Advisor League Tables Q1 2015 International Deal Volume and Value
Contents Deal Activity Analysis In Europe.. 3 Europe 4 UK 6 Republic Of Ireland 8 Nordic 9 Benelux. 10 Germany.. 11 Switzerland. 12 France.. 13 Italy.. 14 Iberia 15 Central Europe 16 Eastern Europe 17 Southern Eastern Europe.. 18 North America. 19 Asia Pacific. 20 Criteria. 21 Deal Proforma. 22 2
M&A and ECM Deal Activity in Europe After a stellar 2014 in which transaction values surged to pre-recession levels, dealmaking in Europe has slowed somewhat in the first quarter of 2015. The overall value of deals fell to 257bn, a decline of almost 5% from the 271bn worth of deals recorded this time last year. Meanwhile, transaction volumes were down by 6.3% against Q1 2014 s return (from 2,850 to 2,669). This decline is in direct contract to the buoyant markets in the US and Asia, where M&A activity continues on an upward trend (markedly so in Asia, which saw deal volume up by almost a third on Q1 2014). Still, there were welcome pockets of growth, particularly in the Nordic region where deal volumes were up by 66% and in South Eastern Europe (29%) and a subdued first quarter doesn t necessarily knock hopes of a sustained recovery in the European M&A markets. A number of big-ticket deals already announced in the early stages of Q2 look set to prompt a further wave of deal activity in the oil and gas and telecoms sectors in particular, boosting hopes for an upturn as we move further into the year. Back to Q1, European deal volumes were dominated by the manufacturing, financial services and information & communication sectors the latter one of the few sectors to see an increase in activity compared to Q1 2014. Meanwhile the UK retained its status as Europe s preeminent M&A market, contributing some 44% to the total number of European deals and more than a third of their total value. Dutch semiconductor firm NXP s 16bn tie-up with US firm Freescale was the quarter s largest deal, with Hong Kong conglomerate Hutchison Whampoa s deal to acquire the O2 mobile business from Spain s Telefonica the only other deal to top the 10bn mark. Jones Day was Europe s leading legal advisor by volume with 48 transactions in Q1, ahead of DLA Piper (39) and CMS (33), while Skadden Arps Slate Meagher & Flom topped our value table with deals worth 31bn, just ahead of Linklaters 27bn. EY retained its 2014 status as Europe s busiest financial advisor by transaction volume, having worked in 48 deals in the quarter, closely followed by Rothschild (48) and PWC (38). Meanwhile, the European value rankings were again dominated by US investment banks; Bank of America Merrill Lynch on top with deals worth some 55bn, ahead of Morgan Stanley ( 40.3bn) and Goldman Sachs ( 40.2bn). 86 102 37,674 22,956 22,408 293 Volume of European Transactions, Q1 2015 468 21,389 235 88 39,939 69 28,458 79 97 88 246 87,492 1,162 Value of European Transactions, Q1 2015 ( ms) 13,556 2,607 30,770 22,759 44,004 UK Benelux Central Europe Eastern Europe France Germany Iberia Italy Nordic ROI Southeastern Europe Switzerland UK Benelux Central Europe Eastern Europe France Germany Iberia Italy Nordic ROI Southeastern Europe Switzerland 3
