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GLOBAL M&A MARKET REVIEW LEGAL RANKINGS 2016
GLOBALM&AMARKET REVIEWLEGAL RANKINGS2016
CONTENTS
1. Introduction
2. Global M&A Heat Map
3. Global M&A Regional Review
4. Global M&A League Tables
6. Americas M&A Regional Review
7. Americas M&A League Tables
9. EMEA M&A Regional Review
10. EMEA M&A League Tables
14. APAC M&A Regional Review
15. APAC M&A League Tables
20. Disclaimer
DATA SUBMISSIONS AND QUERIES
Contact Phone Email
North America Meaghan Burke +1-646-324-1537 [email protected]
EMEA Madeeha Ahmad +44-20-3525-3754 [email protected]
Asia Pacific Ee Wen Tay +65-6231-3404 [email protected]
General M&A queries may be submitted to: [email protected], [email protected], [email protected]
The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards.
Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends.
Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/.
Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.
2016
GLOBAL M&A LEGAL ADVISORY RANKINGS
©2016 Bloomberg Finance L.P. All rightsrreserved. 1
Global M&A Heat Map
Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 2016.
Eastern EuropeUSD 99.1B1. Freshfields Bruckhaus Deringer LLP 23.7%2. Linklaters LLP 17.5%3. Cyril Amarchand Mangalsas 13.0%
Asia PacificUSD 1.3T1. King & Wood Mallesons 10.4%
2. Davis Polk & Wardwell LLP 9.5%3. White & Case LLP 8.6%
Western EuropeUSD 1.1T1. Cravath Swaine & Moore LLP 29.1%2. Freshfields Bruckhaus Deringer LLP 19.3%3. Davis Polk & Wardwell LLP 18.7%
Middle East & AfricaUSD 150.5B1. Freshfields Bruckhaus Deringer LLP 22.2%2. Linklaters LLP 19.4%3. Clifford Chance LLP 16.4%
North AmericaUSD 2.2T1. Sullivan & Cromwell LLP 25.8%2. Cravath Swaine & Moore LLP 22.6%3. White & Case LLP 22.4%
Latin America & CaribbeanUSD 159.9B1. Freshfields Bruckhaus Deringer LLP 11.4%2. Matttos Filho Veiga Filho Marrey Quiroga 10.9%3. Linklaters LLP 10.3%
2
Date
Total Value
(Mln.)
Amount
(Bln.) % of Total
% YoY
Change
Number of deals 39,664 Financial $696.4 19.1% -15.3%
Volume (Bln.) $3,591.0 Consumer Non-cyclical $568.2 15.6% -38.6%
Avg Deal Size (Mln.) $90.5 Communications $415.0 11.4% -5.0%
Consumer Cyclical $360.2 9.9% 14.5%
Energy $357.2 9.8% -3.7%
White & Case LLP Technology $346.6 9.5% 0.4%
Number of deals 275 Industrial $338.4 9.3% -23.4%
Volume (Bln.) $600.2 Basic Materials $321.5 8.8% 50.2%
Avg Deal Size (Bln.) $2.2 Utilities $202.5 5.6% 87.9%
Diversified $39.7 1.1% -46.0%
Amount
(Bln.)
% Change
Deal Count
% Change
Volume
Company Takeover $2,269.7 -0.5% -12.3%
Cross Border $1,584.9 2.5% -0.3%
Private Equity $735.6 -1.9% -9.4%
Asset Sale $566.2 5.7% -13.8%
Tender Offer $335.3 3.2% 55.5%
Venture Capital $115.0 -5.8% -2.7%
Spin-off $68.4 -5.3% -35.2%
Minority Purchase $390.2 2.1% 4.4%
Majority Purchase $268.9 -0.9% 17.8%
Quarterly Volume represents any involvement (target, seller, or acquirer).
Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown
Deal Type
2/3/2016 Syngenta AG China National Chemical Corp - $46,311.7
$65,695.7
$58,256.1
11/21/2016 Energy Transfer Partners LP Sunoco Logistics Partners LP - $51,381.6
Top Adviser10/21/2016 Reynolds American Inc British American Tobacco PLC -
5/18/2016 Monsanto Co Bayer AG -
Global M&A Regional Review
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Global M&A: Premium Breakdown
Global M&A: Highlights of 2016 Global M&A: Industry Breakdown
Summary Target Acquirer Seller Industry
10/22/2016 Time Warner Inc AT&T Inc - $107,130.8
0
2,000
4,000
6,000
8,000
10,000
12,000
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4
Volume $(Bln.) Deal Count
18%
29%44%
5%2% 2%
0-10%
10-25%
25-50%
50-75%
75-100%
100%+
• Global merger and acquisition activity reached $3.6 trillion, representing a 10.5% decrease year-on-year. October deal-making reached a record high monthly volume of $505.8 billion. AT&T Inc’s acquisition of Time Warner Inc for $107.1 billion was the largest deal for both the month and year.
• The financial sector continued to be the most targeted with $696.4 billion in announced transactions,accounting for 19.1% of the total global volume for the year. The basic materials sector experienced the most growth with $321.5 billion in deal activity, a 51.3% increase from 2015. Bayer AG’s announced bid for Monsanto Co contributed $65.7 billion to the basic materials sector’s total.
• Deals with announced transaction values of over $1.0 billion accounted for 63.8% of the total deal activity in 2016. The consumer, non-cyclical sector was the most sought-after for mega-deals, contributing $357.5 billion to the total volume.
3
Global Announced Deals (By Volume) 01/01/2016 - 12/31/2016 Global Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
White & Case LLP 1 16.7 600,209 275 9 9.6 7.1 Jones Day 1 9.8 351,493 473 1 5.5 4.3
Sullivan & Cromwell LLP 2 16.2 582,654 149 2 17.3 -1.1 Latham & Watkins LLP 2 8.2 295,910 405 3 11.8 -3.5
Cravath Swaine & Moore LLP 3 15.2 544,197 71 4 16.3 -1.1 Kirkland & Ellis LLP 3 6.3 226,944 393 2 8.3 -2.0
Davis Polk & Wardwell LLP 4 12.7 456,110 160 3 17.2 -4.5 Baker & McKenzie LLP 4 2.5 91,078 347 4 4.2 -1.7
Skadden Arps Slate Meagher & Flom LLP 5 11.6 414,606 225 1 19.7 -8.1 CMS 5 0.4 15,527 314 6 0.6 -0.1
Simpson Thacher & Bartlett LLP 6 10.6 380,037 158 5 15.9 -5.4 White & Case LLP 6 16.7 600,209 275 7 9.6 7.1
Wachtell Lipton Rosen & Katz 7 10.6 378,778 85 6 13.0 -2.5 Freshfields Bruckhaus Deringer LLP 7 7.9 283,303 272 15 12.3 -4.4
Weil Gotshal & Manges LLP 8 10.1 360,952 223 10 8.7 1.3 Allen & Overy LLP 8 6.0 215,015 259 9 4.6 1.4
Jones Day 9 9.8 351,493 473 22 5.5 4.3 Clifford Chance LLP 9 4.9 177,324 243 8 6.8 -1.8
Cleary Gottlieb Steen & Hamilton LLP 10 9.0 324,273 113 12 8.1 1.0 DLA Piper LLP 10 2.2 79,784 236 11 2.9 -0.7
Latham & Watkins LLP 11 8.2 295,910 405 8 11.8 -3.5 Hogan Lovells US LLP 11 2.1 76,654 235 10 7.1 -5.0
Herbert Smith Freehills LLP 12 8.2 293,837 145 21 6.3 1.9 Linklaters LLP 12 4.1 147,458 233 12 7.3 -3.2
Freshfields Bruckhaus Deringer LLP 13 7.9 283,303 272 7 12.3 -4.4 Skadden Arps Slate Meagher & Flom LLP 13 11.6 414,606 225 5 19.7 -8.1
Shearman & Sterling LLP 14 7.6 273,129 179 25 5.1 2.5 Weil Gotshal & Manges LLP 14 10.1 360,952 223 13 8.7 1.3
Paul Weiss Rifkind Wharton & Garrison LLP 15 7.6 271,294 145 19 6.7 0.9 Morgan Lewis & Bockius LLP 15 1.2 44,622 206 18 2.0 -0.8
Kirkland & Ellis LLP 16 6.3 226,944 393 11 8.3 -2.0 Shearman & Sterling LLP 16 7.6 273,129 179 23 5.1 2.5
Allen & Overy LLP 17 6.0 215,015 259 27 4.6 1.4 Stikeman Elliott LLP 17 4.7 167,019 163 15 4.3 0.4
Fangda Partners 18 5.3 190,714 89 47 2.5 2.8 Davis Polk & Wardwell LLP 18 12.7 456,110 160 17 17.2 -4.5
Blake Cassels & Graydon LLP 19 5.1 183,866 149 36 3.7 1.4 Goodwin Procter LLP 18 2.6 93,808 160 64 2.6 0.1
Clifford Chance LLP 20 4.9 177,324 243 18 6.8 -1.8 Simpson Thacher & Bartlett LLP 20 10.6 380,037 158 20 15.9 -5.4
TOTAL 3,591,109 39,666 TOTAL 3,591,109 39,666
Global Announced Deals- Principals (By Volume) 01/01/2016 - 12/31/2016 Global Announced Deals- Principals (By Deal Count) 01/01/2016 - 12/31/2016
Wachtell Lipton Rosen & Katz 1 13.3 368,579 81 2 15.6 -2.3 Jones Day 1 10.9 302,212 468 1 6.7 4.2
Sullivan & Cromwell LLP 2 13.0 360,474 100 4 14.9 -1.9 Latham & Watkins LLP 2 9.9 273,545 390 3 11.0 -1.1
Cravath Swaine & Moore LLP 3 12.9 357,793 44 3 15.3 -2.4 Kirkland & Ellis LLP 3 7.0 194,957 385 2 10.0 -3.0
Skadden Arps Slate Meagher & Flom LLP 4 12.2 337,558 211 1 21.2 -9.1 Baker & McKenzie LLP 4 3.3 91,078 347 4 5.1 -1.9
Jones Day 5 10.9 302,212 468 18 6.7 4.2 CMS 5 0.6 15,527 314 5 0.7 -0.1
Herbert Smith Freehills LLP 6 10.1 280,028 144 13 7.7 2.4 Freshfields Bruckhaus Deringer LLP 6 8.8 243,628 267 16 14.8 -6.0
Latham & Watkins LLP 7 9.9 273,545 390 7 11.0 -1.1 Allen & Overy LLP 7 7.7 213,664 258 8 5.2 2.5
Simpson Thacher & Bartlett LLP 8 9.4 261,099 142 6 13.4 -4.0 Clifford Chance LLP 8 3.5 97,545 240 7 8.3 -4.7
Freshfields Bruckhaus Deringer LLP 9 8.8 243,628 267 5 14.8 -6.0 DLA Piper LLP 9 2.7 75,630 235 9 0.8 1.9
Paul Weiss Rifkind Wharton & Garrison LLP 10 8.3 231,198 141 16 6.7 1.6 Hogan Lovells US LLP 10 2.8 76,654 231 10 8.7 -5.9
Davis Polk & Wardwell LLP 11 8.1 225,589 123 14 7.6 0.5 Linklaters LLP 11 4.9 137,233 227 11 8.9 -4.0
Allen & Overy LLP 12 7.7 213,664 258 25 5.2 2.5 White & Case LLP 12 4.1 112,451 223 12 3.9 0.1
Weil Gotshal & Manges LLP 13 7.6 210,200 217 10 8.9 -1.3 Weil Gotshal & Manges LLP 13 7.6 210,200 217 14 8.9 -1.3
Kirkland & Ellis LLP 14 7.0 194,957 385 8 10.0 -3.0 Skadden Arps Slate Meagher & Flom LLP 14 12.2 337,558 211 6 21.2 -9.1
Fangda Partners 15 6.9 190,714 89 42 3.1 3.8 Morgan Lewis & Bockius LLP 15 1.5 41,548 203 17 2.0 -0.5
