We measured multinucleon transfer reactions for the 206Pb+118Sn system at Elab=1200 MeV by employing the large solid angle magnetic spectrometer PRISMA. Differential and total cross sections and Q-value distributions have been obtained for a variety of neutron and proton pick-up and stripping channels. The Q-value distributions show how the quasielastic and deep inelastic processes depend on the mass and charge of the transfer products. The corresponding cross sections have been compared with calculations performed with the grazing code. An overall good agreement is found for most of the few nucleon transfer channels. The underestimation of the data for channels involving a large number of transferred nucleons indicates that more complicated processes populate the given isotopes.