Europe 1 3 JONES DAY 48 2 1 DLA PIPER 39 3 2 CMS 33 4 8 LATHAM & WATKINS 30 5 7 PINSENT MASONS 26 6 4 CLIFFORD CHANCE 23 7 11 DWF 22 8 5 EVERSHEDS 21 9 17 VINGE 19 10 21 ADDLESHAW GODDARD 19 11 - WRAGGE LAWRENCE GRAHAM & CO 19 12 13 LINKLATERS 18 13 18 SLAUGHTER AND MAY 18 14 9 HERBERT SMITH FREEHILLS 18 15 - MILLS & REEVE 18 16 - DENTONS 18 17 - SKADDEN ARPS SLATE MEAGHER & FLOM 17 18 19 MANNHEIMER SWARTLING 17 19 24 SHEARMAN & STERLING 16 20 12 GATELEY 16 1 4 SKADDEN ARPS SLATE MEAGHER & FLOM 31,255 2 13 LINKLATERS 27,455 3 15 SLAUGHTER AND MAY 23,875 4 16 HERBERT SMITH FREEHILLS 23,505 5 - DE BRAUW BLACKSTONE WESTBROEK 20,259 6 17 DAVIS POLK & WARDWELL 18,822 7 2 SIMPSON THACHER & BARTLETT 18,460 8 - CLEARY GOTTLIEB STEEN & HAMILTON 15,738 9 3 SHEARMAN & STERLING 15,154 10 28 HOUTHOFF BURUMA 14,931 11 5 CLIFFORD CHANCE 13,723 12 - HOMBURGER 12,853 13 14 SULLIVAN & CROMWELL 10,921 14 6 FRESHFIELDS BRUCKHAUS DERINGER 10,796 15 21 ASHURST 9,097 16 1 LATHAM & WATKINS 8,965 17 8 ALLEN & OVERY 8,410 18 - ORRICK HERRINGTON & SUTCLIFFE 7,031 19 31 JONES DAY 5,987 20 7 WEIL GOTSHAL & MANGES 5,559 4
Europe 1 1 EY 52 2 5 ROTHSCHILD 45 3 2 PWC 38 4 10 BANK OF AMERICA MERRILL LYNCH 31 5 9 LAZARD 30 6 12 MORGAN STANLEY 29 7 18 GOLDMAN SACHS 29 8 3 KPMG 29 9 13 NUMIS SECURITIES 26 10 14 CITIGROUP 23 11 4 BDO 22 12 6 GRANT THORNTON 22 13 7 DELOITTE 20 14 28 DEUTSCHE BANK 19 15 11 JP MORGAN 16 16 20 UBS 15 17 26 CARNEGIE INVESTMENT BANK 15 18 - ABG SUNDAL COLLIER NORGE 14 19 24 NORDEA 13 20 15 CENKOS SECURITIES 13 1 1 BANK OF AMERICA MERRILL LYNCH 54,893 2 2 MORGAN STANLEY 40,364 3 10 GOLDMAN SACHS 40,175 4 12 CREDIT SUISSE 36,928 5 17 UBS 32,152 6 13 HSBC 29,003 7 50 MOELIS & CO 25,889 8 11 CITIGROUP 25,125 9 6 ROTHSCHILD 22,462 10 3 LAZARD 20,464 11 7 DEUTSCHE BANK 19,840 12 18 BARCLAYS 14,703 13 8 JP MORGAN 11,032 14 39 DAVY 8,109 15 - GOODBODY 7,830 16 - SKANDINAVISKA ENSKILDA BANKEN 5,534 17 22 BNP PARIBAS 5,461 18 27 CREDIT AGRICOLE 5,308 19 30 NUMIS SECURITIES 5,084 20 37 DELOITTE 4,671 5
United Kingdom 1 2 PINSENT MASONS 22 2 5 DWF 21 3 29 WRAGGE LAWRENCE GRAHAM & CO 18 4 3 EVERSHEDS 16 5 6 GATELEY 15 6 12 SHOOSMITHS 15 7 8 CMS 14 8 19 BRABNERS 14 9 9 ADDLESHAW GODDARD 14 10 - MILLS & REEVE 13 11 - ASHFORDS 13 12 15 SQUIRE PATTON BOGGS 12 13 7 HERBERT SMITH FREEHILLS 11 14 11 SLAUGHTER AND MAY 11 15 14 JONES DAY 11 16 26 TRAVERS SMITH 11 17 33 IRWIN MITCHELL 10 18 - NABARRO 9 19 - CHARLES RUSSELL SPEECHLYS 8 20 - PANNONE 8 Q1 2015 Q1 2014 Legal Advisor Value ( m) 1 8 HERBERT SMITH FREEHILLS 12,641 2 9 SLAUGHTER AND MAY 10,834 3 19 DAVIS POLK & WARDWELL 9,057 4 17 SKADDEN ARPS SLATE MEAGHER & FLOM 8,063 5 1 FRESHFIELDS BRUCKHAUS DERINGER 7,486 6 2 CLIFFORD CHANCE 6,740 7 - CLEARY GOTTLIEB STEEN & HAMILTON 6,401 8 - MORGAN LEWIS & BOCKIUS 5,947 9 13 LINKLATERS 5,867 10 - HOMBURGER 5,714 11 - HILL DICKINSON 5,641 12 7 SHEARMAN & STERLING 5,621 13 11 WEIL GOTSHAL & MANGES 2,110 14 12 ASHURST 1,781 15 4 ALLEN & OVERY 1,700 16 - STIKEMAN ELLIOTT 1,559 17 - SULLIVAN & CROMWELL 1,481 18 27 PAUL WEISS RIFKIND WHARTON & GARRISON 1,324 19 3 LATHAM & WATKINS 1,225 20 20 EVERSHEDS 1,107 6
