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- Financial and legal advisers are tracked on all deals with value over USD 50m where information on the advisory is available via public sources as well as submissions from the advisers directly to TMT Finance.
- We are looking for data for all M&A deals announced between Sep 1, 2022 and Aug 31, 2023,
- Credit for financial advisory is given to financial advisers and providers of fairness opinions, excluding broker, financing provider or arranger and providers of advice related to financial due diligence only.
- Credit for legal advisory is given to legal advisers, legal advisers to the financial adviser, legal advisers to the debt providers (separately).
- Credit for financing provider is given to financing banks based on the information directly submitted to TMT Finance by the providers.
- Credit is given to advisers of the principals on buy side and sell side (bidder, target or seller) or the parent company of the principals in case of a transaction with a subsidiary.
An adviser to a principal is credited with the full deal value of the transaction. In cases with more than one adviser, each one is credited with the full deal value of the transaction. Where an adviser is advising a minority shareholder with a stake below 50%, value credit is pro-rated to the size of the stake of the party advised where the information is available. If advice is provided to both the buy side and the sell side, deal value credit will be recorded twice if two separate teams can be identified.
- Geography is defined by the dominant geography (location of the headquarters) of the bidder, target or seller. In cases where the bidder or seller is a subsidiary and has a different geography to the parent company, geography is based on where the advice is given. Where the bidder is a consortium or a group of investors, dominant bidder's geography is defined by the headquarters of the lead investor with the largest equity stake. In case of the sale of multiple companies or assets with different geographies, dominant target geography is based on the geography with most revenue or, if not available, the geography in which the majority of the companies/assets are based.
- Industry on a transaction is defined by the dominant industry of the target company.