A MESSAGE FROM OUR GLOBAL PRIVATE EQUITY PRACTICE LEADERS -

Despite the continued downward trend following record levels in 2015, 2017 was the fourth-strongest annual period in the history of dealmaking on a global basis. We are proud to report that Jones Day once again ranked #1 globally in the Thomson Reuters and Bloomberg league tables for number of PE and M&A transactions in 2017, maintaining a position we have held for 69 consecutive calendar quarters — every quarter since year-end 2000. We are honored by our clients’ continuing trust and their willingness to turn to us for assistance in their most critical transactions around the world.

Worldwide transactional (private equity and M&A combined) deal volume was $3.4 trillion in 2017, down 5.6 percent from the prior year. The fourth quarter, however, was particularly strong, bringing $1.1 trillion of deals (up 33 percent from the third quarter, and the third year in a row in which the fourth quarter topped $1 trillion). While a slowdown in U.S. deal activity (which generally makes up 50 – 60 percent of global deal volume) dragged the overall numbers down, European M&A was up 17 percent.