An Acuris Company Including league tables of legal ...3,091 announcements in H1 2017, dealmakers...

Including league tables of legal advisors

Global and regional M&A: H1 2017

June 2017

An Acuris Company

Mergermarket.com

Regional M&A comparison

- Global

- Europe

- US

- Central & South America

- Asia -Pacific (excl. Japan)

- Japan

- Africa & Middle East

Global league tables

Europe league tables

Americas league tables

Asia-Pacific league tables

Africa & Middle Easter league tables

Private equity league tables

Criteria

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Table of contents

An Acuris Company

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*The % value on the map indicates market share in global M&A

Below is a breakdown of each region’s cross-border activity, together with the top sector

Inbound $213bn 27.4%

Outbound $199.7bn 101.5%

$141.6bn 5.3x

US$602.6bn, 2.4% vs. H1 2016

Inbound $32bn 36%


Industrials & Chemicals

$19.5bn 48x

Africa & Middle East$38.4bn, 12.7% vs. H1 2016

Industrials& Chemicals

Inbound $5.6bn 57.9%

Outbound $33bn 95.2%

$4bn 58.5%

Japan$14.4bn, -53.5% vs. H1 2016

Inbound $38bn 5.7%


Energy,Mining &Utilities

$45bn 89.7%

Asia-Pacific$272.9bn, -7% vs. H1 2016

(excl. Japan)

Inbound $211.1bn 14.4%


Industrials &Chemicals

$87.7bn -19.2%

Europe$481.9bn, 30.1% vs. H1 2016

Cross-border $703.8bn 27.8%

Energy,Mining & Utilities

$267.9bn 51.9%

Global M&A$1.492tn, 8.4% vs. H1 2016

Consumer

Inbound $12.7bn -17.3%

Outbound $5.1bn -34%

Consumer $6.3bn 124.8%

C & S America$25.2bn, -3.6% vs. H1 2016

44%32.3%

18.3%2.6%

1%

1.7%

$654.4bn$481.9bn

$38.4bn

$14.4bn

$272.9bn

$25.2bn

Regional M&A comparison

Mergermarket Global and regional M&A: H1 2017

Regional M&A comparison 3

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Global M&A in the first half of 2017 has seen an 8.4% increase by value despite 1,117 fewer deals on the same period last year. H1 2017 recorded US$ 1.49tn across 8,052 deals, compared to US$ 1.38tn with 9,169 deals. Companies have been looking at ‘future-proofing’ in the wake of rapid changes to technology and politics to keep ahead of rivals. There have been 17 megadeals (> US$ 10bn) announced since the beginning of the year, versus 14 such deals in H1 2016.

As faith in the market continues to grow, European M&A has surged ahead, securing a 32.3% share of the global value. Both the US (US$ 602.6bn, 2,446 deals) and Asia Pacific (exc. Japan) (US$ 272.9bn, 1,585 deals) saw their share drop to 40.4% and 18.3% from 42.8% and 21.3% respectively. Following political uncertainty across the continent earlier in the year, European activity rose by 28.7% in Q2 to US$ 271.2bn (1,450 deals) compared to Q1 2017 (US$ 210.7bn, 1,641 deals). With 3,091 announcements in H1 2017, dealmakers generated a substantial US$ 481.9bn-worth of deals in Europe representing a 30.1% increase on the same point in 2016 (US$ 370.5bn 3,732 deals).

As companies look to pursue their strategies of restructuring, increase efficiency and upgrade technology, the Energy, Mining & Utilities sector has been the most targeted industry globally by value with US$ 267.9bn across 662 deals. This represents a 51.9% growth over the equivalent period in 2016, which saw US$ 176.3bn (723 deals). An increase in larger deals, with 55 transactions above US$ 1bn announced in 2017 compared to 31 in H1 2016, formed the main reason for such lift, partially fuelled by some stabilisation of the oil prices.

With an abundance of ‘dry powder’ at hand, private equity has had a stellar year. Buyouts are up 26.7% by value to US$ 240bn (1,420 deals) on this time last year and exits up 19.4% to US$ 253.5bn (1,106 deals), following announcements such as LogiCor (US$ 13.8bn) and Pharmaceutical Product Development (US$ 9bn). The second quarter has been particularly strong with the highest quarterly buyout value (US$ 153.3bn) since Q2 2007 (US$ 362.9bn) and the highest exit value (US$ 166.1bn) on Mergermarket record (since 2001).

Global


Global 4

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Value of deals (US$ bn)

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EMU Consumer OtherBusinessServices

TechIndustrials & Chemicals

PMB FinancialServices

Sector Breakdown H1 2017 vs H1 2016

Q4

Q3

Q2

Q1

H1 2017: $1.492tn

H1 2017 VS. H1 2016 8.4%Up in value; quarterly deal count (3,788) drops below 4,000 for the first time since Q3 2013 (3,713)

Q2 2017 vs. Q1 2017 0.9% Lowest quarterly value since Q1 2016 (US$ 622.9bn)

Number of megadeals (> US$ 10bn)

Worth US$ 375.2bn. Three more than in H1 2016

Regional Breakdown

Europe Q2 $271.2bn (1,450 deals)

vs. Q1‘17 28.7%

Highest H1 figure (US$481.9bn) in Europe since 2014

US Q2 $290.6bn (1,130 deals)

vs. Q1‘17 6.9%

Lowest Q2 value in the US since 2013 (US$ 176bn)

APac (exc. Japan) Q2 $134.8bn (771 deals)

vs. Q1‘17 2.3%

Lowest quarterly value since Q1 2014 (US$ 114bn)

Most active sectors

EMU H1 $267.9bn (662 deals)

vs. H1‘16 51.9%

38% decrease compared to H2 2016 (US$ 432.3bn, 831 deals)

Consumer H1 $253.1bn (894 deals)

vs. H1‘16 162.7%

As a result of six megadeals (> US$ 10bn)this year

Industrials & Chemicals H1 $210bn (1,542 deals)

vs. H1‘16 5.8%

Lowest half-year value since H1 2015 (US$161bn)

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Global 5

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6Mergermarket

Top deals

Deal valute(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

60.6 17-JanBritish American Tobacco Plc

United Kingdom

Reynolds American Inc (57.83% Stake)

USA

45.5 01-Jun Praxair Inc USA Linde AG Germany

33.2 15-May Atlantia SpA ItalyAbertis Infraestructuras SA

Spain

29.6 26-JanJohnson & Johnson

USAActelion Pharmaceuticals Ltd

Switzerland

25.4 16-JanEssilor International SA

France Luxottica Group SpA Italy

Sector key

Industrials & Chemicals Pharma, Medical, Biotech Consumer Construction


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Global

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7Mergermarket

League tables by value

Rank Company name H1 2017 H1 2016 Regional ranking comparison

H1 2017 H1 2016Value (US$m)

Deal CountValue (US$m)

% Value change

Europe US Asia-Pacific JapanAfrica & Middle East

1 8 Cravath, Swaine & Moore 242,618 39 138,052 75.7% 1 2 405 20 20

2 7Skadden Arps Slate Meagher & Flom

239,913 101 147,957 62.2% 8 1 20 3 4

3 2 Davis Polk & Wardwell 234,708 64 244,818 -4.1% 2 4 43 7 25

4 9 Kirkland & Ellis 209,307 216 136,789 53.0% 4 3 13 19 19

5 5 Cleary Gottlieb Steen & Hamilton 199,221 61 171,986 15.8% 6 11 25 13 39

6 3 Simpson Thacher & Bartlett 178,116 77 202,262 -11.9% 9 5 5 2 9

7 6 Freshfields Bruckhaus Deringer 165,048 69 150,919 9.4% 3 10 10 44 11

8 4 Sullivan & Cromwell 162,948 72 177,750 -8.3% 13 6 29 6 5

9 12 Latham & Watkins 154,103 184 123,320 25.0% 12 7 38 26 3

10 40 Blake, Cassels & Graydon 136,328 66 44,484 206.5% 10 14 157 163 30

11 15 Weil Gotshal & Manges 135,315 119 110,094 22.9% 11 8 39 16 152

12 10 Jones Day 134,401 161 134,087 0.2% 7 12 54 8 136

13 16 Wachtell, Lipton, Rosen & Katz 124,546 42 98,598 26.3% 25 9 101 22 -

14 19 Linklaters 117,656 95 86,031 36.8% 5 15 23 70 12

15 1 White & Case 116,162 137 328,557 -64.6% 21 13 24 29 1

16 22Paul Weiss Rifkind Wharton & Garrison

87,577 87 73,223 19.6% 41 16 68 4 260

17 38 Herbert Smith Freehills 86,310 71 45,508 89.7% 14 20 9 46 23

18 24 Shearman & Sterling 85,763 66 69,447 23.5% 43 18 21 10 10

19 14 Gibson Dunn & Crutcher 81,920 61 114,546 -28.5% 32 17 80 109 32

20 17 Clifford Chance 78,069 109 93,204 -16.2% 15 26 2 27 16


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Global

Europe

European M&A in H1 has mirrored the global trend, with this year’s value up 30.1% to US$ 481.9bn (3,091 deals), despite 641 fewer deals compared to the same period last year when 3,732 deals worth US$ 370.5bn were announced. Confidence appears to be growing in the European market following the elections in France and the Netherlands, where populist candidates were beaten. The second quarter of the year has been particularly active, with Q2’s value (US$ 271.2bn) 28.7% higher than in Q1 (US$ 210.7bn). The region now represents 32.3% of global M&A value, which stands at US$ 1.49tn, up from a 26.9% share at this point in 2016.

The ‘fewer but larger deals’ trend seen in 2017 – particularly in Q2 – has been one of the main causes of the value increase. Europe has received seven megadeals (> US$ 10bn) year-to-date, including four deals above US$ 20bn. This compares to just four megadeals in the first half of 2016, which included the US$ 45.9bn takeover of Syngenta by ChemChina. Four of the top five deals globally in 2017 targeted Europe, two of which were announced in Q2.

Inbound investment has been a key driver of activity in H1 with 593 deals worth US$ 211.1bn announced so far this year – the highest year-to-date value on Mergermarket record (since 2001) and 43.8% of total European M&A. Activity from outside Europe has grown 14.4% by value with 34 deals valued at over US$ 1bn each. Following the introduction of regulations on capital flight, Chinese investment into Europe has fallen to US$ 25.6bn (59 deals), a 65.7% drop in value compared to the same period last year (86 deals, US$ 74.8bn). With 342 deals worth US$ 146bn, the US has been the most active investor, accounting for a 69.2% of inbound activity by value.

Industrials & Chemicals once again led the way in Europe as it became the most targeted sector by both value and deal count. However, despite the tie-up between Praxair and Linde (US$ 45.5bn), the largest European deal across all sectors in 2017, the industry stands 19.2% behind last year’s value of US$ 108.6bn. With 648 deals worth US$ 87.7bn announced in H1 2017, the sector represents 18.2% of the region’s total value.


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Europe

H1 2017: $481.9bn

H1 2017 vs.H1 2016vs. H1 ‘16 30.1%

Due to seven megadeals (> US$ 10bn) compared to four in H1 2016

Q2 2017 vs. Q1 2017vs. Q1 ‘16 28.7%

Following the takeovers of Linde (US$ 45.5bn) and Abertis (US$ 33.2bn)

Average deal sizeHighest European average deal value onMergermarket record (since 2001)

European Inbound Activity

Overall$211.1bn (593 deals)

vs. H1 ‘1614.4%

Highest year-to-date figure on Mergermarketrecord, eclipsing 2008’s US$ 199.2bn

From China$25.6bn (59 deals)

vs. H1 ‘16 65.7%

The second highest year-to-date value and deal count on record

From USA$146bn (342 deals)

vs. H1 ‘16 97.3%

Highest H1 deal value since 2008 (US$ 152.2bn)

Sectors

Industrials & Chemicals$87.7bn (648 deals)

vs. H1‘16 19.2%

Third highest YTD value behind 2006 (US$109.5bn) and 2016 (US$108.6bn)

Consumer$80.5bn (397 deals)

vs. H1‘16 3.6x

Following threemegadeals in 2017

EMU$53.3bn (176 deals)

vs. H1‘16 60.8%

As a result of 17 deals worth over US$ 1bn in the sector

$453

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Europe

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Top deals

Deal value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

45.5 01-Jun Praxair Inc USA Linde AG Germany

33.2 15-May Atlantia SpA ItalyAbertis Infraestructuras SA

Spain

29.6 26-JanJohnson & Johnson

USAActelion Pharmaceuticals Ltd

Switzerland

25.4 16-JanEssilor International SA

FranceLuxottica Group SpA

Italy

19.3 23-Feb

Svenska Cellulosa Aktie-bolaget SCA (Shareholders)

SwedenEssity Aktiebolag (publ)

Sweden

Svenska Cellulosa Aktie-bolaget SCA

Sector key

Industrials & Chemicals Pharma, Medical, Biotech Consumer Construction


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Europe

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11Mergermarket

League table by value

Rank Company name H1 2017 H1 2016

H1 2017 H1 2016 Value (US$m) Deal Count Value (US$m) % Value change

1 4 Cravath, Swaine & Moore 193,455 10 97,762 97.9%

2 3 Davis Polk & Wardwell 175,986 15 101,064 74.1%

3 2 Freshfields Bruckhaus Deringer 153,637 62 135,224 13.6%

4 16 Kirkland & Ellis 117,747 42 51,821 127.2%

5 7 Linklaters 112,789 89 81,410 38.5%

6 5 Cleary Gottlieb Steen & Hamilton 110,179 28 93,858 17.4%

7 23 Jones Day 104,860 57 42,667 145.8%

8 22 Skadden Arps Slate Meagher & Flom 100,015 29 43,637 129.2%

9 8 Simpson Thacher & Bartlett 89,076 21 71,366 24.8%

10 82 Blake, Cassels & Graydon 88,939 14 4,705 1790.3%

11 25 Weil Gotshal & Manges 83,084 48 37,303 122.7%

12 20 Latham & Watkins 82,526 80 45,546 81.2%

13 27 Sullivan & Cromwell 81,709 25 33,781 141.9%

14 28 Herbert Smith Freehills 74,765 39 25,329 195.2%

15 6 Clifford Chance 69,570 87 87,118 -20.1%

16 67 Bredin Prat 64,752 19 6,656 872.8%

17 9 Slaughter and May 62,965 22 57,563 9.4%

18 - Moore & Van Allen 60,567 1 - -

19 38 Hengeler Mueller 58,258 29 15,592 273.6%

20 10 Gleiss Lutz 55,156 29 57,513 -4.1%


Mergermarket.com

Europe

US

Structural changes around the globe have begun to break down and reshape not only traditional political identities but also long-standing industries, brought on by the ever-growing prevalence of technology in our daily lives. Despite geopolitical uncertainty, the US economy has remained strong, with low inflation, a steady jobs rate, and two interest rate raises in H1 2017. US M&A in the first half of the year reached US$ 602.6bn with 2,446 deals, an uptick in value of 2.4% from H1 2016 (US$ 588.5bn, 2,677 deals) and fall in deal count of 231. With more activity expected in the pipeline, what has given dealmakers pause is the increasing unpredictability of the administration’s policy agenda as well as its political future.

