EMERGING MARKETS M&A REVIEWREUTERS / Ueslei Marcelino
EMERGING MARKETS M&A REVIEWLEGAL ADVISORS
First Half 2015
First Half 2015 | Mergers & Acquisitions | Legal Advisors
Emerging Markets M&AAnnounced Emerging Markets M&A Up 51% Over First Half 2015 | Average EBITDA Multiples at 16x
Emerging Markets Deals Intelligence Emerging Market Announced M&A Jan 1 - June 30 2015
The total value of announced M&A activity in the Emerging Markets reached US$543.6 billion during the firsthalf of 2015, a 51.2% increase from totals reached during the same period a year ago. The number of M&Atransactions in the Emerging Markets totaled 7,222, a 12.2% increase from the total number of deals duringthe first half of last year.
Chinese involvement deals once again drove M&A activity in Emerging Markets, with 2,925 transactionsworth US$352.1 billion, far outpacing Brazilian involvement deals, which generated the next highest volumewith 262 deals worth US$14.6 billion. India followed, accumulating US$14.1 billion over 559 transactions.
Healthcare led Emerging Market activity during the first half of 2015, accounting for 16% of all M&A volumes.High Technology placed second capturing a 14% share of the market, followed by Financials which accountedfor 13% of the market.
Skadden took the top spot in the Emerging Markets for the first half of 2015, with US$73.3 billion inannounced deals. Kirkland & Ellis and Sullivan & Cromwell took the second and third spots, respectively.
Average EBITDA multiples across the Emerging Markets rose to 16x during the first half of 2015, ranging from12.1x in the Middle East & North Africa to 21.1x in China. Bid premia (to 4 weeks prior stock price) averaged23.5%, an increase from the 21.9% averaged during the first half of 2014.
$95.9$157.2 $201.4
$87.8$193.3 $196.3
$136.8 $132.2 $134.1$205.9
$145.1
$196.2$227.8
$109.6
$170.0 $157.7$172.4 $156.3
$225.6
$337.7
$104.2
$198.0$129.3
$124.8
$214.3$147.1
$150.2 $169.1
$209.5$215.0
$205.4$128.1
$153.7
$237.0
$160.3 $243.5 $210.7
$262.8
14.3%
15.0%
27.3%
21.1%
34.1%
25.1%27.4%
28.4%
22.5% 24.3%
0%
5%
10%
15%
20%
25%
30%
35%
40%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)EM% of Global
Leading Emerging Market Target Nations - US$ bil Jan 1 - June 30 2015
2007 2008 2009 2010 2011 2012 2013 2014 20150
50
100
150
200
250
300
350
400
4501 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Ran
k Va
l US$
(bil)
Q4 Russia Q3 Russia Q2 Russia Q1 Russia Q4 Brazil Q3 Brazil Q2 Brazil Q1 Brazil Q4 China Q3 China Q2 China Q1 China
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Middle East & North Africa
First Half 2015 | Mergers & Acquisitions | Legal Advisors
2014Asia Pacific
Emerging MktsEmerging Markets BRIC
Emerging Markets M&A
Latin America South Africa Eastern Europe IndiaChina2015 UP 2015 DOWN
Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA
27.5x16.0x
-
4.9x -
6.3x 6.4x 6.5x
-
25.6x- 7.5x
17.6x20.4x4.2x 6.2x22.4x12.2x 13.0x- 8.8x 12.2x
Consumer Products and Services 14.2x 12.9x 13.5x 12.4x 26.5x15.7x 13.4x- 7.0x 19.5xConsumer Staples 13.4x 11.6x 14.9x 15.7x 15.7x 9.3x 15.0xEnergy and Power 12.2x 8.6x 15.3x 8.3x -
10.2x
8.9x
22.5x
- 12.9x11.7x 35.4x
23.3x28.9x-Healthcare 22.0x 24.4x 25.1x 26.0x 18.3x17.4x13.0x 13.0x 29.2x 30.5x5.9x 15.0x5.8x
6.5x 21.4x 29.9x-
25.2xHigh Technology 22.3x 13.3x 25.2x 16.0x 20.2x16.1x
13.0x10.3x
5.0x- - 17.5x 7.3x
7.0x 16.8x11.5x13.3x 12.4x 13.9x
25.2x
12.4x
8.3x 3.9x 10.3xIndustrials
10.0x
27.8x
- 7.6x
14.0x 16.9x
14.0x 9.0x10.3x
8.5x 19.1x
23.0x
8.4x
15.7x 1.3x 15.7x 14.7x12.1xMaterials 17.9x 10.6x 18.6x
- 6.5x14.9x20.0x
8.9x
22.2x
34.8x 11.9x22.2x
14.9x21.5x10.7xReal Estate 14.8x 18.5x 14.8x
Media and Entertainment
-4.1x
18.8x 12.2x 35.7x
11.5x
- -
-
9.5x 13.3x 11.1x 8.0x
4.2x 8.7x
26.7x 38.2x 15.4x
9.4x 27.4x
14.9x12.6x
11.3x 23.6x
17.1x - 15.0x
13.8x 21.4x 10.9x - 39.1x
- -- - 20.6x 19.9x 20.6x 19.9x16.1x -Retail 21.2x 18.4x 21.4x 20.1x 26.7x
7 9x - 6 1x 11.3xTelecommunications 14.7x 6 9x 18.1x 8 8x 6.9x4 8x- 5.0x 13 2x 29.3x 2 6x
Jan 1 - June 30 2015
- 22.8x6 7x
-
7.9x 6.1x6.9x 8.8x
12.1x 8.7x 13.8x 9.6x
4.8x
20.1x 13.8xAverage Industry Total 16.0x 13.2x 18.2x 16.1x 14.0x 12.4x
South Africa Eastern Europe Asia Pacific Emerging Mkts
12.3x
13.2x 2.6x
11.4x 12.3x 17.7x
2015 UP 2015 DOWN 2014
Emerging Markets BRIC Latin America Middle East & North Africa
China India
Consumer Products and Services 29.2 21.4 - 24.8 - 31.0 - 32.2 - 20.6 -7.7 29.2 22.8 - 16.6 - 33.9Consumer Staples 19.3 25.5 14.8 26.4 54.5 26.4 19.7 17.08.4 19.8 14.6 24.2 10.4 33.6Energy and Power 22.2 19.1 26.6
1.8 31.4
18.2 17.2
- 51.7
35.5 28.8 -
33.3 17.8
19.5 -
13.810.3
Financials 23.1 16.2 26.8 13.0 33.0 14.5
35.2 6.432.7
18.3 8.1 27.3 19.9 19.120.3 25.018.7 17.6
-Healthcare 24.4 30.1 24.8 -20.533.3 17.8
4.0 1.8
31.0 40.034.2 9.92.0
14.2
-
28.0 34.9
23.0 19.9 23.6 27.5 - 19.428.5 5.3 41.6
20.5 39.29.1 17.1 22.5 21.0 23.7 18.7Industrials 31.7 19.0 35.9 23.7 16.7
High Technology
4.2
16.7 20.9
- 17.4 1.9 38.39.1
3.9
24.2
27.7 10.0 -
57.7
26.7Materials 22.6 29.6 21.7 38.4 19.0 45.4
22.0
34.4
20.9
18.7
20.2 35.3
15.7 31.2 22.5 35.2 23.1
30.9
34.3
6.6 9.2 16.7 - 21.9 - 17.9Real Estate 30.4 19.9 34.7 51.0
22.717.1 -
11.1 -16.4 27.4 33.6 23.4 37.0 51.1
23.2Telecommunications 13.4 29.4 10.6 23.1 - -
- - -14.2 -
8.4 -
- - 21.9
23.1
11.2
23.1
23.9 22.923.5
0.7- 73.7 35.7 -
26.4 25.821.9 24.8 26.4 31.1 26.0 25.924.225.3 18.6
Jan 1 - June 30 2015
14.6x 21.1x
*Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. The data given refers to the time period 01/01/2014 - 6/30/2015. The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%. All spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded.
20.5 19.6
5.4 9.9
17.718.0
-
Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price
6.7x
- 15.4
Media and Entertainment 20.6 15.6 27.8
13.1
-
-50.9
- - -
27.1 11.3
-Retail 35.7 59.7
27.8
33.3
23.1 35.7 23.3 35.7
Average Industry Total
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2
3 3Sidley Austin LLP 25 138 5 310 0 4 101* 0 1 White & Case LLP3 ▼ 25 6 10 788 01 0 0 8 ▲▼ 34 5* 0.5 3.5 2.238 11,286.1
55* 0.22 ▲11* 0.44 ▲
▲ 18163 12,349.5
Zhong Lun Law Firm 24 20 6,176.8 8 ▲1.1 -1.1▲ 6
Pinheiro Neto Advogados 24Paul, Weiss 23 3.8 3.7
2.640* 0.11.2 -1.2 -9 ▼
1.6 -0.8 19*3
Simpson Thacher & Bartlett 23 15 6,402.1▲ 32
▼ 103.8
92* 0.110 ▲-4 ▼
4 0.80.2Weil Gotshal & Manges 22 14 8,438.1 ▼ 1751* 0.1 -3 ▼
40 12,391.3Jones Day 225 ▲Norton Rose Fulbright 21 141 8,862.2 116 13,376.8Morrison & Foerster 211.6 1.4
17▲ 9
4.1 0.54.1 3.8
2 ▲▲
44* 0.211 ▲
3 ▲14* 0.41.6 1.6 140* 0.0Ligerion ZAO 19* - 8,876.7 ▲ 2
8140* 0.0 1 ▲11 13,411.1Souza, Cescon, Barrieu & Flesch Advog 20 ▲
Studio Pedersoli e Associati 19* 267* 8,876.7 86 13,602.5Jingtian & Gongcheng 191.6 1.614
▲ 24.4 -1.94.2 3.7
-10 ▼▲
55* 0.2-15 ▼
-5 ▼22* 0.31.7 0.5 7* 0.5Allen & Overy 18 36 9,430.7 ▲ 33
62 0.6 1 ▲3 14,183.9Herbert Smith Freehills 18 ▼
Fangda Partners 17 17 9,866.8 30 15,150.1Kirkland & Ellis 171.8 -0.69
▼ 414.8 4.44.7 3.2
4 ▲▲
9 0.61 ▲
-6 ▼39* 0.21.8 1.3 19* 0.2Bowman Gilfillan Africa Group 16 69 9,903.6 ▲ 17
2540* 0.1 8 ▲93 15,388.8Commerce & Finance Law Offices 16 ▲
Jingtian & Gongcheng 15 264 10,633.0 79 15,484.0Allen & Overy 152.0 2.03
▲ 104.9 2.74.8 4.3
-10 ▼▲
6 0.7-4 ▼
-24 ▼92* 0.12.0 -4.3 29* 0.2Davis Polk & Wardwell 14 4 11,057.0 ▼ 13
2929* 0.2 6 ▲24 15,842.5Allen & Gledhill 14 ▲
Jun He Law Offices 13 52 11,649.3 5 18,785.6Baker & McKenzie 132.1 1.39
▲ 135.9 5.45.8 0.4
-14 ▼▲
25* 0.31 ▲
-5 ▼39* 0.22.2 0.9 38* 0.2Latham & Watkins 12 34 11,998.5 ▲ 11
1310 0.4 4 ▲91 19,050.4Tian Yuan Law Firm 12 ▲
Grandall Law Firm 11 48 13,907.1 12 19,313.9Shearman & Sterling LLP 112.6 1.718
▲ 286.4 4.46.0 3.0
-17 ▼▲
34* 0.24 ▲1 ▲
11* 0.43.1 -0.5 15* 0.3Clifford Chance 10 11 17,047.7 ▼ 21105* 0.5 13 ▲
26 20,595.8Grandall Law Firm 10 ▲King & Wood Mallesons 9 8 17,355.4 142 21,534.0AllBright Law Offices 93.2 -1.1
9▼ 34
6.8 6.06.6 6.4
5 ▲▲
8 0.6-9 ▼14 ▲
39* 0.2Linklaters 8 5 19,876.4 ▼ 33 57 22,056.0Jia Yuan Law Offices 8 ▲3.7 -1.5 7* 0.52613* 0.3 -3 ▼ ▲Freshfields Bruckhaus Deringer 7 1 22,567.2 50 22,157.5King & Wood Mallesons 74.2 -12.7
▲ 37▼ 22
6.9 0.86.8 6.0
1 ▲188* 0.031* 0.3
14 ▲3 ▲
3 0.9Tulchinsky Stern & Co 6 - 50,575.2 9.3 9.3▲ 11
▲ 1 4 22,364.881* 0.1 2
LinklatersSullivan & CromwellLoyens & Loeff 5 188 52,337.9 9.6 9.5 ▲
6 9.1 6.618 29,404.972* 0.1 2 1.035,905.2
12 ▲103 55,445.4 10.2 9.9 2▲6.7
Fangda Partners340* 0.1 0
▲ ▲ 403 9
434*- 10
459,279.2 11.1
-82▲ 5.0 ▲15 Clifford ChanceSullivan & Cromwell 8Davis Polk & Wardwell
Skadden 0.5 13.411.9
10.9
1436Kirkland & Ellis 2 51 68,759.5 2
7 73,299.3 3▲9.1Rank
0.412.3 ▼24* 0.2 2 ▲ 28
16 17*13.3
▼7 0.739,930.4
▲14
-60.2
1
# of
13.5Sh (%)
2015 Rank
2014 Rank
MarketSh (%)# of Deals
Haiwen & Partners
Change inSh (%) # of Deals
# of Rank Deals
▲ 173* 43,512.6 ▲
Change in Legal Advisor
1Share Ch.