Blake Cassels & Graydon LLP 16 6.6 182,043 148 31 4.5 2.1 Stikeman Elliott LLP 16 6.0 167,019 163 15 5.2 0.8
Stikeman Elliott LLP 17 6.0 167,019 163 26 5.2 0.8 Mori Hamada & Matsumoto 17 2.7 74,907 158 19 1.4 1.3
Osler Hoskin & Harcourt LLP 18 5.6 154,677 94 48 2.3 3.3 Goodwin Procter LLP 18 1.5 41,569 157 63 2.5 -1.0
King & Wood Mallesons 19 5.3 146,138 152 19 6.5 -1.3 Norton Rose Fulbright LLP 19 1.7 47,431 154 13 2.4 -0.7
Linklaters LLP 20 4.9 137,233 227 9 8.9 -4.0 King & Wood Mallesons 20 5.3 146,138 152 20 6.5 -1.3
TOTAL 2,777,344 10,632 TOTAL 2,777,344 10,632
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
2016 2015MKT SHR
CHANGE FIRM
2016MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
FIRM
2016 2015MKT SHR
CHANGE
FIRM
RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
4,007,388 4,007,388
3,275,944 3,275,944
FIRM
4
Cross Border Announced Deals (By Volume) 01/01/2016 - 12/31/2016 Global Private Equity Deals (By Volume) 01/01/2016 - 12/31/2016
Cravath Swaine & Moore LLP 1 21.0 333,120 27 4 18.6 2.5 Simpson Thacher & Bartlett LLP 1 12.1 89,255 88 1 15.2 -3.1
White & Case LLP 2 18.0 284,860 181 28 6.3 11.7 Kirkland & Ellis LLP 2 11.2 82,342 266 4 11.4 -0.2
Sullivan & Cromwell LLP 3 16.1 255,658 64 1 22.9 -6.8 Freshfields Bruckhaus Deringer LLP 3 11.1 81,585 118 18 4.2 6.9
Skadden Arps Slate Meagher & Flom LLP 4 15.5 245,861 110 10 13.3 2.3 Latham & Watkins LLP 4 10.7 78,293 195 3 11.9 -1.2
Davis Polk & Wardwell LLP 5 15.1 238,597 67 3 18.8 -3.7 Skadden Arps Slate Meagher & Flom LLP 5 8.2 60,037 73 5 10.9 -2.7
Simpson Thacher & Bartlett LLP 6 14.0 221,825 90 6 16.2 -2.2 Paul Weiss Rifkind Wharton & Garrison LLP 6 5.9 43,210 75 29 3.4 2.5
Freshfields Bruckhaus Deringer LLP 7 13.6 215,412 206 2 22.8 -9.2 Davis Polk & Wardwell LLP 7 5.1 37,710 53 2 12.5 -7.4
Jones Day 8 12.4 197,169 230 37 3.3 9.1 Allens 8 5.0 36,959 15 58 1.5 3.5
Allen & Overy LLP 9 12.1 191,889 194 18 8.6 3.6 Herbert Smith Freehills LLP 9 4.9 36,295 40 26 3.7 1.3
Wachtell Lipton Rosen & Katz 10 10.8 171,782 32 13 11.2 -0.4 Jones Day 10 4.9 35,782 199 14 5.0 -0.1
Herbert Smith Freehills LLP 11 10.2 160,972 93 11 12.9 -2.8 Linklaters LLP 11 4.8 34,987 88 32 3.3 1.5
Shearman & Sterling LLP 12 10.0 159,147 98 35 3.5 6.5 Weil Gotshal & Manges LLP 12 4.6 33,989 115 9 8.2 -3.5
Clifford Chance LLP 13 9.8 154,544 186 8 14.6 -4.8 Sullivan & Cromwell LLP 13 4.5 33,312 40 6 10.7 -6.2
Paul Weiss Rifkind Wharton & Garrison LLP 14 8.8 139,095 54 32 4.9 3.9 White & Case LLP 14 4.4 32,015 88 13 5.8 -1.4
Stikeman Elliott LLP 15 8.0 127,110 100 30 5.0 3.0 Osler Hoskin & Harcourt LLP 15 4.1 29,873 22 95 0.5 3.6
Cleary Gottlieb Steen & Hamilton LLP 16 7.8 124,300 62 12 12.9 -5.1 O'Melveny & Myers LLP 16 4.0 29,584 57 31 3.3 0.7
Weil Gotshal & Manges LLP 17 7.8 123,712 95 24 7.0 0.8 Allen & Overy LLP 17 3.3 24,548 104 21 4.0 -0.7
Morrison & Foerster LLP 18 7.7 121,861 50 42 2.9 4.8 Cleary Gottlieb Steen & Hamilton LLP 18 3.3 24,043 31 19 4.1 -0.9
Linklaters LLP 19 7.7 121,438 190 7 15.5 -7.9 Wilson Sonsini Goodrich & Rosati PC 19 3.3 23,921 51 27 3.6 -0.3
Blake Cassels & Graydon LLP 20 6.4 101,643 95 45 2.7 3.8 Shearman & Sterling LLP 20 3.2 23,219 46 16 4.7 -1.5
TOTAL 1,584,766 14,831 TOTAL 735,177 11,057
FIRM
2016 2015MKT SHR
CHANGE FIRM
2016 2015VOLUME USD
(Mln)
MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
DEAL
COUNT RANK
MKT SHR
(%)
1,589,159 811,469
5
Country
United States $1,664.3 89.2% -13.8%
Canada $90.7 4.9% 33.7%
Brazil $42.7 2.3% 4.2%
Chile $17.4 0.9% 198.6%
Bermuda $10.5 0.6% 79.3%
Mexico $9.8 0.5% -43.6%
British Virgin Islands $9.5 0.5% 65.3%
Colombia $6.0 0.3% 1032.9%
Date
Total Value
(Mln.)
Amount
(Bln.) % of Total
% YoY
Change
Number of deals 16,694 Consumer Non-cyclical $348.9 18.6% -38.0%
Volume (Bln.) $1,865.4 Communications $273.3 14.6% 23.5%
Avg Deal Size (Mln.) $111.7 Financial $268.0 14.3% -24.7%
Energy $256.2 13.7% 50.8%
Technology $182.0 9.7% -29.0%
Sullivan & Cromwell LLP Consumer Cyclical $174.0 9.3% 20.2%
Number of deals 114 Basic Materials $142.1 7.6% 7.4%
Volume (Bln.) $470.5 Utilities $113.2 6.0% 125.5%
Avg Deal Size (Bln.) $4.1 Industrial $112.9 6.0% -39.9%
Diversified $3.1 0.2% -47.7%
Amount
(Bln.)
% Change
Deal Count
% Change
Volume
Company Takeover $1,349.2 -1.4% -9.3%
Cross Border $701.2 3.9% 31.5%
Private Equity $370.7 -5.2% -21.2%
Asset Sale $312.6 8.1% -11.1%
Tender Offer $79.7 -13.5% -28.0%
Venture Capital $52.4 -12.4% -19.8%
Spin-off $35.8 -35.8% -52.5%
Minority Purchase $118.6 -6.2% -9.7%
Majority Purchase $38.5 -8.3% 46.3%
Quarterly Volume represents any involvement (target, seller, or acquirer).
Americas M&A: Quarterly Volume Americas M&A: Deal Type Breakdown
Deal Type
9/6/2016 Spectra Energy Corp Enbridge Inc - $42,818.3
11/21/2016 Energy Transfer Partners LP Sunoco Logistics Partners LP - $51,381.6
AT&T Inc - $107,130.8
Top Adviser10/21/2016 Reynolds American Inc British American Tobacco PLC -
5/18/2016 Monsanto Co Bayer AG - $65,695.7
$58,256.1
Americas M&A Regional Review
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Americas M&A: Country BreakdownAmount
(Bln.) % of Total
% YoY
Change
Americas M&A: Highlights of 2016 Americas M&A: Industry Breakdown
Summary Target Acquirer Seller Industry
10/22/2016 Time Warner Inc
0
1,000
2,000
3,000
4,000
5,000
6,000
$0
$200
$400
$600
$800
$1,000
2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4
Volume $(Bln.) Deal Count
• Total deal volume in the Americas reached $2.3 trillion, representing an 8.0% decrease in activity year-on-year. The fourth quarter contributed over 34.9% to the volume in 2016 with $802.5 billion inannounced transactions.
• The Americas continued to be the most targeted region for M&A activity with $1.9 trillion in announcedtransactions, contributing 52.7% to the global deal activity. The consumer non-cyclical industry was themost sought-after in the Americas with $348.9 billion in deals, accounting for 18.8% of the region’svolume.
• Private equity buyouts for targets based in the Americas reached $100.3 billion, representing a 26.6%decrease from last year. Apollo Global Management LLC was the most acquisitive firm targeting the region with $22.8 billion in transactions for the year. Apollo’s $12.3 billion acquisition of ADT Corp was the largest private equity buyout in 2016.
6
US Announced Deals (By Volume) 01/01/2016 - 12/31/2016 US Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
Sullivan & Cromwell LLP 1 27.0 561,667 128 3 21.8 5.2 Kirkland & Ellis LLP 1 10.6 220,231 371 1 13.8 -3.2
Cravath Swaine & Moore LLP 2 23.9 496,654 68 6 18.5 5.4 Jones Day 2 15.1 313,577 351 2 8.3 6.8
White & Case LLP 3 23.5 488,608 141 8 15.6 7.9 Latham & Watkins LLP 3 11.8 245,330 316 3 18.6 -6.9
Wachtell Lipton Rosen & Katz 4 18.1 377,262 82 7 16.1 2.0 DLA Piper LLP 4 3.3 69,064 186 5 4.8 -1.5
Skadden Arps Slate Meagher & Flom LLP 5 17.9 373,507 185 1 29.0 -11.1 Skadden Arps Slate Meagher & Flom LLP 5 17.9 373,507 185 4 29.0 -11.1
Weil Gotshal & Manges LLP 6 17.0 353,096 181 9 14.7 2.3 Weil Gotshal & Manges LLP 6 17.0 353,096 181 6 14.7 2.3
Davis Polk & Wardwell LLP 7 16.7 346,988 132 2 23.1 -6.4 Morgan Lewis & Bockius LLP 6 2.0 41,225 181 10 2.8 -0.8
Simpson Thacher & Bartlett LLP 8 15.5 322,817 139 4 20.8 -5.3 Goodwin Procter LLP 8 4.5 93,638 153 39 4.4 0.1
Jones Day 9 15.1 313,577 351 16 8.3 6.8 White & Case LLP 9 23.5 488,608 141 7 15.6 7.9
Latham & Watkins LLP 10 11.8 245,330 316 5 18.6 -6.9 Simpson Thacher & Bartlett LLP 10 15.5 322,817 139 11 20.8 -5.3
Paul Weiss Rifkind Wharton & Garrison LLP 11 11.7 243,235 134 13 10.7 1.0 McGuireWoods LLP 11 0.8 15,809 136 93 0.0 0.7
Cleary Gottlieb Steen & Hamilton LLP 12 11.3 235,418 79 17 7.7 3.6 Paul Weiss Rifkind Wharton & Garrison LLP 12 11.7 243,235 134 15 10.7 1.0
Herbert Smith Freehills LLP 13 10.9 226,958 36 52 2.1 8.8 Davis Polk & Wardwell LLP 13 16.7 346,988 132 9 23.1 -6.4
Shearman & Sterling LLP 14 10.7 223,657 116 18 7.1 3.7 Wilson Sonsini Goodrich & Rosati PC 14 4.7 97,035 131 13 8.4 -3.7
Kirkland & Ellis LLP 15 10.6 220,231 371 10 13.8 -3.2 Sullivan & Cromwell LLP 15 27.0 561,667 128 18 21.8 5.2
Allen & Overy LLP 16 8.1 168,822 74 25 5.2 2.9 Sidley Austin LLP 15 3.1 63,808 128 16 6.9 -3.9
Gibson Dunn & Crutcher LLP 17 6.3 131,087 114 12 12.2 -5.9 Hogan Lovells US LLP 17 2.9 60,760 127 8 6.3 -3.4
Freshfields Bruckhaus Deringer LLP 18 6.3 130,354 101 30 4.4 1.8 Cooley LLP 18 2.1 44,253 126 12 0.8 1.3
Stikeman Elliott LLP 19 6.2 129,104 85 32 4.2 2.0 Shearman & Sterling LLP 19 10.7 223,657 116 24 7.1 3.7
Vinson & Elkins LLP 20 5.9 122,779 100 47 2.3 3.6 Gibson Dunn & Crutcher LLP 20 6.3 131,087 114 25 12.2 -5.9