The top deal of Q2 was Becton, Dickinson and Company’s US$ 23.6bn bid for C.R. Bard, which drove up Pharma, Medical & Biotech (PMB) value by 31.4%. This was not enough, however, for PMB to regain its H1 2016 crown as top sector, which this year went to Consumer. The latter reached a record US$ 141.6bn, up 427.1% in value over the same period last year. In the spotlight was Amazon’s US$ 13.5bn June bid for Whole Foods. Though not the largest deal in the sector by far, it is widely expected to have massive implications for Retail, blurring the lines between Consumer and Technology.

By deal count it was Technology which finished H1 2017 with the most deals – 447 worth US$ 43.5bn. Of total deal count, Software was responsible for 74.5% of Technology’s overall activity, whilst accounting for 61.6% of the sector’s total value, with deals spanning the cloud computing, cybersecurity, fintech, and autonomous vehicle spaces. With its burgeoning imprint on such long-standing sectors as Financial Services, Industrials, and Medical, the number of Tech deals is only expected to increase.

Geopolitical concerns also had an effect on cross-border activity. With Brexit negotiations underway, UK bids for US companies reached US$ 91.1bn, their largest half-year values on Mergermarket record since H1 1999 (US$ 122.5bn, 53 deals) and 18.3x the total value in H1 2016 (US$ 5bn, 72 deals). In fact, the UK’s inbound M&A investment accounted for 42.8% of all US inbound activity for H1, which in turn also hit a record high of US$ 213bn, representing an increase of 27.4% in value over H1 2016 (US$ 167.2bn, 486 deals).


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US

H1 2017: $602.6bn

H1 2017 vs. H1 2016 2.4% 23.8% above 10-yearaverage H1 value (US$486.6bn)

Share in H1 Global M&A On par with 10-year average H1 share (38.8%)

Amazon/Whole FoodsUS$ 13.5bn

Largest grocery deal inthe past decade

Cross-border activity

US inboundUS$ 213bn (468 deals)

vs. H1 ‘1627.4%

Highest H1 inboundvalue on record

US inbound from the UKUS$ 91.1bn (73 deals)

vs. H1 ‘16 18.3x

Highest half-year value since H1 1999 (US$122.5bn, 53 deals)

US inbound from ChinaUS$ 6.3bn (34 deals)

vs. H1 ‘16 80.2%

Second-lowest H1 value since 2011 (US$ 1.1bn, nine deals)

Top sectors

ConsumerUS$ 141.6bn(225 deals)

vs. H1‘16 427.1%

Highest half-year value on record

EMU US$ 119.6bn(192 deals)

vs. H1‘16 29%

Highest H1 value after2011 (US$ 133.6bn, 152 deals)

PMBUS$ 98.8bn (244 deals)

vs. H1‘16 15%

Lowest H1 value since 2013 (US$ 52.5bn, 181 deals)

EBITDAmultiple

9.9x

40.4%

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Top deals

Deal value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target sector

60.6 17-JanBritish American Tobacco Plc

UnitedKingdom

Reynolds American Inc(57.83% Stake)

23.623-Apr

Becton Dickinson andCompany

USA CR Bard Inc

17.810-Feb

Reckitt Benckiser Group PlcUnitedKingdom

Mead Johnson & Company

17.101-Feb

ONEOK Inc USAONEOK Partners LP (60% Stake)

13.516-Jun

Amazon.com Inc USAWhole Foods Market Inc

Sector key

Energy, Mining & Utilities Pharma, Medical, Biotech Consumer


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US

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H1 2017

H1 2016

Value (US$m)

Deal Count

Value (US$m)

% Value change


2 13 Cravath, Swaine & Moore 204,388 36 90,575 125.7%

3 6 Kirkland & Ellis 197,729 201 129,520 52.7%

4 2 Davis Polk & Wardwell 183,654 55 186,131 -1.3%


6 3 Sullivan & Cromwell 147,228 56 166,140 -11.4%

7 11 Latham & Watkins 135,086 139 92,898 45.4%

8 14 Weil Gotshal & Manges 126,363 93 86,459 46.2%

9 10 Wachtell, Lipton, Rosen & Katz 122,754 41 98,506 24.6%


11 8 Cleary Gottlieb Steen & Hamilton 116,120 45 112,920 2.8%

12 7 Jones Day 96,118 123 126,494 -24.0%

13 1 White & Case 92,784 70 233,204 -60.2%

14 40 Blake, Cassels & Graydon 92,683 31 22,159 318.3%

15 77 Linklaters 85,951 28 8,226 944.9%

16 16 Paul Weiss Rifkind Wharton & Garrison 84,941 80 67,818 25.2%

17 9 Gibson Dunn & Crutcher 80,891 52 110,448 -26.8%

18 20 Shearman & Sterling 71,358 38 60,382 18.2%

19 48 Willkie Farr & Gallagher 70,468 50 15,670 349.7%

20 72 Herbert Smith Freehills 68,798 12 9,255 643.4%


Mergermarket.com

US

Central and South America

Central and South America’s dealmaking activity fell 3.6% in value in H1 2017 to US$ 25.2bn with 256 deals compared to H1 2016 (US$ 26.1bn, 260 deals), with this year marking its second-lowest H1 value since 2005 (US$ 17.7bn, 137 deals). Total deal value was also 47.9% below the 10-year average of US$ 48.3bn. Riddled with persistent corruption scandals and political unrest, the region has been struggling to recover from the economic downturn caused by a fall in oil prices several years ago.

The top deal in the second quarter was Brazil’s Itau Unibanco’s US$ 2bn acquisition of a 49.9% stake in domestic Financial Services company XP Investimentos CCTVM in May. The seventh-largest deal overall in the sector over the last five years, the transaction is an exit for one US private equity firm and two based in Brazil. XP is one of the largest firms in Brazil, with offices across the country and around the globe, and has also filed an IPO which is expected to take place later this year. Its relative success and growing global presence is one of the few bright spots emerging from the region despite domestic troubles.

Brazil was the main driver for M&A activity in the region, finishing H1 2017 with US$ 13.8bn and 134 deals, a rise in value of 20.2% over H1 2016 (US$ 11.5bn. 118 deals) though a 66.7% fall in value from H2 2016 (US$ 41.4bn, 163 deals) before corruption allegations had engulfed President Michel Temer. Mexico, the region’s second-most dominant economy, continued to make an incremental comeback in the first half of the year with US$ 5.1bn and 29 deals, up 25.6% from H2 2016 (US$ 4.1bn, 49 deals) and up 106.6% from H1 2016 (US$ 2.5bn, 43 deals), which in turn had seen a 75.6% fall in value from H1 2015 (US$ 10.1bn, 45 deals).

Inbound M&A fell 17.3% in H1 2017 by value to US$ 12.7bn with 135 deals, the second-lowest for a first half year since 2009 (US$ 6bn, 78 deals). However, this year has seen some multinationals divesting regional operations, partly due to political and economic instability. Japan’s Kirin sold its Brazil business to Dutch giant Heineken for US$ 1.1bn, with the latter planning to consolidate with its existing Brazilian operations. Germany’s ThyssenKrupp also offloaded its Brazilian subsidiary to Argentinian steel products firm Ternium for US$ 1.6bn. With Central and South America’s ongoing woes, more divestments could be on the way.


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Mergermarket.com

Central & South America

H1 2017: $25.2bn

H1 2017 vs. H1 2016 3.6% H1 2017 value is 47.9% below the 10-yearaverage (US$ 48.3bn)

Q2 2017 vs. Q2 2016 5.6%Second-lowest Q2 value since 2005 (US$ 10bn, 74 deals)

Share in Global M&ASecond-lowest H1 sharein half a decade after 2015 (1.3%)

Top countries

BrazilUS$ 13.8bn (134 deals)

vs. H1 ‘1620.2%

Third-lowest H1 valuesince 2005 (US$ 3.2bn)

MexicoUS$ 5.1bn (29 deals)

vs. H1 ‘16 106.6%

Second-lowest H1 valuein half a decade after 2016 (US$ 2.5bn)

ArgentinaUS$ 1.9bn (21deals)

vs. H1 ‘16 15.8%

Third-highest H1 value in half a decade

Top sectors

ConsumerUS$ 6.3bn (40 deals)

vs. H1‘16 124.8%

First H1 as top sector sinceH1 2013 (US$ 10.9bn, 51 deals)

EMUUS$ 5.4bn (47 deals)

vs. H1‘16 49.7%

Second-lowest H1 since2005 (US$ 2.6bn, 19 deals)

Industrials & ChemicalsUS$ 3.2bn (39 deals)

vs. H1‘16 18.1%

6.1% above five-year H1 average (US$ 3bn)

1.7%



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Top deals

Deal value(US$m)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target coun-try

Target sector

2,700 08-FebAC Bebidas S de RL de CV

Mexico

Arca Continental SAB de CV (Beverage businesses in Mexico, Argentina, Peru, Ecuador); and Coca-Cola Southwest Beverages LLC

Mexico

Arca Continental SAB de CV; and Coca-Cola Refreshments USA Inc

1,982 11-MayItaú Unibanco Holding SA

BrazilXP Investimentos CCTVM SA (49.9% Stake)

Brazil

General Atlantic LLC; Dyna III Fundo de Investimento em Participacoes; and XP Controle Participacoes SA

1,648 21-Feb Ternium SA Argentina

Thyssenkrupp Companhia Siderurgica do Atlantico Ltda

Brazil ThyssenKrupp AG

1,089 13-Feb Heineken NV NetherlandsBrasil Kirin Holdings SA

Brazil Kirin Holdings Company Limited

1,085 14-JunMagenta Infraestructura SL

SpainOHL Mexico SAB de CV (41.99% Stake)

Mexico

Sector key

Consumer Financial Services Industrials & Chemicals Construction


Mergermarket.com


19Mergermarket





H1 2017

H1 2016

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 9Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados

3,795 18 3,497 8.5%

2 1 Linklaters 3,167 4 9,782 -67.6%

3 75 Weil Gotshal & Manges 3,165 4 230 1276.1%

4 53 Tozzini Freire Teixeira e Silva Advogados 2,921 12 579 404.5%

5 18 Cuatrecasas 2,737 3 1,354 102.1%

6 - King & Spalding 2,700 1 - -

7 26 Lobo de Rizzo Advogados 2,602 11 1,075 142.0%

8 84 Galicia Abogados 2,467 4 179 1278.2%


10 167 Vieira Rezende Advogados 2,245 2 - -

11 - Sidley Austin 2,100 2 - -

12= 27 Cravath, Swaine & Moore 2,100 1 1,070 96.3%

12= - Dechert 2,100 1 - -

14 8 Barbosa, Mussnich & Aragao 1,982 6 3,913 -49.3%

15 46 Machado Meyer Sendacz e Opice 1,845 17 741 149.0%

16 10 Pinheiro Neto Advogados 1,785 13 3,315 -46.2%

17 2 Baker & McKenzie 1,690 13 8,455 -80.0%


19 -Mitrani, Caballero, Rosso Alba, Francia, Ojam & Ruiz Moreno Abogados

1,648 1 - -

20 69 Stocche Forbes Advogados 1,314 9 347 278.7%

Asia-Pacific (excl. Japan)

Asia-Pacific (ex. Japan) recorded 1,585 deals valued at US$ 272.9bn in the first half of 2017. This represents a 7% decrease by deal value compared to the same period last year (US$ 293.5bn, 1,724 deals). China, which accounted for 49.1% of Asian deals, experienced a drop of 23.8% by value with only US$ 134bn across 675 deals announced, contrasting with H1 2016’s US$ 175.9bn-worth of deals (774 transactions) when the country contributed a 59.9% share of the region’s M&A.

The Energy, Mining & Utilities (EMU) sector, representing 16.5% market share by value in H1 2017, was the most active sector in the region with US$ 45bn-worth of deals across 136 transactions. Australia outperformed all other countries in Asia by value with over 50.4% of EMU dealmaking in the region, totalling 31 transactions worth US$ 22.6bn. Three of the top five EMU deals in Asia featured Australian targets, including the acquisition of a 50.4% stake in Endeavour Energy for US$ 5.6bn in May.

In comparison to H1 2016, Asia-Pacific’s outbound deal value decreased by 58.1% to only US$ 55.7bn across 268 deals. Tightened outbound M&A control imposed by Chinese regulators have dampened the deal flow from China (112 deals, US$ 35.5bn), with a significant impact on large ticket deals. The country alone saw 27 fewer deals into Europe in the first half of 2017, with deal value dropping by 65.7% to US$ 25.6bn across 59 deals, contrasting H1 2016’s record US$ 74.8bn across 86 deals, when the US$ 45.9bn ChemChina - Syngenta deal was announced.

With regulations restricting capital outflow, China has seen a shift back towards domestic activity with deals between Chinese bidders and targets comprising eight of the top 20 deals in the region. The largest of these saw a consortium of 11 investors acquire a 14.74% stake in Hengda Real Estate Group for US$ 5.8bn, the fourth biggest deal in Asia Pacific so far this year. Domestic deals accounted for 69% of Chinese dealmaking, compared to 56.3% in the first half of 2016.