5 9.0 6.721 29,080.16
Market Market2015 Rank
2014 Rank
# of Deals per Advisor
Deals Rank Sh (%) Value US$m
Rank Value per Advisor (US$m)
12.77.2
5▲De Brauw Blackstone Westbroek
MarketShare Ch.
▲ 10
▲
Market MarketLegal Advisor US$m
2 1 ▼ 31 5 0 8
# of Deals per AdvisorRank Value
Jan 1 – June 30
Rank Value per Advisor (US$m)
First Half 2015 | Mergers & Acquisitions | Legal Advisors
Any Emerging Market Involvement Completed Jan 1 – June 30
Emerging Market M&A
Any Emerging Market Involvement Announced
5 ▲3.3
Zhongrun Resources Invest Corp (83.8%) Real Estate / Real Estate Management & DevelopmentChina / ChinaPending 4,577.36/3/2015
6,845.6
Investor GroupInvestor GroupXi'an Minsheng Group Co LtdAlpha Progress Global Ltd
Qatar / China 5,000.0
Italy / Italy
Real Estate / Other Real Estate
Energy and Power / Oil & Gas
5,450.3Retail / Food & Beverage Retailing
China Overseas Land & Invest (17.11%)Celestial Domain Invests Ltd (100%)
Shandong Dongming Petrochem (49%)
3/24/20155/7/2015
Hainan Gongxiao Daji Hldg Co (100%)6/30/2015
5/18/20153/22/2015
3/24/2015
IntendedFocus Media Tech Shanghai Co (100%)
3/30/2015 Pending
Hong Kong / ChinaHong Kong / Hong Kong
China / ChinaPending
Jiangsu Hongda New Material Co6/3/2015 PendingQihoo 360 Technology Co Ltd (100%)
5,518.9
China / China High Technology / Software
5,027.7
China Overseas Holdings LtdPirelli & C SpA (73.8%)
High Technology / Internet Software & Services
Industrials / Automobiles & ComponentsBidco SpA
Any Emerging Market Involvement Announced - Top Deals Jan 1 - June 30 2015
Mylan NV (100%)Rank Date
Real Estate / Other Real Estate
Acquiror Target Macro / Mid IndustryIsrael / United States Healthcare / Pharmaceuticals
Acquiror / Target Nation50,575.2
8,778.810,306.4
Industry % Change from Same Period Last Year 51.2%Industry % Change from Last Quarter
Date Effective Target (% Sought/Acquired)
▲▲
Rank Value (US$m)
▲ ▲24.4% ▲
Emerging Markets Involvement Announced M&A by Target Industry ($bil)
*tie64.0% Industry % Change from Last Quarter ▲
43.4% ▲Industry % Change from Same Period Last Year5.9%
Jan 1 - June 30 2015
12.2%2.0%
▲0.9%
4,092100.0Sidley Austin LLP 25 138 5,310.0
543,639.0Industry Total4 101* 0.1
7,222White & Case LLP
324,307.8-3 ▼
Industry Total25 6 10,788.0
100.01.0 0.8 ▲ -2.1 ▼ 31 5 0.8
China / China6/17/2015 PendingPending
Investor Group4/21/2015 Teva Pharmaceutical Industries
5 ▲
16%
14%
13%12%10%
10%
8%4%
4% 3% 3%Healthcare High Technology Financials
Industrials Energy and Power Real Estate
Materials Media and Entertainment Consumer Staples
Retail Telecommunications Consumer Products and Services
2/13/2015 Pending Zhejiang Materials Ind Grp (100%) Zhejiang Material Ind Zhongda China / China 4,549.2 Consumer Products and Services / Other Consumer Product
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g p ( %) g pg ,p
3
49 125 4 590 7 1 2 1 911 ▼ ▲AZB & Partners 3 51 1 3 2 ▲25 88* 7 944 04 ▲▼
10 15* 0 5 7Barbosa Mussnich & Aragao-118,532.7 3.8 -0.9 ▼ 16 9* 0.7Conyers Dill & Pearman 24 - 4,615.2 241.2 ▲1.2 3 9▲ Amarchand Mangaldas372* 0.1
0.4 0.4▲ 21 23 3.3 ▲8,630.8 3.8▲0.1 ▲
Grandway Law Offices 23 48 4,770.7 1.2 48 26*100*61* 0.1
▲7*120* - 9,823.3▲ ▲41.3 1.3De Brauw Blackstone Westbroek 22 186* 4,870.2 4.3 4.3Gianni Origoni Grippo Cappelli & Partne
LLinks Law Offices
9,823.33
▲1-2
100*10.1
0.5 8
▲
71
4.3-4.1 ▲▼ Bonelli Erede e Pappalardo 020*
4.320* -4 61*
10.1 -20.1
Darrois Villey Maillot Brochier5,023.41.41.3
1▲1.2 ▲ 3 72* ▼ 0.1
100*4.3Sidley Austin LLP 20 91 5,310.0Mori Hamada & Matsumoto 21 121
Weil Gotshal & Manges 19 14 5,840.2 31.1 ▲
4.6 5 42*19 121 4.572*▲
-1.5 ▼93 9,823.3
▲2
0.1 -2 10,436.8▼ Allen & Overy0.8
▲ 0.21.6 -1.5 ▼
31.511,286.18Zhong Lun Law Firm 18 10 6,176.8 3 0.8 ▲ 5*34 Pinheiro Neto Advogados 18 25 185.0 2.7▲
-25.4 ▲
1 100*56*3
0.10.1 -21 ▲
36* ▲61*
2.45.50.1
1.8 ▼71.9 ▲
17 19Allen & Gledhill16 72
Sullivan & Cromwell 17 25 6,829.0
▲Norton Rose Fulbright 16 159 7,310.5 1.9 ▼Morrison & Foerster
-0.1 ▼4
8
0.2 4 12,566.8 ▲
213,376.8 5.9
-0.7 ▼13,411.13 5.9▲ Souza, Cescon, Barrieu & Flesch Advog▲
Ligerion ZAO 14* - 8,876.7 2.3 2.3 ▲ 2 91*0.4 35.1 ▲ 26*
178
110.8Studio Pedersoli e Associati 14* - 8,876.7 2 Jingtian & Gongcheng2.3 2.3 14
0.1 15
14,861.5 ▲ 11Baker & McKenzie45 13,602.52
0.5▲ ▲91* 0.1
6.6 13*6.0
1 ▲ ▲640 2 34*
10.913 60.1-
Bowman Gilfillan Africa Group 13 59 8,906.7 2.3 1.7 ▲ 3 72*05.9-0.9 ▼ ▲- Kirkland & Ellis 12 510.92.5 0.30 15,150.1Fangda Partners 12 7 9,828.1 6.7
▲486.0 ▲ 19* ▲0.4 1
0.4 115,388.8 6.8 9
Jingtian & Gongcheng 10 184 10,633.07Latham & Watkins 11 95 ▲ 11 490.2 -2 ▼ Commerce & Finance Law Offices
0.210,269.3 2.6 2.4 36*
2.7 2.7 ▲ 10 24*5.59 18
19,050.4 7.6 ▲▲ Tian Yuan Law Firm 10 19*98 8.4
15*9.1
▲109.2 ▲50.818 5*Clifford Chance 9 8 10,644.5 2.7 ▲-0.6 ▼ 20,595.8 ▲
12-8 ▼ Grandall Law Firm
0.3 -7 ▼ AllBright Law Offices7 36*
-4.4 ▼ 17*0.2
814*13 ▲ Jia Yuan Law Offices 7 ▼
Davis Polk & Wardwell 8 3 11,057.0 2.8 0.5 10.4 -98.3 ▲22,056.0 9.7
84 9.521,534.019*33
▲Jun He Law Offices 7 39 11,649.3 3.0 1.8 ▲ 90.3 6
138.6 ▲22,099.3 9.76 39 1.1▲ 31*10.9
Grandall Law Firm 6 38 13,907.1 3*28 King & Wood Mallesons260.3 1 ▲ Sullivan & Cromwell
3.6 2.40.3
▲ ▲5* 0.6 5 235
-Linklaters 5 20 14,020.7 3.6 ▲7
3024,705.1 8.6
0.4 029,009.7 12.8 11.1 ▲ 9 19*4
112 17*
41.2 ▲ 11 21*
10 24*28.4 ▲13.0
4.2 3.240
▲ Clifford Chance0.2▲
4.4
Kirkland & Ellis 4 42 16,295.3
King & Wood Mallesons 2 4 17,355.4▲0.3 -1 3 10▼ Fangda Partners 29,404.9 1.8 12▼
Freshfields Bruckhaus Deringer 3 1 16,729.6 4.3 -16.9 ▼13 26* -6▲ Davis Polk & Wardwell 815.2 8.3 ▲2 34,435.2
4.90.8▼-1.7 33 0.4
0.7▲ 16 9*Skadden 1 5 18,991.7 ▲14-0.5 ▼ 28 19.114 1
110* 43,512.6 19.20.6# of DealsRank
Haiwen & Partners5* 11 ▲
Rank Value per Advisor (US$m)Rank
Value US$mLegal AdvisorMarket
Share Ch.Sh (%)Sh (%) Share Ch.2015 Rank
Market Market Market2014 RankDeals Sh (%) # of Deals
MarketSh (%)
# of Change inDeals RankLegal Advisor US$m
BRIC M&A
# of 2015 Rank
2014 Rank
# of Deals per Advisor# of Deals per Advisor
Any BRIC Involvement Announced Jan 1 – June 30
Rank Value Market Change in Rank Value per Advisor (US$m)
Any BRIC Involvement Completed Jan 1 – June 30
First Half 2015 | Mergers & Acquisitions | Legal Advisors
Industry % Change from Last Quarter 57.8%
49 1
6,845.6Jiangsu Hongda New Material Co
100.0
▲▲ Industry % Change from Last Quarter
85.0%
227,036.8
Retail / Food & Beverage Retailing
25 4,590.7 1.2 -1.9
Real Estate / Other Real Estate
Industrials / Automobiles & Components
11 ▼
5,027.7
4,549.24,577.3 Real Estate / Real Estate Management & DevelopmentChina / China
Zhejiang Material Ind Zhongda2/13/2015 Pending Zhejiang Materials Ind Grp (100%) Consumer Products and Services / Other Consumer ProductChina / China
Shandong Dongming Petrochem (49%)China / ChinaHainan Gongxiao Daji Hldg Co (100%) Xi'an Minsheng Group Co Ltd
Pending6/30/2015
Energy and Power / Oil & GasPending
6/3/2015 Pending Zhongrun Resources Invest Corp (83.8%)5,000.0Investor Group Qatar / China
Investor Group3/30/2015
Hong Kong / Hong Kong3/24/2015 5/18/20155,450.33/24/2015 5/7/2015 Celestial Domain Invests Ltd (100%) Hong Kong / ChinaAlpha Progress Global Ltd
Real Estate / Other Real EstateItaly / Italy
5,518.9
6/3/2015 PendingPirelli & C SpA (73.8%) Bidco SpAIntendedChina Overseas Land & Invest (17.11%) China Overseas Holdings Ltd
3/22/2015
Rank Date10,306.4 High Technology / Internet Software & Services
China / China 8,778.8 High Technology / SoftwareChina / China
Focus Media Tech Shanghai Co (100%)
Date Effective Target Macro / Mid IndustryQihoo 360 Technology Co Ltd (100%)Target (% Sought/Acquired) Rank Value (US$m)
1.6%
Investor Group
Any BRIC Involvement Announced - Top Deals Jan 1 - June 30 2015
▲
Acquiror / Target Nation
▲
6/17/2015 Pending
*tie
▲ -2.8% ▼
Acquiror
34.1%Industry % Change from Same Period Last Year
▲Industry Total 390,792.3 100.0AZB & Partners
Industry % Change from Same Period Last Year 52.5% ▲ 16.3%
Industry Total4,4293.51.1
36.1%▲
2,1833.2 ▲25 88* 7,944.04 ▲ 10 15* 0.5 7Barbosa Mussnich & Aragao
Any BRIC Involvement Announced M&A by Target Industry ($bil) Jan 1 - June 30 2015
19%
14%
14%10%9%8%
8%4%
4% 4% 3%
High Technology Industrials Financials
Real Estate Energy and Power Materials
Healthcare Consumer Staples Media and Entertainment
Retail Consumer Products and Services Telecommunications
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com Financials / Other Financials
,j g gg j g p ( %)1/20/2015 Pending CITIC Ltd (10%) Chia Tai Bright Investment Hong Kong / Hong Kong 4,433.3
4
▲▲
1.1
39* 0.2
15.2
11,286.1
39*
20*15*
9,823.3
9.1
▲21.021.0
463
▲
Latin American M&A
Jan 1 – June 30
0.7
▲
21.0
23.94
▲
-
10,070.616.47 11,184.4
1811
First Half 2015 | Mergers & Acquisitions | Legal Advisors
-4.1▲
Sh (%)MarketMarketRank Value # of Market
Share Ch.# of
Deals
-1417 112*▲ ▲ 12.2 ▲
228.6
US$m
▼ 2* ▲
1,683.5
2,367.2
7,225.8
-
▲
13.1
Demarest Advogados
21
Lefosse Advogados 23
0.2
19
45*
▼2522
1.9
Change in
▲-3.1
3.53.1
5.1 4.4
10*
6
2
▲
-1.8
2
-22
3.5
1,411.2
1,875.0
26*26*
▼
▲
▲
▲
1
10*16
3
1
1.13
4.0
5
3.6
▼
2-0.8
-11.1
3.6
1,464.013
3.1
8 2,045.4 4.4
1,472.82
3.0
1,625.5
1.33.5▼
▼-4
26*
39*
5▲
0 -
-10.4
4
12
1.1
▼1,407.8 3.0
0 224
1-0.1 ▼
7019
25* 01 275 5 ▲2 72 7Herbert Smith Freehills▲▼
150.4 -3
311
20.48* 4
2.6
▼
▼
0.9
▲
1
3
0.2
▼
▲▲
▲1
1▲
▲
0
8
▲
1
6
0.7
▲
1
-0
▲
-
-1
0.2
11
9,823.3 20.9
21.03
39*9,823.3
1
21.0
7,668.115.4
20*6
15*
▲▲18.9
14.6
21.02.4
26*20*
0.4
0.7
15.4 3
19.6
15.416.4
5
20.9
10*8*▲
▲▲
4
▲
21.5
▼2.313
21.01▲
3
1
40*Bonelli Erede e Pappalardo▲
3Pinheiro Neto Advogados
18*-7
Davis Polk & Wardwell▼-20.5
11
0.2
▼ Clifford Chance
3.918.4 124.12
# of Deals per AdvisorMarket
Legal AdvisorRank Market
Rank Value per Advisor (US$m)2015 Rank Sh (%)# of Deals Share Ch.