United Kingdom 1 7 NUMIS SECURITIES 24 2 6 ROTHSCHILD 17 3 13 KPMG 17 4 4 JP MORGAN 16 5 8 PWC 15 6 10 BANK OF AMERICA MERRILL LYNCH 14 7 5 BDO 14 8 23 CANTOR FITZGERALD 12 9 21 GOLDMAN SACHS 11 10 30 BEAUMONT CORNISH 11 11 19 FRANCIS CLARK 11 12 - DEUTSCHE BANK 10 13 9 CENKOS SECURITIES 10 14 16 PEEL HUNT 10 15 27 INVESTEC 10 16 - FTI CONSULTING 10 17 12 N+1 SINGER 10 18 18 WH IRELAND 10 19 1 EY 9 20 22 UBS 8 Q1 2015 Q1 2014 Financial Advisor Value ( m) 1 1 BANK OF AMERICA MERRILL LYNCH 18,345 2 18 UBS 17,060 3 15 HSBC 16,101 4 - MOELIS & CO 10,510 5 17 DEUTSCHE BANK 10,363 6 13 CREDIT SUISSE 10,175 7 7 GOLDMAN SACHS 10,159 8 6 ROTHSCHILD 8,334 9 5 JP MORGAN 8,132 10 12 CITIGROUP 7,695 11 - GOODBODY 5,669 12 9 LAZARD 5,312 13 11 BARCLAYS 5,036 14 - GREENHILL & CO 4,530 15 3 MORGAN STANLEY 4,523 16 19 NUMIS SECURITIES 3,635 17 - RBC CAPITAL MARKETS 1,282 18 25 PWC 1,058 19 - GLEACHER SHACKLOCK 915 21 30 DELOITTE 861 7
Republic of Ireland 1 1 A&L GOODBODY 5 2 - CLIFFORD CHANCE 4 3 15 SKADDEN ARPS SLATE MEAGHER & FLOM 3 4 3 MCCANN FITZGERALD 3 5 2 ARTHUR COX 2 6 - MORGAN LEWIS & BOCKIUS 2 7 5 WILLIAM FRY 2 8 - STIKEMAN ELLIOTT 2 9 12 PINSENT MASONS 2 10 19 HERBERT SMITH FREEHILLS 2 1 1 ARTHUR COX 10,879 2 - MORGAN LEWIS & BOCKIUS 8,147 3 - CLIFFORD CHANCE 8,050 4* - ARQIS RECHTSANWALTE 7,728 4* - CLEARY GOTTLIEB STEEN & HAMILTON 7,728 4* 14 FRESHFIELDS BRUCKHAUS DERINGER 7,728 4* - HILL DICKINSON 7,728 4* - HOMBURGER 7,728 4* - LINKLATERS 7,728 4* - TOZZINIFREIRE AVOGADOS 7,728 1 3 BANK OF AMERICA MERRILL LYNCH 4 2 1 DAVY 4 3 5 LAZARD 4 4 12 CREDIT SUISSE 3 5 - GOLDMAN SACHS 2 6 14 PWC 2 7* - GOODBODY 1 7* - HSBC 1 7* - JP MORGAN 1 7* - UBS 1 1 1 BANK OF AMERICA MERRILL LYNCH 8,718 2 - DAVY 8,051 3 10 CREDIT SUISSE 7,943 4 - GOLDMAN SACHS 7,851 5* - GOODBODY 7,728 5* - HSBC 7,728 5* 16* JP MORGAN 7,728 5* - UBS 7,728 9 6 LAZARD 5,763 10* 5 CITIGROUP 4,700 10* - LEERINK PARTNERS 4,700 8
Nordic 1 2 VINGE 19 2 1 MANNHEIMER SWARTLING 17 3 - LATHAM & WATKINS 8 4 5 ROSCHIER 6 5 7 HANNES SNELLMAN 6 6 6 GERNANDT & DANIELSSON 5 7 - SETTERWALLS 5 8 8 THOMMESSEN 5 9 14 JONES DAY 4 10 - LINKLATERS 4 1 8 GORRISSEN FEDERSPIEL 5,324 2 3 VINGE 3,141 3 1 MANNHEIMER SWARTLING 2,961 4 - LATHAM & WATKINS 1,101 5 6* DAVIS POLK & WARDWELL 794 6 - JONES DAY 634 7* - CASSELS BROCK & BLACKWELL 608 7* - MISHCON DE REYA 608 7* - OLSWANG 608 10 2 ROSCHIER 570 1 4 CARNEGIE INVESTMENT BANK 15 2 - ABG SUNDAL COLLIER NORGE 14 3 2 NORDEA 13 4 1 PWC 10 5 - SKANDINAVISKA ENSKILDA BANKEN 6 6 18 MORGAN STANLEY 6 7 13 DNB MARKETS 5 8 - MOORELAND PARTNERS 5 9 7 PARETO SECURITIES 5 10 10 CLAIRFIELD INTERNATIONAL 5 1 - SKANDINAVISKA ENSKILDA BANKEN 5,523 2 17 LAZARD 3,632 3 1 NORDEA 3,192 4 - DELOITTE 2,612 5 13 MORGAN STANLEY 2,260 6 10 CARNEGIE INVESTMENT BANK 1,915 7 - CITI 1,104 8 - ABG SUNDAL COLLIER NORGE 1,047 9 20 PWC 702 10 - BDO 608 INCLUDING: Denmark, Faroe Islands, Finland, Greenland, Iceland, Norway, Sweden NB: Deals are ranked by Volume first then by Value 9
