                                                         *INCLUDES BOTH DOMESTIC AND CROSS-BORDER TRANSACTIONS.

                                                                                                                                                                                                                                  rP
AGGREGATE VALUE OF DEALS

FROM DEVELOPED INTO EMERGING ECONOMIES                                                                                        FROM EMERGING INTO DEVELOPED ECONOMIES
               250                                                                                                                            300

               200                                                                                                                            250

                                                                                                                                              200
US$ BILLIONS

                                                                                                                               US$ BILLIONS
               150
                                                                                                                                              150
               100
                                                                                                                                              100
                50                                                                                                                             50

                    0                                                                                                                              0
                         2009    2010    2011    2012    2013    2014   2015   2016   2017   2018   2019   2020   2021                                  2009    2010    2011    2012    2013   2014    2015   2016   2017   2018   2019   2020   2021

INBOUND CHINESE DEALS                                                                                                         OUTBOUND CHINESE DEALS
               60                                                                                                                             250

               50                                                                                                                             200
US$ BILLIONS

                                                                                                                               US$ BILLIONS
               40
                                                                                                                                              150
               30
                                                                                                                                              100
               20
                                                                                                                                               50
               10
                                                                                                                                                   0
               0                                                                                                                                        2009    2010    2011    2012    2013    2014   2015   2016   2017   2018   2019   2020   2021
                        2009    2010    2011    2012    2013    2014    2015   2016   2017   2018   2019   2020   2021

INBOUND INDIAN DEALS                                                                                                          OUTBOUND INDIAN DEALS
                70                                                                                                                            40
                60                                                                                                                            35
                50                                                                                                                            30
US$ BILLIONS

                                                                                                                               US$ BILLIONS

                40                                                                                                                            25
                                                                                                                                              20
                30
                                                                                                                                              15
                20
                                                                                                                                              10
                10
                                                                                                                                               5
                    0
                         2009    2010    2011    2012    2013   2014    2015   2016   2017   2018   2019   2020   2021                        0
                                                                                                                                                       2009    2010    2011    2012    2013    2014    2015   2016   2017   2018   2019   2020   2021

ALL FIGURES ARE INFLATION-ADJUSTED TO 2021 DOLLARS. DATA IN THIS REPORT DOES NOT INCLUDE SPIN-OFFS ANNOUNCED IN 2021 THAT HAVE NOT BEEN COMPLETED. DEVELOPED AND EMERGING ECONOMIES ARE DEFINED BY IMF CLASSIFICATION.                             11
SOURCE: THOMSON
TOP 10 GLOBAL DEALS ANNOUNCED                                                                                  TOP 10 GLOBAL DEALS ANNOUNCED
IN Q2 2021                                                                                                     IN 2021

ACQUIRER*                                TARGET*                                   TARGET            DEAL      ACQUIRER*                                TARGET*                               TARGET          DEAL
                                                                                   INDUSTRY          VALUE**                                                                                  INDUSTRY        VALUE**

          Discovery Inc                              Warner Media LLC             Media and                              Discovery Inc                              Warner Media LLC          Media and
          United States                              United States                Entertainment      43,000              United States                              United States             Entertainment   43,000

US                                       US                                                                    US                                       US

          Altimeter Growth Corp                      Grab Holdings Inc            High                                   Altimeter Growth Corp                      Grab Holdings Inc         High
          United States                              Singapore                    Technology         34,260              United States                              Singapore                 Technology      34,260

US                                       Singapore                                                             US                                       Singapore

          Canadian National                          Kansas City Southern                                                Canadian National                          Kansas City Southern
          Railway Co                                 United States
                                                                                  Industrials        33,207              Railway Co                                 United States
                                                                                                                                                                                              Industrials     33,207
          Canada                                                                                                         Canada

Canada                                   US                                                                    Canada                                   US

                                                                                                                                                                    GE Capital Aviation
          Vonovia SE                                 Deutsche Wohnen SE           Real Estate        22,000              AerCap Holdings NV                         Services Inc              Financials      31,244
          Germany                                    Germany                                                             Ireland
                                                                                                                                                                    United States

Germany                                  Germany                                                               Ireland                                  US

          Thermo Fisher Scientific Inc               PPD Inc                      Healthcare                             Rogers Communications Inc                  Shaw Communications Inc   Media and
          United States                              United States
                                                                                                     20,802              Canada                                     Canada                    Entertainment   26,000

US                                       US                                                                    Canada                                   Canada

          Microsoft Corp                             Nuance Communications Inc High                  17,600              Vonovia SE                                 Deutsche Wohnen SE        Real Estate     22,000
          United States                              United States             Technology                                Germany                                    Germany

US                                       US                                                                    Germany                                  Germany

          Soaring Eagle Acquisition                  Ginkgo Bioworks Inc          Healthcare         16,582              Thermo Fisher Scientific Inc               PPD Inc                   Healthcare      20,802
          Corp                                       United States                                                       United States                              United States
          United States

US                                       US                                                                    US                                       US

          Realty Income Corp                         VEREIT Inc                                                          National Grid plc                          PPL WPD Investments Ltd   Energy and
                                                                                  Real Estate        16,396                                                                                                   20,107
          United States                              United States                                                       United Kingdom                             United Kingdom            Power

US                                       US                                                                    UK                                       UK

          Veolia Environment SA                      Suez SA                      Energy and                             Microsoft Corp                             Nuance Communications Inc High
          France                                     France                       Power              15,440              United States                              United States             Technology      17,600

France                                   France                                                                US                                       US

                                                                                  Energy and                             Soaring Eagle Acquisition
          Pembina Pipeline Corp                      Inter Pipeline Ltd                              12,704                                                         Ginkgo Bioworks Inc       Healthcare      16,582
          Canada                                     Canada                       Power                                  Corp                                       United States
                                                                                                                         United States

Canada                                   Canada                                                                US                                       US