# of Deals per Advisor
Rank2014 Rank
Change in
1
18*3
13Deals # of Deals
2.3Rank
Jan 1 – June 30 Any Latin American Involvement Completed (AG36)
2014 Rank
Any Latin American Involvement Announced (AE35)
Legal Advisor Sh (%)Market
Rank Value per Advisor (US$m)2015 Rank
Mattos Filho Veiga Filho Marrey Jr 2 5 2,899.6 8.728 3,053.0 9.2Demarest Advogados 6.71 3.7212 13,411.1Souza, Cescon, Barrieu & Flesch Advog
Sh (%)Value US$m
Cleary Gottlieb Steen & Hamilton3.2Simpson Thacher & Bartlett 3 19
4*2,420.0 7.3
6.511Hogan Lovells ▲
2,150.0▲
2.84* 21 2,150.0 0.5▲6.5
-4.46.5
▼
40*31
Creel, Garcia Cuella, Aiza y EnriquezJones Day 7 30 2,055.8
8
6.56.2
Fried Frank Harris Shriver & Jacobson 4* - 2,150.0
▲ 10
31,980.0 5.9
1▲ 12▲5.2
5*Darrois Villey Maillot Brochier▲ 5*▲
52 5*4*
Allen & Overy3.9
-7.1-20.518* -3 Gianni Origoni Grippo Cappelli & Partne
9
-2.1
Cuatrecasas Goncalves Pereira26*26* 0.4
▼9,823.3
9,169.047*Barbosa Mussnich & Aragao36*Stikeman Elliott
0.4▼69 5.6Sullivan & Cromwell24.9 2.7
71*Blake Cassels & GraydonMayer Brown LLP
1.09*2.611 114 ▲ Uria Menendez10
1,875.0 231* 1,634.0
▼1 ▲
-2
Freshfields Bruckhaus Deringer 12 13 1,511.6▲
4.529 1,629.6 4.9
0.2▲
12*▲
-▼ 7,208.3 15.4-1 ▲18*
▼ 40*-4.7 16
4.4 ▲Davies Ward Phillips & Vineberg LLP 13 - 1,450.7 4.4 15.43 27*Ropes & Gray39
0.57,132.7-2 ▼7,208.312*
144.2
▲4.2 ▲ 40*1
14.2 0.5Torys 14* 20 1,383.0 40*0.239*
Mattos Filho Veiga Filho Marrey Jr 8.60.210.2 ▲ 15Sullivan & Cromwell
1.339 5,650.5 12.1 10.4Norton Rose Fulbright 14* - 1,383.0
Kirkland & Ellis 14* 75* 1,383.0 4.2 ▲ 2 14.2 26* 0.4
40*0.4
Jones Day▲
-1
Shearman & Sterling LLP
1.7Creel, Garcia Cuella, Aiza y Enriquez
1,383.016▲
▼-
17
Cravath, Swaine & Moore70.2 01 51
45
181,013.2
2.03.0 -13.9
26* 24.2 4.2▲
Souza, Cescon, Barrieu & Flesch Advog 20
Proskauer Rose LLP 14* -
▼14*
Barbosa Mussnich & Aragao 19 3Osler Hoskin & Harcourt LLP
-14*
4.210
31* 1,383.0▲
1.0▼ Skadden
9* ▼2.1
-36
2
16*
15White & Case LLP
20
3.01 14▲0.6Machado Meyer Sendacz & Opice2.1734.2
22 9*
867.2 122.6 -9.0 ▼8
0.7▲2.2Veirano Advogados 21 63
4-9.4 ▼1.9626.3488.6Baker & McKenzie 23 2
Linklaters-16.6
-1.11.5
463.2 1.4Machado Meyer Sendacz & Opice 24 25▼
-9 ▼5 12* 0.9 -5
▼ 11 64 16* 00 71 4 0 0Cuatrecasas Goncalves Pereira 25 42* 459 8
Consumer Staples / Food and Beverage
5/13/2015
Target (% Sought/Acquired)
1/28/2015 Mexico / Mexico
6/22/2015
IntendedPending
Jan 1 - June 30 2015
22.5%
Industry % Change from Last Quarter
5/5/2015Moy Park Holdings (Europe) Ltd
-21.7%
Rank Date
Nextel Mexico
Comerci-Grocery Stores(160)2/26/2015
Pending Vitro SAB de CV-Food BusinessIntended
Organizacion Soriana SAB de CV
Pending
2/23/2015
Industry % Change from Same Period Last Year
Latin American Involvement Announced M&A by Target Industry ($bil)
Industry % Change from Last Quarter
-3.4%
Date Effective
Fundo de Investimento em
Undisclosed Joint Venture Co
United States / Mexico
Acquiror / Target Nation
Mexico / Spain
Owens-Illinois Inc
1,359.51,000.0United States / United States
AT&T IncUnited States / Mexico
Inmobiliaria Carso SA de CV
JBS SA
Pending
BR Properties SA
-5.1%
-46.1%
▲*tie
AcquirorSouza Cruz SA
Rank Value (US$m)British American Tobacco Ameri
2,657.2
▼
-39*
46,856.9
0.217025* 0
1
1,275.5 ▲2.72.7
100.0
1 39*
-13.0%
1
▼
- Herbert Smith Freehills
Industry Total
Industry % Change from Same Period Last Year
25*25*
100.0
▼▼
Brazil / Brazil
Brazil / Brazil2,150.0
0.22.7460
- 4 16* 00.7576
1.4 0.0Cuatrecasas Goncalves Pereira 25 42* 459.8Industry Total 33,310.1
▲1,275.5McCann FitzgeraldTaft, Stettinius & Hollister
▼
▼-25.8%
Real Estate / Other Real EstateRealia Business SA
▼
2.7
-3.4%
▲39*
Materials / Containers & Packaging
Consumer Staples / Tobacco
Real Estate / Real Estate Management & Development
Jan 1 - June 30 2015
Target Macro / Mid Industry
Energy and Power / Oil & Gas
3,431.3
Telecommunications / Telecommunications Services
Retail / Food & Beverage Retailing
1/26/2015
Southern Copper Corp Materials / Metals & Mining
Hong Kong / Colombia
4/30/2015Pending Brazil / United Kingdom
Southern Copper Corp3/4/2015
2,456.2
1,383.01,511.61,875.0
Pending Pacific Rubiales Energy Corp
1/29/2015
Any Latin American Involvement Announced (AE35) - Top Deals
--
1,275.5 2.7 2.7 ▲ 0.2 1 ▲
20%
17%
14%13%9%
8%8%
Consumer Staples Energy and Power Materials
Real Estate Retail Industrials
Telecommunications Financials Healthcare
Media and Entertainment Consumer Products and Services High Technology
Energy and Power / Water and Waste Management
https://www.thomsonone.com EPM Colombia / Chile
,gAguas de Antofagasta SA 964.3
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pp p gpp p4/23/2015 6/2/2015
5
40.8
▲▲▲
111
Deals# of
▲10 ▼
Rank # of Deals▲ 2*
-8.7
9,823.33.2 -3.2
270.0Baker & McKenzie 12 1.7
205.013249.6
Simpson Thacher & Bartlett14*
Uria Menendez1.9 21*▼33*
10.8
2▲
Shearman & Sterling LLPMattos Filho Veiga Filho Marrey Jr
15
9,823.3
22.0
11
▲2
33*
5.3
-29.99,823.34*
1310.3
10
2.8
6.9242
320.9 14.6
6
-3
-1
-
▼0.4 0
-14
▼
4* 29.9
Clifford Chance
▲
-
-29.9
33*
-
Gianni Origoni Grippo Cappelli & Partne 9,823.3
Lefosse Advogados
4*Bonelli Erede e Pappalardo
Mayer Brown LLP0.4
29.9
29.929.9
1,750.43
▼
Legal Advisor
3.8
▼
5.0
Market
Pinheiro Neto Advogados
4
Davis Polk & Wardwell2
19
2*
867.2
21*
1
-
-
12 ▼▲
-1
Rank Change in
Jan 1 – June 30
Change in2015 Rank Sh (%)Sh (%)
# of Deals per Advisor
Share Ch.Market
Rank
Rank Value per Advisor (US$m)Market# of
Any Brazilian Involvement Completed (AG38)
2014 Rank
Souza, Cescon, Barrieu & Flesch Advog▲▼
Sh (%)Share Ch.13
5.0-13.3
14
6
▲22.1
▲
First Half 2015 | Mergers & Acquisitions | Legal Advisors
▲1
# of Deals per Advisor
14*19.1
# of Deals▲
Deals
2
▼-3.0 8.4
Brazilian M&A
Market
0.51 20*
29.9
29.9
1 ▲
▲
2
▲
▲20*
▲
11
1
20*
▲
0.5▲
1 0.5▲ 1
▲20* 0.5
1
1
▲
20*1.0 ▲
28.911▲20* 0.529.9
421.4
111,286.1
9,823.3
13,411.1
-3
1
11,184.482
29.9
Value US$m2 1117
34.134.4 18
0.5
1
Any Brazilian Involvement Announced (AE37)
Rank Value
Jan 1 – June 30
2015 Rank Sh (%)
2014 Rank
Mattos Filho Veiga Filho Marrey Jr 2,899.6Demarest Advogados 1
Rank Value per Advisor (US$m)
US$mMarket
19.8
Legal AdvisorMarket
3 1,511.6
3,053.014
Freshfields Bruckhaus Deringer ▲Barbosa Mussnich & Aragao 4
5.954*Darrois Villey Maillot Brochier-32.3 ▼4*
4.6
1
3-36.9-24.3
8.91 1,013.2
Veirano Advogados 5.06 734.2294.6
7*Souza, Cescon, Barrieu & Flesch Advog ▼
6
1▼ Barbosa Mussnich & Aragao
1
▲6.9Machado Meyer Sendacz & Opice 7 13 463.2 4.2 -9▼ 5Pinheiro Neto Advogados 8 4 414.2 1▼ 18
20*7,265.80 Cuatrecasas Goncalves Pereira
-2-23.1
21*▼
Allen & Overy9*
10*270.0
5
11
1.90.4
-3.29 16 2.1▼
24.222.1Wachtell Lipton Rosen & Katz 10* 11*
Lobo & de Rizzo Advogados 307.4 9 7,944.02 14*
5.010▲1.9 -7.4 10
22.4▲ 1.0
5 71▲▲
▲22.0
122.0 ▲22.0▲14* 1.0 1
- 0.8▲ 22.01.7 2
1.41.412* 7,208.3
1 0.421*Ropes & Gray
22.07,225.8
7,208.312* -14*7,132.714
21 ▲Anderson Mori & Tomotsune 14 - 197.7 ▲1.4 1.4
Vinson & Elkins LLP
3 11* 1.57 3.0
2 -10.721.7 4.0
▲▼
1-22
1▲
20* 0.5
-▲21.0▲-
6.9▼ 3
▼
0
0
Machado Meyer Sendacz & Opice14*5.0 25.0Skadden 16 - 1,625.5
4.517 1,464.0 -2.3-8.4718 4.3
11
1,407.892 -3
▲414*
611▼
▲1,275.5Demarest Advogados
1.01▼4.3 -3.9
▼1,411.2
20*20*
1,275.5-20*Herbert Smith FreehillsCravath, Swaine & Moore
McCann Fitzgerald-- 20*
1,275.5 3.93.93.93.9 ▲
13.93.9
0.5▲0.5 1
20*1 20*
▲10.5
1 ▲▲ 13.93.92 7
14* 0.8
Jones Day
23*23*
0 3
11* 1.2 23▲
▲▲
Cuatrecasas Goncalves Pereira
Clifford Chance
15*15*171819202122
Shearman & Sterling LLPSkaddenChiomenti Studio LegalLinklatersLefosse AdvogadosStocche Forbes Advogados
6* 173.1 1.2 -12.5 ▼30 94.5 0.7 0.4 1 21* 0.4 0 -33* 81.7 0.6 0.6 ▲ 2 14* 0.8 0 -28 75.6 0.5 -0.2 ▼ 2 14* 0.8 1 ▲26 65.4 0.5 -0.6 ▼ 3 11* 1.2 -1 ▼33* 57.5 0.4 0.4 ▲ 2 14* 0.8 115 55.7 0.4 -5.5 ▼ 3
0.4 -1.2 ▼ 1
▲1.2 -2 ▼
0 -- 51.0 0.4 0.4 ▲ 1 ▲
21 51.01
21* 025 33* 49 6 ▲ 1Bredin Prat
- 1.2 1.2 ▲
Paul Weiss
173.1
0 40 321*21*
2
0.40.4
11*
-22
1,275.51,275.51 275 5
3.93.93 9
Sullivan & CromwellTaft, Stettinius & HollisterWhite & Case LLP
20*20*20*
- 20*20*20*
0.50.50 5
110
▲▲
Pending Colombia / Brazil
3/10/2015
5/27/2015
