GLOBAL M&A MARKET REVIEW LEGAL RANKINGS Q1 2014

Transcription

1 GLOBAL M&A MARKET REVIEW LEGAL INGS Q1 2014

2 Q GLOBAL M&A LEGAL ADVISORY INGS CONTENTS 1. Introduction 2. Global Market Commentary 8. Global M&A Activity by Region 9. Global Announced Deals 13. Cross Border Announced Deals 14. Global Private Equity Announced Deals 15. North America Announced Deals 21. Latin America Announced Deals 22. EMEA Announced Deals 35. APAC Announced Deals 44. Disclaimer The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equityswaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards. Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends. Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. On the web, visit: Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone North America Eshani Gupte egupte@bloomberg.net EMEA Paula Cook Dinan pcookdinan1@bloomberg.net Asia Pacific Ankit Gupta agupta302@bloomberg.net General M&A queries may be submitted to: m-a@bloomberg.net 2014 Bloomberg Finance L.P. All rights reserved.

3 Global M&A Regional Review North America USD 379 billion 1. Skadden Arps Slate Meagher & Flom LLP 34.8% 2. Simpson Thacher & Bartlett 29.7% 3. White & Case LLP 27.1% Scale in USD Bil Western Europe USD 186 billion 1. Freshfields Bruckhaus Deringer 26.5% 2. Allen & Overy LLP 16.9% 3. Clifford Chance LLP 14.3% Latin America & Carribean USD 34 billion 1. Simpson Thacher & Bartlett 24.9% 2. Mattos Filho Veiga Filho Marrey Quiroga 19.5% 3. Sullivan & Cromwell 16.9% Eastern Europe USD 14 billion 1. Slaughter & May 54.9% 2. Latham & Watkins LLP 50.6% 3. Hengeler Mueller 49.1% Middle East & Africa USD 16 billion 1. Kirkland & Ellis 10.0% 2. White & Case LLP 8.7% 3. Skadden Arps Slate Meagher & Flom LLP 8.0% * Deal value and adviser market share for any regional involvement (target, seller, or acquirer). Scale in USD billions. Asia Pacific USD 185 billion 1. Nishimura & Asahi 12.1% 2. Cleary Gottlieb Steen & Hamilton LLP 12.0% 3. White & Case LLP 10.6% Global M&A Review Q

4 Global M&A Regional Review Quarterly Regional Volume: Notable Highlights Global M&A deal volume totalled $638 billion in the first quarter of 2014, up 27% compared to a year ago and 32% compared to the first quarter of A significant driver of this increase occurred within the Asia Pacific region, where volume was up 39% relative to the first quarter of last year. Cross border M&A activity remains a significant component of global M&A, accounting for 39% of all activity in the first quarter of 2014, consistent with 39% observed in the first quarter of In the first quarter of 2014, targets within the United States received the majority of M&A investment, contributing to nearly 50% of global activity and 25% of cross-border activity. Comcast Corp's $68.4 billion pending acquisition of Time Warner Cable Inc and Suntory Holdings $15.9 billion cross-border acquisition of Beam Inc were significant drivers for the quarter. Despite a 4% downturn in overall EMEA M&A activity, targets within Western Europe attracted the second highest volume, accounting for nearly 22% of global activity and 45% of cross-border activity. Four of the five largest cross-border deals involved European targets, including Liberty Global's $11.1 billion acquisition of Ziggo NV, Vodafone's $10.0 billion acquisition of Grupo Corporativo ONO, Volkswagen's $9.1 billion acquisition of Scania AB, and Letterone Holding's $7.1 billion acquisition of RWE Dea AG. 8,000 6,000 4,000 2,000 Global M&A Quarterly Volume Volume $(bil.) Deal Count 0 $ Q Q Q Q Q Q1 $800 $600 $400 $200 Americas M&A Quarterly Volume Volume $(bil.) Deal Count 6,000 $600 4,000 $400 2,000 $200 0 $ Q Q Q Q Q Q1 EMEA M&A Quarterly Volume Volume $(bil.) Deal Count 3,000 $400 2,000 $300 $200 1,000 $100 0 $ Q Q Q Q Q Q1 APAC M&A Quarterly Volume Volume $(bil.) Deal Count 4,000 $250 3,000 $200 2,000 $150 $100 1,000 $50 0 $ Q Q Q Q Q Q1 Global M&A Review Q