TOTAL 2,082,137 17,465 TOTAL 2,082,137 17,465
US Announced Deals- Principals (By Volume) 01/01/2016 - 12/31/2016 US Announced Deals- Principals (By Deal Count) 01/01/2016 - 12/31/2016
Wachtell Lipton Rosen & Katz 1 20.1 367,715 79 2 18.3 1.8 Kirkland & Ellis LLP 1 10.3 188,631 364 1 15.5 -5.2
Cravath Swaine & Moore LLP 2 19.5 357,793 43 8 13.6 6.0 Jones Day 2 14.4 264,297 347 2 9.3 5.1
Sullivan & Cromwell LLP 3 18.7 342,467 82 4 15.5 3.2 Latham & Watkins LLP 3 13.1 240,031 305 3 16.7 -3.6
Skadden Arps Slate Meagher & Flom LLP 4 17.2 315,996 174 1 29.1 -11.8 DLA Piper LLP 4 3.5 64,909 185 5 1.0 2.5
Jones Day 5 14.4 264,297 347 12 9.3 5.1 Morgan Lewis & Bockius LLP 5 2.1 38,151 178 8 2.4 -0.3
Latham & Watkins LLP 6 13.1 240,031 305 3 16.7 -3.6 Weil Gotshal & Manges LLP 6 11.0 202,343 175 6 13.8 -2.8
Herbert Smith Freehills LLP 7 12.4 226,958 36 45 2.4 10.0 Skadden Arps Slate Meagher & Flom LLP 7 17.2 315,996 174 4 29.1 -11.8
Simpson Thacher & Bartlett LLP 8 11.1 203,879 123 6 14.1 -2.9 Goodwin Procter LLP 8 2.3 41,399 150 38 4.0 -1.7
Paul Weiss Rifkind Wharton & Garrison LLP 9 11.1 203,140 130 10 9.9 1.2 Wilson Sonsini Goodrich & Rosati PC 9 5.3 97,035 131 10 9.5 -4.2
Weil Gotshal & Manges LLP 10 11.0 202,343 175 7 13.8 -2.8 Paul Weiss Rifkind Wharton & Garrison LLP 10 11.1 203,140 130 14 9.9 1.2
Kirkland & Ellis LLP 11 10.3 188,631 364 5 15.5 -5.2 McGuireWoods LLP 10 0.7 12,054 130 95 0.0 0.6
Allen & Overy LLP 12 9.2 168,822 74 22 5.3 4.0 Hogan Lovells US LLP 12 3.3 60,760 127 7 7.2 -3.8
Stikeman Elliott LLP 13 7.1 129,104 85 26 4.7 2.4 Sidley Austin LLP 13 3.2 58,486 126 15 7.0 -3.8
Davis Polk & Wardwell LLP 14 6.9 126,083 98 9 11.2 -4.3 Simpson Thacher & Bartlett LLP 14 11.1 203,879 123 12 14.1 -2.9
Vinson & Elkins LLP 15 6.7 122,779 100 41 2.7 4.1 Cooley LLP 14 1.6 29,647 123 9 0.9 0.8
Cleary Gottlieb Steen & Hamilton LLP 16 6.2 113,653 60 28 4.3 1.9 Baker & McKenzie LLP 16 2.6 46,821 111 12 7.0 -4.5
Gibson Dunn & Crutcher LLP 17 5.5 100,209 106 24 5.2 0.3 Gibson Dunn & Crutcher LLP 17 5.5 100,209 106 34 5.2 0.3
Fangda Partners 18 5.4 99,447 30 31 4.1 1.4 Paul Hastings LLP 18 1.6 29,866 104 23 1.8 -0.1
Wilson Sonsini Goodrich & Rosati PC 19 5.3 97,035 131 11 9.5 -4.2 Vinson & Elkins LLP 19 6.7 122,779 100 28 2.7 4.1
Shearman & Sterling LLP 20 5.3 96,454 85 34 3.8 1.4 Davis Polk & Wardwell LLP 20 6.9 126,083 98 19 11.2 -4.3
TOTAL 1,832,494 5,133 TOTAL 1,832,494 5,133
FIRM
2016 2015MKT SHR
CHANGE FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
FIRM
2016 2015MKT SHR
CHANGE FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
2,031,771 2,031,771
2,299,440 2,299,440
7
Canada Announced Deals (By Volume) 01/01/2016 - 12/31/2016 Canada Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
Skadden Arps Slate Meagher & Flom LLP 1 32.0 95,871 19 30 5.4 26.7 Stikeman Elliott LLP 1 21.8 65,219 142 1 8.0 13.8
White & Case LLP 2 26.3 78,585 18 13 9.5 16.8 Blake Cassels & Graydon LLP 2 19.6 58,692 117 5 13.0 6.6
Osler Hoskin & Harcourt LLP 3 23.5 70,409 76 3 18.0 5.6 Miller Thomson LLP 3 0.4 1,066 101 26 0.2 0.2
Stikeman Elliott LLP 4 21.8 65,219 142 18 8.0 13.8 McCarthy Tetrault LLP 4 18.7 55,953 100 2 15.9 2.8
Sullivan & Cromwell LLP 5 21.2 63,498 17 1 21.8 -0.6 Osler Hoskin & Harcourt LLP 5 23.5 70,409 76 2 18.0 5.6
Blake Cassels & Graydon LLP 6 19.6 58,692 117 8 13.0 6.6 Davies Ward Phillips & Vineberg LLP 6 17.7 52,976 48 6 12.8 4.9
McCarthy Tetrault LLP 7 18.7 55,953 100 4 15.9 2.8 Gowling Wlg Canada LLP 7 0.8 2,523 47 68 - 0.8
Wachtell Lipton Rosen & Katz 8 17.9 53,681 6 55 2.3 15.6 Torys LLP 8 12.3 36,642 41 7 19.7 -7.5
Davies Ward Phillips & Vineberg LLP 9 17.7 52,976 48 9 12.8 4.9 Fasken Martineau DuMoulin LLP 9 1.3 4,007 34 8 3.3 -1.9
Goodmans LLP 10 15.8 47,320 23 59 2.1 13.7 Jones Day 10 15.0 44,995 30 19 4.6 10.5
Alston & Bird LLP 11 15.5 46,229 6 135 0.0 15.4 Kirkland & Ellis LLP 10 6.7 19,932 30 14 4.0 2.7
O'Melveny & Myers LLP 12 15.4 46,131 7 111 0.1 15.3 Borden Ladner Gervais LLP 10 1.4 4,189 30 8 1.5 -0.1
Jones Day 13 15.0 44,995 30 32 4.6 10.5 Cassels Brock & Blackwell LLP 13 1.4 4,068 27 12 3.0 -1.7
Allens 14 14.1 42,107 8 36 3.8 10.2 Bennett Jones LLP 14 8.7 25,868 24 12 2.3 6.4
Simpson Thacher & Bartlett LLP 15 13.6 40,696 16 6 14.4 -0.8 Goodmans LLP 15 15.8 47,320 23 15 2.1 13.7
Torys LLP 16 12.3 36,642 41 2 19.7 -7.5 DLA Piper LLP 16 0.5 1,523 22 18 0.7 -0.2
Latham & Watkins LLP 17 11.7 34,900 16 15 8.9 2.8 Baker & McKenzie LLP 17 5.1 15,111 21 24 3.2 1.9
Paul Weiss Rifkind Wharton & Garrison LLP 18 8.9 26,706 18 29 5.4 3.6 Dentons 17 1.7 5,110 21 11 2.9 -1.1
Bennett Jones LLP 19 8.7 25,868 24 58 2.3 6.4 Skadden Arps Slate Meagher & Flom LLP 19 32.0 95,871 19 37 5.4 26.7
Shearman & Sterling LLP 20 8.6 25,846 12 7 14.3 -5.7 White & Case LLP 20 26.3 78,585 18 26 9.5 16.8
TOTAL 299,183 3,072 TOTAL 299,183 3,072
Brazil Announced Deals (By Volume) 01/01/2016 - 12/31/2016 Brazil Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogados 1 34.3 17,396 57 1 26.9 7.5 Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogados 1 34.3 17,396 57 2 26.9 7.5
Pinheiro Neto Advogados 2 26.4 13,396 49 2 20.2 6.2 Pinheiro Neto Advogados 2 26.4 13,396 49 1 20.2 6.2
Tauil & Chequer Advogados 3 19.8 10,016 6 15 2.6 17.2 Barbosa Mussnich & Aragao 3 7.7 3,884 31 3 14.3 -6.7
Souza Cescon Barrieu & Flesch Advogados 4 10.5 5,339 27 5 12.2 -1.7 Machado Meyer Sendacz e Opice Advogados 3 7.1 3,608 31 5 3.8 3.3
Torys LLP 5 10.3 5,200 1 - - 10.3 Souza Cescon Barrieu & Flesch Advogados 5 10.5 5,339 27 4 12.2 -1.7
Tozzini Freire Teixeira E Silva 6 8.4 4,259 25 23 1.3 7.1 Tozzini Freire Teixeira E Silva 6 8.4 4,259 25 7 1.3 7.1
Demarest Advogados 7 7.8 3,960 18 14 3.3 4.6 Veirano Advogados 7 6.7 3,383 21 8 1.5 5.1
Barbosa Mussnich & Aragao 8 7.7 3,884 31 4 14.3 -6.7 Demarest Advogados 8 7.8 3,960 18 6 3.3 4.6
Skadden Arps Slate Meagher & Flom LLP 9 7.3 3,719 7 8 6.6 0.7 Stocche Forbes Padis Filizzola e Clapis Advogados 9 0.7 342 14 11 1.1 -0.4
Machado Meyer Sendacz e Opice Advogados 10 7.1 3,608 31 10 3.8 3.3 Cypress Associates 10 0.0 19 10 - - 0.0
Baker & McKenzie LLP 11 6.7 3,406 8 28 0.9 5.9 Baker & McKenzie LLP 11 6.7 3,406 8 15 0.9 5.9
Veirano Advogados 12 6.7 3,383 21 20 1.5 5.1 Lefosse Advogados 11 1.9 986 8 10 15.5 -13.5
Cleary Gottlieb Steen & Hamilton LLP 13 5.9 2,998 5 - - 5.9 Azevedo Sette Advogados 11 0.1 32 8 9 - 0.1
Sullivan & Cromwell LLP 14 5.6 2,840 1 39 0.3 5.3 Skadden Arps Slate Meagher & Flom LLP 14 7.3 3,719 7 13 6.6 0.7
Simpson Thacher & Bartlett LLP 15 5.3 2,672 3 29 0.7 4.6 Lobo & Rizzo Advogados 14 5.2 2,618 7 12 1.1 4.1
Lobo & Rizzo Advogados 16 5.2 2,618 7 26 1.1 4.1 Tauil & Chequer Advogados 16 19.8 10,016 6 13 2.6 17.2
White & Case LLP 17 5.1 2,579 3 7 9.8 -4.7 Cleary Gottlieb Steen & Hamilton LLP 17 5.9 2,998 5 - - 5.9
Davis Polk & Wardwell LLP 18 3.1 1,582 2 12 3.5 -0.4 Allen & Overy LLP 18 0.4 185 4 15 0.3 0.1
King & Wood Mallesons 19 3.0 1,500 1 - - 3.0 Simpson Thacher & Bartlett LLP 19 5.3 2,672 3 34 0.7 4.6
Llinks Law Office 19 3.0 1,500 1 - - 3.0 White & Case LLP 19 5.1 2,579 3 22 9.8 -4.7
TOTAL 50,703 497 TOTAL 50,703 497
2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
45,211
FIRM
2016
RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) FIRM
2016
45,211
267,564 267,564
2015MKT SHR
CHANGE FIRM
2016 2015MKT SHR
CHANGE
DEAL
COUNT RANK
MKT SHR
(%)
8
Country
United Kingdom $207.3 25.4% -50.3%
Germany $100.9 12.4% 35.8%
Netherlands $83.7 10.3% 108.0%
Switzerland $63.8 7.8% 200.1%
France $61.1 7.5% 0.4%
Italy $43.6 5.3% -13.5%
Spain $37.2 4.6% -3.0%
Finland $15.4 1.9% 208.4%
Date
Total Value
(Mln.)
Amount
(Bln.) % of Total
% YoY
Change
Number of deals 10,963 Financial $182.5 22.2% -5.8%
Volume (Bln.) $814.5 Consumer Non-cyclical $117.3 14.3% -52.5%
Avg Deal Size (Mln.) $74.3 Technology $114.9 14.0% 231.6%
Basic Materials $108.6 13.2% 356.5%
Industrial $77.1 9.4% -20.3%
Freshfields Bruckhaus Deringer LLP Consumer Cyclical $66.4 8.1% -10.3%
Number of deals 204 Communications $64.6 7.9% -17.2%
Volume (Bln.) $160.1 Energy $53.1 6.5% -54.5%
Avg Deal Size (Bln.) $0.8 Utilities $29.2 3.6% 32.8%
Diversified $8.9 1.1% 11.5%
Amount
(Bln.)
% Change
Deal Count
% Change
Volume
Company Takeover $507.2 2.5% -14.4%
Cross Border $599.7 3.6% -18.5%
Private Equity $196.3 2.7% 2.9%
Asset Sale $139.7 1.6% -1.7%
Tender Offer $205.2 7.1% 172.9%
Venture Capital $14.9 10.3% -3.7%
Spin-off $15.2 121.1% 361.7%
Minority Purchase $90.6 6.4% 43.9%
$47.8 -0.5% -30.7%
EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown
Deal Type
Majority Purchase
Quarterly Volume represents any involvement (target, seller, or acquirer).
