If the fees are bulging, it's because deal-sizes are expanding. For instance, over the past six months Aditya Birla group company Hindalco snapped up Novelis of us for $6 billion, Essar Global purchased Canadian steel maker Algoma Steel for $1.58 billion, Suzlon Energy bought repower for m1.35 billion and the UB Group took over Scotch maker Whyte & Mackay for $1.18 billion. UBS was an advisor to nine M&A transactions, including Hindalco-Novelis, Algoma Steel and Whyte & Mackay, enabling it to earn close to $100 million in the process, and grab 18.3 per cent of the fees pie.