Benelux 1 7 DE BRAUW BLACKSTONE WESTBROEK 7 2 2 DLA PIPER 7 3 4 HOUTHOFF BURUMA 6 4 17 ALLEN & OVERY 6 5 6 CMS 6 6 9 LINKLATERS 5 7 3 LATHAM & WATKINS 5 8 1 CLIFFORD CHANCE 5 9 5 JONES DAY 5 10 - EVERSHEDS 4 1 - DE BRAUW BLACKSTONE WESTBROEK 20,259 2 9 SKADDEN ARPS SLATE MEAGHER & FLOM LLP 15,598 3 2 SIMPSON THACHER & BARTLETT 15,017 4 12 HOUTHOFF BURUMA 14,931 5 - WAKEFIELD QUIN 14,931 6 7 ALLEN & OVERY 5,919 7 - DAVIS POLK & WARDWELL 4,329 8 - TRAVERS SMITH 4,088 9 8 STIBBE 3,580 10 10 LINKLATERS 2,976 1 3 RABOBANK 9 2 6 ROTHSCHILD 8 3 9 LAZARD 7 4 5 MORGAN STANLEY 6 5 7 PWC 5 6 2 BDO 5 7 11 BANK OF AMERICA MERRILL LYNCH 4 8 17 DEUTSCHE BANK 4 9 23 ING 4 10 21 BARCLAYS 3 1 1 MORGAN STANLEY 19,267 2 15 CREDIT SUISSE 14,931 3 9 LAZARD 4,754 4 7 ROTHSCHILD 3,588 5 3 BANK OF AMERICA MERRILL LYNCH 3,380 6 - ZAOUI & CO 2,912 7 18 BARCLAYS 2,578 8 23 RABOBANK 2,312 9 8 DEUTSCHE BANK 1,947 10 4 ABN AMRO BANK 1,668 INCLUDING: Belgium, Luxembourg, The Netherlands NB: Deals are ranked by Volume first then by Value 10
Germany 1 1 CMS 68 2 3 ClLIFFORD CHANCE 45 3 5 JONES DAY 23 4 4 HENGELER MUELLER 22 5 - HOGAN LOVELLS 21 6 - GLEISS LUTZ 16 7 9 LATHAM & WATKINS 16 8 2 FRESHFIELDS BRUCKHAUS DERINGER 14 9 7 DLA PIPER 14 10 - DENTONS 13 1 1 HENGELER MUELLER 47,984 2 - SULLIVAN & CROMWELL 36,924 3 7 GLEISS LUTZ 17,734 4 - JONES DAY 17,565 5 5 LATHAM & WATKINS 17,300 6 - LINKLATERS 15,821 7 - CLIFFORD CHANCE 14,693 8 - SIDLEY AUSTIN 13,578 9 10 SKADDEN ARPS SLATE MEAGHER & FLOM 13,506 10 - FRIED FRANK HARRIS SHRIVER & JACOBSEN 12,944 1 1 EY 45 2 4 ROTHSCHILD 25 3 2 PWC 22 4 3 KPMG 18 5 - MORGAN STANLEY 13 6 10 CITIGROUP 13 7 6 LAZARD 12 8 5 LINCOLN INTERNATIONAL 10 9 - GOLDMAN SACHS 9 10 - BANK OF AMERICA MERRILL LYNCH 9 1 8 MORGAN STANLEY 41,460 2 7 JP MORGAN 36,142 3 1 GOLDMAN SACHS 31,645 4 2 EY 29,204 5 6 ROTHSCHILD 24,485 6 3 CITIGROUP 24,379 7 4 BANK OF AMERICA MERRILL LYNCH 19,064 8 - DEUTSCHE BANK 16,664 9 5 LAZARD 15,518 10 - GUGGENHEIM SECURITIES 13,213
Switzerland 1 6 HOMBURGER 7 2 - DAVIS POLK & WARDWELL 4 3 20* CLIFFORD CHANCE 3 4 16* CLEARY GOTTLIEB STEEN & HAMILTON 2 5 - SLAUGHTER AND MAY 2 6 3 LATHAM & WATKINS 2 7 10 JONES DAY 2 8 - SULLIVAN & CROMWELL 2 9 2 CMS 2 10 4 WALDER WYSS & PARTNERS 2 1 1 HOMBURGER 12,853 2 8* CLEARY GOTTLIEB STEEN & HAMILTON 10,539 3 14* CLIFFORD CHANCE 8,879 4* - ARQIS RECHTSANWALTE 7,784 4* - ARTHUR COX 7,784 4* 8* BLAKE CASSELS & GRAYDON 7,784 4* 7 FRESHFIELDS BRUCKHAUS DERINGER 7,784 4* - HILL DICKINSON 7,784 4* 8* LINKLATERS 7,784 4* - MORGAN LEWIS & BOCKIUS 7,784 4* - TOZZINIFREIRE AVOGADOS 7,784 1 6 ROTHSCHILD 5 2 8 BANK OF AMERICA MERRILL LYNCH 4 3 9* GOLDMAN SACHS 4 4 - UBS 3 5 7 LAZARD 3 6 3 CREDIT SUISSE 2 7 9* JP MORGAN 2 8 - DEUTSCHE BANK 2 9 2 PWC 2 1 4 BANK OF AMERICA MERRILL LYNCH 14,797 2 - UBS 12,625 3 1 CREDIT SUISSE 11,422 4 6* JP MORGAN 10,539 5* - DAVY 7,784 5* - GOODBODY 7,784 5* - HSBC 7,784 8 6* GOLDMAN SACHS 7,330 9 3 LAZARD 4,196 10 - DEUTSCHE BANK 3,958 12
France 1 2 JONES DAY 12 2 3 GIDE LOYRETTE NOUEL 9 3 4 LATHAM & WATKINS 5 4 21 DENTONS 5 5 1 CMS 5 6 5 CLIFFORD CHANCE 4 7 7 HOGAN LOVELLS 4 8 - CLEARY GOTTLIEB STEEN & HAMILTON 3 9 - HILL DICKINSON 3 10 - DECHERT 3 1 - CLEARY GOTTLIEB STEEN & HAMILTON 8,346 2 11 CLIFFORD CHANCE 7,888 3 - HILL DICKINSON 7,784 4 - LINKLATERS 7,784 5* - ARQIS RECHTSANWALTE 7,784 5* - ARTHUR COX 7,784 5* - BLAKE CASSELS & GRAYDON 7,784 5* - FRESHFIELDS BRUCKHAUS DERINGER 7,784 5* 9* HOMBURGER 7,784 5* - MORGAN LEWIS & BOCKIUS 7,784 1 10* EY 21 2 3 ROTHSCHILD 14 3 2 LAZARD 9 4 1 EY 6 5 5 SOCIETE GENERALE 4 6 7 DELOITTE 4 7 4 PWC 4 8 14 BANK OF AMERICA MERRILL LYNCH 3 9 18 HSBC 3 10 - BNP PARIBAS 3 1 1 BANK OF AMERICA MERRILL LYNCH 9,553 2 4 HSBC 8,557 3 6 CREDIT SUISSE 8,344 4* - DAVY 7,784 4* - GOODBODY 7,784 4* - JP MORGAN 7,784 4* - UBS 7,784 8 2 LAZARD 2,278 9 5 ROTHSCHILD 1,679 10 3 SOCIETE GENERALE 776 13