$40,352.3
7/18/2016 ARM Holdings PLC SoftBank Group Corp - $30,124.6
12/9/2016 Sky PLC Twenty-First Century Fox Inc - $22,601.6
China National Chemical Corp - $46,311.7
Top Adviser12/20/2016 Linde AG Praxair Inc -
10/27/2016 NXP Semiconductors NV QUALCOMM Inc - $46,046.2
EMEA M&A Regional Review
Glo
bal
M&
A R
evi
ew |
20
16
EMEA M&A: Country Breakdown
Amount
(Bln.) % of Total
% YoY
Change
EMEA M&A Highlights of 2016 EMEA M&A: Industry Breakdown
Summary Target Acquirer Seller Industry
2/3/2016 Syngenta AG
0
1,000
2,000
3,000
4,000
$0
$100
$200
$300
$400
$500
2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4
Volume $(Bln.) Deal Count
• Deal activity involving EMEA-based targets reached $814.1 billion, representing an 8.7% decrease fromthe volume in 2015. The United Kingdom continued to be the most acquisitive country for the regionwith $197.1 billion in deal volume.
• Deals with announced values of over $10 billion accounted for 34.1% of the region’s total volume for the year with $408.7 billion in transactions. China National Chemical Corp’s $46.3 billion announced acquisition of Syngenta AG was the largest deal targeting the region.
• Private equity activity in EMEA decreased 8.8% year-on-year to $311.4 billion, accounting for 26.0% ofregion’s total volume in 2016. The sale of Delta Topco Ltd, the parent company of Fomula One Group,to Liberty Media Corp was the region’s largest private equity exit of the year.
9
Europe Announced Deals (By Volume) 01/01/2016 - 12/31/2016 Europe Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
Cravath Swaine & Moore LLP 1 27.7 320,824 15 2 22.4 5.3 CMS 1 1.2 14,033 308 1 1.9 -0.7
Freshfields Bruckhaus Deringer LLP 2 19.8 229,024 231 1 29.9 -10.1 Freshfields Bruckhaus Deringer LLP 2 19.8 229,024 231 8 29.9 -10.1
Davis Polk & Wardwell LLP 3 17.8 206,340 39 6 20.2 -2.4 Jones Day 3 14.4 167,181 213 5 3.0 11.4
White & Case LLP 4 17.2 199,787 173 25 6.9 10.4 Baker & McKenzie LLP 4 3.1 35,330 212 6 3.4 -0.3
Allen & Overy LLP 5 15.7 181,804 205 21 10.5 5.1 Allen & Overy LLP 5 15.7 181,804 205 3 10.5 5.1
Sullivan & Cromwell LLP 6 15.7 181,495 44 4 21.1 -5.5 Linklaters LLP 6 9.9 114,615 202 4 20.2 -10.4
Jones Day 7 14.4 167,181 213 33 3.0 11.4 Clifford Chance LLP 7 13.1 151,868 197 2 19.1 -6.0
Clifford Chance LLP 8 13.1 151,868 197 7 19.1 -6.0 White & Case LLP 8 17.2 199,787 173 7 6.9 10.4
Shearman & Sterling LLP 9 11.8 136,907 76 27 4.5 7.3 Latham & Watkins LLP 9 5.6 64,920 145 10 11.3 -5.7
Herbert Smith Freehills LLP 10 11.5 133,717 63 11 14.6 -3.1 Hogan Lovells US LLP 10 2.2 25,366 137 9 12.8 -10.6
Skadden Arps Slate Meagher & Flom LLP 11 11.2 130,235 69 13 12.9 -1.7 Cuatrecasas Goncalves Pereira SLP 11 0.4 4,308 122 13 0.7 -0.4
Simpson Thacher & Bartlett LLP 12 10.8 125,157 46 8 18.4 -7.6 Dentons 12 0.4 4,021 107 11 0.6 -0.3
Paul Weiss Rifkind Wharton & Garrison LLP 13 10.8 125,031 30 29 3.9 6.9 Kirkland & Ellis LLP 13 6.0 69,289 87 21 2.9 3.1
Linklaters LLP 14 9.9 114,615 202 5 20.2 -10.4 Weil Gotshal & Manges LLP 14 7.3 85,092 80 14 4.2 3.2
Cleary Gottlieb Steen & Hamilton LLP 15 9.4 108,980 53 9 16.6 -7.2 Shearman & Sterling LLP 15 11.8 136,907 76 28 4.5 7.3
Morrison & Foerster LLP 16 9.4 108,421 22 101 0.4 8.9 Uria Menendez Abogados SLP 15 1.1 13,272 76 24 1.3 -0.2
Wachtell Lipton Rosen & Katz 17 8.3 95,702 17 10 15.1 -6.8 Noerr LLP 15 0.4 4,078 76 27 0.6 -0.2
Weil Gotshal & Manges LLP 18 7.3 85,092 80 28 4.2 3.2 Ashurst LLP 18 3.8 44,416 75 15 22.0 -18.1
Stikeman Elliott LLP 19 7.3 84,702 28 37 2.5 4.8 DLA Piper LLP 19 5.0 57,675 72 12 0.8 4.2
Anderson Mori & Tomotsune 20 7.2 83,580 12 63 1.4 5.9 Skadden Arps Slate Meagher & Flom LLP 20 11.2 130,235 69 16 12.9 -1.7
TOTAL 1,159,350 12,814 TOTAL 1,159,350 12,814
Europe Announced Deals- Principals (By Volume) 01/01/2016 - 12/31/2016 Europe Announced Deals- Principals (By Deal Count) 01/01/2016 - 12/31/2016
Cravath Swaine & Moore LLP 1 20.7 195,237 11 3 23.1 -2.5 CMS 1 1.5 14,033 308 1 2.3 -0.8
Freshfields Bruckhaus Deringer LLP 2 20.0 189,348 226 1 35.3 -15.3 Freshfields Bruckhaus Deringer LLP 2 20.0 189,348 226 8 35.3 -15.3
Allen & Overy LLP 3 19.1 180,453 204 18 11.1 8.0 Baker & McKenzie LLP 3 3.7 35,330 212 6 4.0 -0.3
Skadden Arps Slate Meagher & Flom LLP 4 13.7 129,355 68 17 12.9 0.8 Jones Day 4 12.8 121,135 211 4 3.6 9.3
Paul Weiss Rifkind Wharton & Garrison LLP 5 13.1 123,681 29 32 3.5 9.6 Allen & Overy LLP 5 19.1 180,453 204 4 11.1 8.0
Jones Day 6 12.8 121,135 211 30 3.6 9.3 Linklaters LLP 6 11.7 110,912 198 3 23.9 -12.2
Herbert Smith Freehills LLP 7 12.7 119,907 62 8 17.4 -4.7 Clifford Chance LLP 7 9.1 86,172 196 2 22.6 -13.5
Sullivan & Cromwell LLP 8 12.5 117,648 36 5 19.1 -6.7 White & Case LLP 8 5.1 48,376 157 7 2.6 2.5
Linklaters LLP 9 11.7 110,912 198 2 23.9 -12.2 Latham & Watkins LLP 9 5.0 47,504 139 10 10.0 -5.0
Wachtell Lipton Rosen & Katz 10 10.0 94,685 15 9 16.8 -6.8 Hogan Lovells US LLP 10 2.7 25,366 133 9 15.2 -12.6
Davis Polk & Wardwell LLP 11 10.0 94,057 31 24 5.0 5.0 Cuatrecasas Goncalves Pereira SLP 11 0.5 4,308 122 13 0.9 -0.4
Clifford Chance LLP 12 9.1 86,172 196 4 22.6 -13.5 Dentons 12 0.4 4,021 107 11 0.7 -0.3
Weil Gotshal & Manges LLP 13 9.0 85,092 80 26 4.9 4.1 Kirkland & Ellis LLP 13 7.2 67,698 85 21 3.5 3.7
Stikeman Elliott LLP 14 9.0 84,702 28 35 2.9 6.0 Weil Gotshal & Manges LLP 14 9.0 85,092 80 14 4.9 4.1
Anderson Mori & Tomotsune 15 8.8 83,580 12 61 1.6 7.2 Noerr LLP 15 0.4 4,078 76 27 0.7 -0.2
Slaughter and May 16 8.5 80,026 26 10 16.5 -8.0 Uria Menendez Abogados SLP 16 1.4 13,272 75 23 1.6 -0.2
Debevoise & Plimpton LLP 17 7.3 69,334 16 29 3.7 3.7 DLA Piper LLP 17 6.1 57,675 72 12 0.9 5.2
Kirkland & Ellis LLP 18 7.2 67,698 85 31 3.5 3.7 Skadden Arps Slate Meagher & Flom LLP 18 13.7 129,355 68 17 12.9 0.8
Shearman & Sterling LLP 19 7.0 66,556 68 28 4.0 3.1 Shearman & Sterling LLP 18 7.0 66,556 68 33 4.0 3.1
Simpson Thacher & Bartlett LLP 20 7.0 66,424 43 6 18.9 -11.8 Houthoff Buruma 20 1.5 14,391 66 30 2.4 -0.9
TOTAL 945,102 4,385 TOTAL 945,102 4,385
FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) FIRM
RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2016 2016MKT SHR
CHANGE FIRM
2016
VOLUME USD
(Mln)
DEAL
COUNT
MKT SHR
CHANGE
2015MKT SHR
CHANGE RANK
MKT SHR
(%)
FIRM
2016 2015
RANK
1,173,430 1,173,430
986,536 986,536
10
UK Announced Deals (By Volume) 01/01/2016 - 12/31/2016 UK Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
Herbert Smith Freehills LLP 1 32.8 129,411 33 9 25.3 7.5 CMS 1 2.4 9,366 100 1 1.1 1.3
Freshfields Bruckhaus Deringer LLP 2 29.9 118,244 89 1 47.5 -17.5 Freshfields Bruckhaus Deringer LLP 2 29.9 118,244 89 5 47.5 -17.5
Davis Polk & Wardwell LLP 3 26.2 103,548 15 8 26.4 -0.1 Linklaters LLP 3 8.3 32,822 74 2 29.3 -20.9
Weil Gotshal & Manges LLP 4 18.1 71,291 32 34 3.3 14.7 Clifford Chance LLP 3 5.3 20,890 74 3 28.8 -23.5
White & Case LLP 5 16.7 66,110 51 45 1.9 14.8 Jones Day 5 16.0 63,258 72 4 2.8 13.3
Simpson Thacher & Bartlett LLP 6 16.3 64,424 22 7 27.4 -11.1 Allen & Overy LLP 6 13.8 54,635 69 6 7.3 6.6
Jones Day 7 16.0 63,258 72 38 2.8 13.3 Travers Smith 7 3.6 14,054 59 7 4.0 -0.4
Cravath Swaine & Moore LLP 8 14.8 58,421 4 3 38.4 -23.6 White & Case LLP 8 16.7 66,110 51 10 1.9 14.8
Allen & Overy LLP 9 13.8 54,635 69 23 7.3 6.6 Baker & McKenzie LLP 8 2.8 10,906 51 19 2.7 0.1
Skadden Arps Slate Meagher & Flom LLP 10 11.8 46,488 27 22 10.4 1.4 Latham & Watkins LLP 10 6.9 27,288 50 16 5.6 1.3
Cleary Gottlieb Steen & Hamilton LLP 11 10.7 42,445 8 11 24.5 -13.7 Squire Patton Boggs US LLP 11 0.3 1,360 49 8 0.8 -0.5
Ashurst LLP 12 10.2 40,178 43 2 39.4 -29.2 Hogan Lovells US LLP 12 5.2 20,612 45 9 22.9 -17.7
Anderson Mori & Tomotsune 13 9.9 39,166 5 205 - 9.9 Ashurst LLP 13 10.2 40,178 43 15 39.4 -29.2
Slaughter and May 14 9.1 35,805 20 15 21.9 -12.8 Eversheds LLP 13 1.6 6,210 43 55 0.1 1.5
Linklaters LLP 15 8.3 32,822 74 4 29.3 -20.9 Kirkland & Ellis LLP 15 5.1 20,121 42 21 3.4 1.7
Morrison & Foerster LLP 16 8.0 31,505 9 85 0.3 7.7 Macfarlanes LLP 16 3.0 11,663 41 21 24.5 -21.6
Mori Hamada & Matsumoto 17 7.7 30,569 5 143 0.1 7.7 Dentons 17 0.4 1,593 38 18 0.3 0.2