                                                                                                                                                                                                                   12
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS
TOP 10 DEALS FROM DEVELOPED INTO EMERGING                                                                             TOP 10 DEALS FROM DEVELOPED INTO EMERGING
ECONOMIES* ANNOUNCED IN Q2 2021                                                                                       ECONOMIES* ANNOUNCED IN 2021

ACQUIRER**                                   TARGET**                                     TARGET          DEAL        ACQUIRER**                                TARGET**                                     TARGET          DEAL
                                                                                          INDUSTRY        VALUE***                                                                                           INDUSTRY        VALUE***

              Investor Group led by EIG                                                   Energy and                               Investor Group led by EIG                                                 Energy and
              Global Energy Partners LLC                    Aramco Oil Pipelines Co                       12,400                   Global Energy Partners LLC                  Aramco Oil Pipelines Co                       12,400
              United States
                                                            Saudi Arabia                  Power                                    United States
                                                                                                                                                                               Saudi Arabia                  Power

US                                           Saudi Arabia                                                              US                                       Saudi Arabia

                                                            Grupo Televisa SAB - Media,                                                                                        Grupo Televisa SAB - Media,
              Univision Holdings Inc                        Content and Production        Media and                                Univision Holdings Inc                      Content and Production        Media and
                                                                                          Entertainment   4,800                                                                                              Entertainment   4,800
              United States                                 Assets                                                                 United States                               Assets
                                                            Mexico                                                                                                             Mexico

US                                           Mexico                                                                    US                                       Mexico

                                                            Agility Public Warehousing  Consumer                                                                               Agility Public Warehousing  Consumer
              DSV Panalpina A/S                             Co KSCP - Global Integrated Products and      4,077                    DSV Panalpina A/S                           Co KSCP - Global Integrated Products and      4,077
              Denmark                                       Logistics Business          Services
                                                                                                                                   Denmark                                     Logistics Business          Services
                                                            Kuwait                                                                                                             Kuwait

Denmark                                      Kuwait                                                                    Denmark                                  Kuwait

              BCP Topco IX Pte Ltd                          Mphasis Ltd                   High                                     RMG Sponsor II LLC                          Renew Power Pvt Ltd           Energy and
              Singapore                                     India                         Technology      3,134                    United States                               India                         Power           3,586

Singapore                                    India                                                                     US                                       India

              Uber Technologies Inc                         Delivery Technologies SpA     High                                     BCP Topco IX Pte Ltd                        Mphasis Ltd                   High
              United States                                 Chile                         Technology      1,441                    Singapore                                   India                         Technology      3,134

US                                           Chile                                                                     Singapore                                India

                                                            Suzhou Quanyi Health
              KKR & Co Inc                                                                Retail          1,088                    Allianz SE                                  Aviva plc - Polish Business   Financials      2,941
              United States                                 Pharmacy Chain Co Ltd                                                  Germany                                     Poland
                                                            China

US                                           China                                                                     Germany                                  Poland

              Mitsui & Co Ltd                               PT CT Corp                                                             New Fortress Energy Inc                     Hygo Energy Transition Ltd    Energy and
              Japan                                         Indonesia
                                                                                          Financials      918                      United States                               Bermuda                       Power           2,510

Japan                                        Indonesia                                                                 US                                       Bermuda

                                                            Shenzhen Rural Commercial                                                                                          Polkomtel Infrastruktura Sp
              DBS Group Holdings Ltd                                                      Financials      812                      Cellnex Telecom SA                                                        Telecomm        1,905
              Singapore                                     Bank Co Ltd                                                            Spain                                       ZOO
                                                            China                                                                                                              Poland

Singapore                                    China                                                                     Spain                                    Poland

              Investor Group led by Falcon                                                                                         Uber Technologies Inc                       Delivery Technologies SpA     High
                                                            Bundl Technologies Pvt Ltd    Retail          800                                                                                                                1,441
              Edge Capital LP                               India                                                                  United States                               Chile                         Technology
              United States

US                                           India                                                                     US                                       Chile

              L’Arche Green NV                              United Breweries Ltd          Comsumer                                 Carrefour SA                                Grupo BIG Brasil SA           Retail
              Netherlands                                   India                         Staples         784                      France                                      Brazil
                                                                                                                                                                                                                             1,359

Netherlands                                  India                                                                     France                                   Brazil

*DEVELOPED/EMERGING ECONOMIES ARE DEFINED BY IMF CLASSIFICATION, AVAILABLE AT HTTP://WWW.IMF.ORG/EXTERNAL/PUBS/FT/WEO/2010/01/WEODATA/GROUPS.HTM.                                                                                    13
**COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. ***US$MILLIONS
TOP 10 DEALS FROM EMERGING INTO DEVELOPED                                                                                TOP 10 DEALS FROM EMERGING INTO DEVELOPED
ECONOMIES* ANNOUNCED IN Q2 2021                                                                                          ECONOMIES* ANNOUNCED IN 2021

ACQUIRER**                                               TARGET**                               TARGET        DEAL       ACQUIRER**                                               TARGET**                                   TARGET         DEAL
                                                                                                INDUSTRY      VALUE***                                                                                                       INDUSTRY       VALUE***

                                                                                                                                                                                                Koninklijke Philips NV
                                                                   Stack Exchange Inc - Stack   High
               Naspers Ltd                                         Overflow Platform                          1,800                     Hillhouse Capital Group Ltd                             - Domestic Appliances        Retail         4,370
               South Africa
                                                                   United States
                                                                                                Technology                              China                                                   Business
                                                                                                                                                                                                Netherlands