▲ 1
4/17/2015 EPMTAESAIntended Arteris SA
TerraForm Global Inc5/7/2015 Pending
4/30/2015
5/27/2015
44.0% ▲▲
-
▲Industry % Change from Same Period Last Year
32,841.4Industry Total 100.0 2022.7
Consumer Staples / Tobacco3,431.3
77.6%
Energy and Power / Alternative Energy Sources
▼-31.7%2.5%
Healthcare / HospitalsEnergy and Power / Power
Consumer Products and Services / Travel Services
502.4
Industry Total 26214,630.9 100.0
Target Macro / Mid IndustryAny Brazilian Involvement Announced (AE37) - Top Deals
▼
Jan 1 - June 30 2015Rank Date
Real Estate / Real Estate Management & Development
Industrials / Transportation & Infrastructure
Consumer Staples / Food and BeverageUnited States / Brazil
Expedia Inc
Fundo de Investimento emBrazil / United Kingdom
IntendedBritish American Tobacco AmeriSouza Cruz SA
Pending
Brazil / BrazilBrazil / Brazil
7.4%
Moy Park Holdings (Europe) Ltd
▲-38.6%▼-31.4%
IntendedDate Effective
-12.9%Industry % Change from Last Quarter
2/23/2015
6/22/20152/26/2015
Jan 1 - June 30 2015
Rank Value (US$m)
Brazil Involvement Announced M&A by Target Industry ($bil)
JBS SA
Acquiror / Target NationAcquiror
2,456.2
Target (% Sought/Acquired)
BR Properties SA
Participes en Brasil SL
533.2Singapore / Brazil 509.6Rede D'Or Sao Luiz SA
Renova Energia SA-Wind andGIC Pte Ltd
270.0
Brazil / Brazil 356.7Cromossomo Participacoes II SADiagnosticos da America SA
Decolar.com Ltda
1,511.6
284.04/27/20153/10/2015
Pending Healthcare / Healthcare Equipment & SuppliesUnited States / Brazil
Brazil / Brazil
▼
*tie
Industry % Change from Same Period Last Year
0.3
Industry % Change from Last Quarter
21 025 33 49.6 ▲ 1Paul, Weiss 0.40.3 22 1,275.5 3.9White & Case LLP 20 20 0.5 0 -
37%
18%12%
8%7%
5%5% 4% Consumer Staples Real Estate Energy and Power
Industrials Healthcare Materials
Financials Media and Entertainment Consumer Products and Services
Retail Telecommunications High Technology
`
2/9/2015 Pending Abril Educacao SA Brazil / BrazilThunnus Participacoes SA
https://www.thomsonone.com 253.7 Media and Entertainment / Publishing
p
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56.0
Legal Advisor
6*
7.3
▲▲
1 ▲
28*▼
2
-0.3
5 1.6
15*1
Skadden 5
56.0
-1
1
1
21
34*
56.03*
1
2
4.9 -2.1
3.6
1.61.6
1 0.2
0.2
▲
▲1
▲2*
0
0
0.5
0.710*-4
34*
34*
21.1
21 -20 1,285.3
1,025.4
0
5▲
- 1,025.4
Clifford Chance
▲Allen & Gledhill - 3,242.2
2,650.614*
▲
Freshfields Bruckhaus DeringerAllen & Overy
Tulchinsky Stern & Co
9*9*
Goodwin Procter LLPCravath, Swaine & Moore
-Kim & Chang
16*3,263.7
2,406.8
3.6
▲Cleary Gottlieb Steen & Hamilton
4,425.4
2.1
4,520.2 5.0
-
0
72*
1,934.3
▼
-5.2
▲
▲
3,263.7
▲
5*
21Sullivan & Cromwell 3*
7
3*De Brauw Blackstone Westbroek3*
31
Kirkland & Ellis
8
2,650.6
2,886.0
3.60.6
14*
66*
Loyens & Loeff
34*
Yulchon LLC ▲
1.9 1-
Zulficar & Partners Co
-2.4
1.41.4
1
-0 3 0
▲
1,294.2
16-
3.2
17 -
19
Mason Hayes & Curran2.72.9
18 -2.1
2
1,707.6 1.9Paul, Weiss
Arthur Cox -
3.613
Cooley LLP
Linklaters2.9
128
9*
966* 3,263.7
7
- 50,575.2
43*
50,575.256.0
-29*
50,575.2
0.3
150,575.2
34*▲53.0
3.6
▲
9*
23*
1
3.8
1
2
49
1,707.6 3.8
3,263.7
4.52.9
▲
9▲ 4
28*
▲
55.2
3.6
1.4
-8.3
▲
▼
1.3
2.92.9
56.0
1 470 0▲3.8
▲
0.6
13.8 ▲
1,674.6
28*-
2▲
7.3
3.8
7.3
425.9 2
2,818.02,643.0
▲
7.30.6
▲17.3 22
▲
9*56*
▲
1515*
▲-▲ 2
# of DealsMarket# of Rank
Rank Value per Advisor (US$m)
Any Middle East & North African Inv Completed (AG49)
# of Deals per Advisor
Sh (%)Deals RankChange in
Middle East & North African M&A
68
First Half 2015 | Mergers & Acquisitions | Legal Advisors
# of Deals
Rank Value per Advisor (US$m)2015 Rank
2014 Rank US$m
2.5RankShare Ch.
Market MarketSh (%) Sh (%)
Jan 1 – June 30
Market# of Deals per Advisor
# of
Any Middle East & North African Inv Announced (AE48) Jan 1 – June 30
Rank Value Change in
26.111,752.2
MarketValue US$m Sh (%)
17,128.926.4
MarketShare Ch.
▲▲
Deals Legal Advisor5* 1.1 ▲
2014 Rank
38.41
2015 Rank
4 38.456*Linklaters49* ▲54,077.6 59.559.937 Shearman & Sterling LLP54.7 ▲50,738.4 56.2 -
▲ 1 Paul, Weiss 11,043.516* 450.5 22
1 ▲5 9,791.1
24.856.0 24.834* 0.2 3 - 10*▲▲
50.62
▲
0.9 33
17.2▲0.2 1 Herbert Smith Freehills 15*
24* 9,171.14 22.0 ▼-111.2
9,109.2 ▲61.96 3*20.6
24*0.2
-20.4 17.0 0.328*Jones Day
05 ▲
34* 1▼▼-5 -1
0-10.2
-40
7.3
-▼
0.3
-20.96,718.6 15.11Freshfields Bruckhaus Deringer6* 1.62.4 ▲
7.3
2▼ 2.210.2
Slaughter & May77
3,263.756*
4,551.1
▲
5▲
Clifford Chance▼-▲ Goodwin Procter LLP -
9*Cravath, Swaine & Moore
Cooley LLP1 28*
Allen & Gledhill
11813,263.7 7.3
▲1
▲0.3
-0.3▲
0128*
▲-
12*28*
26.3
Gide Loyrette Nouel14
15*
12*-1 ▲
0.5 ▲
3.6▼
1 34* 0.2
16*3,242.2 15*Skadden
▲
7.33,242.2
-7.3
5.95.9
5 1.1
Akin, Gump, Strauss, Hauer & Feld
▼5*▲34* 1
21
Simpson Thacher & Bartlett
0.6
2,464.2 0.910*5.55.50.6-0.2
3▲
0
1622,037.0
-1.3
3
Allen & Overy4.617
▲ 183 3
0.2▲ White & Case LLP
▼34 1,991.7 1.94.5 3* -36▲12 ▲ Kim & Chang 19*
0.30.3
24.4 28*
1.4- 1,963.2
4.4-Lee & Ko 19*16*2 0.5
1,963.20.5 11
4.4 1▲
4.4 0.328*10.22
▲16* ▲4.4▲
1Zulficar & Partners Co
▲1 ▲1▲ Lee and Li 19*
▲1.1 1.14.41,963.21,110.3 1.2 -1.2 34*
-221 1 ▲0.2
34* 0.21
Jones Day 24William Fry 22*
▲22* -1.1 1.1
Ashurst10.33.81,674.6 28*▲ 1
0 9 25Berwin Leighton Paisner
▲
Davis Polk & Wardwell7 2*
34*1.6 5
9 7 56* 3 3 3 3 ▲1 28*62 511 ▲▼▲ 23*
Shearman & Sterling LLP 3 839 226 ▼1.0
25888.8
1Macfarlanes
1
Teva Pharmaceutical Industries
3/16/2015
Healthcare / Pharmaceuticals
Shareholders
195.7%
Industrials / Building/Construction & Engineering
Energy and Power / Power
1,934.3
Lone Star Funds6/2/2015
United States / Ireland-Rep
Utd Arab Em / Utd Arab Em
Teva Pharmaceutical Industries
Middle Eastern & N African Involvement Announced M&A by Target Industry ($bil) Jan 1 - June 30 2015
3/9/2015
5,000.0Pending
1,707.6
▼Industry % Change from Last Quarter
Kenon Holdings Ltd (100%)
4/20/20153/9/2015
1/26/2015 Jurys Inns PLC (100%)Pending Public Investment Fund Saudi Arabia / South Korea
100.0
4/21/2015
Industry % Change from Last Quarter
Any Middle East & North African Inv Announced (AE48) - Top Deals
Pending
Shandong Dongming Petrochem (49%)
1/6/2015
3/30/2015 Pending
*tie
Shareholders1/7/2015Dragon Oil PLC (46.1%)
Israel / United StatesMylan NV (100%)Acquiror
5/21/2015
3/30/2015
Industry % Change from Same Period Last Year
Orascom Construction Ltd (100%)Canary Wharf Group PLC (30.63%)
▲
Rank Date
20.4%
3,263.7
▼-66.3%
Date Effective
▲
Target (% Sought/Acquired) Rank Value (US$m)
5/5/2015 Auspex Pharmaceuticals Inc (100%)Investor Group
Israel / Singapore
Posco Engineering & (38%)Egypt / Utd Arab Em
2/5/2015 Stork Holdings LtdEmirates National Oil Co Ltd
3,242.2
Target Macro / Mid Industry
0.3 0321
-
▲
1,025.4
2,650.6
Industry % Change from Same Period Last Year
1,110.3
1,470.0
Acquiror / Target Nation
81.4%
50,575.2
Jersey / United Kingdom
Israel / United States
Real Estate / Other Real EstateEnergy and Power / Oil & Gas
▼-4.3%
Jan 1 - June 30 2015
Industry Total 100.0
Industrials / Building/Construction & EngineeringMedia and Entertainment / Hotels and Lodging
Energy and Power / Oil & Gas
-2.1%
Healthcare / Pharmaceuticals
0.9 25Davis Polk & Wardwell-9.7 56 3.3 3.3 ▲1 2862.511 ▲443
-0.2%
90,315.0▼
▼
Industry Total
224.7%
Shearman & Sterling LLP 3 839.225
▲
Qatar / China
44,598.2
62%
16%5% 5% 4% 3%
Healthcare Energy and Power Industrials
Real Estate Financials Media and Entertainment
Telecommunications High Technology Consumer Staples
Materials Retail Consumer Products and Services
`
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py ( %)Qatar Holding LLC Qatar / Hong KongHK Electric Investments Ltd (16.53%)
, g g990.8 Energy and Power / Power6/9/2015 6/9/2015
7
15*
0.9 100.0
14 5*
2 9*
9
--1.6%▼12.8%
Industry % Change from Last Quarter ▲Industry % Change from Same Period Last Year ▲
0.0%-7.0%
Dentons
Industry Total 4,483.4
Weil Gotshal & Manges 14 - 212.413 -
Edward Nathan & Friedland Ltd
▲
19
6.55.0 ▲1
10* 0.8 110* 0.8
▲
2289.9- ▲
▲0.2
1225.0 5.09 -2Linklaters
Freshfields Bruckhaus Deringer 289.9 6.56*
11* 6.511* ▲
2
▼▲
2
1.510*1 0.8
▲1
▼
149.0 9-1.1
0.810*▲ ▲1.5
207*11.2
401.2 10.66*1▼
11.2502.3726.9 16.2
