NEW YORK, Jan. 4, 2018 /PRNewswire/ -- The Deal, a business
unit of TheStreet, Inc. (NASDAQ: TST), today released its
exclusive League Table rankings, revealing the
top global advisers involved in mergers and acquisitions,
bankruptcy, out-of-court restructuring, private equity and PIPEs
deals between January 1 and December 31,
2017.
Two December megadeals capped M&A activity in the fourth
quarter, which also featured three large unsolicited offers and
several multi-billion dollar deals in which private equity firms
cashed out of investments. Deal volume was steady but not frenetic
and spread across a range of sectors. Goldman Sachs landed roles on
five of the largest M&A situations of the 4th
quarter; Centerview is on four.
Rankings include the names of lead M&A and/or corporate
partners at law firms that represented principals and investment
advisers. Only deals involving a change of control at a target
company with a market value of $100 million or more are
included, and only when a key party involved is a U.S. company.
Unless the target is a recognized stand-alone operating business,
rankings will not include asset sales, unit sales, sales of
subsidiaries, spin-offs or joint ventures.
2017 saw robust private equity activity even as valuations
stayed high and competition for quality assets remained
intense. This year's largest deal was the agreement by the
Bain Capital-led consortium in September to buy Toshiba Corp's chip
unit in a transaction valued at 2 trillion
yen ($17.7 billion), according
to Dealogic.
The Deal's Private Equity League Tables include global
deals involving PE firms, either on the buy side or sell side,
regardless of whether financial terms were disclosed. Deal types
range from leveraged buyouts, add-on acquisitions,
management-backed buyouts and any deal where a PE firm had a stake
in the target, buyer or seller. Transactions where the investment
implied at least a 30% stake in the target are also included, as
are minority investments where PE executives joined target
boards.
Predictions in the fall that the energy and healthcare
industries would be most active for out-of-court restructurings in
the fourth quarter were only about half correct. Restructuring
attorneys and advisers correctly predicted that oil, gas and coal
related companies would be among the most active in the fourth
quarter, but they missed on the healthcare industry. The list of
energy company out-of-court restructurings seemed to grow with each
month. Among the most significant restructurings were coal producer
Armstrong Energy Inc., Anton Oilfield Services Group and EP Energy
Corp.
The Deal's Out-of-Court Restructuring league tables include
advisors to distressed companies experiencing financial
restructuring ongoing or completed during the period under review.
There are neither geographic nor company value size restrictions
for the distressed company.
Bankruptcy filings during the last three years have been
dominated by one of two industries. In 2017, it was retail,
while the prior two years saw a slew of oil and gas companies march
into Chapter 11. With the expectation that interest rates will be
rising, albeit slowly, indicators point to another active year
ahead in restructuring across industry sectors.
The Deal's Bankruptcy League Tables are comprised of
advisory assignments on business petitions with liabilities of at
least $25 million, filed
in U.S. courts, between January 1 and December 31,
2017.
The final quarter of 2017 was one of the most active ever for
the private-investment-in-public-equity market, coming at the
end of year when PIPE offerings raised more than $76 billion. The quarter saw more individual
deals than almost any quarter since 2007, when the buildup to the
global financial crisis drove deal flow the likes of which has
seldom been seen. In terms of dollars raised – more than
$20 billion – the fourth quarter was
one of the few since the GFC to exceed that number.
The PIPEs League Tables are based on proprietary information
from PrivateRaise, a service of The Deal. Data includes PIPEs
(equity private placements and registered direct offerings) that
are at least $1 million and have been
completed or entered into by public corporations domiciled in the
U.S. or by public, foreign companies that have primary listing or a
significant or consistent trading presence on a U.S. stock exchange
or market.
Rankings and analysis are available online. To learn more about
The Deal's League Tables, contact Jonathan
McReynolds at jmcreynolds@thedeal.com.
About The Deal
The Deal (www.thedeal.com)
provides actionable, intraday coverage of mergers, acquisitions and
all other changes in corporate control to institutional investors,
private equity, hedge funds and the firms that serve them. The Deal
is a business unit of TheStreet, Inc. (NASDAQ:
TST, www.t.st), a leading financial news and information
provider. Other business units include TheStreet
(www.thestreet.com), an unbiased source of business news and
market analysis for investors; BoardEx (www.boardex.com), a
relationship mapping service of corporate directors and officers;
and RateWatch (www.rate-watch.com), which supplies rate and fee
data from banks and credit unions across the U.S.
Contact: Terri Smith, 212-321-5572, Terri.Smith
at thestreet.com
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SOURCE TheStreet, Inc.