5 Global M&A Industry Review Deal Activity by Target Industry Communications was the most targeted industry in the first quarter of Activity in the sector increased 118% to $157.7 billion, accounting for nearly a quarter of all M&A deal value. This was largely due to Comcast's $68.4 billion pending acquisition of Time Warner Cable, which was over three times as large as any other deal announced in the first quarter. More than half of all targeted deal value in the Communications industry went towards the acquisition of media companies. The second largest deal in the industry was Facebook's pending offer for WhatsApp Inc, in which Sequoia Capital's sale of its stake represents the largest venture capital exit announced on record. Consumer, Non-cyclical was the second most active industry with $133.9 billion in deal value, up 57% from the same period last year. The largest deal in the sector was Actavis pending acquisition of Forest Laboratories, which accounted for over 15% of the industry's deal value. Japanese Suntory Holdings' $15.9 billion offer for Beam Inc was the second top deal in the Consumer, Non-cyclical industry and the largest in the Wine and Spirits sector since Pernod Ricard SA's acquisition of UK-based Allied Domecq in 2005 for $17.8 billion. Financials, the leading industry in the first quarter of last year, was only the third most active in the first quarter with $117 billion in volume, though activity still went up by 21%. Deal value in the Utilities industry lagged, down 46% from the first quarter of last year, due mainly to a fall in volume in Europe and Asia Pacific, down 79% and 51% respectively. $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 Q1 Industry Deal Volume (USD bil.) Q Industry Deal Volume Technology 4% Industrial 9% Financial 18% Energy 9% Diversified 1% Utilities 2% Basic Materials 3% Communications 25% Consumer, Noncyclical 21% Consumer, Cyclical 8% Top Advisers: Communications Firm Rank Total Deal Value (bil.) Deal Count Skadden Arps Slate Meagher & Flom LLP White & Case LLP Davis Polk & Wardwell Willkie Farr & Gallagher Paul Weiss Rifkind Wharton & Garrison LLP Top Advisers: Consumer, Non-cyclical Firm Rank Total Deal Value (bil.) Deal Count Latham & Watkins LLP Skadden Arps Slate Meagher & Flom LLP Simpson Thacher & Bartlett Stikeman Elliot White & Case LLP Global M&A Review Q

6 Spotlight on: Private Equity - John E. Morris, Editor, Bloomberg Brief: Mergers Private equity investment declined 25% in value in the first quarter versus the same period last year. Private equity firms announced $77.3 billion of new purchases, compared to $103.3 billion last year. Buyout firms continued to cash out of investments, agreeing to sell companies worth a combined $72.5 billion, more than three times the level in the first quarter last year. The two largest deals were both by Singapore's state-owned investment fund Temasek Holdings Pte Ltd, which agreed to pay $9.4 billion for the Singapore-based commodities trading firm Olam International Ltd. and $5.6 billion for a 25% stake in A.S. Watson Holdings Ltd, the retailing subsidiary of Hong Kong's Hutchison Whampoa Ltd. Carlyle Group LP announced three $1 billion-plus acquisitions in the first quarter, all divisions of major corporations: Johnson & Johnson's Ortho Clinical Diagnostics business ($4.1 billion); Illinois Tool Works Inc's industrial packaging unit ($3.2 billion); and Tyco International Ltd's Korean fire and securities service division ($1.9 billion). Buyout firms continued to buy from one another. Six of the top 20 deals had private equity firms on both sides. There were fewer large deals: only 17 were worth $1 billion or more in the first quarter of 2014 compared to 24 last year, and there were only eight transactions valued at more than $2 billion versus 13 last year. Quarterly Highlights: Bloomberg Industries M&A Research Global M&A Review Q Global M&A Industry Review Run BI DEAL<GO> to access proprietary Bloomberg Industries' M&A Research. Run MA<GO> for Bloomberg's M&A deal database. 5

7 Global M&A Deal Review Aggregate Deal Statistics EBITDA multiples in Europe in the first quarter of 2014 were at their highest level since Societe de la Tour Eiffel, which was the target of a tender offer by Societe Mutuelle d'assurances, was the most expensive company by Transaction Value/EBITDA (52.6x) in the region. Cash continued to be the main form of payment in the majority (60%) of transactions this quarter. Stock payments increased in frequency, representing nearly 20% of payments compared to 10.28% in the same period last year. There were 5 deals with announced premiums in the range of % in the first quarter, up from zero a year ago. Public companies in Latin America attracted the highest average premium: 34.8% relative to the global average of 20.57%. There were 2 deals over $1 billion with announced premiums over 50%, the largest being Cosan SA's stock bid for rail company ALL-America Latina Logistica SA. Announced Deal Status (Volume in USD bil., Percent) , 18% 6.33, 1% 521.8, 81% Announced Deal Premiums (Volume in USD bil., Percent) 0.95, 0.27% (>75.01%) 9.09, 4% 25.91, 12% 78.08, 35% , 49% Pending Completed Terminated >75.01% % % % 0-10% Public Target Multiples Min - Max Median Market Cap x 1.33x Net Income x 22.32x Total Assets x 0.81x Net Income + Deprec x 15.18x EBIT x 14.44x Cashflow from Ops x 11.98x EBITDA x 9.48x Book Value x 1.89x Revenue x 1.21x Enterprise Value x 1.1x Payment Type Summary Volume (bil.) Percent Cash Stock Cash & Stock Undisclosed Cash, Stock & Debt Cash or Stock Cash & Debt Debt Stock & Debt Deal Type Summary Volume (bil.) Percent Company Takeover Cross Border Private Equity Asset Sale Additional Stake Purchase Minority Purchase Tender Offer Majority Purchase PE Buyout Private Placement Venture Capital Secondary Transaction Reverse Merger Other Global M&A Review Q