0.5 10 4Webber Wentzel
0.5
1Berwin Leighton Paisner -
726.9 -210*▲17.2
0.8-3
0.81 10*17.2
▲16.0 1
▼16.7 ▲
-27.7
▼ 111 ▲
White & Case LLP 5* 9 820.011.1
▼820.0
-10.15* ▲-
16.20.5
-
▲17.2
1770.0
4.1 4 792.3 17.7Cliffe Dekker Hofmeyr 55*
▼18.3820.4Bowman Gilfillan Africa Group
Clifford Chance
3
1.52 6*2.33 5
▲▲53.85
19 6.84
US$mChange in
Rank Value per Advisor (US$m)
First Half 2015 | Mergers & Acquisitions | Legal Advisors
2.111.1
7*▲
Glyn Marais Inc01
-1 015*15*
0.5
White & Case LLP1
Baker & McKenzie0.5
15*
Rank2
Share Ch.10
2014 Rank
MarketRank Deals# of
3Jones Day
Sh (%)Deals Value US$m
15
1
32
850.31
- 3
# of Deals per Advisor
▲▲ 318.9
19.0 7.6# of DealsSh (%)
Jan 1 – June 30
Market# of # of Deals per Advisor
770.01
845.0 ▲2.3
Legal Advisor Sh (%)Rank Value
▲
▲
Market
▼
Davis, Graham & Stubbs11.1
▲
16 2
15*828.9
- ▲
6
50.5
-2
13
5.2 ▲
10.9
▲ -
3.29
15.91,176.8 0
1
▲▼
5*▲11.1
11
1
9.3685.2
-
-
-Cravath, Swaine & Moore
8* 30*685.28*
73.0Glyn Marais Inc
▲Slaughter & MayFreshfields Bruckhaus Deringer 9.3
K&L Gates 10*
20 - 89.41.0
820.0
382.39.35.2
132
-10.4Webber Wentzel
15*
15*
-4.3 ▼
4
Norton Rose Fulbright
1
ENSafrica
432 1,258.2
Cliffe Dekker Hofmeyr
11.15*
88.77.3
1
11.2
17.0
-11.6713
191,263.1▲
17.17.0
1
South African M&A
Market
▲
Market
ENSafrica
2015 Rank Share Ch. RankSh (%) Legal Advisor
Market
Jan 1 – June 30
Change in
2
2015 Rank
Rank Value per Advisor (US$m)
Any South African Involvement Completed (AG50)
▲15* 0.5 0
▲
00 5
0.5
2
-2.8-
▲ 1
18.9
12 9* 0.9
1
382.3 ▲5.2 5.2
9.3▲
5.2 5.2
▼ ▲# of Deals
Any South African Involvement Announced (AE49)
2014 Rank
1221
Bowman Gilfillan Africa Group
3 7* 1.4-
3 ▲
Weil Gotshal & Manges
1.2 1.215*
▲▼ 1-0.1
Hogan Lovells 10* 30* 382.3Haynes & BooneKean Miller LLP
10*--
14 -10* ▲
▲
15 95.3
- 318.5
1.3
▲
382.3 5.2333.3 4.5 4.5
4.3 4.3
5.2
Berwin Leighton Paisner 16 - 212.4 2.9 2.9Shepstone & Wylie 15
1.6 ▲Latham & Watkins 17 - 209.3 2.8 2.8 ▲Chaintrier Avocats SELARL 18 - 120.9 1.6
4.7 4.7
1 15* 0.5 1 ▲1 15* 0.5
▲1 15* 0.5 1 ▲1 15* 0.5 1 ▲
0.9 2 ▲1 15* 0.5 1 ▲2 9*
6* 1.5 2 ▲Edward Nathan & Friedland Ltd 15 - 64.7 1.4 1.4- 58.3 1.3 1.3
▲ 2▲ 1
1.1 0.910* 0.8 1 ▲
0 -1 10* 0.8▲ 1 10* 0.81.1 1.1▲Fluxmans Inc 17 19 50.6
1 ▲
0.8 ▲
Tozzini Freire Teixeira e Silva 18* - 50.0
0.9 2 ▲
0.5 -2 50.0Cleary Gottlieb Steen & Hamilton▼ 18*
Russo De Rosa Bolletta & Associati 16
-Fluxmans Inc 22 - 63.4 0.9 0.9
0
58.3 0.8▲Werksmans Attorneys 24 30* 56.0 0.8
Russo De Rosa Bolletta & Associati 23
▲ 1
Herbert Smith Freehills 25 4 36 0 0 53
24 1
2
10* 0.8 1 ▲
15*
19*
▲
1.1 1.1
▲1.80.8▼ 1
▲
Herbert Smith Freehills 20 - 36.0 0.8 0.8 ▲ 1 10* 0.8 1 ▲
218
Retail / Internet and Catalog Retailing
Industry % Change from Same Period Last Year -13.1%Industry % Change from Last Quarter
▼
*tie35.9%
1/28/20152/10/2015
Pending 318.5372.0 Consumer Products and Services / Professional Services
Financials / Asset ManagementRedefine Properties Ltd
Oceana Group Ltd
258.9Tamedia AGLeaf Property Fund Pty Ltd (100%)
Switzerland / Switzerland
Healthcare / Hospitals
521.1 Materials / Containers & Packaging382.3 Consumer Staples / Agriculture & Livestock
6/25/2015 Servest Group (Pty) Ltd (51%)South Africa / United StatesSouth Africa / South AfricaKagiso Tiso Holdings (Pty) Ltd
Daybrook Fisheries Inc (100%)5/19/2015
784.8685.2
3/26/2015
3/20/20156/22/2015
HTP Group Pty Ltd (100%)
Pending
6/25/2015Pending
South Africa / AustraliaAmcor Ltd
4/14/2015 Pending
Maxshell 114 Investments Pty (100%)
3/26/2015 Nampak Ltd (100%)Tower Property Fund Ltd
Spire Healthcare Group Plc (29.9%)Pending
Cripple Creek & Victor Gold (100%)Acquiror Acquiror / Target NationRank Date
7.6%▲
Any South African Involvement Announced (AE49) - Top DealsDate Effective
▲5.8%
Jan 1 - June 30 2015South African Involvement Announced M&A by Target Industry ($bil)
Industry Total 7,407.7 100.0
Rank Value (US$m) Target Macro / Mid Industry
▲
Jan 1 - June 30 2015
Sun International LtdRemgro Jersey Ltd
Materials / Metals & Mining
South Africa / South Africa
United States / United States 820.0
Financials / Other Financials616.9
Financials / Other FinancialsNewmont Mining Corp
South Africa / South AfricaSouth Africa / United Kingdom
Australia / South Africa
Target (% Sought/Acquired)
Pending
6/8/2015
ricardo.ch AG (100%)
Pending
00.5Herbert Smith Freehills 25 4 36.0 0.5 -24.1 15 -▼ 1
27%
22%18%
8%
7%6%
Financials Materials Healthcare
Retail Consumer Products and Services Consumer Staples
Real Estate Industrials High Technology
`̀̀̀̀̀
Retail / Apparel Retailing212.41/15/2015 1/15/2015 Poppy Holdco Ltd (85%) The Foschini Group Ltd South Africa / United Kingdom
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g ( )
8
Havel Holasek & Partners sro
Change inMarket# of # of Deals
▼
4
-0.1
Jan 1 – June 30
# of Deals per Advisor
6
2,031.1
2014 Rank
Rank Value2015 Rank
Clifford ChanceValue US$m
Any Eastern European Involvement Announced (AE47) Jan 1 – June 30
Legal AdvisorSh (%) Sh (%)
Any Eastern European Involvement Completed (AG48)
US$m
Rank Value per Advisor (US$m)
Share Ch.
First Half 2015 | Mergers & Acquisitions | Legal Advisors
Eastern European M&A
2014 Rank
Market Market
21
# of Deals per AdvisorMarket
Linklaters 2
Change in
12.43,926.6 ▼
Market
0.1
# of
16.3
7.5
914.1
Sh (%)Legal Advisor
2,264.6
14,539.51
Deals Rank
▲
0.6
2
-
-
1
12.0
6* 1
1Lombardi Molinari e Associati
8*
5.9
7.3
38*38* ▲
3
2
42
▲
3▲
6.1
-3.1
7.33.86.3
▲▲
2015 Rank
2-7
De Brauw Blackstone Westbroek
# of DealsWhite & Case LLP
589.0
34589.0
Dorda Brugger & Jordis
0.25*
15*
889.015*
0.3
0.2
589.0
1.6▲
10*
23
228.3-
315.6
0.5
0.1
▲4.0 2▲
5
4
▼
31*
190.9185.1
111
-8 ▼
▲
6*
2,076.57.3Jun He Law Offices 2,031.1
Studio Pedersoli e Associati 7.36*
36* -
-
Freshfields Bruckhaus Deringer 17▲ 1
5.1 ▲
5*
138*6*
7.3
7.3-53*
2,031.1
7.3
0.1
▲
17* 24*
2
2.2
0.20.8▲
▲▲
110.120* Herguner, Bilgen and Paksoy 1
1410*
1.5
6
1.5
-0102.2
1
0.1▲
7
191.9212.5
-6.631*
-21.6
0.3220.1220.7
27
1.2
▲
-
1.5
1.3 -3.052* 1.31.3
889.0
5.9 2▲-5.8 0.2
0.15.9
14
16 417
7.36.3
212
▲
▲
▲
0.1Hogan Lovells
2
▲
▲▲
-0.6 0.8▼
3
20*
0.215*43
3
5.4
13 1,705.4
1,505.0
6.1
5.4
5.95.9
5.915*
Walkers
Ligerion ZAO
Vinson & Elkins LLP
1,650.4
White & Case LLP
-
Loyens & Loeff
15*
14 1,655.4
Maples & Calder
Domanski Zakrzewski Palinka spk
610.42122
-18*
6*
3
12 53*
1,650.4
20-
730.5
2,031.1
-1,762.7
15* -
Chiomenti Studio Legal
1,528 Houthoff Buruma 24
2.2 0.5▼
27,882.22.2 -2.5
100.0Industry Total
Dentons23
7King & Spalding
523
600.9
Allen & Overy
Orrick Herrington & Sutcliffe LLP 1,505.0
218*
Skadden-
1,650.4
Baker & McKenzie
5.43.2 3.25.4
2.6 -0.9
0.57
2* 0.9▲
10*
13 -1Raidla Lejins & NorcousLatham & Watkins
0.46 12-10
▼
▼
Schoenherr Attorney's at LawWeil Gotshal & Manges
-3 ▼
200.1▲ 2▼
2 ▲
▲10.1 19AZB & Partners2 ▲
Dentons 1838*20*20*
2
▼▲
3
▲
15*1
12Linklaters▲
20*15
3213
Greenberg Traurig
Clifford ChanceSlaughter & May
1.6238.3▲2.2▲
6
1
4.0
13.7
31*
▼104.0
9
2.0 17*5*5*
▲
1.2
0.5
0.2▼
0
0.2
-2
-1▲
3,680.040.6 ▲
13.2 15* -1 ▼▲9
0.1
11.96.1 2
▲ 2*
4.0
15
▲ 1
▲
8.1
▲
11.5▲ 17* ▲
4.0
-46.1
017*15
22*
Share Ch. Rank10.711.9
▲Sh (%)
1.2-
MarketRank Deals
11.9
Rank Value per Advisor (US$m)
1,740.1 ▲8 16.72,439.51
52*▼
2
▲
SORAINEN▲
3King & Spalding 4
Balcioglu & Selcuk
6.1
Noerr LLP
0.23 44
5*7.3 52*
-
0.1
0.2
0
0
1,739.1
12*
-
589.011
Gleiss Lutz
2,031.1 7.3
2,031.1 7.338*
0.1▲
▲
38* 544.6
▲
10.11▲
▲ 0.1 ▲ -Bowman Gilfillan Africa Group
5
▲Atim & Atim Hukuk Burosu
315.6
2.8Paul, Weiss 4.0-
2.2
0.217*
Latham & Watkins43 29
-
Allen & Overy
Weil Gotshal & Manges 5*
0.80.1
▼
214*
4 14*▼-2
-17* 0.2
2
▼
▼
31* 0.110
14*
28
0.4178.2
26
7
4
31*
8*▲
0.3
-30.1
▼0
-6
▲
▼▲
2
▼
0 6
0.6
11*
1722 174.0
▼
1
-70.6
31*0.1
▲17
21 1046 ▲0.91.2
▲
-3
179.80.41.2
▲
-3.7
-0.11 484 825
1.00.952*
144.0125.5
0 652*
23
16
▼
0
8*11*
31*
0.9-0.4
11.31.3
▼
1
-0.55
▼
-11.1
1,650.4
Target Macro / Mid Industry
Industry TotalHavel Holasek & Partners sro
2,248.52,031.1
United Kingdom / Poland
Cukurova Telecom Holdings Ltd (%)
Schlumberger Ltd Energy and Power / Oil & Gas
Materials / Metals & Mining
Acquiror
2/12/2015
Alfa Telecom Turkey Ltd