20

Mergermarket.com


H1 2017: $272.9bn

H1 2017 vs. H1 2016 7% Lowest half-year value since H2 2013 (US$233.2bn)

Share of global deal valueDown from 21.3% in H1 2016, and lowest YTDshare since 2013 (17.5%) deals)

Number of deals over US$1bn

In comparison to 59 in H1 2016

Chinese Activity

China$134bn (675 deals)

vs. H1 ‘1623.8% Lowest half-year value

since H1 2014 (US$125.7bn)

% of AsiaPacific activity by value Down from 59.9% in the first half of 2016

Real Estate$26.1bn (33 deals)

vs. H1 ‘16 51.1% As a result of six deals worth over US$ 1bn

Sector Breakdown

EMU$45bn (136 deals)

vs. H1‘16 89.7% Driven by three of the

largest five deals in the region in 2017

Industrials & Chemicals$41.9bn (328 deals)

vs. H1‘16 5.6% Despite 42 fewer deals

compared to H1 2016 (370 deals, US$ 39.7bn)

Technology$34.2bn (217 deals)

vs. H1‘16 35.3% Lowest half-year since

H2 2014 (US$ 22.5bn, 211 deals)

18.3%

49.1%

47


0 200 400 600 800 1000

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2007

Valu

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f d

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(U

S$

bn)

0

20

40

60

80

100



Real EstateFinancialServices



Q4

Q3

Q2

Q1


21

Mergermarket.com


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22Mergermarket

Top deals

Sector key

Energy, Mining & Utilities TMT Real Estate


Mergermarket.com


Deal value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

12.7 03-Mar Idea Cellular Limited India Vodafone India Limited IndiaVodafone Group Plc

9.8 16-JanConsortium led by Cheung Kong Property

Hong Kong Duet Group Australia

7.0 28-Feb Saudi Arabian Oil CoSaudi Arabia

Refinery & Petrochemical Integrated Development (RAPID) project (50% Stake)

Malaysia Petroliam Nasional Berhad

5.8 01-Jun

Investor group led by Maanshan Maowen Technology Industrial Park Co Ltd

ChinaHengda Real Estate Group Co Ltd (14.74% Stake)

China

5.6 11-MayInvestor group led by Macquarie Infrastructure and Real Assets

AustraliaEndeavour Energy (50.4% Stake)

AustraliaGovernment of New South Wales

Mergermarket.com

23Mergermarket


H1 2017

H1 2016

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 1 King & Wood Mallesons 29,451 53 116,585 -74.7%

2 6 Clifford Chance 21,871 28 58,043 -62.3%

3 4 Fangda Partners 21,723 20 65,747 -67.0%

4 16 Allens 20,508 15 23,529 -12.8%

5 5 Simpson Thacher & Bartlett 18,878 12 63,983 -70.5%

6 28 Slaughter and May 18,329 8 14,028 30.7%

7 93 Shardul Amarchand Mangaldas & Co 16,717 16 2,636 534.2%

8 51 AZB & Partners 16,578 32 7,273 127.9%

9 17 Herbert Smith Freehills 14,716 43 22,647 -35.0%

10 22 Freshfields Bruckhaus Deringer 14,164 13 17,422 -18.7%

11 23 Baker & McKenzie 14,029 34 16,384 -14.4%

12 89 Loyens & Loeff 13,832 2 2,743 404.3%

13 45 Kirkland & Ellis 13,572 19 9,102 49.1%

14 329 S&R Associates 13,212 6 60 21920%

15 97 Vaish Associates 12,944 3 2,504 416.9%

16 41 Kim & Chang 12,880 42 9,345 37.8%

17 272 Bharucha & Partners 12,668 1 139 9013.7%

18 36 Sidley Austin 12,624 16 10,596 19.1%

19 33 Stikeman Elliott 11,934 2 10,955 8.9%

20 20 Skadden Arps Slate Meagher & Flom 11,885 13 20,336 -41.6%



Mergermarket.com


Japan

In the first half-year of 2017 Japan’s M&A activity, at US$ 14.4bn, reached its lowest year-to-date figure in a decade, accounting for a value drop of 53.5% compared to H1 2016 (US$ 30.9bn). This fall was mainly caused by a 64% value decrease on the top five deals in H1 2017 (US$ 6.2bn) versus H1 2016 (US$ 17.1bn). However, deal count (213 deals) showed continued strength securing the same amount of deals seen in H1 2016.

The Industrial & Chemicals (I&C) sector, the most active sector by deal count in H1 2017 (51 deals), saw its value plummet by 58.5% to US$ 4bn in comparison to H1 2016 (US$ 9.7bn, 43 deals). I&C accounted for a market share of 28.1% by value driven by Kohlberg Kravis Roberts & Co’s acquisition of Hitachi Koki Co for US$ 1.3bn.

Japan’s outbound dealmaking jumped 95.2% by value so far this year (US$ 33m, 145 deals) compared to H1 2016 (US$ 16.9bn, 138 deals). Deal count hit its second highest point in H1 2017, and was only nine deals short of the record in H1

2015 (154 deals). Looking forward to the second half year, companies remain interested in overseas acquisitions. Daichi Sankyo Healthcare has been seeking companies in the eye drop industry while Mitsui Chemicals is willing to spend over US$ 3bn on overseas expansion, according to Mergermarket intelligence.

Private Equity buyouts have reached US$ 3.3bn across 19 deals to record their highest first six months since 2011 (US$ 4.3bn). Despite deal count shrinking compared to H1 2016 (US$ 791m, 26 deals), total deal value increased by 4.2x following two investments worth over US$ 1bn each by KKR. The first half of 2017 was also a strong period for Japan’s private equity exits with 20 deals worth US$ 3.2bn announced, the highest year-to-date count since 2013 (25 deals). Total exit value saw a 424.5% growth from H1 2016 (US$ 620m, 14 deals), the second highest H1 figure on Mergermarket record (since 2001) behind 2011 (US$ 12bn, 12 deals).


24

Mergermarket.com

Japan

H1 2017: $14.4bn

H1 2017 vs. H1 2016 53.5% Compared to US$ 30.9bn (213 deals) in H1 2016

Japan Q2US$ 5.5bn (94 deals)

vs. Q1 ‘17 38.8%

Lowest quarterly valuesince Q3 2014 (US$ 5bn, 93 deals)

Average deal value Lowest H1 value since 2002 (US$ 104m)

PE Buyouts

H1 2017US$ 3.3bn (19 deals)

vs. H1 ‘164.2x

Highest H1 value since2011 (19 deals, US$ 4.3bn)

Buyouts over US$ 250m Compared to 1 in the first six months of 2016

Bus. Services5 deals (US$ 10m)

vs. H1 ‘16 +3

Most targeted sector by PE firms this year by deal count

Sector Breakdown

Industrials & Chemicals$4bn (51deals)

vs. H1‘16 58.5%

In comparison to US$ 9.7bn across 43 deals in H1 2016

Leisure$2.4bn (12 deals)

Share of total Japanese M&A

Technology$2.1bn (26 deals)

vs. H1‘16 49.8%

Compared to 30 deals worth US$ 4.2bn in H1 2016

4

US$ 120m

16.4%

Valu

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f d

eals

(U

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bn)



0 20 40 60 80 100

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2007

0

2

4

6

8

10

Leisure Consumer OtherConstructionTechIndustrials & Chemicals

Real Estate FinancialServices


Q4

Q3

Q2

Q1


25

Mergermarket.com

Japan

Mergermarket.com

26Mergermarket

Top deals

Deal value(US$m)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target sector

Seller company

2,268 28-FebNBCUniversal Media LLC

USA USJ Co Ltd (49% Stake)

GS Capital Partners; MBK Partners Inc; Owl Creek Asset Management LP; Glenn Gumpel (Private Investor); and MBG Holdings Limited Liability Co

1,306 13-JanKohlberg Kravis Roberts & Co LP

USA Hitachi Koki Co Ltd

1,118 24-AprKohlberg Kravis Roberts & Co LP

USAHitachi Kokusai Electric Inc (48.33% Stake)

850 21-AprPanasonic Corporation

JapanPanaHome Corporation (45.82% Stake)

616 13-Feb U-Next Co Ltd JapanUsen Corporation (65.33% Stake)

Sector key

Leisure Industrials & Chemicals TMT Construction


Mergermarket.com

Japan

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27Mergermarket



H1 2017

H1 2016

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 4 Morrison & Foerster 19,526 12 13,999 39.5%


3 52 Skadden Arps Slate Meagher & Flom 9,250 5 337 2644.8%

4= 29 Paul Weiss Rifkind Wharton & Garrison 8,193 2 2,315 253.9%

4= - Willkie Farr & Gallagher 8,193 2 - -

6 6 Sullivan & Cromwell 8,039 4 11,258 -28.6%


8 81 Jones Day 6,974 9 111 6182.9%

9 65 Fangda Partners 5,701 2 224 2445.1%


11 1 Mori Hamada & Matsumoto 5,453 27 25,592 -78.7%

12 2 Nishimura & Asahi 5,259 28 16,154 -67.4%

13= - Cleary Gottlieb Steen & Hamilton 4,893 1 - -

13= - Fried Frank Harris Shriver & Jacobson 4,893 1 - -

15 - Debevoise & Plimpton 4,350 2 - -

16 - Weil Gotshal & Manges 3,337 2 - -

17= - Akin Gump Strauss Hauer & Feld 3,306 1 - -

17= - Vinson & Elkins 3,306 1 - -

19 47 Kirkland & Ellis 3,300 3 430 667.4%

20 - Cravath, Swaine & Moore 3,300 1 - -


Mergermarket.com

Japan

Africa & Middle East

In the opening six months of 2017, M&A activity in the Middle East & Africa (MEA) has seen a mixed start, with 173 deals worth US$ 38.4bn announced. While the region stands 12.7% ahead of H1 2016’s value (228 deals, US$ 34bn), activity in Q2 (68 deals, US$ 8.2bn) dropped 72.7% by value in comparison to Q1 (105 deals, US$ 30.1bn). Only one of the region’s top 5 deals in 2017 was announced in Q2: South-Africa-based Vodacom Group’s US$ 2.6bn acquisition of a 34.94% stake in Safaricom.

The aforementioned deal between Vodacom Group and Kenya-based Safaricom became the largest announcement in the telecommunications sector in the Middle East & Africa since 2014 when Algerian firm FNI acquired 51% of Orascome Telecom Algerie for US$ 2.6bn. The acquisition of a 34.94% stake in Safaricom also became the largest deal in Kenya on Mergermarket record (since 2001), leaving the country’s total activity so far this year at US$ 2.9bn (13 deals).

MEA outbound M&A has soared to US$ 33.9bn (72 deals), behind the record half-year figure of US$ 54.7bn (76 deals) in 2007 and nearly four times higher than H1 2016 (US$ 9.5bn). The Middle East has been the main driver of outbound activity outside the region this year with 50 deals worth US$ 32.3bn, around 5x the equivalent value of H1 2016 (56 deals, US$ 6.4bn). UAE-based firms conducted the two largest outbound deals with the acquisitions of US-based Pharmaceutical Product Development (US$ 9.1bn) and Irish firm AWAS Aviation Capital (US$ 7.5bn) by ADIA/GIC Private Limited and Dubai Aerospace Enterprise respectively.

The Energy, Mining & Utilities sector has enjoyed a strong first half of 2017 in MEA and has been the most targeted sector by deal count. H1 2017 has seen four deals valued at over US$ 500m, two more than in H1 2016, including Exxon’s US$ 2.8bn acquisition of a 25% stake in the Rovuma Area 4 gas field – the largest deal so far this year. The sector remains second by value in the region, following the US$ 15bn takeover of Israel-based Mobileye in the Industrials & Chemicals sector.


28

Mergermarket.com


H1 2017: $38.4bn

H1 2017 vs. H1 2016vs. H1 ‘1612.7%

Highest year-to-date value on Mergermarket record (since 2001)

% of global M&AUp from 2.5% in H1 2016.Highest year-to-date figure since 2013 (3.4%)

Average deal valueHighest average in MEAon Mergermarket record

Africa: $13bn

H1 2017 vs. H1 2016vs. H1 ‘1626.2%

Deal count (94 deals) dips under 100 in ahalf-year for the first time since H1 2012

US inbound$4bn (8 deals)

vs. H1 ‘1612x

Value has already surpassed the annual 2016 figure (US$ 3.6bn)

EMUUS$ 7.6bn (29 deals)

vs. H1 ‘16 2.8x

Highest year-to-date value since 2013 (US$11.1bn, 26 deals)

Middle East: $25.4bn

H1 2017 vs. H1 ‘16vs. H1‘16 54.4%

Highest H1 value on Mergermarket record

Investment outside MEAQ2 - $32.3bn (50 deals)

vs. Q1‘16 5x

Already surpassed 2016’s full year value ($23.7bn, 99 deals)

Outbound deals over US$ 1bn

Worth US$ 28.5bn. Compared to two during 2016 (US$ 14.8bn)

US$ 322m

2.6%

5

Valu

e o

f d

eals

(U

S$

bn)


0 20 40 60 80 100

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2007

0

5

10

15

20

25

EMU Telecoms OtherBusinessServices


PMBFinancialServices



Q4

Q3

Q2

Q1


29

Mergermarket.com


Mergermarket.com

30Mergermarket

Top deals

Sector key

Energy, Mining & Utilities Industrials & Chemicals TMT Chemicals Financial

Services

Deal value(US$m)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

14,993 13-MarIntel Corporation

USA Mobileye NV Israel

2,800 09-MarExxon Mobil Corporation

USA

Eni S.p.A. (Rovuma Area 4 gas field) (25% Stake)

Mozambique Eni SpA

2,578 15-MayVodacom Group Limited

South Africa

Safaricom Limited (34.94% Stake)

Kenya Vodafone Group Plc

2,215 21-FebTronox Limited

USA

The National Titanium Dioxide Company Ltd (Titanium dioxide business)

Saudi Arabia

The National Titanium Dioxide Company Ltd

1,120 08-Feb

Group of Jordanian and Arab investors led by Sabih El-Masry

JordanArab Bank Group (19.83% Stake)