Latham & Watkins LLP 18 6.9 27,288 50 26 5.6 1.3 Walker Morris 17 0.1 364 38 30 0.1 0.0
Clifford Chance LLP 19 5.3 20,890 74 6 28.8 -23.5 Herbert Smith Freehills LLP 19 32.8 129,411 33 11 25.3 7.5
Hogan Lovells US LLP 20 5.2 20,612 45 13 22.9 -17.7 Olswang 19 0.1 444 33 16 0.3 -0.2
TOTAL 395,040 4,903 TOTAL 395,040 4,903
Germany Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016 France Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
CMS 1 3.3 8,283 96 1 1.7 1.6 CMS 1 0.8 1,071 68 1 0.7 0.1
Freshfields Bruckhaus Deringer LLP 2 20.9 52,178 79 5 18.4 2.5 Jones Day 2 3.3 4,554 61 2 2.7 0.6
Noerr LLP 3 1.1 2,717 61 4 3.6 -2.6 Linklaters LLP 3 6.7 9,289 57 10 11.1 -4.4
Hengeler Mueller 4 21.8 54,398 54 2 18.0 3.7 Clifford Chance LLP 4 2.5 3,494 46 4 5.5 -3.0
Clifford Chance LLP 5 32.6 81,409 51 3 18.8 13.7 Hogan Lovells US LLP 5 1.2 1,582 44 7 4.2 -3.1
White & Case LLP 5 6.9 17,278 51 11 12.2 -5.3 Allen & Overy LLP 6 3.4 4,623 42 8 15.8 -12.5
Linklaters LLP 7 24.8 61,901 41 5 4.6 20.2 Latham & Watkins LLP 7 7.4 10,188 40 3 27.4 -20.0
Jones Day 7 4.0 10,024 41 7 5.9 -1.9 Paul Hastings LLP 8 5.4 7,415 37 14 2.6 2.8
Baker & McKenzie LLP 9 2.0 4,946 39 12 9.3 -7.3 Bredin Prat 9 17.0 23,422 32 13 16.1 0.9
Latham & Watkins LLP 10 8.7 21,704 37 8 1.3 7.4 Freshfields Bruckhaus Deringer LLP 10 7.5 10,310 29 24 9.1 -1.6
Allen & Overy LLP 11 27.8 69,438 34 13 13.2 14.6 Baker & McKenzie LLP 11 5.1 6,999 28 5 0.5 4.6
Hogan Lovells US LLP 12 2.0 4,967 32 10 3.3 -1.3 White & Case LLP 12 8.2 11,252 25 9 4.1 4.1
Luther Rechtsanwaltsgesellschaft mbH 13 0.7 1,788 31 8 0.0 0.7 Mayer Brown LLP 12 1.7 2,401 25 12 4.7 -2.9
Dentons 14 0.2 461 27 16 0.6 -0.4 Dentons 12 0.4 512 25 11 1.7 -1.3
DLA Piper LLP 15 2.9 7,356 20 14 1.2 1.7 Willkie Farr & Gallagher LLP 15 2.0 2,817 22 15 4.6 -2.6
Mayer Brown LLP 16 0.8 1,904 19 29 0.3 0.5 Cleary Gottlieb Steen & Hamilton LLP 16 9.4 12,980 21 24 15.3 -5.9
Shearman & Sterling LLP 17 28.1 70,218 18 23 5.6 22.5 Weil Gotshal & Manges LLP 16 4.8 6,616 21 15 4.9 -0.1
Skadden Arps Slate Meagher & Flom LLP 18 3.1 7,788 14 26 14.5 -11.4 De Pardieu Brocas Maffei 16 3.6 4,904 21 15 1.7 1.8
Sullivan & Cromwell LLP 19 45.9 114,823 13 62 9.9 36.0 Dechert LLP 19 9.4 13,017 20 6 0.6 8.8
McDermott Will & Emery LLP Inc 20 1.7 4,241 12 55 0.8 0.9 Shearman & Sterling LLP 20 2.1 2,915 14 24 2.7 -0.6
TOTAL 249,978 2,060 TOTAL 138,036 1,811
MKT SHR
(%) RANKFIRM
2016 2015MKT SHR
CHANGE FIRM
2016 2015
RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT
FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)FIRM
DEAL
COUNT RANK
MKT SHR
(%)
140,622 134,455
605,663 605,663
MKT SHR
CHANGE
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
11
Italy Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016 Benelux Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
NCTM Studio Legale Associato 1 1.2 741 53 1 1.3 -0.1 Allen & Overy LLP 1 42.5 65,299 89 1 10.5 32.0
Chiomenti Studio Legale 2 15.0 8,955 40 16 1.0 14.0 Houthoff Buruma 2 3.9 6,027 56 5 5.9 -1.9
Gattai Minoli Agostinelli & Partners 3 2.6 1,561 35 30 0.2 2.4 Loyens & Loeff NV 3 2.9 4,406 53 3 2.3 0.6
Baker & McKenzie LLP 4 11.0 6,566 20 5 0.6 10.4 Freshfields Bruckhaus Deringer LLP 4 13.9 21,323 48 10 61.6 -47.7
Jones Day 5 11.8 7,070 18 6 4.1 7.7 CMS 4 0.3 479 48 2 3.3 -2.9
Legance Studio Legale Associato 6 3.1 1,879 16 2 4.1 -1.0 NautaDutilh NV 6 3.0 4,638 43 9 2.9 0.1
CMS 6 0.1 56 16 14 0.4 -0.3 Baker & McKenzie LLP 7 3.1 4,720 38 7 1.9 1.2
White & Case LLP 8 10.7 6,411 15 7 1.1 9.6 Linklaters LLP 8 3.5 5,382 36 6 37.9 -34.4
Freshfields Bruckhaus Deringer LLP 8 5.1 3,047 15 8 30.1 -25.0 Clifford Chance LLP 9 3.6 5,602 33 7 39.3 -35.7
Hogan Lovells US LLP 10 2.5 1,510 13 12 0.6 1.9 White & Case LLP 10 9.6 14,712 32 10 8.7 0.8
Clifford Chance LLP 11 7.3 4,364 11 14 1.2 6.1 Jones Day 11 32.5 50,028 29 13 0.4 32.1
Latham & Watkins LLP 12 4.0 2,408 10 4 25.6 -21.5 De Brauw Blackstone Westbroek NV 12 39.1 60,049 28 4 36.7 2.4
Linklaters LLP 12 0.2 121 10 3 25.5 -25.3 Stibbe BV 13 1.3 1,983 26 12 4.2 -2.9
Cleary Gottlieb Steen & Hamilton LLP 14 8.8 5,252 9 16 7.9 0.9 Hogan Lovells US LLP 14 7.7 11,866 23 14 34.0 -26.2
Allen & Overy LLP 14 1.8 1,071 9 8 25.0 -23.2 Dentons 15 0.2 275 14 18 0.6 -0.4
Ashurst LLP 14 0.5 308 9 8 16.4 -15.9 Latham & Watkins LLP 16 1.1 1,615 12 15 14.5 -13.5
Shearman & Sterling LLP 17 0.7 414 8 8 16.4 -15.7 Shearman & Sterling LLP 17 30.6 47,023 10 38 5.6 25.0
King & Wood Mallesons 18 6.4 3,797 6 30 - 6.4 DLA Piper LLP 17 30.6 46,972 10 17 0.0 30.5
Skadden Arps Slate Meagher & Flom LLP 18 2.3 1,375 6 19 22.6 -20.3 Mayer Brown LLP 17 0.7 1,032 10 29 6.1 -5.4
Orrick Herrington & Sutcliffe LLP 18 0.2 103 6 - - 0.2 Sullivan & Cromwell LLP 20 32.1 49,313 9 26 43.5 -11.4
TOTAL 59,801 779 TOTAL 153,745 1,546
Iberia Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016 Nordic Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
Cuatrecasas Goncalves Pereira SLP 1 5.8 3,296 113 1 8.4 -2.6 Advokatfirman Vinge KB 1 11.7 12,546 36 1 10.6 1.2
Uria Menendez Abogados SLP 2 19.8 11,215 66 2 17.1 2.7 Hannes Snellman Advokatbyra Ab/FI 2 10.3 11,018 31 3 3.2 7.1
Perez-Llorca 3 10.4 5,879 39 4 15.0 -4.7 Roschier Advokatbyra AB 2 4.2 4,532 31 30 3.2 1.0
Clifford Chance LLP 4 3.7 2,101 34 3 18.1 -14.4 CMS 2 1.4 1,453 31 13 0.9 0.5
Rousaud Costas Duran Slp 5 0.3 159 30 8 0.1 0.2 White & Case LLP 5 21.9 23,454 30 4 5.6 16.3
Linklaters LLP 6 9.8 5,543 24 7 31.7 -21.9 Advokatfirmaet Thommessen AS 5 3.6 3,802 30 7 3.9 -0.3
CMS 7 4.4 2,489 20 15 1.0 3.4 Baker & McKenzie LLP 7 1.9 2,021 26 10 1.5 0.4
Hogan Lovells US LLP 8 1.0 582 18 14 0.6 0.5 Freshfields Bruckhaus Deringer LLP 8 7.4 7,936 19 21 7.4 0.0
Baker & McKenzie LLP 9 13.5 7,655 17 5 14.5 -1.0 Mannheimer Swartling Advokatbyra AB 8 2.0 2,145 19 2 13.9 -11.9
Freshfields Bruckhaus Deringer LLP 10 31.4 17,789 14 10 31.6 -0.3 Kirkland & Ellis LLP 10 3.7 3,904 16 30 2.7 1.0
Gomez-Acebo & Pombo Abogados SLP 11 0.3 153 13 6 1.2 -0.9 Allen & Overy LLP 10 3.3 3,498 16 12 2.7 0.5
Latham & Watkins LLP 12 13.3 7,558 12 17 7.1 6.2 Latham & Watkins LLP 12 6.2 6,628 13 15 17.1 -10.9
Jones Day 13 0.2 96 10 12 0.3 -0.1 Clifford Chance LLP 12 3.8 4,091 13 10 7.0 -3.2
Ashurst LLP 14 4.7 2,645 8 12 35.0 -30.3 Ellex 14 0.6 585 12 16 1.0 -0.4
Allen & Overy LLP 14 1.9 1,097 8 11 39.6 -37.6 Linklaters LLP 15 1.5 1,627 11 6 10.6 -9.1
King & Wood Mallesons 14 1.5 861 8 50 2.0 -0.4 SORAINEN 15 0.2 249 11 21 0.2 -
Garrigues Abogados 17 0.1 42 7 9 1.1 -1.0 Simpson Thacher & Bartlett LLP 17 3.2 3,390 10 42 5.1 -2.0
Herbert Smith Freehills LLP 18 0.7 393 6 22 4.1 -3.4 Ashurst LLP 17 0.3 329 10 25 2.0 -1.7
Araoz & Rueda 19 0.1 70 5 50 - 0.1 Jones Day 19 2.0 2,124 9 14 2.5 -0.5
DLA Piper LLP 20 12.4 7,006 4 17 0.4 11.9 Houthoff Buruma 19 1.7 1,779 9 25 1.7 -0.1
TOTAL 56,707 834 TOTAL 107,077 1,908
MKT SHR
CHANGE
DEAL
COUNT RANK
MKT SHR
(%)
FIRM
2016 2015MKT SHR
CHANGE FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)FIRM
2016 2015MKT SHR
CHANGE FIRM
2016 2015
375,977 115,631
87,332 86,927
12
Eastern Europe Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
CMS 1 0.2 144 47 2 1.6 -1.5
Ellex 2 0.4 347 39 5 0.3 0.0
White & Case LLP 3 5.4 5,303 38 3 8.1 -2.7
Dentons 4 2.1 2,099 37 1 6.3 -4.1
Baker & McKenzie LLP 5 1.1 1,061 30 4 0.9 0.2
Allen & Overy LLP 6 13.0 12,874 28 8 25.0 -12.0
Linklaters LLP 7 17.6 17,387 27 10 25.4 -7.8
SORAINEN 8 0.4 398 21 6 0.3 0.1
Clifford Chance LLP 9 6.2 6,107 18 12 7.9 -1.7
Weil Gotshal & Manges LLP 10 5.0 4,936 17 9 4.0 1.0
Attorneys COBALT AS 10 0.0 29 17 6 0.3 -0.2
Hogan Lovells US LLP 12 8.1 8,019 13 11 1.1 7.0
Freshfields Bruckhaus Deringer LLP 13 23.8 23,526 12 19 26.7 -2.8
Norton Rose Fulbright LLP 14 1.6 1,529 10 16 8.5 -6.9
Noerr LLP 14 0.8 794 10 26 1.0 -0.2
Jones Day 14 - 9 10 14 0.4 -0.4
Greenberg Traurig LLP 17 0.8 769 8 32 0.1 0.7
Balcioglu Selcuk Akman Keki Avukatlik Ortakligi 17 - - 8 16 0.9 -0.9
Herbert Smith Freehills LLP 19 1.3 1,271 7 14 9.2 -7.9
Skadden Arps Slate Meagher & Flom LLP 20 4.8 4,750 5 26 26.1 -21.3
TOTAL 98,725 1,097
FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
79,999
13
Date
Total Value
(Mln.)