3/16/2015
-7.0%
Target (% Sought/Acquired)
TVN SA (52.7%)Uralkaliy (13.6%)
BP PLC
Acquiror / Target Nation
▲-4.5% ▼14.0%
Any Eastern European Involvement Announced (AE47) - Top Deals
▼Industry % Change from Same Period Last Year
1/20/2015
6/19/2015
▼
3/16/2015
Industry % Change from Last Quarter
Rank Date Date Effective
*tie-19.6%
0.6
United States / Russian Fed
117 ▲▲ 1.484.814,596.1
25 0.652
Southbank Media LtdEurasia Drilling Co Ltd (45.7%)
PendingCETIN as (100%)Pirelli & C SpA (26.2%)
IntendedPending
Pending
-5.6%Industry % Change from Same Period Last Year
Uralkaliy
2/12/2015
Russian Fed / Russian Fed
▼
Jan 1 - June 30 2015
3/22/2015Pending
6/8/2015 PPF A4 BV Netherlands / Czech RepublicTurkey / Turkey
Italy / ItalyBidco SpA
Rank Value (US$m)
-18.8%
Jan 1 - June 30 2015
Industry % Change from Last Quarter
Eastern Europe Involvement Announced M&A by Target Industry ($bil)
PendingAkkuyu NGS Elektrik Uretim AS (13.5%)
1,505.0
Energy and Power / Oil & Gas
Deutsche Telekom AGRusatom Overseas ZAO
Slovak Telekom AS (49%) Telecommunications / Telecommunications Services
United Kingdom / Russian Fed
Germany / Slovak Rep 1,003.5Energy and Power / PowerRussian Fed / Turkey
2,800.0 Telecommunications / Telecommunications Services
766.1
1,116.6
Industrials / Automobiles & ComponentsTelecommunications / Wireless
Media and Entertainment / Broadcasting
▲
100.0 1,244
▼▼-59.9%
750.0
9.4%
5/25/20155/19/2015
6/19/2015
4/23/2015
Taas-Yuryakh Neftegazodobycha (20%)
16
24%
22%13%
9%7%6%
Telecommunications Energy and Power Industrials
Consumer Staples Financials Media and Entertainment
Materials Real Estate High Technology
Healthcare Consumer Products and Services Retail
Hungary / Hungary Financials / Banks
https://www.thomsonone.com 700.4Hungary2/13/2015 2/13/2015 BUDAPEST Hitel- es Fejlesztesi (100%)
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5,516.4
3
61*
7*▲ 0.2
3.1
2.5 1.51 3
4 40*0.0
2 5 5*
91*
-116*
40Kirkland & Ellis 0.30.9 1
64*
20
Grandway Law Offices 23181* 4,870.2
79Sidley Austin LLP
De Brauw Blackstone Westbroek
Conyers Dill & Pearman 249
Mori Hamada & Matsumoto
25-
AZB & Partners
0.5
▲49 384 Khaitan & Co1 11 2 2 1 ▼ 2511.2
0 9 440*444,615.2 ▲
▲5 271 84 590 7 ▼
-7 ▼0.1 ▼
▼18
0.1 ▲▲
-74 -10.212.6▲ 5,450.38 2321 Norton Rose Fulbright
213
3 24Ashurst1.2 ▲0.3
64*1.2
1.3 ▲ 4 22Shearman & Sterling LLP▲51*4,770.739
0.247*
22
5,310.021 76 4
1.3
157*-3
▲3.26,822.82.3
20Weil Gotshal & Manges▼
-2 ▲3 0 -47* 0.2
13
▼41
8*1
0.8▲
-111692.1
51119 3.37,075.8
8,532.7 4.0▲LLinks Law Offices 17 8,630.8 8 0.422*3.6 4
12Zhong Lun Law Firm 18
▼-264*6,176.8 1.6 -1.7 ▼
1683*
Weil Gotshal & Manges 0.10.834
338
19Amarchand Mangaldas8 18▲
-412,600.44.1
▲▲63
Allen & GledhillSullivan & Cromwell 17 18 6,829.0 7Norton Rose Fulbright
0.2 3 ▲
2
1.8
▲16 115 7,310.5
2.3
▼▼
47*15 0.15.9
▼0.22.2
-42-31.9 1.8 ▲ 4 51* 0.1
213,376.820.1 3Ligerion ZAO 8,876.714* - 2.3
▲5.7
322*5.4 8 0.4▲ Morrison & Foerster
145915 ▲6.3
▲ Jingtian & Gongcheng ▲13,602.545
▲6.3
6.413 15,150.1
9496.0 6
7.27.1 ▼
▲ Commerce & Finance Law Offices 15,388.8 0.512 ▲27*
1▲
▲ 6 1 11Fangda Partners 12 5 2.5 -1.2 41
19,050.4 9.0 0.5 18.3Latham & Watkins 11 120 10,125.3 2.6
20,595.89
-68.1 ▲ 9 16*
0.917,618.2 2.9 5*Baker & McKenzie2.76 10,593.5
▼2▲ 18▲
1310 48
Grandall Law FirmTian Yuan Law Firm▼Clifford Chance 10
Jingtian & Gongcheng 9 5*5.8 ▲ 188 9.7 ▲
0.5 -9▲10.5
0.9
▼
413*9.821,534.0 ▲
8.8 ▲10.422,157.5
10.1 10AllBright Law OfficesJia Yuan Law OfficesKing & Wood Mallesons
22,056.079Davis Polk & Wardwell 8 4 11,057.0 2.9 -3.3
0.36 27*
307 9 16*8.810.4▲24 3▼10.9
13▲28 5
110
-7
▲3.13 323615* 27*▼
16,295.323,429.6
Skadden
Freshfields Bruckhaus Deringer 4
13 17,341.3
1Kirkland & Ellis
Market# of Deals per Advisor
# of Rank Value per Advisor (US$m)
Grandall Law Firm15,899.6
5
6Jun He Law Offices 7 29
5 27 13,907.1
2014 Rank
2015 Rank
24
-1.1
20.513.8 8.9
Sh (%)
11.0 8.6
2 29,404.911.226
▲12▲
6
▼
Sullivan & CromwellDavis Polk & Wardwell
6 28
-43
8▲
2.5
Change in Change inMarket
▼3
23,798.8 9.1
4
2.7
Linklaters 6 12,512.7
14* - 8,876.7Studio Pedersoli e AssociatiBowman Gilfillan Africa Group 1.7
-5
▲
▲2.3139,866.8
40
▼-0.8178 10,633.0 2.7
3.6
15*▲
10
2.3 121.7 13
5,023.4 1.31.4 1.1 ▲
▲▲
▲▲8
Sh (%)
88*
12Fangda Partners 40▲102*
2
Clifford Chance0▲
Haiwen & Partners
-10.20.5
0.3
0.615*
0.1
0.3
39*0.2 -7
21
29*
0.1
21*6
▲
▼
3.2
283*
14 0.3
0.3
-1.6 ▼3.2
AZB & Partners
0.1
2.212
5,840.2
Market
8,906.7
2
Legal Advisor# of
17,355.4
# of Deals per Advisor
# of Deals0.8
RankDeals Sh (%)
0.6
Share Ch.16
▲
20.41 43,512.6
Rank
1.5
2.3
12
Value US$m
0.2
0.1
11,649.3
▼
▲
3.0
2.1
▼▲
▼
11*
1.2
# of Deals
▲0.8
214
5,299.6
3 5.5
▲
-1.1 ▼
23,250.9
▲
▼451*
▲
▲
1.0
-0.5
23
US$m
50
51*
2015 Rank
1
Rank Value per Advisor (US$m)
3 ▲
Any Asia Pacific Emerging Market Inv Announced
Market
Jan 1 – June 30
2.6Morgan Lewis & Bockius 21
4Rank
13Deals
33
Asia Pacific M&A
Market
▲0.3
Legal Advisor▲
6,524.7
First Half 2015 | Mergers & Acquisitions | Legal Advisors
Any Asia Pacific Emerging Market Inv Completed
4.2
Rank Value MarketSh (%)
▲1.7
▲
-2.24.5Share Ch.
-18.44.1
4.5
2014 Rank
Jan 1 – June 30
King & Wood Mallesons
▲
21*
2.3
54
33*
23
0.1
0.1
0.1
▲
1.32.5 5212,714.8
925AZB & Partners ▲49 384 Khaitan & CoIndustry Total
1.11.2 -2.1 ▼ 25387,936.1
1 0.9 -4▲5,271.84,590.7
85.8%
▼100.0
▲
181,928
▲
6/17/2015
Any Asia Pacific Emerging Market Inv Announced - Top Deals
▲
6/3/2015
10,306.4
Real Estate / Other Real Estate
3/30/2015
Real Estate / Other Real Estate
2/13/2015
6.5%▲4.2%
Acquiror / Target Nation
Alpha Progress Global Ltd
31.4%
6,845.6
Target Macro / Mid Industry
Industrials / Automobiles & Components
Industry % Change from Last Quarter
8,778.8
5,027.7
4,549.2
Acquiror
Hong Kong / Hong Kong
High Technology / Internet Software & ServicesHigh Technology / Software
5,000.0
Consumer Products and Services / Other Consumer ProductsPending
Shandong Dongming Petrochem (49%) Investor GroupZhongrun Resources Invest Corp (83.8%)
Zhejiang Material Ind ZhongdaReal Estate / Real Estate Management & Development4,577.3
Retail / Food & Beverage RetailingEnergy and Power / Oil & GasPending
Hainan Gongxiao Daji Hldg Co (100%)PendingQatar / China
PendingChina / China
China / ChinaChina / China
Italy / Italy
Pending Investor GroupFocus Media Tech Shanghai Co (100%)
China / China
6/3/2015 Jiangsu Hongda New Material Co
Celestial Domain Invests Ltd (100%)
Intended3/24/2015 China Overseas Holdings Ltd
Pending
6/30/2015
Bidco SpAPirelli & C SpA (73.8%)
China / ChinaXi'an Minsheng Group Co Ltd
3/22/2015
3/24/2015 5/7/20155/18/2015
Hong Kong / China
Rank Date
*tie
Industry Total
Target (% Sought/Acquired)
58.0%
Qihoo 360 Technology Co Ltd (100%)
100.0
Date Effective
4,416
Industry % Change from Same Period Last YearIndustry % Change from Same Period Last Year 24.1%▲▲Industry % Change from Last Quarter
66.6%
Investor Group
Jan 1 - June 30 2015
35.5%▲
Zhejiang Materials Ind Grp (100%)
▲
China Overseas Land & Invest (17.11%)
Rank Value (US$m)
5,518.9
Asia Pacific Emerging Market Involvement Announced M&A by Target Industry ($bil)
Jan 1 - June 30 2015
5,450.3
20%
16%14%
11%
8%8%
7% 4% 4%High Technology Financials Industrials
Real Estate Materials Energy and Power
Healthcare Media and Entertainment Retail
Consumer Products and Services Consumer Staples Telecommunications
Hong Kong / Hong KongChia Tai Bright Investment1/20/2015 Pending CITIC Ltd (10%)
https://www.thomsonone.com 4,433.3
,Financials / Other Financials
j g gg
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j g p ( %)
10
MarketDeals# of
# of Deals per AdvisorRank Value per Advisor (US$m)2015 Rank
Change in Rank
MarketSh (%)
Jan 1 – June 30
Change in# of DealsShare Ch.Sh (%)
10.4
▲
58
62*0.8
13▲
37*
9
12*
16*
▲
16
▲
5
23 2*▲ 40 11.8
14
8.6
3 ▲9.2
12.8
4.9Haiwen & Partners
28 4
27
▲
08
5▼
2Fangda Partners
Jia Yuan Law Offices22,099.3
33
0.2▼
17* -10 ▲
25.2
56
Sullivan & Cromwell
Davis Polk & Wardwell
King & Wood Mallesons23
12.8 10.9
25.0
2014 Rank
1 78* 43,512.6
Rank ValueValue US$m
Market Market# of DealsRankShare Ch.