JordanSaudi Oger Limited


Mergermarket.com


Mergermarket.com

31Mergermarket



H1 2017

H1 2016

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 3 White & Case 26,979 8 8,217 228.3%

2 - Milbank Tweed Hadley & McCloy 22,493 2 - -

3 74 Latham & Watkins 19,330 10 215 8890.7%


5 34 Sullivan & Cromwell 15,903 3 1,080 1372.5%

6 106 Morrison & Foerster 15,362 3 46 33296%

7 - Yigal Arnon & Co 15,144 5 - -

8 - Houthoff Buruma 14,993 1 - -

9 - Simpson Thacher & Bartlett 9,379 2 - -



12 12 Linklaters 4,988 5 3,360 48.5%

13 - Baker Botts 3,900 1 - -

14 2 Allen & Overy 3,147 11 8,643 -63.6%

15 39 Webber Wentzel 3,144 17 1,031 204.9%

16 1 Clifford Chance 3,102 4 9,285 -66.6%

17 5 ENSafrica 3,085 9 6,967 -55.7%

18 - BonelliErede 2,800 1 - -

19 25 Kirkland & Ellis 2,415 3 1,473 64.0%

20= 158 Cravath, Swaine & Moore 2,215 1 - -

20= 187 Willkie Farr & Gallagher 2,215 1 - -


Mergermarket.com


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32Mergermarket

Global by deal value

Rank Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Value change

1 8 Cravath, Swaine & Moore 242,618 39 75.7%

2 7 Skadden Arps Slate Meagher & Flom 239,913 101 62.2%

3 2 Davis Polk & Wardwell 234,708 64 -4.1%

4 9 Kirkland & Ellis 209,307 216 53.0%

5 5 Cleary Gottlieb Steen & Hamilton 199,221 61 15.8%

6 3 Simpson Thacher & Bartlett 178,116 77 -11.9%

7 6 Freshfields Bruckhaus Deringer 165,048 69 9.4%

8 4 Sullivan & Cromwell 162,948 72 -8.3%

9 12 Latham & Watkins 154,103 184 25.0%

10 40 Blake, Cassels & Graydon 136,328 66 206.5%

11 15 Weil Gotshal & Manges 135,315 119 22.9%

12 10 Jones Day 134,401 161 0.2%

13 16 Wachtell, Lipton, Rosen & Katz 124,546 42 26.3%

14 19 Linklaters 117,656 95 36.8%

15 1 White & Case 116,162 137 -64.6%

16 22 Paul Weiss Rifkind Wharton & Garrison 87,577 87 19.6%

17 38 Herbert Smith Freehills 86,310 71 89.7%

18 24 Shearman & Sterling 85,763 66 23.5%

19 14 Gibson Dunn & Crutcher 81,920 61 -28.5%

20 17 Clifford Chance 78,069 109 -16.2%

Global by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 4 Kirkland & Ellis 209,307 216 32

2 1 DLA Piper 53,496 215 -88

3 3 Latham & Watkins 154,103 184 -6

4 2 Jones Day 134,401 161 -40

5 5 White & Case 116,162 137 -42

6 7 Baker & McKenzie 33,583 126 -33

7 11 Weil Gotshal & Manges 135,315 119 -5

8 8 Clifford Chance 78,069 109 -26

9 29 Goodwin Procter 13,723 109 36

10 15 Skadden Arps Slate Meagher & Flom 239,913 101 -16

11 6 CMS 34,566 101 -62

12 16 Hogan Lovells International 34,047 100 -15

13 9 Allen & Overy 45,713 99 -34

14 10 Linklaters 117,656 95 -30

15 14 Morgan Lewis & Bockius 15,623 91 -27

16 19 Orrick Herrington & Sutcliffe 22,064 90 1

17 28 Paul Weiss Rifkind Wharton & Garrison 87,577 87 14

18 32 Simpson Thacher & Bartlett 178,116 77 8

19 34 McDermott Will & Emery 18,141 75 6

20 36 Sullivan & Cromwell 162,948 72 5



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Mergermarket.com

33Mergermarket


Europe by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change


2 3 Davis Polk & Wardwell 175,986 15 74.1%


4 16 Kirkland & Ellis 117,747 42 127.2%

5 7 Linklaters 112,789 89 38.5%


7 23 Jones Day 104,860 57 145.8%


9 8 Simpson Thacher & Bartlett 89,076 21 24.8%



12 20 Latham & Watkins 82,526 80 81.2%

13 27 Sullivan & Cromwell 81,709 25 141.9%


15 6 Clifford Chance 69,570 87 -20.1%

16 67 Bredin Prat 64,752 19 872.8%

17 9 Slaughter and May 62,965 22 9.4%

18 - Moore & Van Allen 60,567 1 -

19 38 Hengeler Mueller 58,258 29 273.6%

20 10 Gleiss Lutz 55,156 29 -4.1%

Europe by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 DLA Piper 46,324 136 -44

2 2 CMS 34,566 100 -60

3 5 Linklaters 112,789 89 -26


5 3 White & Case 52,228 84 -35

6 6 Baker & McKenzie 14,189 83 -32

7 7 Allen & Overy 39,663 82 -25

8 11 Latham & Watkins 82,526 80 10

9 8 Freshfields Bruckhaus Deringer 153,637 62 -40

10 9 Jones Day 104,860 57 -19



13 10 Eversheds Sutherland 2,214 52 -21



16 28 Kirkland & Ellis 117,747 42 2

17 23 Cuatrecasas 4,767 41 -4

18 24 Herbert Smith Freehills 74,765 39 -4

19 19 Vinge 20,635 39 -7

20 15 Squire Patton Boggs 3,771 39 -18


Mergermarket.com


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34Mergermarket

UK by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 13 Kirkland & Ellis 92,021 20 1129.6%





70,843 12 507.7%


7 52 Cravath, Swaine & Moore 64,528 2 3327%

8 157 Jones Day 63,828 21 21247%

9 - Moore & Van Allen 60,567 1 -


11 5 Clifford Chance 45,837 24 183.9%


13 2 Linklaters 31,857 34 17.0%


15 3 Latham & Watkins 18,178 38 -17.3%

UK by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 DLA Piper 6,237 40 -36

2 21 Latham & Watkins 18,178 38 18

3 2 CMS 3,769 37 -28

4 9 Linklaters 31,857 34 -1

5 5 Squire Patton Boggs 2,030 27 -17

6 20 Gateley 889 27 5

7 10 White & Case 14,411 26 -8

8 6 Pinsent Masons 3,374 26 -17

9 8 Travers Smith 3,058 26 -11

10 7 Eversheds Sutherland 1,590 26 -14



13 11 Addleshaw Goddard 707 23 -6

14 22 Jones Day 63,828 21 3

15 12 Allen & Overy 13,752 21 -6


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35Mergermarket

Ireland by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 25 Latham & Watkins 9,696 2 2324.0%

2= 6 Freshfields Bruckhaus Deringer 7,500 1 -79.0%

2= 90 Milbank Tweed Hadley & McCloy 7,500 1 -

4 1 Arthur Cox 2,737 17 -94.9%

5 19 Cooley 2,411 3 79.4%

6 - Weil Gotshal & Manges 2,275 2 -

7 - Debevoise & Plimpton 2,196 1 -

8 28 William Fry 512 14 96.2%

9 61 McCann FitzGerald 491 8 1864.0%

10 13 A&L Goodbody 435 12 -97.7%

11 - DLA Piper 378 5 -

12 24 Paul Hastings 370 3 -22.9%

13 14 Allen & Overy 363 3 -97.8%

14 7 Matheson 307 6 -99.1%

15= - Arntzen de Besche 295 1 -

15= - Schjodt 295 1 -

Ireland by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 3 Arthur Cox 2,737 17 3

2 4 William Fry 512 14 6

3 1 A&L Goodbody 435 12 -8

4 13 McCann FitzGerald 491 8 4

5 6 Eversheds Sutherland 187 7 0

6 2 Matheson 307 6 -12

7 - DLA Piper 378 5 5

8 26 Cooley 2,411 3 1

9 43 Paul Hastings 370 3 2

10 16 Allen & Overy 363 3 0

11 - Hogan Lovells International 273 3 3

12 7 Mason Hayes & Curran 11 3 -4

13 5 ByrneWallace - 3 -4

14 44 Latham & Watkins 9,696 2 1

15 - Weil Gotshal & Manges 2,275 2 2


Mergermarket.com


Mergermarket.com

36Mergermarket

DACH by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change



3 15 Linklaters 60,024 17 37.8%


5 4 Gleiss Lutz 54,580 27 0.3%

6 16 Latham & Watkins 51,276 24 161.0%

7 46 Sullivan & Cromwell 49,904 4 1912%

8 86 Willkie Farr & Gallagher 46,332 11 7533%

9 45 Blake, Cassels & Graydon 45,953 3 1715%

10 443 William Fry 45,517 3 -

11= - Alston & Bird 45,517 1 -

11= 76 Arthur Cox 45,517 1 4985.7%

11= 11 Davis Polk & Wardwell 45,517 1 -4.2%

14 6 Homburger 43,003 12 -16.5%

15 69 Niederer Kraft & Frey 31,827 7 2563%

DACH by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 CMS 4,482 46 -4

2 8 Clifford Chance 16,936 34 6

3 5 Hengeler Mueller 58,258 29 -4

4 11 Gleiss Lutz 54,580 27 6

5 16 Latham & Watkins 51,276 24 5

6 23 Walder Wyss 2,277 24 10


8 7 Baker & McKenzie 1,949 22 -7

9 3 White & Case 17,726 20 -19

10 26 Milbank Tweed Hadley & McCloy 1,947 20 7

11 9 Linklaters 60,024 17 -11


13 10 Noerr 415 17 -10

14 6 Allen & Overy 8,347 16 -14

15 21 Heuking Kuhn Luer Wojtek 1,849 16 1


Mergermarket.com


Mergermarket.com

37Mergermarket

Germany by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change


2 2 Linklaters 58,717 13 49.1%


4 12 Gleiss Lutz 54,544 25 537.1%



7 4 Latham & Watkins 49,350 16 172.6%


9 101 Willkie Farr & Gallagher 45,786 4 20524%

10= - Alston & Bird 45,517 1 -

10= - Arthur Cox 45,517 1 -

10= 99 Davis Polk & Wardwell 45,517 1 18709%

10= - William Fry 45,517 1 -

14 6 Clifford Chance 15,594 30 -1.1%

15 19 Kirkland & Ellis 12,251 7 182.8%

Germany by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 CMS 3,147 33 -14


3 4 Hengeler Mueller 56,817 28 -3

4 11 Gleiss Lutz 54,544 25 5

5 23 Milbank Tweed Hadley & McCloy 1,773 18 7

6 5 Noerr 415 17 -9


8 13 Latham & Watkins 49,350 16 -1

9 17 Heuking Kuhn Luer Wojtek 1,849 16 1

10 12 Taylor Wessing 479 15 -3

11 16 McDermott Will & Emery 261 15 -1

12 3 White & Case 5,683 14 -17

13 8 DLA Piper 448 14 -9

14 7 Linklaters 58,717 13 -10



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France by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change



3 3 Linklaters 13,912 23 -8

4 13 DLA Piper 3,450 22 2

5 9 Latham & Watkins 4,737 19 -1

6 10 Bredin Prat 64,157 18 -2

7 7 Jones Day 38,435 18 -5

8 6 Allen & Overy 9,910 18 -7

9 2 Gide Loyrette Nouel 1,061 18 -14

10 20 Lamartine Conseil 34 18 3



13 1 CMS 25,868 16 -17

14 25 Darrois Villey Maillot Brochier 28,106 15 3

15 26 Hogan Lovells International 900 15 3

France by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 8 Bredin Prat 64,157 18 863.9%


3 39 Jones Day 38,435 18 2770%

4 - Cravath, Swaine & Moore 34,474 3 -

5 - Blake, Cassels & Graydon 34,269 2 -

6 3 Darrois Villey Maillot Brochier 28,106 15 59.0%

7 52 Chiomenti 26,047 3 2466%

8 50 CMS 25,868 16 2390%

9 46 BonelliErede 25,423 1 2190.4%


11 1 Linklaters 13,912 23 -46.2%

12 77 Orrick Herrington & Sutcliffe 12,126 30 1928%

13 34 BDGS Associes 11,905 6 753.4%

14 2 Weil Gotshal & Manges 11,397 17 -53.4%

15 12 Allen & Overy 9,910 18 99.7%


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Benelux by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 Allen & Overy 7,469 30 -11

2 14 Houthoff Buruma 1,282 20 7

3 3 Stibbe 9,321 18 -12

4 5 DLA Piper 1,738 18 -9

5 17 De Breij Evers Boon 31 17 6

6 4 NautaDutilh 8,639 16 -13

7 2 Loyens & Loeff 4,544 16 -14

8 16 Van Doorne 566 16 5

9 18 Simmons & Simmons 89 14 4

10 13 De Brauw Blackstone Westbroek 10,996 13 0

11 9 Linklaters 603 13 -3

12 15 Lexence 42 13 0


14 10 Baker & McKenzie 3,987 12 -4


Benelux by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change




4 - McCarthy Tetrault 11,243 3 -

5 4 De Brauw Blackstone Westbroek 10,996 13 17.7%

6 129 Wachtell, Lipton, Rosen & Katz 10,243 3 11034%

7 9 Stibbe 9,321 18 81.1%

8 3 NautaDutilh 8,639 16 -9.4%

9 97 Latham & Watkins 7,542 8 2735%

10 2 Allen & Overy 7,469 30 -37.2%

11 270 McDermott Will & Emery 7,441 5 -

12 220 Blake, Cassels & Graydon 7,274 3 -

13 19 White & Case 5,813 5 73.6%

14 56 Baker Botts 4,933 2 604.7%

15 23 Clifford Chance 4,886 12 75.6%


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Iberia by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 2 Cuatrecasas 4,767 39 0