South Africa                                             US                                                              China                                                    Netherlands
               Investor Group comprised of Abu Dhabi
               Investment Authority - United Arab
               Emirates, NBSH Acquisition LLC, GIC Pte             Constellation Automotive                                                                                                                                  High
               Ltd - Republic of Singapore, Soros Fund             Group                        Retail        1,419                     Kismet Acquisition One Corp                             Nexters Global Ltd                          2,033
UAE            Management LLC
                                                                   United Kingdom
                                                                                                                                        Russia                                                  Cyprus                       Technology
               United Arab Emirates / United States /
               Singapore
US
                                                         UK                                                              Russia                                                   Cyprus
Singapore
               Mubadala Investment Co                              Delek Drilling LP - Tamar    Energy and                                                                                      Stack Exchange Inc - Stack   High
               PJSC - United Arab Emirates                         Gas Field                                  1,100                     Naspers Ltd                                                                                         1,800
                                                                                                Power                                   South Africa                                            Overflow Platform            Technology
               United Arab Emirates                                Israel                                                                                                                       United States

UAE                                                      Israel                                                          South Africa                                             US

                                                                   Kerry Group plc - Consumer
               JBS SA                                              Foods’ Meats & Meals         Consumer                                Wipro Ltd                                               The Capital Markets Co Ltd   High
                                                                                                Staples       975                                                                                                            Technology     1,450
               Brazil                                              Business                                                             India                                                   United Kingdom
                                                                   Ireland

Brazil                                                   Ireland                                                         India                                                    UK
                                                                                                                                        Investor Group comprised of Abu Dhabi
                                                                                                                                        Investment Authority - United Arab
               CITIC Capital Acquisition                                                        High                                    Emirates, NBSH Acquisition LLC, GIC Pte                 Constellation Automotive
                                                                   Quanergy Systems Inc                       970                                                                                                            Retail         1,419
               Corp                                                United States                Technology               UAE
                                                                                                                                        Ltd - Republic of Singapore, Soros Fund
                                                                                                                                        Management LLC
                                                                                                                                                                                                Group
               China                                                                                                                    United Arab Emirates / United States /                  United Kingdom
                                                                                                                                        Singapore
                                                                                                                         US
China                                                    US                                                                                                                       UK
                                                                                                                         Singapore
               Mindray Medical                                     HyTest Ltd                                                           Mubadala Investment Co                                  Delek Drilling LP - Tamar    Energy and
               International Ltd                                                                Healthcare    662                       PJSC - United Arab Emirates                             Gas Field                                   1,100
               China
                                                                   Finland
                                                                                                                                        United Arab Emirates                                    Israel
                                                                                                                                                                                                                             Power

China                                                    Finland                                                         UAE                                                      Israel

                                                                                                                                                                                                LeasePlan Corporation NV -   Consumer
               Grupo Comercial Chedraui                            Smart & Final Stores Inc     Retail        620                       Super Group Ltd                                         Australian and New Zealand   Products and   1,000
               SAB de CV
               Mexico
                                                                   United States                                                        South Africa                                            Businesses                   Services
                                                                                                                                                                                  Australia     Australia / New Zealand

Mexico                                                   US                                                              South Africa                                             New Zealand

                                                                                                                                                                                                Kerry Group plc - Consumer
               Petróleos Mexicanos -                                                            Energy and                                                                                                                   Consumer
                                                                   Deer Park Refining LP                      596                       JBS SA                                                  Foods’ Meats & Meals                        975
               Mexico                                                                           Power                                                                                                                        Staples
               Mexico
                                                                   United States                                                        Brazil                                                  Business
                                                                                                                                                                                                Ireland

Mexico                                                   US                                                              Brazil                                                   Ireland
               Investor Group led by
               Chongqing Chengxing                                                                                                      CITIC Capital Acquisition                               Quanergy Systems Inc         High
                                                                   Polestar Performance AB      Industrials   550                       Corp                                                                                                970
               Equity Investment Fund                              Sweden                                                                                                                       United States                Technology
               Partnership                                                                                                              China
               China

China                                                    Sweden                                                          China                                                    US

                                                                                                                                        Mindray Medical
               Bharti Enterpises Ltd                               OneWeb Ltd                   Telecomm      500                                                                               HyTest Ltd                   Healthcare     662
               India                                               United Kingdom
                                                                                                                                        International Ltd                                       Finland
                                                                                                                                        China

India                                                    UK                                                              China                                                    Finland

*DEVELOPED/EMERGING ECONOMIES ARE DEFINED BY IMF CLASSIFICATION, AVAILABLE AT HTTP://WWW.IMF.ORG/EXTERNAL/PUBS/FT/WEO/2010/01/WEODATA/GROUPS.HTM.                                                                                                   14
**COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. ***US$MILLIONS
TOP 10 NORTH AMERICAN DEALS                                                                                    TOP 10 NORTH AMERICAN DEALS
ANNOUNCED IN Q2 2021                                                                                           ANNOUNCED IN 2021

ACQUIRER*                                TARGET*                                   TARGET            DEAL      ACQUIRER*                                TARGET*                            TARGET          DEAL
                                                                                   INDUSTRY          VALUE**                                                                               INDUSTRY        VALUE**

         Discovery Inc                            Warner Media LLC                Media and                              Discovery Inc                           Warner Media LLC          Media and
         United States                            United States                   Entertainment      43,000              United States                           United States             Entertainment   43,000

US                                       US                                                                    US                                       US

         Canadian National                                                                                               Canadian National
         Railway Co                               Kansas City Southern            Industrials        33,207              Railway Co                              Kansas City Southern      Industrials     33,207
                                                  United States                                                                                                  United States
         Canada                                                                                                          Canada

Canada                                   US                                                                    Canada                                   US

                                                                                                                                                                 GE Capital Aviation
         Thermo Fisher Scientific Inc             PPD Inc                         Healthcare         20,802              AerCap Holdings NV                                                Financials      31,244
         United States                            United States                                                          Ireland                                 Services Inc
                                                                                                                                                                 United States

US                                       US                                                                    Ireland                                  US