# of Deals per Advisor
Sh (%) Legal AdvisorRank
Any Chinese Involvement Completed (AG54)
First Half 2015 | Mergers & Acquisitions | Legal Advisors
2014 Rank
Market
33▲34 8.9
13,602.531
14,807.011 7.5
▲6.4
15,388.8
14,591.50.6
7.9
3.79* 0.9
0.4▲
8.5
12*5.0 ▲4
▼
0.2▼▼
0.8
0.1
3-1
▲1
-2▲
▼
-1
-1
▲4.2
620*
8
7.3
12
▲2.38,630.8
7.6 6.87.3
1712,566.813,166.8
111615
1.40.3
Allen & Gledhill
Jingtian & Gongcheng
46
0.3
-
0.114
47
9
2-2
1 ▲
10-3
Tian Yuan Law Firm▲
▲
3
2 Morrison & Foerster
8
Baker & McKenzie
▼▲ 8
▲12 12
Clifford Chance
39▼
Commerce & Finance Law Offices9
▲ 49.6
▲
11.0 ▲3.611.1 -68.6 7
11.211.1
12.54.3
15,736.7
Sh (%)
10 3.9
▲ 18*
▲ 9 9*▲
7.45.9 18
15 19,360.9
AllBright Law Offices20,595.8
12.0
5▲
5
2 ▲Grandall Law Firm 7
▲▲
-2
6▲
Market
▲11.9
▲
1.6
0.7
10.9 -9
10.5
1.051.8
▲0.3
▲
Chinese M&A
▲14
▼2.3
1213
22
19,050.43
4
Kirkland & Ellis
21,534.0
7
22,056.0
19,186.419,182.2
0.8
# of Deals
0.2
9*0.25
8
1.123
1.0
7
0.4
2
-0.9 6
2
42.1 ▲
59*
2.8
13
120*
59*▲
2.8
20*
2
9*
6,176.8
3.2
8,876.7
1.8
2.5
▼▲
-2.3Norton Rose Fulbright
3.3
10,633.0
2.5
▼ 14*
▲
15,218.0 -22.9
59*Ligerion ZAO 13*
9,828.111 -1.7
8,876.7
Davis Polk & Wardwell
19
17▲
2.5Studio Pedersoli e Associati
11,095.3
2.9▼
23
1.72.4
▲5
4.9
Any Chinese Involvement Announced (AE53)
8,901.0
23
10
16
-3.0
3.0
▲
10,125.3
US$m
Conyers Dill & Pearman
Zhong Lun Law Firm
Bowman Gilfillan Africa Group-
7,310.5
▼ 224
1.34,615.2
59*
Grandway Law Offices
Sidley Austin LLP1.4
4,770.7- ▲
21
-0.4Weil Gotshal & Manges 4,647.0Sullivan & Cromwell
26 1.46122
▲3
1.5 1.2
4,870.2
64
1.4128*
0.1
0.1
1.2
35,023.4
20
18
2.1
2.1
▼
2.52.5
113
56-
20*
34
2
4,673.0
5,310.0
1 ▲
2.5-1.8
6
▲ 8 14* 0 3
246*4
AllBright Law Offices 25 57 3 928 5
13*
10
13*
▲
3.0
4.5
0.1
10.7-5.219
62* 0.192 3.21.9
▲
-
43,233.13,291.1▲
0.1 20
▲66
De Brauw Blackstone Westbroek
1.315
1.3
▲
46* 0.1 ▲▲
▲
0.9
35*1.4
0.10.1
▲46*
210.3
▲5,450.3
835* ▲2
18Norton Rose Fulbright▼-2
40
3.0
0
Rank Value per Advisor (US$m)
10▲ 27*
10,593.5
4
3.6
▼
6
17,341.3
0.2
LLinks Law Offices3.1
▼4
329,404.9
▲20*
▼
▲
▼
▲▼0.4
18*
14*
0.99*
▼
-2.5 0.5▼0.2▲
▼0.6
0.20.4
-1
10
2
7
6*
2
5
▼▼Freshfields Bruckhaus Deringer -3
20*2
-17
8
-337* -1
4
1
17.0
4
1.9
-7.2
▼ ▼14*Skadden -5
King & Wood Mallesons
Jan 1 – June 30
2
13
8,876.7
17,355.4
17
0.2 13721
▲
80.7
Hairun Law Firm
▲
234
-13
220.1 -3.4
3,191.4
2,923.710 1.7
1.92,986.0
1.3 31 1 0 7
▲▼
1 525 2 534 21.52,636.8
37*
Guantao Law Firm
101.5
Herbert Smith Freehills
Mori Hamada & Matsumoto
Legal Advisor
52
12 5
1
2015 Rank
Jingtian & Gongcheng
Jun He Law Offices
Skadden
Grandall Law Firm
76
Fangda Partners
8Linklaters
32
13,907.11
125
11,649.318
Clifford Chance 9 8
Kirkland & Ellis
1.4
3
101Latham & Watkins
4Freshfields Bruckhaus Deringer
2.8
Han Kun Law Offices3
Grandway Law Offices ▼ ▲1 02 814-
1.7
0.420*46* 3
4.0
24 ▲4
Energy and Power / Oil & Gas5,000.0Retail / Food & Beverage Retailing
Pending
Chinese Involvement Announced M&A by Target Industry ($bil)
Rank Date
*tie
6/3/2015
Industry Total
86.2%
Focus Media Tech Shanghai Co (100%)Pending6/17/2015
Industry % Change from Last QuarterIndustry % Change from Same Period Last Year ▲
Qihoo 360 Technology Co Ltd (100%)Date Effective
1 ▲▲ 8 14 0.3AllBright Law Offices 25 57 3,928.5
Target (% Sought/Acquired)
▲
352,096.4
51.1%
PendingPending Zhejiang Materials Ind Grp (100%)
Acquiror
5/18/2015
Pending
Pirelli & C SpA (73.8%)
5/7/20153/24/20153/24/20156/30/2015 Hainan Gongxiao Daji Hldg Co (100%)
6/3/2015 Jiangsu Hongda New Material CoBidco SpA3/22/2015 Intended
2/13/2015
Alpha Progress Global Ltd
3/30/2015
▲
China Overseas Land & Invest (17.11%)
2,9251.1 0.7 1.525 2,534.2 10
138.0%
Celestial Domain Invests Ltd (100%)
Investor Group
Xi'an Minsheng Group Co Ltd
Investor GroupShandong Dongming Petrochem (49%)Zhongrun Resources Invest Corp (83.8%)
Zhejiang Material Ind Zhongda
Grandway Law Offices
Investor Group
China Overseas Holdings Ltd
▼
5.8%
172,533.6
High Technology / Software
▲
Qatar / China
Industry % Change from Same Period Last Year
China / China
▲▲
4,577.3
15.5%
▲1.0-2.814100.0
5,027.7China / China
China / China
Real Estate / Other Real Estate5,450.3
Industrials / Automobiles & Components5,518.96,845.6
4,549.2
Real Estate / Other Real Estate
High Technology / Internet Software & Services
China / China
Hong Kong / China
1,0216 3
8,778.8
36.8%
China / China 10,306.4Acquiror / Target Nation
Jan 1 - June 30 2015
Rank Value (US$m)Jan 1 - June 30 2015Any Chinese Involvement Announced (AE53) - Top Deals
Pending
Industry Total
Real Estate / Real Estate Management & DevelopmentConsumer Products and Services / Other Consumer Products
39.7%
100.0
64.0%
Hong Kong / Hong KongItaly / Italy
Industry % Change from Last Quarter▲
Target Macro / Mid Industry
▲
21%
15%14%
11%
9%8%
7% 4% 3%High Technology Financials Industrials
Real Estate Materials Healthcare
Energy and Power Media and Entertainment Consumer Products and Services
Retail Consumer Staples Telecommunications
Hong Kong / Hong Kong1/20/2015 Chia Tai Bright Investment
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables4,433.3 Financials / Other FinancialsPending CITIC Ltd (10%)
g j g p ( %)
https://www.thomsonone.com
j g g ,
11
0.9 - 1
▲
14 055 4- 145.8 0.3 ▲0.9 21*
1 -▲1.3
116 595 4
1.3 0.321*5 9
100 0 391
50
197.7 -1.247*
241.3210.0
Shardul Amarchand Mangaldas & Co
Industry Total
1.2
6
-Cleary Gottlieb Steen & Hamilton 25
23
0.2 1
Morrison & Foerster▲7*6
-
▲21* 0.3 11-1.522BMR Legal
11* -1.51.5 -
1.71.7▲5
3 20*273.4 1.9 0.2▲ 21* 1.720*
▲ J Sagar Associates21*
- 241.80.5 -4
4
1.9-2.7
11 1
▼ 273.4-7.211-1.9
1.52.3
- 273.49
-2.40.8
1819 307.417
▼ Akin, Gump, Strauss, Hauer & FeldMcDermott Will & Emery▲ 1.7 ▲21* 0.3
7 381.7▲ -4
7*5*
2.30.416*
-6 ▼▼
-3▼ ▼6Trilegal381.73.2 3.2 ▲2.824*2 558.6
87Kirkland & Ellis
16 --16 5 479.6 -19.1450.3
▼15*
▼▲
3.8634.8 3.817▲2
1.3
▲▲3.4
15*22 0.5
▲123.4
16*10 1.87
2▲ 0.40.5
▲
0.4
2717.6-111*
0.8
2▼▲2
6.21.0
3▲5.3
0.8104
3 11*▲
5.7 5.7 Linklaters16* ▲6.2
40*47*
2 Wadia Ghandy & Co4.0 4.24.3▲1415
▲
4,068.7 ▲24.513*
24.5
1,228.7 ▲7.4
▲▲
-
11
118
4,261.547*
- 4,068.7
4,068.7
- 124.5
23PH Bathiya & Associates
1
24.524.5
5*7*
▲
▲21*
▲
22.07*24.58
4,188.7
- 4,068.7
24.56
3
Sh (%)
5.8860.3
800.0800.0
11 819.5
-
18 15
15
17 -
Cravath, Swaine & Moore 12*
PH Bathiya & Associates
Trilegal
Akin, Gump, Strauss, Hauer & FeldHerbert Smith Freehills 21
19*McDermott Will & Emery
20
Shardul Amarchand Mangaldas & Co
Covington & Burling 12*
25-
-
Rank Value per Advisor (US$m)
Jan 1 – June 30
AshurstDavis Polk & Wardwell
Sh (%)AZB & Partners
2,156.12,156.1
2015 Rank
2014 RankLegal Advisor
Rank Value
7*Khaitan & Co
2*49
# of
-19.1
121
2*15.3
Luthra & Luthra Law Offices 9
Amarchand Mangaldas
Linklaters6
Sullivan & Cromwell
7* 17*
6Weil Gotshal & Manges
2.7
Sh (%)
21*0.416*
11*3*
0.2
0.2
8,532.7
6
▼
-
▼
Indian M&A
-3-
2
2.212
▼2.71,573.4
# of DealsDeals32.7
21*
▲15.3 ▲
1▲
1
21*
-63.8
140
▲▼
5.7
6.1
-10.20.5
3.4
0
5▲
4.7
5 3*13.6▼▼
-13.32115
▼8.5
-
232.9
Cleary Gottlieb Steen & Hamilton
-Debevoise & Plimpton
Shook Lin & Bok LLP
800.0
19*
Kirkland & Ellis
-
Industry Total
6.1J Sagar Associates
2.71.9
10
4.0
5.7
5.7558.6
7*
3 11.2 -21.2
15.3-27.41,910.7
2,156.1 -6.51
▲
▲
2
12
BMR Legal 22
25
14
273.4
986.01,193.21,193.27*
12*
4,590.7
Any Indian Involvement Announced (AE57)
Share Ch.Market
US$mChange in
Legal AdvisorRankMarket Market
# of DealsSh (%)
▼
Luthra & Luthra Law Offices
▼
# of Deals per Advisor
Any Indian Involvement Completed (AG58)
