For the third straight quarter claimedthe top spot on M&A financial adviser rankings in the communications space,largely due to its involvement in ApolloGlobal Management LLC's agreement to take private in adeal valued atmore than $4.0 billion.
The deal, announced in August, aims to end Rackspace'stumultuousrelationship with Wall Street that included falling share prices and continuingincrease in short interest.
In addition to Citigroup, the next five advisers in therankings – RBC Capital MarketsLLC, MorganStanley, BarclaysCapital Inc., DeutscheBank Securities Inc. and Goldman Sachs & Co – were involved in either thebuy-side or sell-side of the Rackspace deal.
In total, SNL Kagan counted 42 deal announcements in thecommunications sector during the third quarter, with an aggregate transactionor deal value of $6.53 billion. By comparison, there were 55 deals in the thirdquarter of 2015, with an aggregate transaction or deal value of $20.16 billion.
SNL Kagan defines transaction value as deal value plus netdebt. If that figure is unavailable, SNL Kagan uses deal value, excluding debtassumed, or the deal amount from the PitchBook. For some deals, a value is notgiven or could not be determined.
SNL Kagan is anoffering of S&P Global Market Intelligence.