8 Global M&A Deal Review Top Deals by Target Region Americas APAC EMEA Target Name Acquirer Name Seller Name Total Value (mil.) Time Warner Cable Inc Comcast Corp 68, Forest Laboratories Inc Actavis plc 20, WhatsApp Inc Facebook Inc Sequoia Capital Operations LLC, Private Investor 18, Beam Inc Suntory Holdings Ltd 15, Safeway Inc Albertsons LLC 9, Emeritus Corp Brookdale Senior Living Inc 5, ALL - America Latina Logistica SA Cosan SA Industria e Comercio 4, Chrysler Group LLC Fiat SpA UAW Retiree Medical Benefits Trust 4, Ortho Clinical Diagnostics business Carlyle Group LP/The Johnson & Johnson 4, Physical commodities unit Mercuria Energy Group Ltd JPMorgan Chase & Co 3, Target Name Acquirer Name Seller Name Total Value (mil.) Greenland Holding Group Co Ltd Shanghai Jinfeng Investment Co Ltd 10, Olam International Ltd Temasek Holdings Pte Ltd 9, Oriental Brewery Co Ltd Anheuser-Busch InBev NV Affinity Equity Partners Ltd, KKR & Co LP 5, AS Watson Holdings Ltd Temasek Holdings Pte Ltd 5, STX Offshore & Shipbuilding Co Ltd Creditors 4, Cheil Industries Inc Samsung SDI Co Ltd 3, eaccess Ltd Yahoo Japan Corp SoftBank Corp 3, Australia Downstream Businesses Vitol Group of Cos Royal Dutch Shell PLC 2, Iowa China Offshore Holdings Hong Kong Ltd Bank of China Group Investments Ltd, Houp Investment Management Co Ltd, 2, Management Group Aurora Oil & Gas Ltd Baytex Energy Corp 2, Target Name Acquirer Name Seller Name Total Value (mil.) Societe Francaise du Radiotelephone SA Altice SA Vivendi SA 16, Ziggo NV Liberty Global PLC 11, Grupo Corporativo ONO SA Vodafone Group PLC CCMP Capital Advisors, Thomas H Lee Partners LP, Providence Equity Partners Inc, Quadrangle Group LLC 10, Scania AB Volkswagen AG 9, RWE Dea AG Alfa Group RWE AG 7, L'Oreal SA L'Oreal SA Nestle SA 4, Pohjola Bank PLC OP-Pohjola osk 4, Galderma Pharma SA Nestle SA L'Oreal SA 4, Bourbon SA Jaccar Holdings/LU 4, Nets Holding A/S ATP Private Equity, Bain Capital Partners LLC, Advent Internationa Corp Dansk Bank A/S, Nordea Bank AB, DNB ASA 3, Global M&A Review Q

9 Global M&A Activity Regional Breakdown by Target Region/Country VOLUME DEAL VOLUME USD (Mln) COUNT USD (Mln) DEAL COUNT VOLUME Americas $341,855 3,510 $240,943 3, % Latin America $22, $16, % North America $320,443 3,369 $226,069 2, % Canada $19, $19, % United States $298,019 2,948 $203,606 2, % EMEA $152,711 1,670 $160,592 1, % Eastern Europe $6, $24, % Western Europe $140,094 1,284 $117,694 1, % UK $19, $45, % Germany $19, $13, % France $34, $4, % Asia-Pacific ex-japan $127,323 1,340 $88,003 1, % Australia $16, $7, % New Zealand $1, $1, % China $45, $39, % Hong Kong $13, $3, % South East Asia $17, $12, % India $4, $3, % Japan $15, $14, % Global $637,873 7,035 $503,671 6, % 8

10 Global Announced Deals Ranked by Volume VOLUME DEAL Skadden Arps Slate Meagher & Flom LLP , Simpson Thacher & Bartlett LLP , White & Case LLP , Davis Polk & Wardwell , (0.9) Willkie Farr & Gallagher LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Weil Gotshal & Manges LLP , Latham & Watkins LLP , (3.6) Freshfields Bruckhaus Deringer LLP , (0.6) Stikeman Elliott LLP , (3.5) Kirkland & Ellis LLP , (2.3) Clifford Chance LLP , (0.4) Allen & Overy LLP , (1.3) Cleary Gottlieb Steen & Hamilton LLP , Wachtell Lipton Rosen & Katz , (8.2) Sullivan & Cromwell LLP , (6.7) Fried Frank Harris Shriver & Jacobson LLP , (1.7) Nishimura & Asahi , Fenwick & West LLP , Sidley Austin LLP , TOTAL $637,873 7,035 $503,671 9

11 Global Announced Deals Ranked by Deal Count VOLUME DEAL Jones Day LP , (4.5) Kirkland & Ellis LLP , (2.3) Allen & Overy LLP , (1.3) Latham & Watkins LLP , (3.6) DLA Piper LLP , Skadden Arps Slate Meagher & Flom LLP , Freshfields Bruckhaus Deringer LLP , (0.6) O'Melveny & Myers LLP , (8.8) White & Case LLP , Clifford Chance LLP , (0.4) Mori Hamada & Matsumoto , Davis Polk & Wardwell , (0.9) Lee & Ko , (0.7) Fenwick & West LLP , Nagashima Ohno & Tsunematsu , (0.6) Simpson Thacher & Bartlett LLP , Stikeman Elliott LLP , (3.5) Linklaters LLP , (2.7) Weil Gotshal & Manges LLP , Sidley Austin LLP , TOTAL $637,873 7,035 $503,671 *Tables based on deal count, then volume. Market share based on deal volume. 10