Number of deals 11,959
Volume (Bln.) $913.6
Avg Deal Size (Mln.) $76.4
King & Wood Mallesons
Number of deals 109
Volume (Bln.) $74.2
Avg Deal Size (Bln.) $0.7
Deal Type
Amount
(Bln.)
% Change
Deal Count
% YoY
Change
Company Takeover $416.0 -2.3% -20.4%
Cross Border $287.9 2.0% -13.9%
Private Equity $169.8 -0.5% 12.8%
Asset Sale $113.3 5.0% -30.4%
Tender Offer $50.4 7.1% 70.1%
Venture Capital $47.6 -5.4% 27.6%
Spin-off $17.4 15.4% -34.9%
Minority Purchase $182.2 9.7% 0.5%
Majority Purchase $184.2 2.5% 39.0%
Graphs represent any regional involvement (target, seller, or acquirer).
Japan M&A: Quarterly Volume
9/22/2016Wuhan Iron & Steel Co
Ltd
Baoshan Iron & Steel Co
Ltd- $10,432.9
APAC M&A: Breakdown
Greater China M&A: Quarterly Volume
10/20/2016 Ausgrid Multiple Acquirers State of New South
Wales Australia $12,365.5
$12,908.6Top Adviser
10/15/2016 Essar Oil Ltd Multiple Acquirers Multiple Sellers
9/5/2016 CNPC Capital Co LtdJinan Diesel Engine Co
Ltd
China National
Petroleum Corp$14,480.3
APAC M&A Regional Review
Glo
bal
M&
A R
evi
ew |
20
16
APAC M&A: Quarterly Volume
Australia/NZ M&A: Quarterly Volume
APAC M&A: Highlights of 2016
Summary Target Acquirer Seller
11/28/2016Datang International
Power Generation Co LtdChina Datang Corp - $19,797.3
26%
16%
13%11%
8%
7%
6%
5%5% 3%
APAC Industry Breakdown Financial
Industrial
Consumer Cyclical
Consumer Non-cyclical
Communications
Basic Materials
Utilities
Technology
Energy
Diversified
0
2000
4000
6000
$0
$200
$400
$600
Volume $(Bln.) Deal Count
0
200
400
600
$0
$20
$40
$60
$80
Volume $(Bln.) Deal Count
0
500
1000
1500
2000
$0
$100
$200
$300
Volume $(Bln.) Deal Count
0
500
1000
$0
$50
$100
Volume $(Bln.) Deal Count
• Deal activity involving APAC-based targets declined by 12.2% year-on-year to $913.5 billion in 2016.Compared to EMEA, the APAC region continued to be more targeted for M&A activity for the secondconsecutive year.
• Outbound M&A activity from the APAC region reached $385.2 billion for the year, representing a 56.0%increase from 2015. Greater China’s outbound activity experienced a 141.2% growth year-on-year to$276.3 billion, as the country continued to hedge against slowing domestic growth.
• M&A activity involving South East Asian targets increased by 41.1% compared to the same period lastyear to $77.2 billion, the first uptick since 2013. M&A activity targeting India reached a record high of$68.4 billion, representing a 23.0% increase from 2015.
• Datang International Power Generation Co Ltd’s $19.8 billion share issuance to China Datang Corp is thelargest global private placement on record.
14
APAC Ex Japan Announced Deals (By Volume) 01/01/2016 - 12/31/2016 APAC Ex Japan Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
King & Wood Mallesons 1 12.0 138,060 129 6 6.7 5.3 King & Wood Mallesons 1 12.0 138,060 129 2 6.7 5.3
Simpson Thacher & Bartlett LLP 2 8.5 97,945 42 18 3.4 5.1 Kim & Chang 2 2.5 28,572 114 4 8.4 -5.9
Fangda Partners 3 8.3 96,070 79 28 2.4 5.9 AZB & Partners 3 1.8 20,881 109 1 1.2 0.6
Davis Polk & Wardwell LLP 4 7.5 86,623 36 5 6.8 0.7 Herbert Smith Freehills LLP 4 5.0 57,337 101 5 6.6 -1.7
White & Case LLP 5 6.6 76,010 45 33 2.1 4.5 Baker & McKenzie LLP 5 2.7 30,820 92 3 2.5 0.2
Blake Cassels & Graydon LLP 6 6.3 72,325 15 60 0.9 5.4 Grandall Law Firm 6 3.3 38,521 87 8 3.0 0.4
Osler Hoskin & Harcourt LLP 7 5.9 68,183 14 253 - 5.9 Shin & Kim 7 1.5 17,409 80 14 1.2 0.3
Cleary Gottlieb Steen & Hamilton LLP 8 5.5 64,011 20 37 1.6 3.9 Fangda Partners 8 8.3 96,070 79 64 2.4 5.9
Clifford Chance LLP 9 5.4 62,406 48 31 2.3 3.1 Khaitan & Co 8 1.1 12,583 79 8 0.5 0.6
Herbert Smith Freehills LLP 10 5.0 57,337 101 7 6.6 -1.7 Lee & Ko 10 2.0 22,551 74 6 2.4 -0.4
Freshfields Bruckhaus Deringer LLP 11 4.8 55,725 45 2 10.8 -6.0 Norton Rose Fulbright LLP 10 1.4 16,588 74 6 3.4 -1.9
Cravath Swaine & Moore LLP 12 4.8 55,626 6 42 1.4 3.5 Linklaters LLP 12 4.2 48,527 62 21 5.4 -1.2
Skadden Arps Slate Meagher & Flom LLP 13 4.2 48,978 43 1 11.8 -7.5 Shardul Amarchand Mangaldas & Co 12 1.6 18,881 62 19 0.5 1.2
Allens 14 4.2 48,953 51 4 6.8 -2.5 Allen & Overy LLP 14 2.1 23,921 58 14 3.1 -1.0
Linklaters LLP 15 4.2 48,527 62 10 5.4 -1.2 Yulchon LLC 14 1.4 15,708 58 24 1.3 0.1
Baer & Karrer AG 16 4.2 48,238 2 - - 4.2 Bae Kim & Lee 14 0.6 6,853 58 11 3.4 -2.8
Grandall Law Firm 17 3.3 38,521 87 25 3.0 0.4 Gilbert + Tobin 17 1.4 16,395 56 29 1.9 -0.5
Cyril Amarchand Mangaldas 18 2.9 32,938 54 84 0.4 2.4 Cyril Amarchand Mangaldas 18 2.9 32,938 54 29 0.4 2.4
Baker & McKenzie LLP 19 2.7 30,820 92 27 2.5 0.2 Latham & Watkins LLP 19 2.5 28,729 53 27 5.7 -3.2
Latham & Watkins LLP 20 2.5 28,729 53 9 5.7 -3.2 Allen & Gledhill LLP 20 1.4 15,707 52 21 4.4 -3.0
TOTAL 1,155,326 12,066 TOTAL 1,155,326 12,066
APAC Private Equity Announced Deals (By Volume) 01/01/2016 - 12/31/2016
Simpson Thacher & Bartlett LLP 1 13.2 37,451 31 5 9.5 3.6
Herbert Smith Freehills LLP 2 11.9 33,925 27 2 11.4 0.5
Allens 3 11.7 33,334 12 16 5.2 6.5
Skadden Arps Slate Meagher & Flom LLP 4 8.7 24,833 17 3 11.1 -2.4
Freshfields Bruckhaus Deringer LLP 5 8.5 24,059 18 8 7.9 0.5
Linklaters LLP 6 8.3 23,756 17 54 1.6 6.7
Minter Ellison 7 7.0 19,836 10 58 1.2 5.8
Torys LLP 8 6.5 18,474 4 - - 6.5
King & Wood Mallesons 9 6.3 17,949 19 1 12.4 -6.1
Fangda Partners 10 5.7 16,111 34 9 7.3 -1.7
Latham & Watkins LLP 11 5.6 15,940 26 7 8.8 -3.2
Cyril Amarchand Mangaldas 12 5.2 14,886 18 48 1.8 3.4
Ashurst LLP 13 5.0 14,146 8 38 3.1 1.9
Jones Day 14 4.9 13,892 24 90 0.4 4.5
Kirkland & Ellis LLP 15 4.9 13,854 20 4 10.1 -5.2
Hogan Lovells US LLP 16 4.9 13,838 11 36 3.4 1.4
Osler Hoskin & Harcourt LLP 17 4.6 13,210 5 83 0.5 4.1
Allen & Overy LLP 18 4.6 13,074 24 10 6.8 -2.2
Gilbert + Tobin 19 4.1 11,751 18 34 3.5 0.6
Baker & McKenzie LLP 20 3.9 11,003 15 11 6.8 -3.0
TOTAL 284,775 2,593
FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
FIRM
2016 2015MKT SHR
CHANGE FIRM
2016 2015MKT SHR
CHANGE RANK RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
228,536
1,151,037 1,151,037
15
AU & NZ Announced Deals (By Volume) 01/01/2016 - 12/31/2016 AU & NZ Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
Allens 1 35.2 45,363 48 2 27.9 7.3 Herbert Smith Freehills LLP 1 34.7 44,732 73 1 41.8 -7.1
Herbert Smith Freehills LLP 2 34.7 44,732 73 1 41.8 -7.1 King & Wood Mallesons 2 16.5 21,294 66 2 24.1 -7.6
Minter Ellison 3 20.0 25,776 42 5 16.7 3.3 Gilbert + Tobin 3 12.7 16,395 56 7 8.7 4.0
King & Wood Mallesons 4 16.5 21,294 66 3 24.1 -7.6 Allens 4 35.2 45,363 48 3 27.9 7.3
Ashurst LLP 5 14.8 19,029 34 4 22.6 -7.9 Minter Ellison 5 20.0 25,776 42 5 16.7 3.3
Gilbert + Tobin 6 12.7 16,395 56 8 8.7 4.0 Norton Rose Fulbright LLP 5 3.6 4,682 42 4 12.2 -8.5
Baker & McKenzie LLP 7 9.7 12,566 29 12 6.5 3.2 HWL Ebsworth Lawyers 7 1.0 1,304 39 10 5.4 -4.4
Osler Hoskin & Harcourt LLP 8 9.5 12,270 4 96 - 9.5 Ashurst LLP 8 14.8 19,029 34 6 22.6 -7.9
Jones Day 9 8.4 10,815 15 58 0.2 8.2 Baker & McKenzie LLP 9 9.7 12,566 29 8 6.5 3.2
Stikeman Elliott LLP 10 7.3 9,452 3 44 0.6 6.8 Bell Gully 10 3.8 4,862 25 8 8.6 -4.8
Torys LLP 11 5.7 7,324 1 33 0.9 4.8 Corrs Chambers Westgarth 11 0.9 1,105 19 12 2.7 -1.8
Clayton Utz 12 5.2 6,672 9 15 5.5 -0.4 K&L Gates LLP 12 0.7 936 16 19 1.1 -0.3
Bell Gully 13 3.8 4,862 25 9 8.6 -4.8 Jones Day 13 8.4 10,815 15 25 0.2 8.2
Norton Rose Fulbright LLP 14 3.6 4,682 42 6 12.2 -8.5 Allen & Overy LLP 14 2.1 2,673 14 13 3.4 -1.3
Allen & Overy LLP 15 2.1 2,673 14 19 3.4 -1.3 DLA Piper LLP 14 1.5 1,962 14 11 0.3 1.2
Alston & Bird LLP 16 2.0 2,601 3 - - 2.0 Clifford Chance LLP 16 0.1 179 10 15 2.5 -2.3
Skadden Arps Slate Meagher & Flom LLP 17 1.9 2,496 2 24 3.1 -1.1 Clayton Utz 17 5.2 6,672 9 25 5.5 -0.4
Pillsbury Winthrop Shaw Pittman LLP 18 1.9 2,488 1 - - 1.9 Linklaters LLP 18 0.9 1,138 6 19 1.5 -0.6
Buddle Findlay 19 1.9 2,413 1 - - 1.9 Hogan Lovells US LLP 18 0.5 662 6 32 3.3 -2.8
Paul Hastings LLP 20 1.6 2,077 3 76 0.1 1.5 Steinepreis Paganin 18 0.2 187 6 43 0.0 0.1
TOTAL 129,008 1,848 TOTAL 129,008 1,848
Japan Announced Deals (By Volume) 01/01/2016 - 12/31/2016 Japan Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