# of
First Half 2015 | Mergers & Acquisitions | Legal Advisors
3
Value US$m
5
7*
AZB & Partners
Crawford Bayley & Co
Sullivan & Cromwell
0.9 -20.9 ▼
1.7
15.3
1.9
1
1559
1.6 1.5
100 0
Khaitan & Co
51.4
25.7
Rank Value per Advisor (US$m)Rank
5,271.82
Jan 1 – June 30
2014 Rank
Change inMarketMarket
5 ▼▲Deals
Amarchand Mangaldas 1
2015 Rank Share Ch.
3169▲
8.8 15.6▲ 1 1 11.47,075.8
1
157.038.5 ▲
-14.94.8
1
▼▼
12.9
2
# of Deals per Advisor
2*2
Market
1
-44.641 10.5
Rank-114.1
42.6▲
31.8 23.7
▲▲
231.7 31.7
25.2 25.2 2
▲Weil Gotshal & Manges 4 5,261.9
Morgan Lewis & Bockius
19.8
24.71847*
5
Shearman & Sterling LLP
015
0.5 -15*134 ▲3.8
2
9
0.515*
20.3
0.30.515*
HSA Advocates
0.3
--1
12.3
0▲
▼▼
▲12 7*
1
-1
1
24.524.5
DSK Legal
13▲
▲▲
0.3
1,031.4
21*
▼
4,068.7
21*1
▲
▼23.8
▲7*▲
White & Case LLP
1
-1
2.5
0.2
-20.2
0
-2
0.2
0.2
21*
1
1
21*1Davis Polk & Wardwell 7*
1
4,068.721*
-150
120.09* 0.9
Wadia Ghandy & Co 24
-
21* 0.2Morgan Lewis & Bockius 2343 224.87*
▲
40 80.0 0.6 0.4 ▲ 1 21*21* ▲
▼- 40.2 0.3 0.3 ▲
Financials / Asset Management1/20/2015 Bandhan Financial Services Pvt (%)
2/14/2015
Industry % Change from Same Period Last Year▼
14,055.4
5/12/2015 Shriram City Union Finance Ltd (20.3%) Apax Partners LP
259.6
Industry % Change from Same Period Last Year
Target Macro / Mid Industry
Indian Involvement Announced M&A by Target Industry ($bil)
Target (% Sought/Acquired)Rank Date
-5.8%▲
358.6
1,193.2Retail / Apparel Retailing
Financials / Credit Institutions
2,156.1
▲0.8%
Industrials / Machinery
817.5Industrials / Machinery
457.2Investor Group India / India
India / India800.0
United States / Germany
▼*tie
Any Indian Involvement Announced (AE57) - Top Deals
-1.1%▲
Industry % Change from Last Quarter2.0%
2/2/2015
Rank Value (US$m)
India / IndiaMylan Laboratories LtdPantaloons Fashion & Retail Lt
Vedanta Ltd
5/4/2015
Acquiror / Target Nation
4/24/2015
India / India
United States / India
Investor Group
6/15/2015Pending
1/19/2015
Lafarge SAInvestor Group
United States / India
Pending1/22/2015 Centerbridge Partners LP
Cairn India Ltd (40.1%)
Jan 1 - June 30 2015
Jan 1 - June 30 2015
Pending6/14/2015Senvion SE (100%)
▼
Energy and Power / Oil & Gas
273.4Videocon d2h Ltd (38.6%) Silver Eagle Acquisition CorpLafarge India Pvt Ltd (14%)
3/31/2015
India / IndiaAcquiror
16,595.4 100.0 391Industry Total
Industry % Change from Last Quarter
Industry Total 559
▲
Madura Fashion & Lifestyle (100%)
23.7%▼
United States / India
-24.7%
Date Effective
Pending
5/12/2015IntendedPending
4/29/2015
100.0
0.7%
304.5Crompton Greaves Ltd-Consumer (34.4%)
France / India314.2
Media and Entertainment / CableMaterials / Construction Materials
-12.9%
Retail / Other Retailing
High Technology / Electronics
1/6/2015
Suzlon Energy Ltd (46.3%)Famy Care Ltd-Cert Female (100%)
23%
22%13%
11%
10%8% 5% 4% Industrials Energy and Power Retail
Healthcare Financials High Technology
Materials Media and Entertainment Real Estate
Consumer Products and Services Telecommunications Consumer Staples
g(%)
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Jan 1 – June 30 Any Sub Saharan Involvement Completed Jan 1 – June 30
Rank Value per Advisor (US$m) # of Deals per Advisor
First Half 2015 | Mergers & Acquisitions | Legal Advisors
Sub Saharan M&A
Any Sub Saharan Involvement Announced
Rank Value per Advisor (US$m) # of Deals per Advisor2015 Rank
2014 Rank
Rank Value Market Market # of Market Change in 2015 RankLegal Advisor# of Deals
2014 Rank
Rank Market Market # of Value US$m Sh (%) Share Ch. Deals Rank
Market Change inLegal Advisor US$m Sh (%) Share Ch. Deals Rank Sh (%) Sh (%) # of DealsLinklaters 1 2 2,309.9 15.1 -3.2 ▼ 7 5 1.9 3 ▲ Clifford Chance 1 4 2,067.4 18.7 1.2 ▲ 7 4 2.9 7 ▲Allen & Overy 2 34 2,283.1 14.9 14.8 ▲ 5 7 1.3 2 ▲ Linklaters 2 5 1,581.2 14.3 -0.8 ▼ 5 5* 2.1 5 ▲Cliffe Dekker Hofmeyr 3 13 2,195.3 14.3 11.2 ▲ 8 4 2.1 1 ▲ Allen & Overy 3 32 1,230.4 11.1 11.0 ▲ 2 10* 0.8 2 ▲Slaughter & May 4 36* 1,919.6 12.5 12.5 ▲ 3 12* 0.8 2 ▲ Bowman Gilfillan Africa Group 4 7 975.6 8.8 2.1 ▲ 15 2 6.2 15 ▲Webber Wentzel 5 3 1,515.7 9.9 -7.3 ▼ 21 1 5.6 15 ▲ ENSafrica 5 8 850.3 7.7 2.4 ▲ 10 3 4.2 10 ▲Clifford Chance 6 6 1,297.4 8.5 -3.7 ▼ 6 6 1.6 -1 ▼ Jones Day 6 21 845.0 7.6 7.1 ▲ 5 5* 2.1 5 ▲ENSafrica 7 8 1,258.2 8.2 1.9 ▲ 16 2 4.3 8 ▲ Cliffe Dekker Hofmeyr 7 11 792.3 7.2 4.0 ▲ 3 7* 1.2 3 ▲Bowman Gilfillan Africa Group 8 5 1,026.9 6.7 -7.6 ▼ 15 3 4.0 2 ▲ White & Case LLP 8 - 770.0 7.0 7.0 ▲ 3 7* 1.2 3 ▲M Partners 9* - 1,018.5 6.6 6.6 ▲ 1 24* 0.3 15 ▲ Glyn Marais Inc 9* 6 726.9 6.6 -1.8 ▼ 1 14* 0.4 1 ▲Gibson Dunn & Crutcher 9* 36* 1,018.5 6.6 6.6 ▲ 1 24* 0.3 0 - Baker & McKenzie 9* 31 726.9 6.6 6.5 ▲ 1 14* 0.4 1 ▲Cravath, Swaine & Moore 11* - 820.0 5.3 5.3 ▲ 1 24* 0.3 14 ▲ Webber Wentzel 11 10 653.8 5.9 2.7 ▲ 16 1 6.6 16 ▲Davis, Graham & Stubbs 11* - 820.0 5.3 5.3 ▲ 1 24* 0.3 1 ▲ DSK Legal 12* - 625.8 5.7 5.7 ▲ 1 14* 0.4 1 ▲White & Case LLP 11* 9 820.0 5.3 -0.3 ▼ 2 16* 0.5 1 ▲ Wadia Ghandy & Co 12* - 625.8 5.7 5.7 ▲ 1 14* 0.4 1 ▲Freshfields Bruckhaus Deringer 14 - 685.2 4.5 4.5 ▲ 2 16* 0.5 1 ▲ Berwin Leighton Paisner 14 - 502.3 4.5 4.5 ▲ 2 10* 0.8 2 ▲Weil Gotshal & Manges 15 - 389.8 2.5 2.5 ▲ 3 12* 0.8 2 ▲ Freshfields Bruckhaus Deringer 15 - 289.9 2.6 2.6 ▲ 1 14* 0.4 1 ▲K&L Gates 16* - 382.3 2.5 2.5 ▲ 1 24* 0.3 10 ▲ Dentons 16 - 225.0 2.0 2.0 ▲ 1 14* 0.4 1 ▲Hogan Lovells 16* 36* 382.3 2.5 2.5 ▲ 2 16* 0.5 1 ▲ Weil Gotshal & Manges 17 - 212.4 1.9 1.9 ▲ 1 14* 0.4 1 ▲Kean Miller LLP 16* - 382.3 2.5 2.5 ▲ 1 24* 0.3 7 ▲ Herbert Smith Freehills 18 9 66.4 0.6 -3.6 ▼ 3 7* 1.2 3 ▲Haynes & Boone 16* - 382.3 2.5 2.5 ▲ 1 24* 0.3 1 ▲ Edward Nathan & Friedland Ltd 19 - 64.7 0.6 0.6 ▲ 2 10* 0.8 2 ▲Torys 20* - 366.8 2.4 2.4 ▲ 1 24* 0.3 1 ▲ Russo De Rosa Bolletta & Associati 20 - 58.3 0.5 0.5 ▲ 1 14* 0.4 1 ▲Osler Hoskin & Harcourt LLP 20* - 366.8 2.4 2.4 ▲ 1 24* 0.3 3 ▲ Fluxmans Inc 21 30 50.6 0.5 0.4 ▲ 1 14* 0.4 1 ▲Shepstone & Wylie 22 - 318.5 2.1 2.1 ▲ 1 24* 0.3 5 ▲ Tozzini Freire Teixeira e Silva 22* - 50.0 0.5 0.5 ▲ 1 14* 0.4 1 ▲Shearman & Sterling LLP 23 - 225.0 1.5 1.5 ▲ 1 24* 0.3 1 ▲ Cleary Gottlieb Steen & Hamilton 22* - 50.0 0.5 0.5 ▲ 1 14* 0.4 1 ▲Berwin Leighton Paisner 24 - 212.4 1.4 1.4 ▲ 1 24* 0.3 1 ▲ Jeantet & Associes 24* - 30.4 0.3 0.3 ▲ 1 14* 0.4 1 ▲
Capstan LMS SELARL 24* 30 4 0 3 0 3 ▲ 1 14* 0 4 1 ▲Latham & Watkins 25 209 3 1 4 1 4 ▲ 2 16* 0 5 1 ▲ Capstan LMS SELARL 24* - 30.4 0.3 0.3 ▲ 1 14* 0.4 1 ▲Industry Total 15,343.3 100.0 376 241Industry Total 11,053.7 100.0
Industry % Change from Same Period Last Year 12.5% ▲ 0.0% -
*tie
Industry % Change from Same Period Last Year -11.5% ▼ -1.2% ▼27.8%Industry % Change from Last Quarter -30.8% ▼▲ ▲
Date Effective Target (% Sought/Acquired) Acquiror Target Macro / Mid Industry
Industry % Change from Last Quarter 23.3% ▲ 10.1%
Acquiror / Target Nation Rank Value (US$m)
Sub Saharan Involvement Announced M&A by Target Industry ($bil) Jan 1 – June 30
Any Sub Saharan Involvement Announced - Top Deals Jan 1 – June 30Rank Date
1,100.0 Energy and Power / Oil & Gas5/15/2015 6/26/2015 New Look Retail Group Ltd (90%) Brait Mauritius Ltd Mauritius / United Kingdom 1,230.4
Active Topco Ltd (80%) Brait Mauritius Ltd Mauritius / United Kingdom 1,018.5
Retail / Apparel Retailing3/20/2015 3/20/2015 Nigerian Natl Petro Corp-Oil (45%) Eroton Expl & Prodn Co Ltd Nigeria / Nigeria
Media and Entertainment / Recreation & Leisure6/8/2015 Pending Cripple Creek & Victor Gold (100%) Newmont Mining Corp United States / United States 820.0 Materials / Metals & Mining
4/16/2015 Pending
685.2 Healthcare / Hospitals3/20/2015 Pending Maxshell 114 Investments Pty (100%) Sun International Ltd South Africa / South Africa 784.8
HTP Group Pty Ltd (100%) Tower Property Fund Ltd South Africa / Australia 616.9
Financials / Other Financials6/22/2015 Pending Spire Healthcare Group Plc (29.9%) Remgro Jersey Ltd South Africa / United Kingdom
Financials / Other Financials1/27/2015 1/27/2015 Etisalat Benin Ltd (100%) Itissalat Al-Maghrib SA Morocco / Benin 539.2 Telecommunications / Telecommunications Services4/14/2015 Pending
Materials / Containers & Packaging3/26/2015 3/26/2015 Nampak Ltd (100%) Amcor Ltd Australia / South Africa 521.1
Latham & Watkins 25 - 209.3 1.4 1.4 ▲ 2 16* 0.5 1 ▲
17%
17%16%
12%
9%7% Energy and Power Financials Materials
Retail Healthcare Media and Entertainment
Real Estate Consumer Staples Telecommunications
Consumer Products and Services Industrials High Technology
Pending Oando PLC-Downstream Assets (60%) HV Investments II BV Nigeria / Nigeria 461.3 Energy and Power / Oil & Gasg g
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Japan
Asia-PacificKelvin Bian
Kaori Motohashi
E-mail: [email protected]
EMEA
Tel: +44 (0) 20 7542 7381
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firmsin Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures arereflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.
Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriteror advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to syndicated members.
Tel: +852 3761 1852E-mail: [email protected]
First Half 2015 | Mergers & Acquisitions | Legal Advisors
Ranking Criteria Summary
Christina Mavraki
If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:
E-mail: [email protected]
Announced league tables include all deals that were announced between January 1, 2014 and June 30, 2015 and of which Thomson Reuters was made aware. All current data andprevious year's data is as of 5:00pm EDT on June 30, 2015.
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.
AmericasRobert Levine
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, andunconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
Tel: +1 646 223 5682 Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portionof the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit forthe transaction agreed to or, in the absence of an agreement, the value of the highest offer.
Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation.
Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at thetime of announcement of terms.
Tel: +813 6441 1338
Thomson Reuters includes the following nations in the Emerging Markets M&A Tables:
E-mail: [email protected]
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable forany errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as tothe accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transactionor trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying orselling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 2015 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
Americas Asia-Pacific
Central America South America Central Asia Australasia South-East AsiaBelize Argentina Afghanistan American Samoa BruneiCosta Rica Bolivia Armenia Cook Islands CambodiaEl Salvador Brazil Azerbaijan Fiji IndonesiaGuatemala Chile Kazakhstan French Polynesia LaosHonduras Columbia Kyrgyzstan Guam MalaysiaMexico Ecuador Tajikistan Kiribati PhilippinesNicaragua Falkland Islands (UK) Turkmenistan Marshall Islands Timor-LestePanama Guyana Uzbekistan N. Mariana Islands Thailand
Paraguay Nauru VietnamPeru South Asia New CaledoniaSuriname Bangladesh Niue North AsiaUruguay Bhutan Norfolk Islands MongoliaVenezuela India Palau North Korea
Maldives Papua New Guina ChinaNepal Solomon IslandsPakistan TokelauSri Lanka Tonga
TuvaluWallis & Futuna Is.Western Somoa
Europe, Middle East & Africa
Eastern Europe Middle East Sub-Saharan AfricaAlbania Iran Angola Guinea-Bissau SomaliaBelarus Iraq Benin Angola Kenya South AfricaBosnia-Herzegovina Jordan Botswana Lesotho St. HelenaBulgaria Lebanon Burkina Faso Liberia SudanCroatia Syria Burundi Madagascar SwazilandCzech Republic Yemen Cameroon Malawi TanzaniaEstonia Bahrain Cape Verde Mali TogoGeorgia Israel Central African Republic Mauritania UgandaHungary Kuwait Chad Mauritius Western SaharaLatvia Oman Comoros Mayotte ZaireLithuania Qatar Congo, Republic of Mozambique ZambiaMacedonia Saudi Arabia Cote d'Ivoire Namibia ZimbabweMoldova United Arab Emirates Dijbouti NigerMontenegro DR Congo NigeriaRussia North Africa Equatorial Guinea ReunionSerbia Algeria Eritrea RwandaSlovak Republic Egypt Ethiopia Sao Tome e PrincipeSlovenia Libya Gabon SenegalTurkey Morocco Gambria SeychellesUkraine Tunisia Ghana Sierra Leone
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