         Microsoft Corp                           Nuance Communications Inc High                     17,600              Rogers Communications Inc               Shaw Communications Inc   Media and
                                                                                                                                                                                                           26,000
         United States                            United States             Technology                                   Canada                                  Canada                    Entertainment

US                                       US                                                                    Canada                                   Canada

         Soaring Eagle Acquisition                Ginkgo Bioworks Inc             Healthcare         16,582              Thermo Fisher Scientific Inc            PPD Inc                   Healthcare      20,802
         Corp                                     United States                                                          United States                           United States
         United States

US                                       US                                                                    US                                       US

         Realty Income Corp                       VEREIT Inc                      Real Estate        16,396              Microsoft Corp                          Nuance Communications Inc High            17,600
         United States                            United States                                                          United States                           United States             Technology

US                                       US                                                                    US                                       US

                                                                                  Energy and                             Soaring Eagle Acquisition
         Pembina Pipeline Corp                    Inter Pipeline Ltd                                 12,704                                                      Ginkgo Bioworks Inc       Healthcare      16,582
         Canada                                   Canada                          Power                                  Corp                                    United States
                                                                                                                         United States

Canada                                   Canada                                                                US                                       US

         Thoma Bravo LLC                          Proofpoint Inc                  High                                   Realty Income Corp                      VEREIT Inc                Real Estate
         United States                            United States                   Technology         12,300              United States                           United States
                                                                                                                                                                                                           16,396

US                                       US                                                                    US                                       US

         Danaher Corp                             Aldevron LLC                                                           UnitedHealth Group Inc                  Change Healthcare Inc     High
         United States                            United States
                                                                                  Healthcare         9,600               United States                           United States             Technology      12,800

US                                       US                                                                    US                                       US

         Cabot Oil & Gas Corp                     Cimarex Energy Co               Energy and                             Pembina Pipeline Corp                   Inter Pipeline Ltd        Energy and
         United States                            United States                   Power              9,005               Canada                                  Canada                    Power           12,704

US                                       US                                                                    Canada                                   Canada

                                                                                                                                                                                                                15
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS
TOP 10 ASIA-PACIFIC DEALS ANNOUNCED                                                                                     TOP 10 ASIA-PACIFIC DEALS ANNOUNCED
IN Q2 2021                                                                                                              IN 2021

ACQUIRER*                                      TARGET*                                          TARGET        DEAL      ACQUIRER*                               TARGET*                                          TARGET        DEAL
                                                                                                INDUSTRY      VALUE**                                                                                            INDUSTRY      VALUE**

            Altimeter Growth Corp                          Grab Holdings Inc                    High                                Altimeter Growth Corp                   Grab Holdings Inc                    High
            United States                                  Singapore                            Technology    34,260                United States                           Singapore                            Technology    34,260

US                                             Singapore                                                                US                                      Singapore

            PT Aplikasi Karya Anak                                                                                                  PT Aplikasi Karya Anak
            Bangsa                                         PT Tokopedia                         Retail        7,560                 Bangsa                                  PT Tokopedia                         Retail        7,560
                                                           Indonesia                                                                                                        Indonesia
            Indonesia                                                                                                               Indonesia

Indonesia                                      Indonesia                                                                Indonesia                               Indonesia

            Bain Capital LP                                Hitachi Metals Ltd                   Materials     7,500                 Bain Capital LP                         Hitachi Metals Ltd                   Materials     7,500
            United States                                  Japan                                                                    United States                           Japan

US                                             Japan                                                                    US                                      Japan
                                                           Raffles City Shanghai, Raffles                                                                                   Raffles City Shanghai, Raffles
            Ping An Insurance (Group)                      City Beijing, Raffles City Ningbo,                                       Ping An Insurance (Group)               City Beijing, Raffles City Ningbo,
                                                           Raffles City Chengdu, Raffles                                                                                    Raffles City Chengdu, Raffles
            Co of China Ltd                                City Changning (Shanghai) and        Real Estate   5,100                 Co of China Ltd                         City Changning (Shanghai) and        Real Estate   5,100
            China                                          Raffles City Hangzhou                                                    China                                   Raffles City Hangzhou
                                                           China                                                                                                            China

China                                          China                                                                    China                                   China

                                                                                                                                                                            Dewan Housing Finance
            Digi.Com Bhd                                   Celcom Axiata Bhd                    Telecomm      4,414                 Piramal Enterprises Ltd                                                      Financials    4,711
            Malaysia                                       Malaysia                                                                 India                                   Corp Ltd
                                                                                                                                                                            India

Malaysia                                       Malaysia                                                                 India                                   India

            Adani Green Energy Ltd                         SB Energy Holdings Ltd               Energy and                          Digi.Com Bhd                            Celcom Axiata Bhd
                                                                                                              3,500                                                                                              Telecomm      4,414
            India                                          India                                Power                               Malaysia                                Malaysia

India                                          India                                                                    Malaysia                                Malaysia

                                                                                                                                                                            Tus Environmental
                                                                                                                                    Henan Investment Group                                                       Energy and
            E-Mart Inc                                     Ebay Korea Co Ltd                    Retail        3,029                                                         Science and Technology                             3,699
                                                                                                                                    Co Ltd                                                                       Power
            South Korea                                    South Korea
                                                                                                                                    China                                   Development Co Ltd
                                                                                                                                                                            China

S. Korea                                       S. Korea                                                                 China                                   China

            GIC Pte Ltd - Republic                         Milestone Logistics Holdings                                                                                                                          Energy and
            of Singapore and ESR                                                        Real Estate           2,939                 RMG Sponsor II LLC                      ReNew Power Pvt Ltd                                3,586
                                                           Ltd - Property Portfolio                                                                                                                              Power
            Cayman Ltd                                     Australia
                                                                                                                                    United States                           India
            Singapore

Singapore                                      Australia                                                                US                                      India