12 Global Announced Deals - Counsel to Principals Ranked by Volume VOLUME DEAL Skadden Arps Slate Meagher & Flom LLP , Willkie Farr & Gallagher LLP , Davis Polk & Wardwell , Paul Weiss Rifkind Wharton & Garrison LLP , Weil Gotshal & Manges LLP , Freshfields Bruckhaus Deringer LLP , (0.2) Latham & Watkins LLP , Stikeman Elliott LLP , (3.5) Clifford Chance LLP , Allen & Overy LLP , (1.3) Wachtell Lipton Rosen & Katz , (7.9) Cleary Gottlieb Steen & Hamilton LLP , Simpson Thacher & Bartlett LLP , (1.0) Nishimura & Asahi , Fenwick & West LLP , Sidley Austin LLP , Hogan Lovells , (2.0) Kirkland & Ellis LLP , (5.2) Ropes & Gray LLP , (3.0) Sullivan & Cromwell LLP , (1.8) TOTAL $637,873 7,035 $503,671 11

13 Global Announced Deals - Counsel to Principals Ranked by Deal Count VOLUME DEAL Jones Day LP , (1.6) Kirkland & Ellis LLP , (5.2) Allen & Overy LLP , (1.3) Latham & Watkins LLP , DLA Piper LLP , Freshfields Bruckhaus Deringer LLP , (0.2) Skadden Arps Slate Meagher & Flom LLP , Clifford Chance LLP , O'Melveny & Myers LLP , (0.1) Mori Hamada & Matsumoto , Lee & Ko , (0.7) Fenwick & West LLP , Nagashima Ohno & Tsunematsu , (0.6) Stikeman Elliott LLP , (3.5) White & Case LLP , (0.8) Linklaters LLP , (2.9) Sidley Austin LLP , Kim & Chang , Morgan Lewis & Bockius LLP , (0.6) Simpson Thacher & Bartlett LLP , (1.0) TOTAL $637,873 7,035 $503,671 *Tables based on deal count, then volume. Market share based on deal volume. 12

14 Cross Border Announced Deals Ranked by Volume VOLUME DEAL Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , Cleary Gottlieb Steen & Hamilton LLP , Kirkland & Ellis LLP , White & Case LLP , Sullivan & Cromwell LLP , Skadden Arps Slate Meagher & Flom LLP , Simpson Thacher & Bartlett LLP , Nishimura & Asahi , Davis Polk & Wardwell , Sidley Austin LLP , Allen & Overy LLP , (5.9) Weil Gotshal & Manges LLP , Stikeman Elliott LLP , Ropes & Gray LLP , (7.7) Roschier Attorneys Ltd , Stibbe , DLA Piper LLP , Loyens & Loeff NV , NautaDutilh NV , TOTAL $248,358 2,239 $195,168 13

15 Global Private Equity Announced Deals Ranked by Volume VOLUME DEAL Weil Gotshal & Manges LLP , Freshfields Bruckhaus Deringer LLP , (9.1) Fenwick & West LLP , Clifford Chance LLP , (5.2) Latham & Watkins LLP , (7.5) Simpson Thacher & Bartlett LLP , (10.9) Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , (22.8) DLA Piper LLP , Garrigues Abogados , Kim & Chang , Stikeman Elliott LLP , (38.8) Sullivan & Cromwell LLP , (30.8) Cravath Swaine & Moore LLP , Davis Polk & Wardwell , (41.3) Wilson Sonsini Goodrich & Rosati PC , Ropes & Gray LLP , Debevoise & Plimpton LLP , (15.3) Linklaters LLP , White & Case LLP , (14.5) TOTAL $159,919 1,593 $106,563 14

16 United States Announced Deals Any Involvement, Ranked by Volume VOLUME DEAL Skadden Arps Slate Meagher & Flom LLP , Simpson Thacher & Bartlett LLP , White & Case LLP , Davis Polk & Wardwell , (4.7) Willkie Farr & Gallagher LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Weil Gotshal & Manges LLP , (0.8) Latham & Watkins LLP , (8.3) Kirkland & Ellis LLP , (5.4) Stikeman Elliott LLP , (8.1) Wachtell Lipton Rosen & Katz , (16.9) Cleary Gottlieb Steen & Hamilton LLP , Fried Frank Harris Shriver & Jacobson LLP , (3.5) Freshfields Bruckhaus Deringer LLP , (6.4) Fenwick & West LLP , Sidley Austin LLP , Cravath Swaine & Moore LLP , (5.1) Sullivan & Cromwell LLP , (15.3) Nishimura & Asahi , Hogan Lovells , (4.2) TOTAL $356,263 3,558 $264,291 15

17 United States Announced Deals Any Involvement, Ranked by Deal Count VOLUME DEAL Jones Day LP , (4.7) Kirkland & Ellis LLP , (5.4) Latham & Watkins LLP , (8.3) O'Melveny & Myers LLP , (17.2) Skadden Arps Slate Meagher & Flom LLP , Fenwick & West LLP , Simpson Thacher & Bartlett LLP , Sidley Austin LLP , DLA Piper LLP , Davis Polk & Wardwell , (4.7) Morgan Lewis & Bockius LLP , (0.6) Weil Gotshal & Manges LLP , (0.8) White & Case LLP , Vinson & Elkins LLP , (2.1) Ropes & Gray LLP , (9.2) Dechert LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Stikeman Elliott LLP , (8.1) Morrison & Foerster LLP , Allen & Overy LLP (2.5) TOTAL $356,263 3,558 $264,291 *Tables based on deal count, then volume. Market share based on deal volume. 16