2 3 Uria Menendez 6,590 21 -2

3 1 Garrigues 4,372 21 -19

4 6 Linklaters 8,687 16 -2

5 7 Deloitte Legal 1,218 16 -2


7 14 Gomez-Acebo & Pombo Abogados 961 15 7

8 18 DLA Piper 34,897 13 8

9 8 KPMG Abogados 4,494 13 -1

10 10 CMS 2,325 12 0

11 12 Baker & McKenzie 595 11 1

12 13 Perez-Llorca 1,037 10 2

13 9 King & Wood Mallesons 4,886 9 -4

14 21 Freshfields Bruckhaus Deringer 4,298 9 5

15 11 Allen & Overy 2,572 9 -1

Iberia by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 20 DLA Piper 34,897 13 2565.9%

2 114 Cleary Gottlieb Steen & Hamilton 33,453 2 -

3 - Legance Avvocati Associati 33,194 2 -

4= - Davis Polk & Wardwell 33,177 1 -

4= 123Gianni, Origoni, Grippo, Cappelli & Partners

33,177 1 -

6 17 BonelliErede 10,179 2 642.5%

7 1 Linklaters 8,687 16 -45.7%

8 2 Uria Menendez 6,590 21 -55.1%

9 19 King & Wood Mallesons 4,886 9 263.0%

10 9 Cuatrecasas 4,767 39 -19.6%

11 - White & Case 4,519 6 -

12 5 KPMG Abogados 4,494 13 -53.5%

13 11 Clifford Chance 4,442 15 7.7%

14 8 Garrigues 4,372 21 -33.4%

15 3 Freshfields Bruckhaus Deringer 4,298 9 -68.7%


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Spain by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change


2 4 Uria Menendez 6,024 20 -2

3 1 Garrigues 3,761 18 -19

4 6 Deloitte Legal 1,218 16 -2


6 14 Gomez-Acebo & Pombo Abogados 961 14 6

7 8 KPMG Abogados 4,494 13 -1

8 7 Linklaters 8,681 12 -3


10 17 DLA Piper 33,821 10 5

11 12 CMS 2,325 10 0

12 13 Perez-Llorca 1,037 10 2



15 10 Allen & Overy 1,504 8 -2

Spain by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 20 DLA Piper 33,821 10 2483.7%


3= - Davis Polk & Wardwell 33,177 1 -

3= 115Gianni, Origoni, Grippo, Cappelli & Partners

33,177 1 -

3= - Legance Avvocati Associati 33,177 1 -

6 17 BonelliErede 10,179 2 642.5%

7 1 Linklaters 8,681 12 -45.5%

8 2 Uria Menendez 6,024 20 -58.7%


10 9 Cuatrecasas 4,712 37 -19.1%

11 - White & Case 4,519 5 -

12 5 KPMG Abogados 4,494 13 -53.5%



15 8 Garrigues 3,761 18 -42.4%


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Italy by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1Gianni, Origoni, Grippo, Cappelli & Partners

37,791 25 -8

2 6 BonelliErede 43,928 19 3

3 2 Chiomenti 27,346 19 -9

4 3 Nctm Studio Legale 455 17 -7

5 15 Orrick Herrington & Sutcliffe 716 14 6

6 5 Pedersoli Studio Legale 1,171 13 -7

7 10 Legance Avvocati Associati 33,676 12 2

8 4 Gatti Pavesi Bianchi 1,516 12 -8

9 14 Cleary Gottlieb Steen & Hamilton 62,684 9 1

10 13 Linklaters 5,226 9 0

11 46 Dentons 602 9 6

12 67 Simmons & Simmons 173 9 7

13 7 Gattai Minoli Agostinelli & Partners 380 8 -7

14 25 PwC legal 154 8 2

15 12 Latham & Watkins 2,140 7 -2

Italy by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change


2 6 BonelliErede 43,928 19 871.4%

3 3Gianni, Origoni, Grippo, Cappelli & Partners

37,791 25 250.8%

4 34 DLA Piper 33,759 6 3812%

5 17 Legance Avvocati Associati 33,676 12 1734.2%

6 - Davis Polk & Wardwell 33,292 2 -

7 2 Chiomenti 27,346 19 137.0%

8 - Blake, Cassels & Graydon 25,551 2 -

9 44 Jones Day 25,471 5 5120%

10 69 CMS 25,468 5 14881%

11= 110 Bredin Prat 25,423 1 81910%

11= - Cravath, Swaine & Moore 25,423 1 -

13 33 Linklaters 5,226 9 491.8%




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Nordics by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 DLA Piper 340 41 -23

2 2 Vinge 20,635 39 -6

3 19 BA-HR 8,945 37 20

4 3 Mannheimer Swartling 21,740 30 -11

5 5 Kromann Reumert 2,658 29 -6

6 6 Bech-Bruun 1,481 28 -7

7 12 Accura 1,057 27 3

8 13 Roschier 5,947 26 3

9 4 Schjodt 7,835 25 -11

10 14 Wiersholm 7,801 24 1

11 18 Selmer 2,366 24 6

12 11 Plesner 1,420 24 0

13 10 Hannes Snellman 1,661 19 -7

14 17 Gorrissen Federspiel 565 19 1

15 15 White & Case 11,808 18 -2

Nordics by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 3 Mannheimer Swartling 21,740 30 67.5%

2 2 Vinge 20,635 39 18.0%


4 1 White & Case 11,808 18 -45.4%

5 30 BA-HR 8,945 37 324.5%


7 34 Schjodt 7,835 25 315.9%

8 72 Wiersholm 7,801 24 1007%


10 29 Allen & Overy 6,037 8 178.6%

11 25 Roschier 5,947 26 59.5%

12 64 Castren & Snellman 5,457 15 475.0%

13 35 Ropes & Gray 5,338 1 196.6%

14 185 Hengeler Mueller 4,518 4 -

15 19 Clifford Chance 4,472 7 -10.2%


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Denmark by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 31 Freshfields Bruckhaus Deringer 6,188 5 6346%


3 72 Hengeler Mueller 3,937 1 -

4 2 Kromann Reumert 2,658 29 17.8%

5 57 Allen & Overy 2,569 3 -

6 6 Bech-Bruun 1,481 28 28.3%

7 22 Plesner 1,420 24 255.9%

8 36 Moalem Weitemeyer Bendtsen 1,200 11 2043%

9= - Kvale 1,200 1 -

9= - Slaughter and May 1,200 1 -

9= 11 Thommessen 1,200 1 11.1%

12 1 Accura 1,057 27 -65.3%

13= - Faegre Baker Daniels 797 1 -

13= 10 Weil Gotshal & Manges 797 1 -30.0%

15 3 Gorrissen Federspiel 565 19 -70.4%

Denmark by deal count


H12017

H12016

Value (US$m)

Deal Count

Value change

1 2 Kromann Reumert 2,658 29 -5

2 1 Bech-Bruun 1,481 28 -7

3 4 Accura 1,057 27 4

4 5 Plesner 1,420 24 2

5 6 Gorrissen Federspiel 565 19 2

6 3 DLA Piper 154 16 -15

7 8 Moalem Weitemeyer Bendtsen 1,200 11 0

8 7 Lundgrens 38 10 -3

9 10 Horten Law Firm 204 9 1

10 9 Bruun & Hjejle 14 8 -2


12 12 Baker & McKenzie 508 4 -1


14 57 Allen & Overy 2,569 3 2

15= 33 Hogan Lovells International - 3 1

15= 18Lund Elmer Sandager Advokatpartnerselskab

- 3 0


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Norway by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 6 BA-HR 7,536 35 18

2 4 Wiersholm 7,801 24 3

3 1 Schjodt 6,876 24 -11

4 7 Selmer 2,366 24 7

5 2 Wikborg Rein & Co 3,862 17 -12

6 5 CLP 1,966 13 -5

7 19 Arntzen de Besche 739 11 7

8 12 Advokatfirmaet Haavind 523 10 3

9 3 Thommessen 419 10 -14

10 8 Simonsen Vogt Wiig 252 10 0

11 14 Kluge Advokatfirma 249 7 1

12 22 Aabo-Evensen & Co 181 7 4

13 9 DLA Piper 145 7 -3

14 - Advokatfirmaet Steenstrup Stordrange 23 7 7

15 11 Vinge 6 7 0

Norway by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 13 Wiersholm 7,801 24 1007%

2 2 BA-HR 7,536 35 257.7%

3 3 Schjodt 6,876 24 271.9%

4 77 White & Case 5,479 5 -

5= 52 Freshfields Bruckhaus Deringer 5,338 1 -

5= - Ropes & Gray 5,338 1 -

5= - Simpson Thacher & Bartlett 5,338 1 -

5= - Skadden Arps Slate Meagher & Flom 5,338 1 -

9 4 Wikborg Rein & Co 3,862 17 158.8%

10 7 Michelet & Co 2,403 3 90.9%

11 24 Selmer 2,366 24 990.3%

12 25 CLP 1,966 13 818.7%

13 14 Roschier 1,951 4 434.5%

14 12 Arntzen de Besche 739 11 -7.5%

15 26 Advokatfirmaet Haavind 523 10 217.0%


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Sweden by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 Vinge 20,635 38 -5

2 2 Mannheimer Swartling 21,725 29 -11

3 4 DLA Piper 186 20 -5

4 6 Wistrand 189 18 3

5 3 Advokatfirman Lindahl 1,521 15 -17

6 9 Roschier 2,244 12 1

7 5 Hannes Snellman 663 12 -5

8 11 Baker & McKenzie 3,588 11 0

9 8 White & Case 1,076 11 0

10 130 Hamilton Advokatbyra 420 11 10

11 7 Gernandt & Danielsson 444 8 -4

12 14 Cederquist 297 8 -1

13 12 Setterwalls 24 8 -3

14 36 Bird & Bird 748 7 3

15 22 MAQS Advokatbyra 145 7 1

Sweden by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 2 Mannheimer Swartling 21,725 29 71.8%

2 1 Vinge 20,635 38 25.8%

3 78 Baker & McKenzie 3,588 11 3222%

4 20 Allen & Overy 3,412 4 57.5%

5 -Skadden Arps Slate Meagher & Flom

3,285 2 -

6= - Laurius Advocaten 3,285 1 -

6= 7 Stibbe 3,285 1 -66.9%

8 30 Roschier 2,244 12 60.6%


10 43 Advokatfirman Lindahl 1,521 15 236.5%


1,331 3 310.8%

12 101 Dittmar & Indrenius 1,143 3 4472%

13 184 SORAINEN 1,083 2 -

14 3 White & Case 1,076 11 -89.6%

15 - Paul Hastings 1,064 3 -


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Finland by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 2 White & Case 4,811 3 -56.2%

2 15 Castren & Snellman 4,498 14 374.0%

3 9 Roschier 3,345 13 15.3%

4 84 Selmer 1,859 4 -

5= - BA-HR 1,859 3 -

5= - CLP 1,859 3 -

5= 50 Wiersholm 1,859 3 12293%

8 3 Hannes Snellman 1,126 9 -88.2%

9 24 Borenius Attorneys 805 8 141.0%

10 31 Dittmar & Indrenius 301 6 43.3%

11 20 Clifford Chance 251 2 -60.0%

12 42 Freshfields Bruckhaus Deringer 251 1 217.7%

13 1 Avance Attorneys 205 5 -98.1%

14 17 Krogerus 189 13 -73.5%

15 58 Mannheimer Swartling 143 2 -

Finland by deal count


H12017

H12016

Value (US$m)

Deal Count

Value change

1 1 Castren & Snellman 4,498 14 -2

2 4 Roschier 3,345 13 1

3 5 Krogerus 189 13 1

4 3 Hannes Snellman 1,126 9 -3

5 2 Borenius Attorneys 805 8 -7

6 10 Eversheds Sutherland - 7 1

7 12 Dittmar & Indrenius 301 6 2

8 9 Bird & Bird 71 6 -2

9 15 Procope & Hornborg Law Offices - 6 3

10 6 Avance Attorneys 205 5 -5

11 7 DLA Piper - 5 -5

12 84 Selmer 1,859 4 3

13 68 EY (law) - 4 3

14 8 White & Case 4,811 3 -5

15= - BA-HR 1,859 3 3

15= - CLP 1,859 3 3

15= 30 Wiersholm 1,859 3 1


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Turkey by deal value


H12017

H12016

Value (US$m)

Deal Count

Count change

1 12Kolcuoglu Demirkan Kocakli Attorneys at Law

1,477 3 817.4%

2 14 Balcioglu Selcuk Akman Keki 1,460 3 1170%

3= - Cerha Hempel Spiegelfeld Hlawati 1,441 1 -

3= - Hengeler Mueller 1,441 1 -

5 35 White & Case 1,165 5 -

6 1 Paksoy Attorneys at Law 776 2 -2.1%

7 13 Baker & McKenzie 575 4 375.2%

8 - Cigdemtekin Dora Cakirca Aranci 470 1 -

9 - Akol Avukatlik Burosu 410 3 -

10 2 Verdi Law Firm 340 1 -51.0%

11 - Herbert Smith Freehills 179 1 -

12 34 Caliskan Kizilyel Toker 113 2 -

13 46 Moral Law Firm 60 2 -

14 - Yazici Law Offices 19 1 -

15= - Gide Loyrette Nouel 6 1 -

15= - Latham & Watkins 6 1 -

Turkey by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 8 White & Case 1,165 5 2


3 2Kolcuoglu Demirkan Kocakli Attorneys at Law

1,477 3 -2

4 5 Balcioglu Selcuk Akman Keki 1,460 3 0

5 - Akol Avukatlik Burosu 410 3 3

6 3 Paksoy Attorneys at Law 776 2 -1

7 7 Caliskan Kizilyel Toker 113 1 -1

8 46 Moral Law Firm 60 2 1

9= - Cerha Hempel Spiegelfeld Hlawati 1,441 1 1

9= - Hengeler Mueller 1,441 1 1

11 - Cigdemtekin Dora Cakirca Aranci 470 1 1

12 9 Verdi Law Firm 340 1 -1

13 -Herbert Smith Freehills

179 1 1

14 - Yazici Law Offices 19 1 1

15= - Gide Loyrette Nouel 6 1 1

15= - Latham & Watkins 6 1 1


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CEE by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 4 CMS 4,193 12 -2