            Washington H Soul Pattinson                                                                                                                                                                          Energy and
                                                           Milton Corp Ltd                      Financials    2,693                 Adani Green Energy Ltd                  SB Energy Holdings Ltd                             3,500
            and Co Ltd                                     Australia                                                                India                                   India                                Power
            Australia

Australia                                      Australia                                                                India                                   India
            Investor Group comprised of
            Shanghai Shangshi (Group) Co                   Shanghai Pharmaceuticals                                                 Investor Group led by
                                                                                                Healthcare    2,242                                                         Vocus Group Ltd                      Telecomm      2,480
            Ltd - People’s Republic of China               Holding Co                                                               Macquarie Group Ltd                     Australia
            and Yunnan Baiyao Group Co Ltd                 China                                                                    Australia
            China

China                                          China                                                                    Australia                               Australia

                                                                                                                                                                                                                                       16
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS
TOP 10 EUROPEAN DEALS ANNOUNCED                                                                                       TOP 10 EUROPEAN DEALS ANNOUNCED
IN Q2 2021                                                                                                            IN 2021

ACQUIRER*                                       TARGET*                                     TARGET          DEAL      ACQUIRER*                                       TARGET*                                    TARGET         DEAL
                                                                                            INDUSTRY        VALUE**                                                                                              INDUSTRY       VALUE**

            Vonovia SE                                        Deutsche Wohnen SE            Real Estate     22,000                Vonovia SE                                       Deutsche Wohnen SE            Real Estate    22,000
            Germany                                           Germany                                                             Germany                                          Germany

Germany                                         Germany                                                               Germany                                         Germany

            Veolia Environment SA                             Suez SA                       Energy and                            National Grid PLC                                PPL WPD Investments Ltd       Energy and
            France                                            France                        Power           15,440                United Kingdom                                   United Kingdom                Power          20,107

France                                          France                                                                UK                                              UK
            Investor Group comprised
            of Cassa Depositi e Prestiti
            SpA, The Blackstone Group                         Autostrade Per l’Italia SpA   Industrials     9,715                 Veolia Environment SA                            Suez SA                       Energy and
            Inc, and Macquarie Corporate                      Italy                                                               France                                           France                        Power          15,440
Italy
            International Holdings Pty Ltd
            Italy / United States / Australia
US
                                                Italy                                                                 France                                          France
Australia   Investor Group led by                                                                                                 Investor Group comprised
            GIC Pte Ltd - Republic                                                          Consumer                              of Cassa Depositi e Prestiti
            of Singapore and Melker                           Anticimex AB                  Products and    7,262                 SpA, The Blackstone Group                        Autostrade Per l’Italia SpA   Industrials    9,715
                                                              Sweden                                                              Inc, and Macquarie Corporate                     Italy
            Schorling Tjanste AB                                                            Services                  Italy
                                                                                                                                  International Holdings Pty Ltd
Sweden      Sweden / Singapore                                                                                                    Italy / United States / Australia
                                                                                                                      US
                                                Sweden                                                                                                                Italy
Singapore                                                                                                             Australia

            CA Healthcare Sponsor LLC                         LumiraDx Ltd                  Healthcare      5,000                 Gores Holdings V Inc                             Ardagh Metal Packaging SA     Materials      9,460
            United States                                     United Kingdom                                                      United States                                    Luxembourg

US                                              UK                                                                    US                                              Luxembourg
                                                                                                                                                                                   Telxius Telecom
            Brookfield Asset                                  Modulaire Group                                                     American Tower Corp                              SA - European
            Management Inc                                    United Kingdom
                                                                                            Industrials     5,000                 United States                                    Telecommunications Towers     Telecomm       7,568
            Canada                                                                                                                                                                 Division
                                                                                                                                                                                   Spain

Canada                                          UK                                                                    US                                              Spain
                                                                                                                                  Investor Group led by
            Sports Entertainment                                                                                                  GIC Pte Ltd - Republic                                                         Consumer
                                                              SGHC Ltd                      Media and                                                                              Anticimex AB                  Products and
            Acq Corp                                          Guernsey                      Entertainment   4,750                 of Singapore and Melker                          Sweden
                                                                                                                                                                                                                                7,262
            United States                                                                                                         Schorling Tjanste AB                                                           Services
                                                                                                                      Sweden      Sweden / Singapore

US                                              Guernsey                                                                                                              Sweden
                                                                                                                      Singapore
            Patient Square Capital LP                         Roivant Sciences GmbH         Healthcare      4,317                 Ajax I Holdings LLC                              Cazoo Ltd                     Retail         6,380
            United States                                     Switzerland                                                         United States                                    United Kingdom

US                                              Switzerland                                                           US                                              UK

            Pershing Square Tontine                                                         Media and
                                                              Universal Music Group BV                      4,000                 Jazz Pharmaceuticals PLC                         GW Pharmaceuticals PLC        Healthcare     6,334
            Holdings Ltd                                      Netherlands                   Entertainment                         United States                                    United Kingdom
            United States

US                                              Netherlands                                                           US                                              UK

            Clayton Dubilier & Rice                                                         Consumer
                                                              UDG Healthcare plc            Products and    3,700                 Cellnex Telecom SA                               Hivory SAS                    Telecomm       6,262
            Holdings LP                                       Ireland                                                             Spain                                            France
            United States                                                                   Services

US                                              Ireland                                                               Spain                                           France

                                                                                                                                                                                                                                        17
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS
TOP 10 INBOUND CHINESE DEALS                                                                                   TOP 10 INBOUND CHINESE DEALS
ANNOUNCED IN Q2 2021                                                                                           ANNOUNCED IN 2021

ACQUIRER*                                TARGET*                                   TARGET            DEAL      ACQUIRER*                                   TARGET*                                    TARGET        DEAL
                                                                                   INDUSTRY          VALUE**                                                                                          INDUSTRY      VALUE**