18 US Announced Deals - Counsel to Principals Any Involvement, Ranked by Volume VOLUME DEAL Skadden Arps Slate Meagher & Flom LLP , Willkie Farr & Gallagher LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Davis Polk & Wardwell , Weil Gotshal & Manges LLP , Latham & Watkins LLP , Stikeman Elliott LLP , (8.1) Wachtell Lipton Rosen & Katz , (16.3) Cleary Gottlieb Steen & Hamilton LLP , Freshfields Bruckhaus Deringer LLP , (6.1) Fenwick & West LLP , Simpson Thacher & Bartlett LLP , (3.3) Sidley Austin LLP , Kirkland & Ellis LLP , (10.6) Nishimura & Asahi , Sullivan & Cromwell LLP , (3.2) Cravath Swaine & Moore LLP , Hogan Lovells , (4.2) Clifford Chance LLP , (3.1) DLA Piper LLP , TOTAL $356,263 3,558 $264,291 17

19 US Announced Deals - Counsel to Principals Any Involvement, Ranked by Deal Count VOLUME DEAL Jones Day LP , (3.1) Kirkland & Ellis LLP , (10.6) Latham & Watkins LLP , Fenwick & West LLP , Skadden Arps Slate Meagher & Flom LLP , O'Melveny & Myers LLP , (0.6) Sidley Austin LLP , DLA Piper LLP , Morgan Lewis & Bockius LLP , (0.6) Simpson Thacher & Bartlett LLP , (3.3) Weil Gotshal & Manges LLP , Vinson & Elkins LLP , (0.4) Ropes & Gray LLP , (9.2) Dechert LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Stikeman Elliott LLP , (8.1) Morrison & Foerster LLP , Davis Polk & Wardwell , Allen & Overy LLP (2.5) Willkie Farr & Gallagher LLP , TOTAL $356,263 3,558 $264,291 *Tables based on deal count, then volume. Market share based on deal volume. 18

20 Canada Announced Deals Any Involvement, Ranked by Volume VOLUME DEAL Skadden Arps Slate Meagher & Flom LLP , Osler Hoskin & Harcourt LLP , (4.1) Stikeman Elliott LLP , Torys LLP , (14.4) Norton Rose Fulbright LLP , Gowling Lafleur Henderson LLP , Davies Ward Phillips & Vineberg LLP , (7.9) Neal Gerber & Eisenberg LLP , Freshfields Bruckhaus Deringer LLP , Bennett Jones LLP , Cassels Brock & Blackwell LLP , (13.0) Allen & Overy LLP , (0.8) Paul Weiss Rifkind Wharton & Garrison LLP , (7.6) Burnet Duckworth & Palmer LLP , Gilbert + Tobin , Davis Graham & Stubbs LLP , Vinson & Elkins LLP , Davis Polk & Wardwell , A&L Goodbody Solicitors , (0.8) Kaye Scholer LLP , TOTAL $38, $35,781 19

21 Canada Announced Deals Any Involvement, Ranked by Deal Count VOLUME DEAL Stikeman Elliott LLP , Gowling Lafleur Henderson LLP , Osler Hoskin & Harcourt LLP , (4.1) Blake Cassels & Graydon LLP , (14.2) Skadden Arps Slate Meagher & Flom LLP , Torys LLP , (14.4) Norton Rose Fulbright LLP , McCarthy Tetrault LLP , (14.0) Davies Ward Phillips & Vineberg LLP , (7.9) Bennett Jones LLP , Allen & Overy LLP , (0.8) Kirkland & Ellis LLP (2.2) O'Melveny & Myers LLP (0.2) Dentons US LLP (0.1) Cassels Brock & Blackwell LLP , (13.0) Mayer Brown LLP Borden Ladner Gervais LLP (0.3) Sidley Austin LLP (0.7) Jones Day LP (4.6) Neal Gerber & Eisenberg LLP , TOTAL $38, $35,781 *Tables based on deal count, then volume. Market share based on deal volume. 20

22 Brazil Announced Deals Any Involvement, Ranked by Volume VOLUME DEAL Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogados , Souza Cescon Barrieu & Flesch Advogados , Simpson Thacher & Bartlett LLP , Pinheiro Neto Advogados , Cleary Gottlieb Steen & Hamilton LLP , Claro y Cia , Posse Herrera & Ruiz , Wachtell Lipton Rosen & Katz , Morrison & Foerster LLP , Demarest Advogados , Baker Botts LLP , Stibbe , Barbosa Mussnich & Aragao (10.2) Kirkland & Ellis LLP White & Case LLP Jones Day LP (0.2) Tozzini Freire Teixeira E Silva (5.9) Stocche Forbes Padis Filizzola e Clapis Advogados (4.5) Vinson & Elkins LLP Lobo & Rizzo Advogados TOTAL $17, $6,178 21