Mori Hamada & Matsumoto 1 33.8 74,907 158 1 23.5 10.3 Mori Hamada & Matsumoto 1 33.8 74,907 158 1 23.5 10.3
Anderson Mori & Tomotsune 2 24.3 53,777 116 3 16.1 8.2 Nagashima Ohno & Tsunematsu 2 16.7 37,028 148 2 14.9 1.8
White & Case LLP 3 20.8 46,064 17 24 2.0 18.8 Anderson Mori & Tomotsune 3 24.3 53,777 116 3 16.1 8.2
Morrison & Foerster LLP 4 19.6 43,316 30 21 2.6 17.0 Nishimura & Asahi 4 13.0 28,727 93 4 10.1 2.9
Freshfields Bruckhaus Deringer LLP 5 19.4 43,033 11 2 23.2 -3.8 Morrison & Foerster LLP 5 19.6 43,316 30 9 2.6 17.0
Slaughter and May 6 17.6 38,953 6 - - 17.6 Baker & McKenzie LLP 6 6.6 14,611 25 5 5.6 1.0
Davis Polk & Wardwell LLP 7 17.5 38,834 5 36 0.9 16.7 Shearman & Sterling LLP 7 9.9 21,986 24 15 7.5 2.4
Nagashima Ohno & Tsunematsu 8 16.7 37,028 148 4 14.9 1.8 Jones Day 8 2.6 5,822 20 11 9.6 -7.0
Herbert Smith Freehills LLP 9 14.0 30,945 9 13 5.8 8.2 Allen & Overy LLP 9 6.0 13,247 19 17 1.5 4.5
Cleary Gottlieb Steen & Hamilton LLP 10 14.0 30,906 4 22 2.2 11.8 White & Case LLP 10 20.8 46,064 17 7 2.0 18.8
Nishimura & Asahi 11 13.0 28,727 93 7 10.1 2.9 Latham & Watkins LLP 10 4.0 8,756 17 21 2.0 2.0
Shearman & Sterling LLP 12 9.9 21,986 24 11 7.5 2.4 Hogan Lovells US LLP 12 6.3 13,901 16 43 - 6.3
Simpson Thacher & Bartlett LLP 13 9.0 19,872 13 5 12.3 -3.3 Kim & Chang 12 0.7 1,566 16 17 1.4 -0.7
Skadden Arps Slate Meagher & Flom LLP 14 8.0 17,686 13 10 8.4 -0.4 Simpson Thacher & Bartlett LLP 14 9.0 19,872 13 23 12.3 -3.3
Baker & McKenzie LLP 15 6.6 14,611 25 14 5.6 1.0 Skadden Arps Slate Meagher & Flom LLP 14 8.0 17,686 13 15 8.4 -0.4
Hogan Lovells US LLP 16 6.3 13,901 16 132 - 6.3 Freshfields Bruckhaus Deringer LLP 16 19.4 43,033 11 12 23.2 -3.8
Allen & Overy LLP 17 6.0 13,247 19 27 1.5 4.5 Sullivan & Cromwell LLP 17 4.8 10,657 10 14 10.5 -5.7
Covington & Burling LLP 18 5.3 11,662 4 40 0.7 4.6 AZB & Partners 17 2.1 4,664 10 12 1.5 0.6
Sullivan & Cromwell LLP 19 4.8 10,657 10 6 10.5 -5.7 Ashurst LLP 17 2.1 4,627 10 20 5.5 -3.4
Latham & Watkins LLP 20 4.0 8,756 17 25 2.0 2.0 Oh-Ebashi LPC & Partners 17 0.4 942 10 6 0.3 0.2
TOTAL 221,573 3,152 TOTAL 221,573 3,152193,724 193,724
129,272 129,272
FIRM
2016 2015MKT SHR
CHANGE FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
FIRM
2016 2015MKT SHR
CHANGE FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
16
South Korea Announced Deals (By Volume) 01/01/2016 - 12/31/2016 South Korea Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
Kim & Chang 1 30.4 27,565 110 1 56.0 -25.7 Kim & Chang 1 30.4 27,565 110 1 56.0 -25.7
Lee & Ko 2 24.8 22,539 73 3 23.0 1.8 Shin & Kim 2 19.1 17,330 79 4 11.8 7.3
Shin & Kim 3 19.1 17,330 79 6 11.8 7.3 Lee & Ko 3 24.8 22,539 73 2 23.0 1.8
Paul Hastings LLP 4 11.9 10,815 3 10 6.8 5.2 Bae Kim & Lee 4 7.6 6,853 58 3 32.6 -25.1
Yulchon LLC 5 11.1 10,108 57 5 12.5 -1.4 Yulchon LLC 5 11.1 10,108 57 5 12.5 -1.4
Cravath Swaine & Moore LLP 6 9.5 8,651 1 - - 9.5 Yoon & Yang LLC 6 0.8 694 13 6 0.5 0.2
Wachtell Lipton Rosen & Katz 6 9.5 8,651 1 8 9.3 0.2 Kim Chang & Lee 7 0.8 689 12 - - 0.8
Blake Cassels & Graydon LLP 6 9.5 8,651 1 - - 9.5 JIPYONG 8 0.6 507 10 7 1.0 -0.4
Bae Kim & Lee 9 7.6 6,853 58 2 32.6 -25.1 Skadden Arps Slate Meagher & Flom LLP 9 1.6 1,476 5 13 1.3 0.3
Cleary Gottlieb Steen & Hamilton LLP 10 2.1 1,867 4 12 5.8 -3.7 Dechert LLP 9 0.3 306 5 8 3.0 -2.7
Skadden Arps Slate Meagher & Flom LLP 11 1.6 1,476 5 23 1.3 0.3 Cleary Gottlieb Steen & Hamilton LLP 11 2.1 1,867 4 15 5.8 -3.7
Clifford Chance LLP 12 1.6 1,474 3 17 2.0 -0.4 Weil Gotshal & Manges LLP 11 0.8 763 4 11 1.2 -0.3
Mori Hamada & Matsumoto 13 1.4 1,298 2 22 1.4 0.1 O'Melveny & Myers LLP 11 0.1 102 4 - - 0.1
Nagashima Ohno & Tsunematsu 14 1.4 1,286 1 23 1.3 0.1 Paul Hastings LLP 14 11.9 10,815 3 9 6.8 5.2
Shearman & Sterling LLP 14 1.4 1,286 2 60 - 1.4 Clifford Chance LLP 14 1.6 1,474 3 9 2.0 -0.4
Freshfields Bruckhaus Deringer LLP 16 1.4 1,225 1 11 6.5 -5.2 Fenwick & West LLP 14 0.2 183 3 29 0.1 0.1
Paul Weiss Rifkind Wharton & Garrison LLP 17 1.2 1,050 1 18 2.0 -0.8 Kim Choi & Lim 14 0.1 109 3 - - 0.1
Lee & Li 17 1.2 1,050 1 18 2.0 -0.8 Mori Hamada & Matsumoto 18 1.4 1,298 2 13 1.4 0.1
Pinheiro Neto Advogados 17 1.2 1,050 1 - - 1.2 Shearman & Sterling LLP 18 1.4 1,286 2 29 - 1.4
Davies Ward Phillips & Vineberg LLP 17 1.2 1,050 1 - - 1.2 White & Case LLP 18 0.9 812 2 15 0.5 0.4
TOTAL 90,826 1,783 TOTAL 90,826 1,783
China Announced Deals (By Volume) 01/01/2016 - 12/31/2016 China Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
King & Wood Mallesons 1 18.3 126,688 64 2 7.7 10.6 Grandall Law Firm 1 5.5 38,450 85 1 5.5 0.1
Fangda Partners 2 13.6 94,557 73 9 4.4 9.2 Fangda Partners 2 13.6 94,557 73 21 4.4 9.2
Simpson Thacher & Bartlett LLP 3 12.9 89,352 23 10 4.3 8.6 King & Wood Mallesons 3 18.3 126,688 64 2 7.7 10.6
Davis Polk & Wardwell LLP 4 10.7 73,987 24 6 5.5 5.2 Jingtian & Gongcheng 4 1.1 7,699 46 4 6.3 -5.2
White & Case LLP 5 9.6 66,439 13 31 1.4 8.2 Zhong Lun Law Firm 5 2.4 16,574 37 5 1.7 0.7
Osler Hoskin & Harcourt LLP 6 8.7 60,340 5 201 - 8.7 Tian Yuan Law Firm 6 1.5 10,075 31 7 3.8 -2.3
Blake Cassels & Graydon LLP 7 8.6 59,421 9 158 0.0 8.5 Davis Polk & Wardwell LLP 7 10.7 73,987 24 9 5.5 5.2
Cleary Gottlieb Steen & Hamilton LLP 8 8.5 58,836 13 30 1.4 7.1 Skadden Arps Slate Meagher & Flom LLP 7 5.0 34,393 24 3 6.9 -2.0
Clifford Chance LLP 9 8.4 58,491 19 17 2.5 6.0 Simpson Thacher & Bartlett LLP 9 12.9 89,352 23 25 4.3 8.6
Baer & Karrer AG 10 7.0 48,238 2 - - 7.0 Latham & Watkins LLP 10 1.8 12,751 22 21 3.5 -1.6
Cravath Swaine & Moore LLP 11 6.8 46,865 2 38 1.0 5.8 Grandfield Law Offices 11 0.9 5,917 21 6 1.5 -0.6
Grandall Law Firm 12 5.5 38,450 85 5 5.5 0.1 Allbright Law Offices 11 0.8 5,855 21 14 1.5 -0.6
Skadden Arps Slate Meagher & Flom LLP 13 5.0 34,393 24 3 6.9 -2.0 Freshfields Bruckhaus Deringer LLP 13 4.3 30,127 20 8 8.8 -4.4
Freshfields Bruckhaus Deringer LLP 14 4.3 30,127 20 1 8.8 -4.4 Baker & McKenzie LLP 13 1.6 11,034 20 12 0.8 0.8
Weil Gotshal & Manges LLP 15 3.4 23,528 13 27 1.5 1.9 Clifford Chance LLP 15 8.4 58,491 19 14 2.5 6.0
Sullivan & Cromwell LLP 16 3.3 22,937 9 7 5.4 -2.1 Jia Yuan Law Firm 15 2.7 18,510 19 43 1.5 1.2
Fenwick & West LLP 17 2.9 20,200 10 71 0.3 2.6 Herbert Smith Freehills LLP 17 2.4 16,687 18 38 1.3 1.1
Jia Yuan Law Firm 18 2.7 18,510 19 29 1.5 1.2 Allen & Overy LLP 17 1.8 12,780 18 32 1.1 0.7
Morrison & Foerster LLP 19 2.5 17,615 8 50 0.6 2.0 Norton Rose Fulbright LLP 17 1.7 11,591 18 28 3.6 -1.9
Herbert Smith Freehills LLP 20 2.4 16,687 18 32 1.3 1.1 Linklaters LLP 20 2.3 16,060 17 28 2.0 0.3
TOTAL 693,511 4,044 TOTAL 693,511 4,044 624,483
FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
FIRM
2016 2015MKT SHR
CHANGE FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
624,483
118,995 118,995
17
Hong Kong Announced Deals (By Volume) 01/01/2016 - 12/31/2016 Hong Kong Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
Morrison & Foerster LLP 1 9.5 13,618 4 65 0.1 9.4 Baker & McKenzie LLP 1 1.3 1,820 17 1 1.6 -0.3
Allens 2 9.3 13,332 2 5 23.7 -14.4 Latham & Watkins LLP 2 6.3 9,030 15 16 6.3 -
Fenwick & West LLP 3 9.1 13,025 3 - - 9.1 Fangda Partners 3 2.4 3,483 14 23 7.6 -5.1
White & Case LLP 4 7.3 10,484 7 61 0.2 7.2 Linklaters LLP 4 3.6 5,112 11 2 25.6 -22.0
Slaughter and May 5 6.6 9,388 7 20 3.9 2.6 Kim & Chang 5 2.2 3,175 10 45 0.2 2.0
Latham & Watkins LLP 6 6.3 9,030 15 15 6.3 - Freshfields Bruckhaus Deringer LLP 6 4.4 6,321 9 3 38.6 -34.2
Anderson Mori & Tomotsune 7 6.2 8,830 6 104 - 6.2 Norton Rose Fulbright LLP 6 1.9 2,672 9 5 2.6 -0.7
Hannes Snellman Advokatbyra Ab/FI 8 6.0 8,600 1 - - 6.0 King & Wood Mallesons 8 3.1 4,407 8 8 7.8 -4.7
Covington & Burling LLP 8 6.0 8,600 1 - - 6.0 Paul Hastings LLP 8 1.7 2,391 8 23 1.2 0.5
Allen & Overy LLP 10 5.9 8,449 5 7 9.2 -3.3 Jones Day 8 1.2 1,774 8 16 0.4 0.8
Cleary Gottlieb Steen & Hamilton LLP 11 4.7 6,697 3 38 0.8 3.9 White & Case LLP 11 7.3 10,484 7 23 0.2 7.2
Freshfields Bruckhaus Deringer LLP 12 4.4 6,321 9 1 38.6 -34.2 Slaughter and May 11 6.6 9,388 7 13 3.9 2.6
Linklaters LLP 13 3.6 5,112 11 3 25.6 -22.0 Kirkland & Ellis LLP 11 1.2 1,683 7 11 6.6 -5.4
Torys LLP 14 3.4 4,890 2 - - 3.4 Bae Kim & Lee 11 1.1 1,558 7 32 0.0 1.1