                                                     Suzhou Quanyi Health                                                                                              Apex International Logistics
            KKR & Co Inc                             Pharmacy Chain Co Ltd        Retail             1,088                   Kuehne Holding AG                         (China) Co Ltd                 Industrials   1,227
            United States                                                                                                    Switzerland
                                                     China                                                                                                             China

US                                       China                                                                 Switzerland                                 China

                                                     Shenzhen Rural Commercial                                                                                         Suzhou Quanyi Health
            DBS Group Holdings Ltd                   Bank Co Ltd                  Financials         812                     KKR & Co Inc                              Pharmacy Chain Co Ltd          Retail        1,088
            Singapore                                                                                                        United States
                                                     China                                                                                                             China

Singapore                                China                                                                 US                                          China

                                                     Hunan Shanshan Energy        Energy and
            BASF SE                                                                                  687                     East Stone Acquisition Corp               JHD Holdings (Cayman) Ltd      Retail        1,000
            Germany                                  Technology Co Ltd            Power                                      United States                             China
                                                     China

Germany                                  China                                                                 US                                          China

            Temasek Holdings (Pte) Ltd               Shanghai Minyun Technology High                                         Suez SA                                   SUEZ NWS Ltd                   Energy and
            - Republic of Singapore                  Co Ltd                                          497                                                                                              Power         898
            Singapore                                China
                                                                                Technology                                   France                                    Hong Kong

Singapore                                China                                                                 France                                      Hong Kong

                                                                                  High                                                                                 Shenzhen Rural Commercial
            Yolanda Management Corp                  VIYI Algorithm Inc                              394                     DBS Group Holdings Ltd                                                   Financials    812
            United States                            China                        Technology                                 Singapore                                 Bank Co Ltd
                                                                                                                                                                       China

US                                       China                                                                 Singapore                                   China
            Investor Group led by
            SoftBank Group Corp and                  Dingdong (Cayman) Ltd        Consumer                                   Investor Group including                  JD Property
            SB Investment Advisers                   China                        Staples            330                     Warburg Pincus LLC                        China
                                                                                                                                                                                                      Real Estate   700
            (UK) Ltd                                                                                                         United States
Japan       Japan / United Kingdom

                                         China                                                                 US                                          China
UK
                                                     New Ease Ltd - Warehouse                                                                                          Hunan Shanshan Energy          Energy and
            Prudential Financial Inc                                              Real Estate        323                     BASF SE                                                                                687
            United States                            Properties                                                              Germany                                   Technology Co Ltd              Power
                                                     China                                                                                                             China

US                                       China                                                                 Germany                                     China

                                                     Funing Aoyang Technology                                                Temasek Holdings (Pte) Ltd                Shanghai Minyun Technology High
            PT RGE Indonesia                         Co Ltd - Viscose Fiber       Materials          269                                                                                                            497
                                                                                                                             - Republic of Singapore                   Co Ltd                     Technology
            Singapore                                Business                                                                Singapore                                 China
                                                     China

Singapore                                China                                                                 Singapore                                   China

            Investor Group led by                                                                                                                                      CMB Wealth Management
                                                     Insilico Medicine Inc        Healthcare         255                     JPMorgan Chase & Co                                                      Financials    410
            Warburg Pincus LLC                       Hong Kong                                                               United States                             Co Ltd
            United States                                                                                                                                              China

US                                       Hong Kong                                                             US                                          China
            Investor Group led by
            TPG Capital LP, Orbimed                  Dingdang Kuaiyao Tech                                                                                                                            High
                                                                                  Retail             220                     Yolanda Management Corp                   VIYI Algorithm Inc                           394
            Advisors LLC, and                        Group Co Ltd                                                            United States                             China                          Technology
            Redview Capital                          China
US          United States / China

                                         China                                                                 US                                          China
China
                                                                                                                                                                                                                            18
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS
TOP 10 OUTBOUND CHINESE DEALS                                                                                           TOP 10 OUTBOUND CHINESE DEALS
ANNOUNCED IN Q2 2021                                                                                                    ANNOUNCED IN 2021

ACQUIRER*                                          TARGET*                                      TARGET        DEAL      ACQUIRER*                                          TARGET*                                 TARGET        DEAL
                                                                                                INDUSTRY      VALUE**                                                                                              INDUSTRY      VALUE**

                                                                                                                                                                                         Koninklijke Philips NV
            D8 Holdings Corp                                     Vicarious Surgical Inc         Healthcare    1,000                 Hillhouse Capital Group Ltd                          - Domestic Appliances     Retail        4,370
            Hong Kong                                            United States                                                      China                                                Business
                                                                                                                                                                                         Netherlands

Hong Kong                                          US                                                                   China                                              Netherlands

            CITIC Capital Acquisition                                                           High                                                                                     UK Power Networks         Energy and
            Corp                                                 Quanergy Systems Inc                         970                   CK Asset Holdings Ltd                                Holdings Ltd                            1,970
            China
                                                                 United States                  Technology                          Hong Kong
                                                                                                                                                                                         United Kingdom
                                                                                                                                                                                                                   Power

China                                              US                                                                   Hong Kong                                          UK

            Mindray Medical                                      HyTest Ltd                     Healthcare    662                   D8 Holdings Corp                                     Vicarious Surgical Inc    Healthcare    1,000
            International Ltd                                    Finland                                                            Hong Kong                                            United States
            China

China                                              Finland                                                              Hong Kong                                          US
            Investor Group led by Chongqing
            Chengxing Equity Investment Fund                                                                                        CITIC Capital Acquisition
            Partnership, Zibo Financial Holdings                 Polestar Performance AB                                                                                                 Quanergy Systems Inc      High
            Co Ltd and Zibo Hightech City                        Sweden
                                                                                                Industrials   550                   Corp                                                 United States             Technology    970
            Investment Operation Group Co Ltd                                                                                       China
            China

China                                              Sweden                                                               China                                              US