23 Europe Announced Deals Any Involvement, Ranked by Volume VOLUME DEAL Freshfields Bruckhaus Deringer LLP , Allen & Overy LLP , Clifford Chance LLP , Sullivan & Cromwell LLP , Simpson Thacher & Bartlett LLP , Davis Polk & Wardwell , Roschier Attorneys Ltd , DLA Piper LLP , Weil Gotshal & Manges LLP , Stibbe , Ropes & Gray LLP , (6.4) Loyens & Loeff NV , NautaDutilh NV , Slaughter & May , Garrigues Abogados , Mannheimer Swartling Advokatbyra AB , Hengeler Mueller , Skadden Arps Slate Meagher & Flom LLP , Hannes Snellman Advokatbyra Ab/FI , Latham & Watkins LLP , (7.8) TOTAL $188,363 2,029 $196,320 22

24 Europe Announced Deals Any Involvement, Ranked by Deal Count VOLUME DEAL Jones Day LP , (5.9) Allen & Overy LLP , Freshfields Bruckhaus Deringer LLP , DLA Piper LLP , Linklaters LLP , (7.8) Clifford Chance LLP , Latham & Watkins LLP , (7.8) White & Case LLP , (3.1) CMS (1.1) Baker & McKenzie LLP , (6.6) Loyens & Loeff NV , Kirkland & Ellis LLP , Noerr Stiefenhofer Lutz , Dentons US LLP , Slaughter & May , Travers Smith , Herbert Smith Freehills LLP , (4.1) A&L Goodbody Solicitors , (1.9) Squire Sanders US LLP , Shearman & Sterling LLP , (12.5) TOTAL $188,363 2,029 $196,320 *Tables based on deal count, then volume. Market share based on deal volume. 23

25 Europe Announced Deals - Counsel to Principals Any Involvement, Ranked by Volume VOLUME DEAL Freshfields Bruckhaus Deringer LLP , Allen & Overy LLP , Clifford Chance LLP , Roschier Attorneys Ltd , DLA Piper LLP , Weil Gotshal & Manges LLP , Stibbe , Ropes & Gray LLP , (6.4) Loyens & Loeff NV , Sullivan & Cromwell LLP , Simpson Thacher & Bartlett LLP , Slaughter & May , Davis Polk & Wardwell , Garrigues Abogados , Mannheimer Swartling Advokatbyra AB , Hengeler Mueller , Skadden Arps Slate Meagher & Flom LLP , Hannes Snellman Advokatbyra Ab/FI , Latham & Watkins LLP , Kim & Chang , TOTAL $188,363 2,029 $196,320 24

26 Europe Announced Deals - Counsel to Principals Any Involvement, Ranked by Deal Count VOLUME DEAL Jones Day LP , (0.5) Allen & Overy LLP , Freshfields Bruckhaus Deringer LLP , DLA Piper LLP , Clifford Chance LLP , Linklaters LLP , (8.4) Latham & Watkins LLP , White & Case LLP , (3.0) CMS (1.1) Baker & McKenzie LLP , (6.6) Loyens & Loeff NV , Kirkland & Ellis LLP , Noerr Stiefenhofer Lutz , Dentons US LLP , Slaughter & May , Herbert Smith Freehills LLP , (4.1) A&L Goodbody Solicitors , (1.9) Squire Sanders US LLP , Shearman & Sterling LLP , (12.5) Olswang , (0.2) TOTAL $188,363 2,029 $196,320 *Tables based on deal count, then volume. Market share based on deal volume. 25

27 United Kingdom Announced Deals Any Involvement, Ranked by Volume VOLUME DEAL Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , Allen & Overy LLP , Ropes & Gray LLP , (16.4) Weil Gotshal & Manges LLP , Loyens & Loeff NV , NautaDutilh NV , Stibbe , DLA Piper LLP , Garrigues Abogados , Linklaters LLP , Skadden Arps Slate Meagher & Flom LLP , Hogan Lovells , Latham & Watkins LLP , (28.5) Slaughter & May , (2.7) Cleary Gottlieb Steen & Hamilton LLP , Stikeman Elliott LLP , Gilbert + Tobin , White & Case LLP , Herbert Smith Freehills LLP , (5.3) TOTAL $64, $64,326 26

28 United Kingdom Announced Deals Any Involvement, Ranked by Deal Count VOLUME DEAL Jones Day LP , DLA Piper LLP , Allen & Overy LLP , Freshfields Bruckhaus Deringer LLP , Linklaters LLP , Clifford Chance LLP , Latham & Watkins LLP , (28.5) Travers Smith Olswang Slaughter & May , (2.7) White & Case LLP , Herbert Smith Freehills LLP , (5.3) CMS (0.8) Squire Sanders US LLP MacFarlanes Ltd , A&L Goodbody Solicitors , Dentons US LLP , Kirkland & Ellis LLP (4.3) Weil Gotshal & Manges LLP , Skadden Arps Slate Meagher & Flom LLP , TOTAL $64, $64,326 *Tables based on deal count, then volume. Market share based on deal volume. 27

29 Germany Announced Deals Any Involvement, Ranked by Deal Count VOLUME DEAL Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , Noerr Stiefenhofer Lutz , Jones Day LP (3.7) Allen & Overy LLP (11.6) Hengeler Mueller , CMS (2.6) Linklaters LLP (11.3) Mannheimer Swartling Advokatbyra AB , White & Case LLP , (6.2) Dentons US LLP Roschier Attorneys Ltd , Latham & Watkins LLP , Thompson Hine LLP , Ashurst LLP , Advokatfirman Vinge KB DLA Piper LLP SORAINEN McDermott Will & Emery Morrison & Foerster LLP TOTAL $34, $25,034 *Tables based on deal count, then volume. Market share based on deal volume. 28