2 1 White & Case 3,293 12 -5

3 15 COBALT 346 10 2

4 14 Clifford Chance 768 9 1

5 12 Wolf Theiss 311 9 0


7 6 Ellex 165 8 -5

8 8 Schoenherr Rechtsanwaelte 16 8 -3


10 23 Herbert Smith Freehills 896 7 2

11 9 SORAINEN 371 7 -4

12 27 DLA Piper 216 7 3

13 24 TGS Baltic - 6 1

14 13 Havel, Holasek & Partners 8 5 -4

15 3 Dentons 505 4 -10

CEE by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 30 CMS 4,193 12 1996.5%

2 19 White & Case 3,293 12 689.7%

3 5 Latham & Watkins 2,024 3 58.1%


5 7 Greenberg Traurig 1,369 2 48.0%

6 25 Travers Smith 1,369 1 416.6%

7 1 Norton Rose Fulbright 991 2 -59.0%

8 35 Herbert Smith Freehills 896 7 463.5%

9 - Debevoise & Plimpton 887 1 -

10 20 Clifford Chance 768 9 99.0%

11 8 Baker & McKenzie 628 8 -26.6%

12 4 Dentons 505 4 -60.6%

13 - Slaughter and May 402 1 -

14 - Sidley Austin 395 1 -

15 - Bright & Hues 391 1 -


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Poland by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 7 CMS 1,920 6 1


3 8 White & Case 2,853 5 0

4 6 Clifford Chance 161 4 -1


6 14 Gessel, Koziorowski 20 4 0

7 22 Schoenherr Rechtsanwaelte - 4 2

8 2 Dentons 505 3 -3

9 10 Wolf Theiss 306 3 -1

10 3 Domanski Zakrzewski Palinka (DZP) 133 3 -3

11 9 Greenberg Traurig 1,369 2 -2

12 11 Hogan Lovells International 145 2 -2

13 12 Soltysinski Kawecki & Szlezak 144 2 -2

14 - Mrowiec Fialek i Wspolnicy 123 2 2

15 - DLA Piper 73 2 2

Poland by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 20 White & Case 2,853 5 1815%

2 19 CMS 1,920 6 1071%


4 2 Greenberg Traurig 1,369 2 48.0%

5 14 Travers Smith 1,369 1 416.6%

6 10 Dentons 505 3 72.4%

7 11 Wolf Theiss 306 3 11.3%

8= - Andreas Neocleous & Co 215 1 -

8= - Dechert 215 1 -

10 9 Clifford Chance 161 4 -56.3%

11 25 Hogan Lovells International 145 2 163.6%

12 33 Soltysinski Kawecki & Szlezak 144 2 278.9%

13 15 Domanski Zakrzewski Palinka (DZP) 133 3 -40.1%

14 - Mrowiec Fialek i Wspolnicy 123 2 -

15 - China Commercial Law Firm 118 1 -


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Russia by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 3 Latham & Watkins 2,024 2 58.1%

2 - CMS 1,850 2 -

3 9 Herbert Smith Freehills 896 7 463.5%

4= - Debevoise & Plimpton 887 1 -

4= 1 Norton Rose Fulbright 887 1 -56.1%

6 8 White & Case 440 2 64.2%

7 - Bright & Hues 391 1 -

8 - Clifford Chance 354 1 -

9 12 Morgan Lewis & Bockius 320 2 140.6%

10 - Roschier 200 1 -

11 - DLA Piper 143 4 -

12 - Avellum Partners 143 1 -

13 6 Skadden Arps Slate Meagher & Flom 120 2 -76.0%

14 - Hannes Snellman 102 1 -

15 - Fangda Partners 90 1 -

Russia by deal count


H12017

H12016

Value (US$m)

Deal Count

Value change

1 4 Herbert Smith Freehills 896 7 2

2 - DLA Piper 143 4 4


4 - CMS 1,850 2 2

5 1 White & Case 440 2 -6

6 13 Morgan Lewis & Bockius 320 2 0

7 16 Skadden Arps Slate Meagher & Flom 120 2 1

8 2 Goltsblat BLP 26 2 -5

9 - Chadbourne & Parke - 2 2

10= - Debevoise & Plimpton 887 1 1

10= 3 Norton Rose Fulbright 887 1 -4

12 - Bright & Hues 391 1 1

13 - Clifford Chance 354 1 1

14 - Roschier 200 1 1

15 - Avellum Partners 143 1 1


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Americas by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 2 Kirkland & Ellis 198,689 203 32

2 4 Latham & Watkins 137,251 142 -6

3 1 Jones Day 96,150 127 -45

4 3 DLA Piper 15,529 113 -41


6 8 Weil Gotshal & Manges 128,283 95 8




10 7 White & Case 93,636 74 -15


12 18 Blake, Cassels & Graydon 100,985 63 -1


14 24 Baker & McKenzie 24,674 60 2


Americas by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change



3 6 Kirkland & Ellis 198,689 203 53.4%




7 11 Latham & Watkins 137,251 142 47.7%






13 7 Jones Day 96,150 127 -25.0%

14 1 White & Case 93,636 74 -59.9%

15 45 Linklaters 90,372 37 321.6%


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US by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 197,729 201 31

2 3 Latham & Watkins 135,086 139 -6

3 2 Jones Day 96,118 123 -36

4 4 DLA Piper 14,856 105 -34






10 8 White & Case 92,784 70 -13



13 19 Sullivan & Cromwell 147,228 56 -2

14 15 Davis Polk & Wardwell 183,654 55 -7

15 9 Cooley 7,992 53 -18

US by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change



3 6 Kirkland & Ellis 197,729 201 52.7%




7 11 Latham & Watkins 135,086 139 45.4%





12 7 Jones Day 96,118 123 -24.0%

13 1 White & Case 92,784 70 -60.2%


15 77 Linklaters 85,951 28 944.9%


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US North East by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 2 Kirkland & Ellis 71,082 110 29


3 1 Jones Day 23,313 65 -17



40,765 57 15


73,633 48 -2



9 5 DLA Piper 8,504 46 -13

10 7 White & Case 46,188 45 0


12 17 Willkie Farr & Gallagher 62,925 37 9

13 19 Davis Polk & Wardwell 82,934 34 8

14 21 Sidley Austin 14,944 32 6

15 8 Ropes & Gray 15,395 28 -17

US North East by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change







7 13 Latham & Watkins 73,231 71 204.8%

8 8 Kirkland & Ellis 71,082 110 90.7%


10 27 Willkie Farr & Gallagher 62,925 37 367.1%


12 45 Linklaters 56,628 18 750%

13 41 Gleiss Lutz 52,567 5 541.0%

14 96 Alston & Bird 49,773 5 3138%



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US Mid West by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 47,541 65 3

2 2 Jones Day 16,212 54 -1


35,235 27 0


5 4 DLA Piper 1,197 25 -6

6 9 McDermott Will & Emery 7,916 22 -1

7 12 Goodwin Procter 122 22 5


9 3 Sidley Austin 15,956 20 -11

10 13 White & Case 24,237 18 3


19,140 18 7

12 6 Honigman Miller Schwartz & Cohn 388 18 -9

13 22 Gibson Dunn & Crutcher 13,637 15 4

14 14 Sullivan & Cromwell 24,359 14 -1

15 47 Paul Hastings 1,592 14 7

US Mid West by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 4 Kirkland & Ellis 47,541 65 -37.0%


35,235 27 -28.7%

3 10 Cleary Gottlieb Steen & Hamilton 34,287 11 -25.6%


5 254 Linklaters 25,942 6 -

6 9 Cravath, Swaine & Moore 25,865 10 -44.8%


8 3 White & Case 24,237 18 -69.5%


10 109 Clifford Chance 19,559 11 5739%



19,140 18 1178%

13 53 Debevoise & Plimpton 17,872 8 1034%

14 11Fried Frank Harris Shriver & Jacobson

16,684 8 -63.7%

15 1 Jones Day 16,212 54 -83.9%


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US South by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 117,270 93 13

2 3 Latham & Watkins 60,416 65 11

3 2 DLA Piper 3,555 50 -20

4 4 Jones Day 71,701 47 -7


6 14 Vinson & Elkins 41,996 41 15


50,176 32 12


127,123 29 0

9 5 White & Case 37,933 28 -6


11 11 King & Spalding 24,130 27 -1





US South by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change



3 6 Kirkland & Ellis 117,270 93 245.4%




7 21 Jones Day 71,701 47 377.6%


9 83 Herbert Smith Freehills 62,567 4 4408%

10 399 Moore & Van Allen 60,567 1 -

11 9 Latham & Watkins 60,416 65 110.8%




15 26 Vinson & Elkins 41,996 41 208.5%


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US West by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change


2 1 Latham & Watkins 54,637 46 -37

3 9 Morgan Lewis & Bockius 1,589 41 3



6 8 Cooley 6,583 36 -3

7 5 DLA Piper 5,449 35 -9

8 10 Jones Day 2,429 32 -6

9 18 Hogan Lovells International 11,233 28 4

10 21 Morrison & Foerster 18,257 27 4



13 4 O'Melveny & Myers 8,587 25 -24

14 14 Orrick Herrington & Sutcliffe 4,841 23 -7

15 26 Sidley Austin 3,424 23 4

US West by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 2 Latham & Watkins 54,637 46 -8.9%




5 8 Gibson Dunn & Crutcher 25,902 22 -42.8%

6 12 Kirkland & Ellis 23,260 76 -23.6%


8 4 White & Case 22,438 17 -56.2%



11 45 Paul Hastings 18,414 20 241.8%

12 18 Fried Frank Harris Shriver & Jacobson 18,367 10 25.5%

13 19 Morrison & Foerster 18,257 27 26.2%


15 9 Paul Weiss Rifkind Wharton & Garrison 16,669 26 -60.5%


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Canada by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 Blake, Cassels & Graydon 29,885 53 -4

2 4 Osler, Hoskin & Harcourt 33,649 46 14

3 2 Stikeman Elliott 21,529 43 -14

4 3 McCarthy Tetrault 18,705 30 -5

5 12 Borden Ladner Gervais 2,006 27 12

6 5 Norton Rose Fulbright 9,991 23 -3

7 7 Davies Ward Phillips & Vineberg 4,236 22 2


9 10 Torys 5,240 17 0

10 14 Goodmans 8,194 16 3

11 19 Gowling WLG 832 16 4

12 20 Kirkland & Ellis 14,056 15 4

13 8 Fasken Martineau Dumoulin 3,028 10 -9

14 6 Bennett Jones 15,672 8 -13


Canada by deal value


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 Osler, Hoskin & Harcourt 33,649 46 -19.2%

2 3 Blake, Cassels & Graydon 29,885 53 -1.9%


4 6 Skadden Arps Slate Meagher & Flom 21,854 7 -21.7%

5 9 Stikeman Elliott 21,529 43 3.4%

6 10 McCarthy Tetrault 18,705 30 -6.2%


8 8 Bennett Jones 15,672 8 -32.0%

9 - King & Spalding 15,053 3 -

10 17 Kirkland & Ellis 14,056 15 16.2%

11 89 Vinson & Elkins 13,464 6 4575%

12 44 Cleary Gottlieb Steen & Hamilton 10,365 5 281%

13 34 Norton Rose Fulbright 9,991 23 128%

14 72 Bracewell 8,956 2 1094%



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C&S America by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change


3,795 18 4

2 6 Machado Meyer Sendacz e Opice 1,845 17 4

3 1 Pinheiro Neto Advogados 1,785 13 -4


5 4 Tozzini Freire Teixeira e Silva Advogados 2,921 12 -2

6 14 Demarest 1,033 12 4

7 18 Lobo de Rizzo Advogados 2,602 11 5

8 13 Philippi Prietocarrizosa, Ferrero DU & Uria 129 11 3

9 11 Stocche Forbes Advogados 1,314 9 0

10 23 Lefosse Advogados 496 7 2

11 12 Jones Day 285 7 -2

12 31 Gomez-Pinzon Zuleta Abogados 136 7 4

13 7 Barbosa, Mussnich & Aragao 1,982 6 -5


15 15 Garrigues 101 6 -2

C&S America by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change


3,795 18 8.5%

2 1 Linklaters 3,167 4 -67.6%


4 53Tozzini Freire Teixeira e Silva Advogados

2,921 12 404.5%

5 18 Cuatrecasas 2,737 3 102.1%

6 - King & Spalding 2,700 1 -

7 26 Lobo de Rizzo Advogados 2,602 11 142.0%

8 84 Galicia Abogados 2,467 4 1278.2%


10 167 Vieira Rezende Advogados 2,245 2 -

11 - Sidley Austin 2,100 2 -

12= 27 Cravath, Swaine & Moore 2,100 1 96.3%

12= - Dechert 2,100 1 -

14 8 Barbosa, Mussnich & Aragao 1,982 6 -49.3%

15 46 Machado Meyer Sendacz e Opice 1,845 17 149.0%


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Asia-Pacific(excl. Japan) by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change


2 4 Herbert Smith Freehills 14,716 43 1

3 5 Kim & Chang 12,880 42 0

4 7 Baker & McKenzie 14,029 34 -3

5 9 AZB & Partners 16,578 32 0

6 28 Lee & Ko 6,968 29 8


8 11 MinterEllison 4,370 28 -2

9 3 Grandall Law Firm 10,276 27 -16

10 32 Cyril Amarchand Mangaldas 2,715 26 8

11 39 Bae Kim & Lee 2,788 25 8

12 6 Zhong Lun Law Firm 8,172 24 -17

13 23 Shin & Kim 3,189 23 0

14 17 Allen & Overy 11,596 22 -4

15 19 Gilbert + Tobin 9,140 22 -2

16 14 Norton Rose Fulbright 5,706 22 -5

17 21 Latham & Watkins 5,387 21 -3

18 24 Fangda Partners 21,723 20 -2

19 89 Thomson Geer 379 20 13

20 43 Kirkland & Ellis 13,572 19 4

Asia-Pacific(excl. Japan) by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 1 King & Wood Mallesons 29,451 53 -74.7%