Grandall Law Firm 15 3.3 4,680 3 25 2.0 1.3 Anderson Mori & Tomotsune 15 6.2 8,830 6 57 - 6.2
Osler Hoskin & Harcourt LLP 16 3.2 4,579 4 - - 3.2 Davis Polk & Wardwell LLP 15 2.7 3,888 6 11 5.8 -3.0
AZB & Partners 17 3.2 4,503 3 37 0.8 2.4 Weil Gotshal & Manges LLP 15 2.3 3,310 6 13 2.3 0.0
King & Wood Mallesons 18 3.1 4,407 8 8 7.8 -4.7 Clifford Chance LLP 15 1.8 2,514 6 3 6.8 -5.0
Wachtell Lipton Rosen & Katz 19 3.1 4,404 3 - - 3.1 Allen & Overy LLP 19 5.9 8,449 5 8 9.2 -3.3
Ashurst LLP 20 3.1 4,356 3 58 0.2 2.9 Skadden Arps Slate Meagher & Flom LLP 19 2.8 3,995 5 6 31.5 -28.7
TOTAL 143,013 1,584 TOTAL 143,013 1,584
Taiwan Announced Deals (By Volume) 01/01/2016 - 12/31/2016 Taiwan Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
Baker & McKenzie LLP 1 50.0 11,856 7 4 15.5 34.5 Lee & Li 1 15.0 3,558 16 1 34.0 -19.0
Nishimura & Asahi 2 35.5 8,415 4 20 1.1 34.4 PriceWaterhouseCoopers Legal 2 0.6 133 12 2 4.3 -3.7
Jones Day 3 26.3 6,223 4 2 19.4 6.8 Baker & McKenzie LLP 3 50.0 11,856 7 2 15.5 34.5
Davis Polk & Wardwell LLP 4 16.9 4,009 4 3 17.2 -0.2 LCS & Partners 3 3.4 816 7 2 11.3 -7.9
Lee & Li 5 15.0 3,558 16 1 34.0 -19.0 Chen & Lin 5 1.3 300 5 7 3.2 -2.0
Shearman & Sterling LLP 6 14.2 3,363 1 22 1.1 13.1 Nishimura & Asahi 6 35.5 8,415 4 8 1.1 34.4
Simpson Thacher & Bartlett LLP 6 14.2 3,363 1 9 6.0 8.2 Jones Day 6 26.3 6,223 4 6 19.4 6.8
Allen & Gledhill LLP 8 12.0 2,833 2 16 1.6 10.3 Davis Polk & Wardwell LLP 6 16.9 4,009 4 10 17.2 -0.2
De Brauw Blackstone Westbroek NV 9 11.6 2,754 1 - - 11.6 Lexcel Partners Attorney-at-Law 6 0.9 213 4 5 10.5 -9.6
LCS & Partners 10 3.4 816 7 5 11.3 -7.9 Allen & Gledhill LLP 10 12.0 2,833 2 16 1.6 10.3
White & Case LLP 11 3.0 699 2 33 - 3.0 White & Case LLP 10 3.0 699 2 16 - 3.0
WongPartnership LLP 12 2.7 642 1 - - 2.7 Sidley Austin LLP 10 1.6 371 2 - - 1.6
Clifford Chance LLP 12 2.7 642 1 - - 2.7 AZB & Partners 10 1.0 225 2 16 2.0 -1.0
Rajah & Tann 12 2.7 642 1 31 0.1 2.6 Mori Hamada & Matsumoto 10 0.0 8 2 - - 0.0
Bryan Cave LLP 12 2.7 642 1 - - 2.7 Allen & Overy LLP 10 - - 2 16 1.1 -1.1
Sidley Austin LLP 16 1.6 371 2 - - 1.6 Shearman & Sterling LLP 16 14.2 3,363 1 16 1.1 13.1
Wachtell Lipton Rosen & Katz 17 1.4 340 1 - - 1.4 Simpson Thacher & Bartlett LLP 16 14.2 3,363 1 10 6.0 8.2
Chen & Lin 18 1.3 300 5 12 3.2 -2.0 De Brauw Blackstone Westbroek NV 16 11.6 2,754 1 - - 11.6
Conyers Dill & Pearman Ltd 19 1.0 246 1 - - 1.0 WongPartnership LLP 16 2.7 642 1 - - 2.7
Cooley LLP 19 1.0 246 1 - - 1.0 Clifford Chance LLP 16 2.7 642 1 - - 2.7
TOTAL 23,704 241 TOTAL 23,704 241
FIRM
2016 2015MKT SHR
CHANGE FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
25,575 25,575
175,989 175,989
FIRM
2016 2015MKT SHR
CHANGE FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
18
South East Asia Announced Deals (By Volume) 01/01/2016 - 12/31/2016 South East Asia Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
Linklaters LLP 1 15.5 26,559 27 52 1.1 14.4 Allen & Gledhill LLP 1 6.8 11,719 49 1 28.4 -21.5
Freshfields Bruckhaus Deringer LLP 2 10.4 17,744 9 12 12.4 -2.0 WongPartnership LLP 2 8.9 15,264 46 2 24.9 -16.0
Skadden Arps Slate Meagher & Flom LLP 3 9.0 15,372 9 2 27.8 -18.9 Baker & McKenzie LLP 3 7.6 13,005 28 2 6.6 1.0
WongPartnership LLP 4 8.9 15,264 46 3 24.9 -16.0 Linklaters LLP 4 15.5 26,559 27 13 1.1 14.4
Herbert Smith Freehills LLP 5 8.1 13,887 17 20 5.2 2.9 Allen & Overy LLP 5 2.6 4,448 23 5 7.2 -4.6
Cyril Amarchand Mangaldas 6 7.8 13,368 7 85 0.1 7.7 Rajah & Tann 6 1.1 1,906 20 8 0.7 0.4
Minter Ellison 7 7.8 13,298 7 69 0.4 7.4 Herbert Smith Freehills LLP 7 8.1 13,887 17 19 5.2 2.9
Baker & McKenzie LLP 8 7.6 13,005 28 15 6.6 1.0 Latham & Watkins LLP 7 5.3 9,032 17 12 22.5 -17.2
Osler Hoskin & Harcourt LLP 9 7.6 12,978 5 - - 7.6 White & Case LLP 7 3.6 6,127 17 14 3.1 0.5
King & Wood Mallesons 10 7.5 12,849 7 49 1.4 6.1 AZB & Partners 10 1.0 1,775 15 7 1.3 -0.3
Allen & Gledhill LLP 11 6.8 11,719 49 1 28.4 -21.5 Morgan Lewis & Bockius LLP 11 1.3 2,247 14 9 2.6 -1.3
Jones Day 12 6.7 11,488 12 64 0.5 6.3 Hogan Lovells US LLP 11 0.9 1,608 14 25 3.6 -2.7
Gilbert + Tobin 13 6.7 11,463 5 102 0.0 6.7 Drew & Napier LLC 13 1.2 2,110 13 19 0.9 0.3
Stikeman Elliott LLP 14 5.8 9,873 2 120 - 5.8 Jones Day 14 6.7 11,488 12 14 0.5 6.3
Allens 15 5.5 9,446 3 61 0.5 5.0 Shook Lin & Bok LLP 14 1.1 1,887 12 4 6.0 -4.9
Latham & Watkins LLP 16 5.3 9,032 17 5 22.5 -17.2 Mori Hamada & Matsumoto 14 0.6 959 12 9 6.0 -5.5
Sidley Austin LLP 17 5.0 8,570 9 21 5.2 -0.2 Kirkland & Ellis LLP 17 4.8 8,209 11 53 0.7 4.1
Kirkland & Ellis LLP 18 4.8 8,209 11 57 0.7 4.1 Simpson Thacher & Bartlett LLP 18 2.5 4,214 10 53 2.4 0.1
Torys LLP 19 4.4 7,600 2 - - 4.4 Khaitan & Co 18 0.8 1,347 10 9 0.7 0.1
Gibson Dunn & Crutcher LLP 20 3.8 6,459 6 73 0.3 3.5 Clifford Chance LLP 18 0.4 699 10 6 1.4 -1.0
TOTAL 171,392 2,318 TOTAL 171,392 2,318
India Announced Deals (By Volume) 01/01/2016 - 12/31/2016 India Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016
Cyril Amarchand Mangaldas 1 40.6 32,837 53 4 7.2 33.4 AZB & Partners 1 20.0 16,201 106 1 19.7 0.3
Linklaters LLP 2 21.7 17,561 7 16 3.0 18.7 Khaitan & Co 2 14.6 11,793 77 2 8.8 5.7
AZB & Partners 3 20.0 16,201 106 1 19.7 0.3 Shardul Amarchand Mangaldas & Co 3 11.8 9,535 58 4 8.3 3.5
Freshfields Bruckhaus Deringer LLP 4 18.3 14,827 7 24 1.2 17.1 Cyril Amarchand Mangaldas 4 40.6 32,837 53 5 7.2 33.4
Khaitan & Co 5 14.6 11,793 77 2 8.8 5.7 J Sagar Associates 5 1.9 1,567 46 3 5.1 -3.1
Shardul Amarchand Mangaldas & Co 6 11.8 9,535 58 3 8.3 3.5 Trilegal 6 2.0 1,583 36 6 2.6 -0.7
Latham & Watkins LLP 7 5.5 4,464 9 5 5.3 0.2 Krishnamurthy & Co 7 0.6 484 27 42 0.0 0.6
S&R Associates 8 4.1 3,294 9 17 3.0 1.1 Veritas Legal 8 2.0 1,582 18 11 1.2 0.8
Majmudar & Co 9 3.9 3,152 4 42 0.4 3.5 HSA Advocates 9 0.3 275 17 12 0.2 0.2
Herbert Smith Freehills LLP 10 3.9 3,143 7 39 0.5 3.4 Luthra & Luthra Law Offices LLP 10 2.1 1,681 12 7 4.8 -2.7
Davis Polk & Wardwell LLP 11 3.9 3,138 1 9 4.0 -0.1 Economic Laws Practice 10 0.3 220 12 12 0.0 0.2
Simpson Thacher & Bartlett LLP 12 3.2 2,590 3 41 0.4 2.8 Shearman & Sterling LLP 12 2.1 1,667 11 19 0.9 1.2
Luthra & Luthra Law Offices LLP 13 2.1 1,681 12 7 4.8 -2.7 Latham & Watkins LLP 13 5.5 4,464 9 17 5.3 0.2
Shearman & Sterling LLP 14 2.1 1,667 11 31 0.9 1.2 S&R Associates 13 4.1 3,294 9 8 3.0 1.1
Hughes Hubbard & Reed LLP 15 2.0 1,585 3 32 0.8 1.1 Linklaters LLP 15 21.7 17,561 7 16 3.0 18.7
Trilegal 16 2.0 1,583 36 18 2.6 -0.7 Freshfields Bruckhaus Deringer LLP 15 18.3 14,827 7 20 1.2 17.1
Veritas Legal 17 2.0 1,582 18 25 1.2 0.8 Herbert Smith Freehills LLP 15 3.9 3,143 7 14 0.5 3.4
J Sagar Associates 18 1.9 1,567 46 6 5.1 -3.1 White & Case LLP 15 1.2 960 7 20 3.6 -2.4
Allen & Gledhill LLP 19 1.8 1,434 3 37 0.6 1.2 Jones Day 19 0.1 81 6 42 0.1 0.0
Troutman Sanders LLP 20 1.6 1,261 1 - - 1.6 Vertices Partners 19 0.0 27 6 - - 0.0
TOTAL 80,940 1,815 TOTAL 80,940 1,81567,662 67,662
173,991 173,991
FIRM
2016 2015MKT SHR
CHANGE FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
FIRM
2016 2015MKT SHR
CHANGE FIRM
2016 2015MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
19
Bloomberg League Criteria
Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are
converted to US dollars at the time of announcement.
Credit will be given to transactions in which Bloomberg classifies as mergers, acquisitions, divestitures, self-tenders, or spin-offs.
Regional and industry League Tables will be based on the country of risk and industry of the ultimate publicly traded parent of a privately held company where applicable.
Advisors to any member of an investor group, consortium, or joint venture are eligible for full credit.
Advisory fees hold no weight over advisory credit.
General Database Criteria
A transaction is considered to have been announced upon the release of terms offered by the acquirer, and acknowledgement of the offer by
the target company.
Deals that are considered to be in proposed status will not be granted credit.
Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional:
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Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.
20