Italy 1 1 CHIOMENTI STUDIO LEGALE 29 2 3 BONELLI EREDE PAPPALARDO 20 3 2 CLIFFORD CHANCE 11 4 - JONES DAY 10 5 - HOGAN LOVELLS 9 6 9 CMS 9 7 - SHEARMAN & STERLING 8 8 - DLA PIPER 8 9 - NCTM STUDIO LEGALE ASSOCIATO 8 10 5 GIANNI ORIGONI GRIPPO CAPPELLI & PART- NERS 6 1 5 GIANNI ORIGONI GRIPPO CAPPELLI & PART- NERS 8,386 2 3 CLIFFORD CHANCE 5,910 3 1 CHIOMENTI STUDIO LEGALE 5,785 4 - GERNANDT & DANIELSSON 5,433 5 - PAVESI GITTI VERZONI 5,331 6 - SHEARMAN & STERLING 5,050 7 - WACHTELL LIPTON ROSEN & KATZ 4,795 8 - DAVIS POLK & WARDWELL 4,646 9 2 BONELLI ERDE PAPPALARDO 4,641 10 - JONES DAY 4,094 1 2 KPMG 26 2 6 ROTHSCHILD 21 3 5 LAZARD 19 4 4 PWC 16 5 10 LEONARDO & CO 11 6 - MORGAN STANLEY 9 7 - CREDIT SUISSE 9 8 1 EY 7 9 3 BANCA IMI (INTESA SANPAOLO) 6 10 - CLAIRFIELD INTERNATIONAL 6 1 - MORGAN STANLEY 16,398 2 - BARCLAYS 12,716 3 - CREDIT SUISSE 10,785 4 - ROTHSCHILD 10,357 5 6 LAZARD 10,346 5 10 BANK OF AMERICA MERRILL LYNCH 10,011 7 3 CITIGROUP 9,105 8 9 DEUTSCHE BANK 8,489 9 - MEDIOBANCA 7,952 10 4 GOLDMAN SACHS 6,637 14
Iberia 1 1 CUATRECASAS GONCALVES PERIERA 15 2 3 GOMEZ ACEBO & POMBO 6 3 4 JONES DAY 6 4 6 HERBERT SMITH FREEHILLS 3 5 - ALLEN & OVERY 3 6 9 URIA & MENENDEZ 3 7 - AGUIRRE & NEWMAN Y BROSETA ABOGADOS 2 8 15* CLEARY GOTTLIEB STEEN & HAMILTON 2 9 - SLAUGHTER AND MAY 2 10 13 LATHAM & WATKINS 2 1 5 HERBERT SMITH FREEHILLS 16,491 2 14 LINKLATERS 14,145 3* - ORRICK HERRINGTON & SUTCLIFFE 5,256 3* - SHEARMAN & STERLING 5,256 5 - ALLEN & OVERY 2,491 6 - DECHERT 744 7 18 CUATRACASAS GONCALVES PEREIRA 737 8 - GOMEZ ACEBO & POMBO 530 9 - AGUIRRE & NEWMAN Y BROSETA ABOGADOS 514 10 6* CLEARY GOTTLIEB STEEN & HAMILTON 349 1 1 EY 7 2 7 ROTHSCHILD 6 3 - HSBC 4 4 18* CITIGROUP 4 5 6 MORGAN STANLEY 3 6 4 PWC 3 7 5 KPMG 3 8 - MOELIS & CO 2 9* - JP MORGAN 2 1 - MOELIS & CO 19,401 2 - HSBC 18,975 3 11* UBS 17,243 4 11* CITIGROUP 5,792 5 - ROTHSCHILD 4,204 6* 1 MORGAN STANLEY 3,098 6* - JP MORGAN 3,098 6* - NOMURA INTERNATIONAL 3,098 6* 4 SOCIETE GENERALE 3,098 9* - NOMURA INTERNATIONAL 2 9* 9 SOCIETE GENERALE 2 INCLUDING: Andorra, Gibraltar, Portugal, Spain NB: Deals are ranked by Volume first then by Value 15
Central Europe 1 12 LINKLATERS 4 2 2 DENTONS 4 3 1 CMS 4 4 4 SCHOENHERR RECHTSANWAELTE 3 5 3 CLIFFORD CHANCE 2 6 - HOMBURGER 2 7 26 WEIL GOTSHAL & MANGES 2 8 - SORAINEN 2 9 - CERHA HEMPEL SPIEGELFELD HLAWATI 2 10 - WOLF THEISS RECHTSANWAELTE 2 1 1 CLIFFORD CHANCE 8,213 2 21 LINKLATERS 7,841 3 - HOMBURGER 7,784 4* - ARQIS RECHTSANWALTE 7,784 4* - ARTHUR COX 7,784 4* - BLAKE CASSELS & GRAYDON 7,784 4* - CLEARY GOTTLIEB STEEN & HAMILTON 7,784 4* 2 FRESHFIELDS BRUCKHAUS DERINGER 7,784 4* - HILL DICKINSON 7,784 4* - MORGAN LEWIS & BOCKIUS 7,784 1 5 PWC 3 2 - UBS 2 3 - GOLDMAN SACHS 2 4 1 EY 2 5* - BANK OF AMERICA MERRILL LYNCH 1 5* 6 CREDIT SUISSE 1 5* - DAVY 1 5* - GOODBODY 1 5* - HSBC 1 5* - JP MORGAN 1 1 - UBS 8,770 2* - BANK OF AMERICA MERRILL LYNCH 7,784 2* 3 CREDIT SUISSE 7,784 2* - DAVY 7,784 2* - GOODBODY 7,784 2* - HSBC BANK 7,784 2* - JP MORGAN 7,784 8* - BARCLAYS 1,397 8* - BLACKSTONE ADVISORY PARTNERS 1,397 10 - GOLDMAN SACHS 986 INCLUDING: Austria, Czech Republic, Hungary, Liechtenstein, Poland, Slovakia, Slovenia NB: Deals are ranked by Volume first then by Value 16