2 6 Clifford Chance 21,871 28 -62.3%

3 4 Fangda Partners 21,723 20 -67.0%

4 16 Allens 20,508 15 -12.8%



7 93 Shardul Amarchand Mangaldas & Co 16,717 16 534.2%

8 51 AZB & Partners 16,578 32 127.9%

9 17 Herbert Smith Freehills 14,716 43 -35.0%


11 23 Baker & McKenzie 14,029 34 -14.4%

12 89 Loyens & Loeff 13,832 2 404.3%

13 45 Kirkland & Ellis 13,572 19 49.1%

14 329 S&R Associates 13,212 6 21920%

15 97 Vaish Associates 12,944 3 416.9%

16 41 Kim & Chang 12,880 42 37.8%

17 272 Bharucha & Partners 12,668 1 9013.7%

18 36 Sidley Austin 12,624 16 19.1%




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Aisa-Pacific league tables

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Asia (excl. Australasia & Japan) by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 3 Kim & Chang 12,880 42 0


3 6 AZB & Partners 16,578 32 0

4 21 Lee & Ko 6,968 29 8



7 33 Bae Kim & Lee 2,788 25 8



10 13 Baker & McKenzie 8,307 23 0

11 12 Shin & Kim 3,189 23 0


13 11 Latham & Watkins 5,307 19 -4

14 5 Khaitan & Co 854 19 -13

15 29 Trilegal 3,811 18 0

Asia (excl. Australasia & Japan) by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change


2 4 Fangda Partners 21,723 20 -67.0%

3 6 Clifford Chance 21,110 24 -63.1%


5 83Shardul Amarchand Mangaldas & Co

16,717 16 534.2%

6 44 AZB & Partners 16,578 32 127.9%



9 80 Loyens & Loeff 13,765 1 401.8%

10 300 S&R Associates 13,212 6 21920%

11 36 Kirkland & Ellis 13,127 16 51.6%


13 32 Kim & Chang 12,880 42 37.8%

14 248 Bharucha & Partners 12,668 1 9014%

15 28 Sidley Austin 12,624 14 21.3%


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Australasia by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change



3 2 MinterEllison 3,798 26 -1

4 5 Gilbert + Tobin 9,140 22 -2

5 18 Thomson Geer 379 20 13

6 4 Allens 20,508 15 -9

7 7 Ashurst 7,960 15 -2

8 12 Corrs Chambers Westgarth 1,100 14 3


10 9 Norton Rose Fulbright 388 12 -1

11 22 Allen & Overy 9,861 10 5

12 24 Talbot Sayer Lawyers 305 10 5

13 15 Chapman Tripp 205 10 1

14 14 Bell Gully 851 9 -1

15 16 Clayton Utz 160 8 -1

Australasia by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 2 Allens 20,508 15 -12.8%


3 5 Herbert Smith Freehills 11,648 35 -13.3%


5 22 Allen & Overy 9,861 10 677.1%


7 3 Gilbert + Tobin 9,140 22 -56.0%

8 6 Baker & McKenzie 8,808 13 -22.7%

9 15 Ashurst 7,960 15 211.5%

10 13 MinterEllison 3,798 26 11.2%

11 11 Linklaters 3,710 6 6.0%

12 - Slaughter and May 2,945 2 -

13 23 Clifford Chance 2,083 6 129.7%

14 - Ropes & Gray 1,915 2 -

15 16 DLA Piper 1,316 7 -47.9%


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Greater China by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change






6 17 AllBright Law Offices 6,932 14 -2

7 20 Latham & Watkins 4,852 14 -1

8 36 Kirkland & Ellis 13,127 13 5


10 6 Grandway Law Offices 3,117 12 -10

11 15 Baker & McKenzie 7,423 11 -6

12 13 JiaYuan Law Offices 2,711 10 -7

13 9 DLA Piper 2,689 10 -8


15 7 Beijing Dentons Law Offices 4,082 9 -13

Greater China by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change


2 4 Fangda Partners 21,723 20 -67.0%

3 6 Clifford Chance 20,101 17 -64.4%


5 193 Loyens & Loeff 13,765 1 9525.9%

6 40 Kirkland & Ellis 13,127 13 107.1%

7 39 Sidley Austin 12,349 13 87.7%




11 15 Grandall Law Firm 10,276 27 -54.5%

12 278 Allens 9,899 2 -

13 19 Zhong Lun Law Firm 8,172 24 -48.3%

14 54 Baker & McKenzie 7,423 11 76.0%

15 7 Cleary Gottlieb Steen & Hamilton 7,041 3 -87.2%


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India by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 AZB & Partners 16,578 32 0


3 2 Khaitan & Co 854 19 -11

4 3 Shardul Amarchand Mangaldas & Co 16,717 16 -10

5 5 Trilegal 2,886 16 -1

6 7 J Sagar Associates 616 14 3

7 35 DSK Legal 515 10 7

8 9 Desai & Diwanji 1,322 9 -1

9 17 Nishith Desai Associates 1,870 8 3

10 10 HSA Advocates 424 7 -1

11 71 S&R Associates 13,212 6 5

12 19 PDS Legal 1,085 6 1

13 14 Luthra & Luthra Law Offices 393 6 0


15 6 Bathiya Legal 45 4 -9

India by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change


2 1 AZB & Partners 16,578 32 127.9%

3 62 S&R Associates 13,212 6 21920%



6 49 Bharucha & Partners 12,668 1 9013.7%

7 10 Trilegal 2,886 16 113.8%

8 2 Cyril Amarchand Mangaldas 2,715 26 -60.5%

9 21 Nishith Desai Associates 1,870 8 139.1%

10= - Drinker Biddle & Reath 1,415 1 -

10= - Mayer Brown 1,415 1 -

12 122 Morrison & Foerster 1,400 1 -

13 45 Desai & Diwanji 1,322 9 577.9%

14 60 PDS Legal 1,085 6 1569.2%

15 - Davis Polk & Wardwell 1,060 2 -


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South Korea by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 Kim & Chang 12,871 40 -2

2 3 Lee & Ko 6,847 28 7

3 5 Bae Kim & Lee 2,788 25 8

4 2 Shin & Kim 3,189 23 0

5 4 Yulchon 1,352 13 -5

6 21 Ropes & Gray 1,265 5 4

7 6 Yoon & Yang 110 5 -3

8 7 JIPYONG 1,432 4 -2

9 10 Kim, Choi & Lim 186 4 1

10 19 White & Case 785 3 2

11 9 Hankyul Law Firm 666 3 -2

12 - Morgan Lewis & Bockius 1,925 2 2

13 - Cooley 951 2 2

14 - Nishimura & Asahi 480 2 2

15 - Allen & Overy 459 2 2

South Korea by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 1 Kim & Chang 12,871 40 37.7%

2 2 Lee & Ko 6,847 28 -10.2%

3 4 Shin & Kim 3,189 23 -47.5%

4 5 Bae Kim & Lee 2,788 25 -39.2%

5 - Morgan Lewis & Bockius 1,925 2 -

6= - Cleary Gottlieb Steen & Hamilton 1,543 1 -

6= - Sullivan & Cromwell 1,543 1 -

8 16 JIPYONG 1,432 4 559.9%

9 3 Yulchon 1,352 13 -78.7%

10 18 Ropes & Gray 1,265 5 680.9%

11 - Cooley 951 2 -

12 - Clifford Chance 832 1 -

13= - O'Melveny & Myers 826 1 -

13= - Wachtell, Lipton, Rosen & Katz 826 1 -

15 14 White & Case 785 3 48.4%


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Japan by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 3 Nishimura & Asahi 5,259 28 5

2 1 Mori Hamada & Matsumoto 5,453 27 -22

3 4 Nagashima Ohno & Tsunematsu 3,063 21 2

4 2 Anderson Mori & Tomotsune 936 15 -11

5 5 Morrison & Foerster 19,526 12 0

6 7 Allen & Overy 3,151 10 2

7 21 Jones Day 6,974 9 5




11 24 Shearman & Sterling 5,455 6 3

12 81 Skadden Arps Slate Meagher & Flom 9,250 5 4



15 6 White & Case 1,881 5 -4

Japan by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change



3 52 Skadden Arps Slate Meagher & Flom 9,250 5 2645%

4= 29 Paul Weiss Rifkind Wharton & Garrison 8,193 2 253.9%

4= - Willkie Farr & Gallagher 8,193 2 -



8 81 Jones Day 6,974 9 6183%

9 65 Fangda Partners 5,701 2 2445%


11 1 Mori Hamada & Matsumoto 5,453 27 -78.7%

12 2 Nishimura & Asahi 5,259 28 -67.4%

13= - Cleary Gottlieb Steen & Hamilton 4,893 1 -

13= - Fried Frank Harris Shriver & Jacobson 4,893 1 -

15 - Debevoise & Plimpton 4,350 2 -


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South East Asia by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change




4 1 Allen & Gledhill 546 7 -7

5 3 Allen & Overy 402 6 -6

6 16 Rajah & Tann 291 6 2

7 7 WongPartnership 2,361 5 -3


9 6 Herbert Smith Freehills 832 5 -3

10 2 White & Case 8,519 4 -8


12 8 Latham & Watkins 455 4 -4

13 5 Morgan Lewis & Bockius 99 4 -6

14 4 Linklaters 2,130 3 -7


South East Asia by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 4 White & Case 8,519 4 137.8%

2 111 Shearman & Sterling 7,400 4 21665%

3 31 Baker & McKenzie 2,833 12 254.1%

4 18 WongPartnership 2,361 5 93.7%

5 151 Simpson Thacher & Bartlett 2,268 5 -

6 94 Freshfields Bruckhaus Deringer 2,201 7 1919%

7 1 Linklaters 2,130 3 -72.4%

8 30 TSMP Law Corporation 1,951 2 131.4%

9 74 Kirkland & Ellis 1,907 3 1022%

10 - Baer & Karrer 1,904 1 -

11 - Walder Wyss 1,449 1 -

12 24 Noerr 1,000 1 -2.0%

13= 65 Ropes & Gray 952 1 259.2%

13= - Uria Menendez 952 1 -

15 40 Clifford Chance 909 7 61.5%


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Africa & Middle East league tables

Africa & Middle East by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 Webber Wentzel 3,144 17 1

2 7 Herzog, Fox and Neeman 549 17 4

3 3 Bowmans 1,296 13 -2

4 14 Allen & Overy 3,147 11 3

5 31 Latham & Watkins 19,330 10 6

6 10 ENSafrica 3,085 9 -2

7 9 White & Case 26,979 8 -3



10 6 Cliffe Dekker Hofmeyr 378 7 -6


12 2 Meitar Liquornik Geva Leshem Tal 1,093 6 -9

13 - Yigal Arnon & Co 15,144 5 5

14 11 Linklaters 4,988 5 -6

15 13 Werksmans 347 5 -4

16 40 Anjarwalla & Khanna Advocates 121 5 2


18 23 DLA Piper 1,853 4 -2


20 19 King & Wood Mallesons 299 4 -2

Africa & Middle East by deal count

Company name H1 2017

H12017

H12016

Value (US$m)

Deal Count

Count change

1 3 White & Case 26,979 8 228.3%

2 - Milbank Tweed Hadley & McCloy 22,493 2 -

3 74 Latham & Watkins 19,330 10 8890.7%



6 106 Morrison & Foerster 15,362 3 33296%

7 - Yigal Arnon & Co 15,144 5 -

8 - Houthoff Buruma 14,993 1 -

9 - Simpson Thacher & Bartlett 9,379 2 -



12 12 Linklaters 4,988 5 48.5%

13 - Baker Botts 3,900 1 -

14 2 Allen & Overy 3,147 11 -63.6%

15 39 Webber Wentzel 3,144 17 204.9%

16 1 Clifford Chance 3,102 4 -66.6%

17 5 ENSafrica 3,085 9 -55.7%

18 - BonelliErede 2,800 1 -

19 25 Kirkland & Ellis 2,415 3 64.0%

20+ 158 Cravath, Swaine & Moore 2,215 1 -

20+ 187 Willkie Farr & Gallagher 2,215 1 -


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Africa & Middle East league tables

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Global (buyouts+exits) by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 75,455 143 44


3 3 DLA Piper 7,192 57 -11




7 6 White & Case 24,318 39 -2


9 11 Ropes & Gray 15,771 29 -2

10 4 Jones Day 1,321 29 -24



13 10 Linklaters 11,554 26 -6



Global (buyouts+exits) by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 1 Kirkland & Ellis 75,455 143 74.4%


3 2 Latham & Watkins 47,130 73 48.4%




7 7 White & Case 24,318 39 29.9%



10 10 Ropes & Gray 15,771 29 2.0%

11 30 Gibson Dunn & Crutcher 15,094 19 160.1%

12 98 Loyens & Loeff 14,875 9 953.5%

13 9 Clifford Chance 12,972 27 -18.0%


15 45 Debevoise & Plimpton 12,127 12 224.9%

Based on advisors to bidder on buyout deals and advisors to target/seller on exit deals with the target dominant geography being Global


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US (buyouts+exits) by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 1 Kirkland & Ellis 49,857 117 62.0%

2 2 Latham & Watkins 30,360 38 36.3%




23,555 28 26.8%


15,694 15 -8.6%




10 7 O'Melveny & Myers 9,263 8 -32.5%


12 18 Sidley Austin 8,211 11 42.2%

13 49 McDermott Will & Emery 7,767 18 540.3%


15 64 Covington & Burling 6,597 1 1322%

US (buyouts+exits) by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 49,857 117 39

2 50 Latham & Watkins 30,360 38 -4




6 20 DLA Piper 1,991 26 0



9 2 Jones Day 1,235 20 -11



12 33 Cooley 1,024 16 -9


14 63 White & Case 5,659 15 3

15 6 Ropes & Gray 3,355 14 -12

Based on advisors to bidder on buyout deals and advisors to target/seller on exit deals with the target dominant geography being US


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Europe (buyouts+exits) by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 DLA Piper 5,201 31 -8


3 2 Linklaters 11,554 26 -4

4 3 CMS 3,147 24 -5

5 10 White & Case 18,077 23 2





10 4 Allen & Overy 7,608 16 -12

11 28 Mayer Brown 1,813 14 3

12 15 Willkie Farr & Gallagher 1,905 13 -2

13 58 Cuatrecasas 1,281 13 6


15 54 Macfarlanes 6,774 12 5

Europe (buyouts+exits) by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change



