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Citigroup Tops Q1 2019 European PE-backed M&A League Table

Citigroup was the big winner in Q1 2019’s European private equity-backed M&A league tables, according to new data from Refinitiv.

Citi advised on 3 deals with a total value of almost $6.7bn, including the blockbuster acquisition of Scout24 AG by Blackstone and Hellman & Friedman-owned Pulver Bidco.

Morgan Stanley came in second with almost $6.5bn of deals – it also advised on the Scout24 acquisition – and JP Morgan third (JPM advised BX and Hellman & Friedman on the Scout24 deal).

The top ten in full:

Refinitiv

Source: Refinitiv

Activity-wise, Rothschild & Co was the quarter’s most active advisor with 15 deals at a value of almost $3bn; KPMG came in second at 13 deals and Lazard took bronze with 7 deals.

The top ten:

Refinitiv

Source: Refinitiv

The United Kingdom saw a precipitous fall in the number of deals on a year-on-year basis; in Q1 2018 Refinitiv tracked 98 deals, compared to only 60 in Q1 2019. Brexit concerns likely played a role in acquirors staying away from the UK. Germany alone accounted for almost two-thirds of the entire deal value in Q1, thanks to the Scout24 deal, Advent International’s acquisition of Evonik Industries’ methacrylates business and Triton’s acquisition of Ifco Systems.

Refinitiv

Source: Refinitiv

Total PE-backed M&A deal value was off approximately 20%, from $26bn in Q1 2018 down to $20bn in Q1 2019. Total number of PE-backed M&A deals this quarter – 365 – was its lowest since Q4 2013 (353).

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