Eastern Europe 1 1 SORAINEN 7 2 6 DENTONS 4 3* - CLIFFORD CHANCE 1 3* - DORALT SEIST & CSOKLICH 1 5* - LINKLATERS 1 5* - RAIDLA LEJINS & NORCOUS 1 7* - GLIMSTEDT 1 7* - PWC LEGAL 1 1* - CLIFFORD CHANCE 429 1* - DORALT SEIST & CSOKLICH 429 3 - SORAINEN 253 4* - LINKLATERS 56 4* - RAIDLA LEJINS & NORCOUS 56 6* - GLIMSTEDT 47 6* - PWC LEGAL 47 8 - EVERSHEDS 5 9 - EVERSHEDS 1 1 8 PWC 2 2* - ITHUBA CAPITAL 1 2* - JP MORGAN 1 4* - MORGAN STANLEY 1 4* - VTB CAPITAL 1 6 - FINAM INVESTMENT COMPANY 1 1* - ITHUBA CAPITAL 429 1* - JP MORGAN 429 3* - MORGAN STANLEY 133 3* - VTB CAPITAL 133 5 - FINAM INVESTMENT COMPANY 23 6 - NUMIS SECURITIES 1 7 - NUMIS SECURITIES 1 8* - SSH TAX & LEGAL SOLUTIONS, SUNBERG CAPI- TAL 1 8* - GRANT THORNTON, STRATA PARTNERS 1 8* - SMITH & WILLIAMSON 1 INCLUDING: Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine or Uzbekistan NB: Deals are ranked by Volume first then by Value 17
South East Europe 1 - CLIFFORD CHANCE 2 2 - SHEARMAN & STERLING 2 3* 6 BAKER & MCKENZIE 2 3* - ESIN ATTORNEY PARTNERSHIP 2 5* - ARQIS RECHTSANWALTE 1 5* - ARTHUR COX 1 5* 11* BLAKE CASSELS & GRAYDON 1 5* 17 CLEARY GOTTLIEB STEEN & HAMILTON 1 5* - FRESHFIELDS BRUCKHAUS DERINGER 1 5* - HILL DICKINSON 1 1 - CLIFFORD CHANCE 8,213 2* - ARQIS RECHTSANWALTE 7,784 2* - ARTHUR COX 7,784 2* 6* BLAKE CASSELS & GRAYDON 7,784 2* 13 CLEARY GOTTLIEB STEEN & HAMILTON 7,784 2* - FRESHFIELDS BRUCKHAUS DERINGER 7,784 2* - HILL DICKINSON 7,784 2* - HOMBURGER 7,784 2* - LINKLATERS 7,784 2* - MORGAN LEWIS & BOCKIUS 7,784 1 - BANK OF AMERICA MERRILL LYNCH 4 2 - MORGAN STANLEY 3 3* 8* CREDIT SUISSE 2 3* - JP MORGAN 2 5* - FINANSINVEST - FINANS YATIRIM MENKUL DE- GERLER AS 2 5* 4 GOLDMAN SACHS 2 5* - NBG SECURITIES 2 8 - FTI CONSULTING 2 9* - DAVY 1 9* - GOODBODY 1 INCLUDING: Albania, Bosnia Herzegovina, Bulgaria, Croatia, Cyprus, Greece, Macedonia, Malta, Montenegro, Romania, Serbia and Turkey 1 - BANK OF AMERICA MERRILL LYNCH 16,108 2* 4* CREDIT SUISSE 8,243 2* - JP MORGAN 8,243 4 - MORGAN STANLEY 7,998 5* - FINANSINVEST - FINANS YATIRIM MENKUL DE- GERLER AS 7,865 5* 3 GOLDMAN SACHS 7,865 5* - NBG SECURITIES 7,865 8* - DAVY 7,784 8* - GOODBODY 7,784 8* 10* HSBC 7,784 18
North America 1 3 JONES DAY 70 2 1 KIRKLAND & ELLIS 60 3 4 SKADDERN ARPS SLATE MEAGHER & FLOM 54 4 2 LATHAM & WATKINS 46 5 6 STIKEMAN ELLIOTT 30 6 - SULLIVAN & CROMWELL 29 7 11 WEIL GOTSHAL & MANGES 29 8 8 DAVIS POLK & WARDWELL 25 9 15 BLAKE CASSELS & GRAYDON 24 10 10 GIBSON DUNN & CRUTCHER 23 Q1 2015 Q1 2014 Legal Advisor Value (US$m) 1 1 SKADDERN ARPS SLATE MEAGHER & FLOM 66,223 2 25 SULLIVAN & CROMWELL 46,929 3 3 LATHAM & WATKINS 43,297 4 13 WACHTELL LIPTON ROSEN & KATZ 36,861 5 5 DAVIS POLK & WARDWELL 34,895 6 12 KIRKLAND & ELLIS 29,631 7 2 SIMPSON THACHER & BARTLETT 29,374 8 10 SHEARMAN & STERLING 23,919 9 15 CLEARY GOTTILEB STEEN & HAMILTON 