            Anchor Equity Partners                                                              High                                                                                                               High
                                                                 Kakao Japan Corp                             549                   Affinity Equity Partners                             JobKorea Co Ltd                         799
            (Asia) Ltd                                           Japan                          Technology                          Hong Kong                                            South Korea               Technology
            Hong Kong

Hong Kong                                          Japan                                                                Hong Kong                                          S. Korea
            Investor Group led by
            Alibaba Group Holding Ltd                            CrownX Co Ltd                                                      Mindray Medical                                      HyTest Ltd
            and Baring Private Equity                            Vietnam
                                                                                                Retail        400                   International Ltd                                    Finland
                                                                                                                                                                                                                   Healthcare    662
            Asia Ltd                                                                                                                China
China       China / Hong Kong

                                                   Vietnam                                                              China                                              Finland
                                                                                                                                    Investor Group comprised of
Hong Kong                                                                                                                           Mikitani Kosan Inc, Spirit Inc,
            Ganfeng Lithium Co Ltd                               Bacanora Lithium Plc                                               Japan Post Holdings Co Ltd -                         Rakuten Inc               High
            China                                                United Kingdom
                                                                                                Materials     265                   Japan, Tencent Holdings Ltd and                      Japan                     Technology    606
                                                                                                                        China
                                                                                                                                    Walmart Inc
                                                                                                                                    China / Japan / United States
                                                                                                                        Japan
China                                              UK                                                                                                                      Japan
                                                                                                                        US
                                                                 Scalable Capital
            Investor Group led by                                                               High                                China Three Gorges Corp -                                                      Energy and
                                                                 Vermögensverwaltung                          183                                                                        Luz del Sur SAA                         561
            Tencent Holdings Ltd                                                                Technology                          People’s Republic of China                                                     Power
            China                                                GmbH                                                               China
                                                                                                                                                                                         Peru
                                                                 Germany

China                                              Germany                                                              China                                              Peru
                                                                                                                                    Investor Group led by Chongqing
                                                                                                                                    Chengxing Equity Investment Fund
            Huaxin Cement Co Ltd                                 Lafarge Zambia Plc             Materials     150
                                                                                                                                    Partnership, Zibo Financial Holdings                 Polestar Performance AB   Industrials   550
            China                                                Zambia                                                             Co Ltd and Zibo Hightech City                        Sweden
                                                                                                                                    Investment Operation Group Co Ltd
                                                                                                                                    China

China                                              Zambia                                                               China                                              Sweden

            Contemporary Amperex                                                                                                    Anchor Equity Partners                                                         High
                                                                 Kisanfu Holdings Ltd           Materials     138                                                                        Kakao Japan Corp                        549
            Technology Co Ltd                                    Democratic Republic of Congo                                       (Asia) Ltd                                           Japan                     Technology
            China                                                                                                                   Hong Kong

China                                              Zaire/Congo                                                          Hong Kong                                          Japan

                                                                                                                                                                                                                                         19
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS
TOP 10 INBOUND INDIAN DEALS                                                                                    TOP 10 INBOUND INDIAN DEALS
ANNOUNCED IN Q2 2021                                                                                           ANNOUNCED IN 2021

ACQUIRER*                                       TARGET*                            TARGET            DEAL      ACQUIRER*                                      TARGET*                            TARGET         DEAL
                                                                                   INDUSTRY          VALUE**                                                                                     INDUSTRY       VALUE**

               BCP Topco IX Pte Ltd                   Mphasis Ltd                  High                                      RMG Sponsor II LLC                     Renew Power Pvt Ltd          Energy and
               Singapore                              India                        Technology        3,134                   United States                          India                        Power          3,586

Singapore                                                                                                      US

               Investor Group including                                            Consumer
                                                      Think & Learn Pvt Ltd                                                  BCP Topco IX Pte Ltd                   Mphasis Ltd                  High
               Baron Funds and M&G plc                                             Products and      953                                                                                                        3,134
                                                      India                                                                  Singapore                              India                        Technology
               United States / United Kingdom                                      Services
US
                                                                                                               Singapore
UK             Investor Group including
               Carmignac Gestion SA,                                                                                         Investor Group including                                            Consumer
               Goldman Sachs Group Inc,               Bundl Technologies Pvt Ltd   Retail            800                                                            Think & Learn Pvt Ltd        Products and   953
               Qatar Investment Authority -           India                                                                  Baron Funds and M&G plc                India
France
               State of Qatar                                                                                                United States / United Kingdom                                      Services
               France / United States / Qatar                                                                  US
US

Qatar                                                                                                          UK            Investor Group including
                                                                                                                             Carmignac Gestion SA,
               L’Arche Green NV                       United Breweries Ltd         Consumer                                  Goldman Sachs Group Inc,               Bundl Technologies Pvt Ltd   Retail
               Netherlands                            India                        Staples           784                     Qatar Investment Authority -           India
                                                                                                                                                                                                                800
                                                                                                               France
                                                                                                                             State of Qatar
                                                                                                                             France / United States / Qatar
                                                                                                               US
Netherlands
                                                                                                               Qatar
                                                      Embassy Industrial Parks                                                                                                                   Consumer
               The Blackstone Group Inc                                            Real Estate       700                     L’Arche Green NV                       United Breweries Ltd                        784
               United States                          Pvt Ltd                                                                Netherlands                            India                        Staples
                                                      India

US                                                                                                             Netherlands

                                                                                   Consumer                                                                         Embassy Industrial Parks
               KKR & Co Inc                           Vini Cosmetics Pvt Ltd       Products and      625                     The Blackstone Group Inc                                            Real Estate    700
               United States                          India                                                                  United States                          Pvt Ltd
                                                                                   Services                                                                         India

US                                                                                                             US
               Investor Group led by
               Lightspeed Venture                                                                                                                                                                Consumer
                                                      Mohalla Tech Pvt Ltd         High                                      KKR & Co Inc                           Vini Cosmetics Pvt Ltd
               Partners and Tiger Global                                                             502                                                                                         Products and   625
                                                      India                        Technology                                United States                          India
               Management LLC                                                                                                                                                                    Services
               United States

