Which corporate finance-offices and investment banks guided the most Dutch merges and acquisitions in 2015? The five biggest M&A advisors considered deal size in the Netherlands are all American investment banks, with J.P. Morgan in leading position. The three Dutch big banks do stand at the top of the transaction list with number of deals.   

“Dutch banks win prizes at annual M&A Awards. But American investment banks actually do all the big Dutch deals,” NRC wrote Dec. 10, about the 2015 M&A Awards. This assertion is correct if we look at the league tables. Multinationals don’t know boundaries, literally. For cross border transactions they use advisors which are available globally. This irreversible trend has been going on for a while now in the M&A-world.
 
Top 25 by deal value
The largest Dutch acquisition in 2015, that of BG by Shell, (65 billion) finds J.P. Morgan, Goldman Sachs and Bank of America as M&A advisors. Even in the 10 billion euro-plus dealsof Ahold-Delhaize, JAB-Keurig Green Mountain and NXP-Freescale, it was mainly international investment banks that were allowed to construct the transaction. 
 
             Name Number of deals Value (billion €)
J.P. Morgan 20 145,834 
Goldman Sachs 11 135,836 
Bank of America Merrill Lynch 8 126,873 
Morgan Stanley 7 40,622 
Lazard 9 31,841 
Deutsche Bank 3 25,687 
HSBC 4 23,922 
Credit Suisse 3 23,745 
ING Group 35 12,002 
10  Rothschild 11 10,453 
11 ABN AMRO 26 9,657 
12 Rabobank 24 8,330 
13 Aperghis & Co. 4 7,200 
14 KPMG 22 2,906 
15 Zaoui & Co. 1 2,800 
16 Deloitte 18 2,209 
17 EY 14 2,069 
18 Kempen & Co. 8 1,884 
19 NIBC 18 1,881 
20 Emendo Capital 4 1,796 
21 Citigroup 1 1,750 
22 Nomura 1 1,610 
23 William Blair 4 1,467 
24 Lincoln International 9 1,452 
25 BNP Paribas 4 1,436 

Although the advisory battle for international mega mergers is definitely won by London and Wall Street (even if this mega merger comes from the Netherlands), the role of Dutch investment banks and advisory firms in the Dutch economy is undiminished.

Dutch dealmakers invariably advise on domestic transactions in SMEs and midcap. Remember that SMEs and mid-cap companies collectively employ the majority of the workforce and account for the majority of total business turnover. 

Top 25 by number of deals
So, apart from those few giga deals, which parties provide structural M&A advice to the corporate and private equity sector during the year? ING Group ranks dead last with 35 deals. Following them are Rabobank/Rembrandt (29) and ABN AMRO (26). KPMG is the first non-bank in the list, followed by Deloitte. The first boutique in the list is Holland Corporate Finance.

             Name Number of deals Value (billion €)
1 ING Group 35 12,002 
2 Rabobank/Rembrandt* 29 8,355 
3 ABN AMRO 26 9,657 
4 KPMG 22 2,906 
5 J.P. Morgan 20 145,834 
6 Deloitte 18 2,209 
7 NIBC 18 1,881 
8 PwC 16 1,295 
9 Holland Corporate Finance 16 0,690 
10 MBCF 16 0,08
11 EY 14 2,069 
12 Capitalmind 13 0,163 
13 BDO 12 0,709 
14 Goldman Sachs 11 135,836 
15 Rothschild 11 10,453 
16 Lazard 9 31,841 
17 Lincoln International 9 1,452 
18 Bank of America Merrill Lynch 8 126,873 
19 Kempen & Co. 8 1,884 
20 Nielen Schuman 8 0,927 
21 Morgan Stanley 7 40,622 
22 JBR 6 0,055 
23 Quore Capital 5 1,024 
24 Squarefield 5 0,120 
25 Hogenhouck 5 0,025 
25 Baker Tilly Berk Corporate Finance 5 0,025 
25 Main Corporate Finance 5 0,025 

 
* The deals of Rabobank and Rembrandt Mergers & Acquisitions have been combined because these entities operate under one balance sheet

 

Source: M&A

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