23,283 10 26 GIBSON DUNN & CRUTCHER 22,711 1 4 GOLDMAN SACHS 61 2 3 JP MORGAN CHASE & CO 52 3 1 BANK OF AMERICA MERRILL LYNCH 49 4 2 MORGAN STANLEY 44 5 6 CITIGROUP 40 6 12 JEFFERIES 37 7 5 CREDIT SUISSE 33 8 7 RBC CAPITAL MARKETS 30 9 9 BARCLAYS 29 10 13 STIFEL/KBW 26 Value Q1 2015 Q1 2014 Financial Advisor (US$m) 1 2 JP MORGAN CHASE & CO 80,913 2 1 MORGAN STANLEY 57,679 3 8 GOLDMAN SACHS 50,693 4 7 BANK OF AMERICA MERRILL LYNCH 44,905 5 9 CREDIT SUISSE 39,030 6 4 BARCLAYS 38,485 7 3 CITIGROUP 36,484 8 5 CENTERVIEW PARTNERS 36,327 9 11 LAZARD 31,184 10 10 DEUTSCHE BANK 22,088 INCLUDING: USA, Canada and Bermuda NB: Deals are ranked by Volume first then by Value 19
Asia Pacific 1 1 HERBERT SMITH FREEHILLS 21 2 5 SKADDEN ARPS SLATE MEAGHER & FLOM 15 3 - MINTER ELLISON 12 4 7 JONES DAY 11 5 - SQUIRE PATTON BOGGS 10 6 - BAKER & MCKENZIE 9 7 2 ASHURST 8 8 - ALLENS 8 9 8 KIRKLAND & ELLIS 8 10 - AZB & PARTNERS 8 Value Q1 2015 Q1 2014 Legal Advisor (US$m) 1 7 HERBERT SMITH FREEHILLS 36,557 2 - LINKLATERS 24,869 3 10 ASHURST 20,695 4 1 CLEARY GOTTLIEB STEEN & HAMILTON 14,643 5 - FRESHFIELDS BRUCKHAUS DERINGER 13,259 6 6 CLIFFORD CHANCE 10,839 7 - MORGAN LEWIS & BOCKIUS 9,959 8 - HOMBURGER 9,521 9 - BLAKE CASSELS & GRAYDON 8,465 10 - MINTER ELLISON 8,098 Value Q1 2015 Q1 2014 Financial Advisor (US$m) 1 - SMBC NIKKO SECURITIES 29 1 - UBS 33,887 2 - SBI SECURITIES 27 2 9 HSBC BANK 32,730 3 - MIZUHO SECURITIES 21 3 3 BANK OF AMERICA MERRILL LYNCH 30,417 4 10 GOLDMAN SACHS 20 4 - MOELIS & CO 24,014 5 5 CREDIT SUISSE 20 5 6 GOLDMAN SACHS 19,735 6 1 PWC 20 6 1 CREDIT SUISSE 16,096 7 2 UBS 19 7 4 CITIGROUP 12,763 8 - NOMURA INTERNATIONAL 18 8 - JP MORGAN CHASE 11,928 9 - MONEX 17 9 - CITIC SECURITIES 10,259 10 - MITSUBISHI UFJ MORGAN STANLEY SECURI- TIES 16 10 8 LAZARD 9,439 INCLUDING: Australia, Bahrain, Bangladesh, Cambodia, China, Dubai, Hong Kong, India, Indonesia, Iran, Iraq, Israel, Japan, Jordan, Kuwait, Laos, Lebanon, Macao, Malaysia, Myanmar, New Zealand, North Korea, Oman, Pakistan, Papua New Guinea, Philippines, Qatar, Saudi Arabia, Singapore, South Korea, Sri Lanka, Syria, Taiwan, Thailand, Vietnam, Yemen. 20
Criteria Experian s Q1 2015 International League Tables are compiled using data from Experian MarketIQ, which reveals new layers of market insight by combining Corpfin's global M&A database with comprehensive Companies House data and our market leading business, financial and risk databases all on a single platform. League Tables are based on the volume and value of legal or financial advisory services provided to the target, bidder, vendor, debt or equity provider, shareholders, directors, management or other parties to a deal. League Tables exclude rumoured, cancelled, withdrawn or lapsed deals. These tables are based on mergers & acquisitions (M&A) and equity capital market (ECM) transactions announced between the dates of January 1st 2015 and March 31st, 2015. The minimum deal value for inclusion is 500,000, unless otherwise stated. Value figures are based on disclosed considerations. This publication was compiled on April 15th, 2015. Experian Corpfin believes that the information it provides was obtained from reliable sources, but does not