US                                                                                                             US
                                                                                                                             Investor Group led by
                                                                                                                             Lightspeed Venture                                                  High
               SoftBank Group Corp                    Bundl Technologies Pvt Ltd   Retail            450                                                            Mohalla Tech Pvt Ltd                        502
               Japan                                  India                                                                  Partners and Tiger Global              India                        Technology
                                                                                                                             Management LLC
                                                                                                                             United States

Japan                                                                                                          US

               Investor Group led by Naspers
               Ltd and TPG Capital LP                 API Holdings Pvt Ltd         Financials        350                     SoftBank Group Corp                    Bundl Technologies Pvt Ltd   Retail         450
               South Africa / United States           India                                                                  Japan                                  India

South Africa
                                                                                                               Japan
US
               Investor Group led by                                                                                         Investor Group led by TCMI
                                                      Meesho Inc                   High                                      Inc, D1 Capital Partners LP,           Sporta Technologies Pvt Ltd High
               SoftBank Group Corp                                                 Technology        300                                                                                                        400
               Japan
                                                      India                                                                  and Falcon Edge Capital LP             India                       Technology
                                                                                                                             Mauritius / United States
                                                                                                               Mauritius
Japan
                                                                                                               US                                                                                                       20
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS
TOP 10 OUTBOUND INDIAN DEALS                                                                                   TOP 10 OUTBOUND INDIAN DEALS
ANNOUNCED IN Q2 2021                                                                                           ANNOUNCED IN 2021

ACQUIRER*                                TARGET*                                   TARGET            DEAL      ACQUIRER*                              TARGET*                                    TARGET        DEAL
                                                                                   INDUSTRY          VALUE**                                                                                     INDUSTRY      VALUE**

         Bharti Enterprises Ltd                      OneWeb Ltd                   Telecomm           500               Wipro Ltd                                    Capco                        High
         India                                       United Kingdom                                                    India                                        United Kingdom               Technology    1,450

India                                    UK                                                                    India                                  UK

         Investor Group led by Premji
         Invest Ltd and STEADFAST                    Outreach Corp                High                                 Bharti Enterprises Ltd                       OneWeb Ltd
                                                                                                     200                                                                                         Telecomm      500
         Capital Management LP                       United States                Technology                           India                                        United Kingdom
         India / United States
India
                                         US                                                                    India                                  UK
US                                                                                                                     Investor Group led by Premji
         Tech Mahindra Ltd                           DigitalOnus Inc              High                                 Invest Ltd and STEADFAST                     Outreach Corp                High
                                                                                  Technology         120                                                                                         Technology    200
         India                                       United States                                                     Capital Management LP                        United States
                                                                                                                       India / United States
                                                                                                               India
India                                    US                                                                                                           US
                                                                                                               US
         Wipro Ltd                                   Ampion Holdings Pty Ltd      High                                 Tech Mahindra Ltd                            DigitalOnus Inc              High
         India                                       Australia                    Technology         117               India                                        United States                Technology    120

India                                    Australia                                                             India                                  US

                                                     Fave Asia Technologies Sdn                                                                                                                  High
         Pine Labs Pvt Ltd                                                        Financials         45                Wipro Ltd                                    Ampion Holdings Pty Ltd                    117
         India                                       Bhd / Fave Group Pte Ltd                                          India                                        Australia                    Technology
                                                     Malaysia / Singapore
                                         Malaysia
India                                                                                                          India                                  Australia
                                         Singapore
         Tech Mahindra Ltd                           Eventus Solutions Group LLC High                                  Pine Labs Pvt Ltd                            Fave Asia Technologies Sdn
                                                                                                     44                                                             Bhd / Fave Group Pte Ltd     Financials    45
         India                                       United States               Technology                            India
                                                                                                                                                                    Malaysia / Singapore
                                                                                                                                                      Malaysia
India                                    US                                                                    India
                                                                                                                                                      Singapore
         Zensar Technologies Ltd                     M3bi LLC / M3bi Pvt Ltd      High                                 Tech Mahindra Ltd                            Eventus Solutions Group LLC High
         India                                       United States                Technology         33                India                                        United States               Technology     44

India                                    US                                                                    India                                  US

                                                     TECT Aerospace Inc –                                                                                           Fides Food Systems
         Wipro Ltd                                   Aerospace Manufacturing      Industrials        31                Jubilant Foodworks Ltd                                                    Financials    35
                                                                                                                                                                    Coöperatief UA
         India                                       Facility                                                          India
                                                                                                                                                                    Netherlands
                                                     United States

India                                    US                                                                    India                                  Netherlands

         Tech Mahindra Ltd                           Brainscale Inc               High                                 Zensar Technologies Ltd                      M3bi LLC / M3bi Pvt Ltd      High
         India                                       United States                Technology         29                India                                        United States                Technology    33

India                                    US                                                                    India                                  US
         Investor Group comprised                                                                                                                                   TECT Aerospace Inc –
         of Accel Partners & Co Inc,                                              High
                                                     Sense Talent Labs Inc                           16                Wipro Ltd                                    Aerospace Manufacturing      Industrials   31
         Alphabet LLC, and Avataar                                                Technology
                                                     United States                                                     India                                        Facility
         Venture Partners                                                                                                                                           United States
India    India / United States

                                         US                                                                    India                                  US
US                                                                                                                                                                                                                     21
*COMPANY NATIONALITY DETERMINED BY LOCATION OF HEADQUARTERS OR BY LOCATION OF TARGET ASSETS. **US$MILLIONS
QUARTERLY REVIEW Q2 2021

The views expressed herein reflect only the views of XBMA’s editorial staff individually and not those of any of XBMA’s founders, academic partners, advisory board members, or others.
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