30 France Announced Deals Any Involvement, Ranked by Deal Count VOLUME DEAL Jones Day LP (5.5) CMS (6.3) Allen & Overy LLP , Clifford Chance LLP , Bredin Prat , (31.0) Latham & Watkins LLP , (0.3) Freshfields Bruckhaus Deringer LLP (41.8) Mayer Brown LLP (2.2) Paul Hastings LLP , De Pardieu Brocas Maffei Shearman & Sterling LLP (13.7) Dentons US LLP Uria Menendez Abogados SLP Willkie Farr & Gallagher LLP (4.1) White & Case LLP (5.2) Dechert LLP Kramer Levin Naftalis & Frankel LLP Linklaters LLP (7.3) Olswang (4.3) Akin Gump Strauss Hauer & Feld LLP TOTAL $45, $16,062 *Tables based on deal count, then volume. Market share based on deal volume. 29

31 Italy Announced Deals Any Involvement, Ranked by Deal Count VOLUME DEAL Allen & Overy LLP Simpson Thacher & Bartlett LLP , Shearman & Sterling LLP Hogan Lovells Davis Polk & Wardwell , Skadden Arps Slate Meagher & Flom LLP , Sullivan & Cromwell LLP , Cleary Gottlieb Steen & Hamilton LLP Linklaters LLP (23.1) JIPYONG Kim & Chang Global Leisure Partners LLP Portolano Cavallo Studio Legale (0.1) BLF Studio Legale Dechert LLP Dentons US LLP Jones Day LP Kramer Levin Naftalis & Frankel LLP Mori Hamada & Matsumoto Simmons & Simmons LLP TOTAL $10, $17,462 *Tables based on deal count, then volume. Market share based on deal volume. 30

32 Benelux Announced Deals Any Involvement, Ranked by Deal Count VOLUME DEAL Allen & Overy LLP , Loyens & Loeff NV , DLA Piper LLP (0.5) Freshfields Bruckhaus Deringer LLP , NautaDutilh NV , Stibbe , Clifford Chance LLP , (3.5) De Brauw Blackstone Westbroek NV (29.0) Linklaters LLP (16.0) Houthoff Buruma (0.1) Jones Day LP (22.3) Hogan Lovells , Kim & Chang , Gilbert + Tobin , White & Case LLP (3.7) Olswang O'Melveny & Myers LLP Baker & McKenzie LLP (9.6) Akin Gump Strauss Hauer & Feld LLP Mayer Brown LLP (1.4) TOTAL $51, $47,028 *Tables based on deal count, then volume. Market share based on deal volume. 31

33 Iberia Announced Deals Any Involvement, Ranked by Deal Count VOLUME DEAL Uria Menendez Abogados SLP (10.0) Cuatrecasas Goncalves Pereira (8.3) Gomez-Acebo & Pombo Abogados SLP (6.3) Clifford Chance LLP , Jones Day LP DLA Piper LLP , Freshfields Bruckhaus Deringer LLP , Garrigues Abogados , Baker & McKenzie LLP Perez-Llorca (0.9) Morrison & Foerster LLP Allen & Overy LLP (0.2) Weil Gotshal & Manges LLP , Bredin Prat Covington & Burling LLP Olswang Arnold & Porter LLP Burges Salmon LLP King & Spalding LLP LAWIN TOTAL $15, $12,270 *Tables based on deal count, then volume. Market share based on deal volume. 32

34 Nordic Announced Deals Any Involvement, Ranked by Deal Count VOLUME DEAL Roschier Attorneys Ltd , Mannheimer Swartling Advokatbyra AB , Advokatfirman Vinge KB (7.8) Hannes Snellman Advokatbyra Ab/FI , Advokatfirmaet Schjodt AS (0.5) White & Case LLP (20.1) Jones Day LP (1.3) Clifford Chance LLP , Allen & Overy LLP Dentons US LLP LAWIN (2.4) Stikeman Elliott LLP (0.5) Sidley Austin LLP Gernandt & Danielsson (15.4) Baker & McKenzie LLP (5.5) Tozzini Freire Teixeira E Silva Cleary Gottlieb Steen & Hamilton LLP Olswang Linklaters LLP (2.7) Paul Weiss Rifkind Wharton & Garrison LLP TOTAL $26, $19,260 *Tables based on deal count, then volume. Market share based on deal volume. 33

35 Eastern Europe Announced Deals Any Involvement, Ranked by Deal Count VOLUME DEAL Raidla Lejins & Norcous (2.8) LAWIN Allen & Overy LLP (6.9) Dentons US LLP White & Case LLP , (1.7) Clifford Chance LLP , (2.2) SORAINEN (3.2) Herbert Smith Freehills LLP CMS (1.6) Slaughter & May , Freshfields Bruckhaus Deringer LLP , Hengeler Mueller , De Brauw Blackstone Westbroek NV , (6.5) Linklaters LLP (6.4) Squire Sanders US LLP Morgan Lewis & Bockius LLP (4.2) Noerr Stiefenhofer Lutz Jones Day LP Latham & Watkins LLP Hannes Snellman Advokatbyra Ab/FI TOTAL $14, $33,564 *Tables based on deal count, then volume. Market share based on deal volume. 34