guarantee its accuracy. Due to the fact that our records are updated daily, transaction data and League Table rankings may vary between publications Deals are attributed to regions based on the address of target or bidder companies as registered at the UK s Companies House or the Republic of Ireland s Companies Registration Office. Should a company s principal place of business differ from its registered location, we will also attribute the deal to the region of its principal trading address. We do not track the acquisition of: brands, assets or titles where no associated infrastructure is exchanged; land, oil and gas fields; individual assets (such as aeroplanes and oil rigs); undeveloped mines; distribution rights; mining licences; property that is currently under construction; shareholdings in private finance initiative (PFI) projects; credit card or loan portfolios. Other exclusions include the issue of bonds or notes, except as part of another transaction e.g. in order to raise funds to effect an acquisition, joint ventures where no new entity is created, e.g. production sharing contracts, and inter-company loans. For further information on Experian Corpfin league tables, inclusion criteria, deal submissions or quarterly updates, please contact: Jane Turner Research Manager T: +44 161 288 4920 cfw.research@experian.com 21
International Mergers and Acquisitions Database For incorporation in the Experian Corpfin Deals database, and credit in league tables and market reports, please fill this form in and send to CFW.research@experian.com - For subscription information please contact T: 44 (0) 161 288 4901 Name of Firm supplying information: Client Name: Date Announced: Date completed: Companies: Name: Location: Type of business: Target Bidder Deal Description: Consideration (Millions): Consideration satisfied by: Company Share Issue Mezzanine Finance High Street Bank Vendor Placing Existing Resources Other Companies Merchant Bank Venture Capital Type of Deal: Acquisition Employee Buy-in Investor Buy-in Management Buy-out Public to Private Rights/Other Issue Demerger Employee Buy-out Investor Buy-out Management Buy-in/Buy-out Reconstruction Secondary Buy-out Development Capital Exit Leveraged Buy-out Merger Receivership Restructuring Share Buy-back Disposal Flotation Management Buy-in Minority Stake Reverse Takeover Start-up Advisors please supply all advisors, noting for whom they acted and in what capacity Advisor + office Team (individuals) Client Role Funding please supply all investors Investor + office Debt/Equity Team (individuals) Client For an online demonstration visit www.experian.co.uk/marketiq For subscription information contact Wendy Driver on (+44) 161 288 4925 or email cfw.sales@experian.com 22
Experian Corpfin Centurion House 129 Deansgate Manchester M3 3WR Cfw.research@experian.com Richard Bolton Wendy Driver Matthew Short Ian Hodgson 0161 288 4925 cfw.sales@experian.com Experian 2014. The word EXPERIAN and the graphical device are trade marks of Experian and/or its associated companies and may be registered in the EU, USA and other countries. The graphical device is a registered Community design in the EU. All rights reserved. 23