Investment Dealers Digest named General Motors' sale of a controlling interest in GMAC to Cerberus "Deal of the Year," the $33bn buyout of HCA "M&A Deal of the Year" and "Healthcare Deal of the Year" and the leveraged buyout of the semiconductor division of Royal Philips "Technology Deal of the Year."

Morgan Stanley served as lead advisor to GM in the sale of a 51 percent stake in GMAC to a Cerberus Capital-led consortium. The deal enabled GMAC to de-link its credit ratings from GM's. Current spreads on GMAC bonds and GM's share price demonstrate that the deal was an important step in GM's turnaround.

While GM retaining 49 percent ownership made negotiating the transaction a challenge, the editors noted "all parties involved in the deal do not hesitate to describe it as a win-win."

Morgan Stanley acted as co-financial advisor on the LBO of HCA by an investor group. The HCA deal marked the largest LBO in history at the time of the transaction and was notable not only for the size of the deal, but also for its go-shop provision and other complex structuring elements that were involved in taking the company public to private.

"The impact of the HCA buyout was just as palpable outside of the financial community," the editors noted. "In the healthcare world the public-to-private transaction created plenty of waves."

When Royal Philips Electronics sold its semiconductors division to a private-equity consortium comprising KKR, Silver Lake and AlpInvest for €3.4bn ($4.4bn), Morgan Stanley acted as sole financial advisor to Philips in the transaction.

Throughout the year, the Firm had been evaluating strategic options to maximize value for Philips, working closely with the company in an assessment of potential strategic combinations of Philips Semiconductors, an IPO and other separation alternatives.

At the time, the sale represented the largest semiconductor transaction, the second largest technology buyout ever, and the largest single financial-sponsor equity commitment to date.