36 Asia Pacific Ex-Japan Announced Deals Any Involvement, Ranked by Volume VOLUME DEAL Freshfields Bruckhaus Deringer LLP , Skadden Arps Slate Meagher & Flom LLP , Clifford Chance LLP , Simpson Thacher & Bartlett LLP , Kim & Chang , Sullivan & Cromwell LLP , Cleary Gottlieb Steen & Hamilton LLP , Stikeman Elliott LLP , Bae Kim & Lee , Herbert Smith Freehills LLP , (4.1) Gilbert + Tobin , Weil Gotshal & Manges LLP , Kirkland & Ellis LLP , Lee & Ko , (3.7) Allens , Vinson & Elkins LLP , Davis Polk & Wardwell , Baker & McKenzie LLP , (3.2) Lexcel Partners Attorney-at-Law , AZB & Partners , TOTAL $156,374 1,628 $110,540 35

37 Asia Pacific Ex-Japan Announced Deals Any Involvement, Ranked by Deal Count VOLUME DEAL Lee & Ko , (3.7) Kim & Chang , Allen & Overy LLP , (0.6) Bae Kim & Lee , Herbert Smith Freehills LLP , (4.1) Skadden Arps Slate Meagher & Flom LLP , Baker & McKenzie LLP , (3.2) Minter Ellison , Shin & Kim (3.9) King & Wood Mallesons (6.3) Freshfields Bruckhaus Deringer LLP , Kirkland & Ellis LLP , AZB & Partners , Jones Day LP , (0.6) Amarchand Mangaldas & Suresh A Shroff & Co (0.2) Clifford Chance LLP , Allens , Davis Polk & Wardwell , O'Melveny & Myers LLP , Corrs Chambers Westgarth (0.1) TOTAL $156,374 1,628 $110,540 *Tables based on deal count, then volume. Market share based on deal volume. 36

38 Australia & New Zealand Announced Deals Any Involvement, Ranked by Deal Count VOLUME DEAL Minter Ellison , (0.7) King & Wood Mallesons (29.1) Herbert Smith Freehills LLP , (4.7) Baker & McKenzie LLP , (7.4) Allens , Allen & Overy LLP Corrs Chambers Westgarth (1.8) Gilbert + Tobin , Ashurst LLP , DLA Piper LLP Clifford Chance LLP , Norton Rose Fulbright LLP , MacFarlanes Ltd , Sullivan & Cromwell LLP Linklaters LLP (1.2) Willkie Farr & Gallagher LLP Jones Day LP Skadden Arps Slate Meagher & Flom LLP , Burnet Duckworth & Palmer LLP , Davies Ward Phillips & Vineberg LLP , TOTAL $23, $10,427 *Tables based on deal count, then volume. Market share based on deal volume. 37

39 Japan Announced Deals Any Involvement, Ranked by Deal Count VOLUME DEAL Mori Hamada & Matsumoto , Nagashima Ohno & Tsunematsu , (13.1) Nishimura & Asahi , Anderson Mori & Tomotsune (13.0) Jones Day LP (0.1) Kim & Chang Miyakezaka Sogo Law Offices , Linklaters LLP (8.1) Morrison & Foerster LLP (0.9) O'Melveny & Myers LLP (0.1) White & Case LLP , Sidley Austin LLP , Kirkland & Ellis LLP , Rajah & Tann (0.2) Mayer Brown LLP Shearman & Sterling LLP (0.2) Lee & Ko Bae Kim & Lee Kitahama Partners (0.5) Herbert Smith Freehills LLP (1.0) TOTAL $35, $24,185 *Tables based on deal count, then volume. Market share based on deal volume. 38

40 China Announced Deals Any Involvement, Ranked by Volume VOLUME DEAL Skadden Arps Slate Meagher & Flom LLP , Cleary Gottlieb Steen & Hamilton LLP , Stikeman Elliott LLP , Weil Gotshal & Manges LLP , Davis Polk & Wardwell , Zhong Lun Law Firm , Hogan Lovells , AZB & Partners , Cravath Swaine & Moore LLP , Lexcel Partners Attorney-at-Law , Vinson & Elkins LLP , Tian Yuan Law Firm , Han Kun Law Office , Freshfields Bruckhaus Deringer LLP , (1.0) DLA Piper LLP , Kirkland & Ellis LLP , Grandall Legal Group , Wilson Sonsini Goodrich & Rosati PC , Simpson Thacher & Bartlett LLP , O'Melveny & Myers LLP , TOTAL $62, $51,429 39

41 Hong Kong Announced Deals Any Involvement, Ranked by Volume VOLUME DEAL Freshfields Bruckhaus Deringer LLP , Kim & Chang , Simpson Thacher & Bartlett LLP , Sullivan & Cromwell LLP , Clifford Chance LLP , Nishimura & Asahi , Wilson Sonsini Goodrich & Rosati PC , Weil Gotshal & Manges LLP , Vinson & Elkins LLP , Nagashima Ohno & Tsunematsu , O'Melveny & Myers LLP Akin Gump Strauss Hauer & Feld LLP Conyers Dill & Pearman Fenwick & West LLP Grandall Legal Group Maples & Calder/Cayman Islands Shearman & Sterling LLP Skadden Arps Slate Meagher & Flom LLP Davis Polk & Wardwell Allen & Gledhill (17.1) TOTAL $29, $9,483 40