3 11 White & Case 18,077 23 254.1%

4 53 Loyens & Loeff 14,725 7 942.8%

5 5 Kirkland & Ellis 13,555 10 99.7%


7 3 Latham & Watkins 13,124 27 38.6%

8 2 Clifford Chance 12,454 21 -12.3%

9 4 Linklaters 11,554 26 39.5%


11 107 Ropes & Gray 8,435 5 1525.2%

12 27 Milbank Tweed Hadley & McCloy 8,049 10 213.6%

13 17 Allen & Overy 7,608 16 101.5%



Based on advisors to bidder on buyout deals and advisors to target/seller on exit deals with the target dominant geography being Europe


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Asia-Pac (buyouts+exits) by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 Kim & Chang 5,209 13 1

2 2 AZB & Partners 1,024 11 -1

3 14 Khaitan & Co 425 11 6

4 - Herbert Smith Freehills 4,707 10 -

5 22 King & Wood Mallesons 2,253 10 7

6 8 Cyril Amarchand Mangaldas 679 10 4


8 35 Ropes & Gray 2,610 7 5

9 5 Trilegal 1,283 7 -1

10 18 Gilbert + Tobin 1,113 6 2

11 9 Bae Kim & Lee 613 6 0

12 78 Lee & Ko 1,285 5 4


14 45 Talbot Sayer Lawyers 32 5 3


Asia-Pac (buyouts+exits) by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 2 Kirkland & Ellis 7,367 7 29.0%

2 - Cleary Gottlieb Steen & Hamilton 6,119 2 -

3 13 Kim & Chang 5,209 13 169.8%


5 19 Ashurst 4,767 2 292.0%



8 63 Hogan Lovells International 2,822 2 2840%

9 41 Ropes & Gray 2,610 7 772.9%




13 - Sullivan & Cromwell 1,543 1 -

14 - Walkers Global 1,517 2 -


*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan)


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Global buyouts by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 57,436 99 29


3 2 DLA Piper 4,937 32 -12




7 6 White & Case 16,059 27 3

8 13 Ropes & Gray 12,837 25 7



9,825 19 -2

11 4 Jones Day 663 19 -15




15 9 Linklaters 9,312 16 -5

Global buyouts by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 1 Kirkland & Ellis 57,436 99 182.1%


3 4 White & Case 16,059 27 12.7%


5 15 Ropes & Gray 12,837 25 135.5%

6 5 Latham & Watkins 12,063 43 -13.7%


8 11 Clifford Chance 11,352 19 72.6%



11 13 Linklaters 9,312 16 54.0%


13 152 McDermott Will & Emery 7,617 18 4380.6%

14 120 Gilbert + Tobin 6,221 7 1808%

15 257 Hogan Lovells International 6,132 13 33967%

*Based on advisors to bidder on buyout deals with the target dominant geography being Global


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US buyouts by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 2 Kirkland & Ellis 31,858 77 126.9%




5 61 McDermott Will & Emery 7,517 15 10639%

6 22 Morgan Lewis & Bockius 6,024 16 289.9%

7 8 Latham & Watkins 5,255 20 -25.4%

8 10 Wachtell, Lipton, Rosen & Katz 5,171 2 -2.5%

9 3 O'Melveny & Myers 4,963 2 -61.3%


11= - Accura 3,200 1 -

11= - Homburger 3,200 1 -

11= 24 McCann FitzGerald 3,200 1 166.7%

14 12 Ropes & Gray 2,915 12 -41.1%

15 4 Stikeman Elliott 2,682 1 -78.3%

US buyouts by deal count


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H12016

Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 31,858 77 22






7 4 DLA Piper 360 15 -2


9 6 Ropes & Gray 2,915 12 -3

10 20 White & Case 1,538 12 5

11 2 Jones Day 605 12 -10

12 16 Goodwin Procter - 10 2


14 14 Katten Muchin Rosenman 63 8 -1

15 24 Willkie Farr & Gallagher 237 7 2

*Based on advisors to bidder on buyout deals with the target dominant geography being US


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Europe buyouts by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 DLA Piper 4,577 17 -8


3 2 Linklaters 9,312 16 -3



6 11 White & Case 13,939 14 2



9 25 Kirkland & Ellis 13,555 10 4




13 28 Dentons 1,316 9 3

14 32 Lamartine Conseil 23 9 3

15 6 Allen & Overy 2,451 8 -7

Europe buyouts by deal value


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H12016

Value (US$m)

Deal Count

Value change

1 22 White & Case 13,939 14 656.3%

2 47 Kirkland & Ellis 13,555 10 2130%

3 4 Clifford Chance 11,164 15 110.5%


5 3 Linklaters 9,312 16 60.9%

6 87 Ropes & Gray 6,664 4 3232.0%



6,093 2 -


10 184 Schjodt 5,469 3 -

11 91 Macfarlanes 5,381 4 3122%

12 244 Gilbert + Tobin 5,108 1 -

13 25 DLA Piper 4,577 17 232.6%

14 - Davies Ward Phillips & Vineberg 4,300 1 -

15 2 Latham & Watkins 3,798 17 -45.1%

*Based on advisors to bidder on buyout deals with the target dominant geography being Europe


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Asia-Pac buyouts by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 3 Kim & Chang 3,867 11 7

2 14 Khaitan & Co 342 9 2

3 31 King & Wood Mallesons 1,283 8 2

4 28 Ropes & Gray 2,610 7 3


6 - Herbert Smith Freehills 1,487 6 1

7 20 Gilbert + Tobin 1,113 6 1

8 2 AZB & Partners 367 6 0



11 5 Trilegal 912 4 -1

12 16 Shin & Kim 748 4 1

13 12 O'Melveny & Myers 608 4 0

14 21 Bae Kim & Lee 544 4 1

15 - DSK Legal 336 4 1

Asia-Pac buyouts by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 2 Kirkland & Ellis 7,367 5 29.0%

2 - Cleary Gottlieb Steen & Hamilton 6,119 2 -

3 - Morrison & Foerster 5,005 1 -

4 12 Kim & Chang 3,867 11 172.5%


6 81 Hogan Lovells International 2,779 1 -

7 31 Ropes & Gray 2,610 7 772.9%


9 16 Ashurst 1,693 1 39.2%

10 14Shardul Amarchand Mangaldas & Co

1,564 3 24.9%

11 - Walkers Global 1,517 2 -




15 27 Gilbert + Tobin 1,113 6 241.4%

*Based on advisors to bidder on buyout deals with the target dominant geography being Asia-Pacific (excl. Japan)


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Global exits by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 18,019 44 15



4 3 DLA Piper 2,255 25 1


6 12 CMS 2,808 18 2



9 11Gunderson Dettmer Stough Villeneuve Franklin & Hachigian

2,728 13 -3

10 4 Cooley 1,406 13 -8

11 7 White & Case 8,259 12 -5


13 17 Simpson Thacher & Bartlett 34,453 11 -2

14 213 Osler, Hoskin & Harcourt 2,743 11 10


Global exits by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 2 Latham & Watkins 35,067 30 97.2%



4 1 Kirkland & Ellis 18,019 44 -21.4%


15,183 14 424.5%



14,280 9 47.7%

8 78 Loyens & Loeff 13,765 3 1201%





13 59 Sidley Austin 8,707 10 534.6%


15 20 White & Case 8,259 12 84.8%

*Based on advisors to target/seller on exit deals with the target dominant geography being Global


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US exits by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change

1 2 Latham & Watkins 25,105 18 64.8%

2 80 Weil Gotshal & Manges 22,160 17 32016%

3 1 Kirkland & Ellis 17,999 40 7.6%






9 29 Sidley Austin 7,103 6 417.7%



12 43 Debevoise & Plimpton 6,744 2 1092%

13 48 Covington & Burling 6,597 1 1321.8%

14 76 Shearman & Sterling 4,540 2 5241%

15 6 Wilson Sonsini Goodrich & Rosati 4,379 4 -48.9%

US exits by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 17,999 40 17


3 2 Latham & Watkins 25,105 18 -3




7 5Gunderson Dettmer Stough Villeneuve Franklin & Hachigian

2,078 11 -5

8 12 DLA Piper 1,631 11 2

9 4 Cooley 989 11 -6

10 11 Jones Day 630 8 -1



13 14 Skadden Arps Slate Meagher & Flom 6,748 7 0

14 44 Paul Hastings 1,371 7 5

15 22 Choate Hall & Stewart 186 7 2

*Based on advisors to target/seller on exit deals with the target dominant geography being US


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Europe exits by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 1 CMS 2,808 18 2

2 2 DLA Piper 624 14 0


4 5 Linklaters 2,242 10 -1

5 7 White & Case 4,138 9 0

6 4 Allen & Overy 5,157 8 -5

7 51 Mayer Brown 1,598 8 4

8 27 Macfarlanes 1,393 8 3


10 6 Travers Smith 1,736 7 -4

11 73 Osborne Clarke 528 7 4


13 - Goodwin Procter 2,628 6 6


15 81 Van Doorne 427 6 4

Europe exits by deal value


H12017

H12016

Value (US$m)

Deal Count

Value change


2 47 Loyens & Loeff 13,765 3 1201%

3 12 Latham & Watkins 9,326 10 266.3%


5 14 Milbank Tweed Hadley & McCloy 7,500 3 235.0%


7= 45 Skadden Arps Slate Meagher & Flom 7,097 1 567.0%

7= 100 Sullivan & Cromwell 7,097 1 3216%

9 182 Darrois Villey Maillot Brochier 6,458 1 -

10 247 Wiersholm 5,338 2 -

11 30 Allen & Overy 5,157 8 297.9%

12 9 White & Case 4,138 9 26.9%


14 7 Baker & McKenzie 3,467 4 -2.3%

15 - Laurius Advocaten 3,285 1 -

*Based on advisors to target/seller on exit deals with the target dominant geography being Europe


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Asia-Pac exits by deal value


H12017

H12016

Value (US$m)

Deal Count

Count change


2 - Ashurst 3,074 1 -

3 - Sullivan & Cromwell 1,543 1 -

4 15 Kim & Chang 1,342 2 162.1%

5 9 King & Wood Mallesons 970 2 28.5%

6 - Grandall Law Firm 707 1 -

7 - Lee & Ko 683 3 -

8 14 AZB & Partners 657 5 17.5%

9 - Latham & Watkins 531 1 -

10 - Yulchon 432 1 -

11 - Baker & McKenzie 385 2 -

12 22 Trilegal 371 3 79.2%

13 45 Clifford Chance 330 1 -

14 25 Shardul Amarchand Mangaldas & Co 252 1 61.5%

15= - Han Yi Law Offices 245 1 -

15= - Paul Weiss Rifkind Wharton & Garrison 245 1 -

Asia-Pac exits by deal count


H12017

H12016

Value (US$m)

Deal Count

Count change

1 2 AZB & Partners 657 5 1


3 - Lee & Ko 683 3 3

4 7 Trilegal 371 3 1

5 - Allen & Gledhill 182 3 3


7 1 Kim & Chang 1,342 2 -3

8 14 King & Wood Mallesons 970 2 1

9 - Baker & McKenzie 385 2 2

10 31 Khaitan & Co 83 2 1

11 3 Bae Kim & Lee 69 2 -1

12 - Kirkland & Ellis - 2 2

13 - Ashurst 3,074 1 1

14 - Sullivan & Cromwell 1,543 1 1

15 - Grandall Law Firm 707 1 1

*Based on advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan)


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Criteria

All data is based on transactions over US$ 5m and is based on Mergermarket’s M&A deals database. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if the value is greater than US$100m.

Full deal inclusion criteria can be found here.

M&A Trends and Top Deals correct as of 9am (GMT), 03-Jul-2017. Cut off date 30-Jun-2017. League tables correct as of 9am (GMT), 05-Jul-2017. Cut off date 30-Jun-2017.

Trend data: based on the dominant geography of the target and excludes lapsed and withdrawn bids.

Sector trends based on the dominant sector of the target.

League tables: based on the dominant geography of the target, bidder, seller, and excludes lapsed and withdrawn bids. Private equity buyout league tables based on financial advisors advising the bidder only on buyout deals and excludes lapsed and withdrawn bids. Private equity exit league tables based on financial advisors advising the target/seller on exit deals and excludes lapsed and withdrawn bids. Private equity buyout and exit combined league tables based on financial advisors advising the bidder on buyout deals AND the target/seller on exit deals, excluding lapsed and withdrawn bids. Equal rankings are based on having both identical values and deal counts reported in one table.

Global cross-border: based on the dominant geography of the target and bidder company being based in different regions.

Inbound

Global/US/Japan: The dominant geography of the target is X, and the dominant geography of the bidder is any other country excluding X. Europe/Asia/Africa & Middle East: The dominant geography of the target is X, and the dominant geography of the bidder is any other region excluding X.

Outbound

Global/US/Japan: The dominant geography of the bidder is X, and the dominant geography of the target is any other country excluding X. Europe/Asia/Africa & Middle East: The dominant geography of the bidder is X, and the dominant geography of the target is any other region excluding X.

Mergermarket 81

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CriteriaGlobal and regional M&A: H1 2017

An Acuris Company

About MergermarketMergermarket is a mergers & acquisitions (M&A) intelligence service.

Mergermarket is an Acuris company which has nearly 100 employees worldwide and regional head offices in New York, London and Hong Kong’

In any market, the life blood of advisors is deal flow. Mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets.

With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific, Mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its Mergermarket.com platform and by real-time email alerts to subscribers.

This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that Mergermarket is used by over 1500 of the world’s foremost advisory firms to assist in their origination process.

PR contacts

Americas:

Chrissy Carney

T: +1 646 378 3118

Asia:

Su-Chin Zhang

T: +852 2158 9706

EMEA:

Olivia Cummins

+44 20 3741 1129

Deal submission contacts

EMEA Andrea Putaturo +44 20 3741 1274

Asia John Capulong +852 2158 9723

Americas Diana Isaacs +1 646 378 3149

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An Acuris Company Including league tables of legal ...3,091 announcements in H1 2017, dealmakers...

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