GLOBAL LEGAL ADVISORY MERGERS & ACQUISITIONS RANKINGS Q3 2013

Transcription

1 GLOBAL LEGAL ADVISORY MERGERS & ACQUISITIONS INGS 2013

2 Table of Contents 1. Introduction 2. Global Market Commentary 8. Global M&A Activity 9. Global Announced Deals 10. Global Announced Deals 13. Cross Border Announced Deals 14. Global Private Equity Announced Deals 44. Disclaimer Bloomberg rd Quarter Mergers & Acquisitions Legal Advisory Rankings The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalizations 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 DealSpace & DealBrief newsletters provide summary highlights of weekly M&A activity and top deal trends. 10/01/2013 Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. Type MA <GO> 96 <GO> 42 <GO> to view live rankings. For data submissions or queries, please contact: North America EMEA Asia Pacific LATAM Contact Phone Fax Eshani Gupte egupte@bloomberg.net Paula Cook-Dinan pcookdinan1@bloomberg.net Devanshi Desai dparekh10@bloomberg.net Fernando Simon fsimon5@bloomberg.net General M&A queries may be submitted to: m-a@bloomberg.net For 24 hour global customer support call or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service. 1

3 Regional Deal Activity M&A activity among US companies increased 33% year-over-year in the third quarter. Deal making by total value in the region equated to nearly half of global activity this quarter. The figure was boosted by the sale of Vodafone PLC s 45% stake in its joint venture with Verizon Communications, which accounted for 20% of overall global activity. Despite an 18% decrease in activity from the previous year, companies based in China were among the most acquisitive by value in the third quarter. Deal value in Japan decreased by more than 55% year-over-year, representing less than half of China's activity this quarter. Deal-making in France increased by 115% in the third quarter. Coupled with deals in the UK and increased activity in Germany, Europe saw an overall increase in M&A of more than 30%. Industry Sector Deal Activity Communications was the most targeted industry in terms of deal value and constituted 35% of overall volume, a figure that was largely attributable to Verizon's $130.1 billion acquisition in early September. The biggest deal of the year and the third largest on record, the sale marked Vodafone s exit from the US market and made up 54% of all Communications M&A activity in the third quarter. In the Technology industry, activity was at a five-year high both in terms of total value and deal count, up 106% and 17% from last quarter, respectively. Buyers paid the highest premiums in the Technology and Basic Materials industries (33% and 31% respectively) compared to the overall average of 23%. Within the Basic Materials industry, investment companies were the top buyers, accounting for over 10% of overall activity. The biggest deal in Basic Materials this quarter was Packaging Corp of America's acquisition of Boise Inc for almost $2 billion. The top target industry for private equity deals by deal volume was Retail Department Stores, attributable to the sale of The Neiman Marcus Group Inc. to Ares Management LLC and Canada Pension Plan for $6 billion. Telecom services came in second with a total value of $4.8 billion, consisting of 4 deals. Aside from several headline-grabbing acquisitions, activity by private equity firms in terms of volume was the lowest since the first quarter of Global Review Total Volume by Industry: 2013 Financial 18% Communications 35% Consumer Non-cyclical 11% Diversified 1% Technology 4% Consumer Cyclical 10% Industrial 7% Energy 7% Utilities 3% Basic Materials 3% Heat Map: 2013 Volume by Region North America 42% Western Europe 35% Asia Pacific 14% Latin America & Caribbean 5% Middle East & Africa 2% Eastern Europe 2% * All 2013 numbers as of September 30, MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO> 2

4 Global M&A Quarterly Volume Notable Highlights Global Review Global M&A activity rose by 18% to $685 billion from the second quarter of 2013 and by 36% from the same period last year. The global deal count this quarter was 6,554 as opposed to 6,307 last quarter, and the average deal size also rose by 13%. Aggregate deal making activity was highest in the Americas, which made up 48% of global volume. M&A activity in Asia Pacific was down 12% compared to last quarter. In contrast, total deal volume in EMEA increased 113% from the third quarter of 2012 to $382 billion, the highest volume the region has seen in the last 5 years. Americas M&A Quarterly Volume Deal Count Volume Deal Count Total Volume (USD Mln) Deal Count Volume Deal Count e Total Volume (USD Mln) EMEA M&A Quarterly Volume APAC M&A Quarterly Volume Volume Deal Count Volume Deal Count Deal Count Total Volume (USD Mln) Deal Count Total Volume (USD Mln) *All Total Value figures in USD millions. * All 2013 numbers as of September 30, 2013 MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO> 3

5 Global Review Notable Highlights The majority of deal making occurred in the mid-market range (below $500 million), constituting about 97% of the total volume for the quarter. Only six mega-deals (over $10 billion) were brokered in the last three months, in line with the five-year average. Total volume of mega-deals was up, however, by 79% compared to the second quarter (excluding the Vodafone-Verizon deal). Cash continued to be the preferred payment method, used in 53% of transactions. Buyers paid with a hybrid payment of cash and stock in 8% of transactions, a 50% increase compared to the same period last year. Announced premiums in the mid-range increased this quarter, with 21% of deals producing a premium of between 25-50% compared to about 17% in the same period last year Global M&A Aggregate Statistics Public Target Multiples # Deals Min - Max Median Deal Type Summary # Deals Volume Percent Total Assets Company Takeover B Revenue Cross Border B Stockholder Eqty Asset sale B Book Value Minority purchase B 7.15 Market Cap Private Equity B 9.74 Enterprise Value Additional Stake Purchase B Net Income + Deprec Venture Capital B 1.47 EBIT Majority purchase B 6.73 Net Income Joint Venture B 3.48 Cashflow from Ops Private Placement B 1.73 EBITDA Tender Offer B 6.64 Income B/F XO Leveraged Buyout B 2.9 Free Cashflow Spin-off M 0.04 Payment Type Summary # Deals Volume Percent Premiums Paid # Deals Volume Percent Cash B % B 4.67 Stock B % B Cash & Stock B % B Cash & Debt B % B 1.01 Cash or Stock B 3.3 >100% B 1.50 Debt M 0.1 Undisclosed B 4.5 Current Status # Deals Volume Percent Pending B Deal Size Breakdown # Deals Volume Percent Completed B M B 96.8 Terminated B M B M B 1.2 Current Premium # Deals Volume Percent ,000M B % B > 10,000M B % B 0.36 MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO> 4

6 Summary Number of Deals 3782 Volume B Average Deal Size M Average Premium 34.19% Most Acquisitive Company Acquirer The Carlyle Group Number of Deals 11 Volume 47.19M Average Deal Size 47.19M INDUSTRY Americas Notable Highlights COUNTRY Global Review Announce Date Target Name Acquirer Name Total Value (mil.) 02/09/2013 Cellco Partnership Verizon Communications Inc $130, /08/2013 Koninklijke KPN NV America Movil SAB de CV $22, /07/2013 Omnicom Group Inc Publicis Groupe SA $19, /07/2013 Shoppers Drug Mart Corp Loblaw Cos Ltd $13, /07/2013 Health Management Associates Inc Community Health Systems Inc $7, /09/2013 Nokia's Devices & Serv business Microsoft Corp $7, /09/2013 Molex Inc Koch Industries Inc $6, /09/2013 Tokyo Electron Ltd Applied Materials Inc $6, /07/2013 Elan Corp PLC Perrigo Co $6, /09/2013 Neiman Marcus Group Inc/The CPPIB,Ares Management LLC $6,000.0 TOP ACQUIRERS TOP ACQUIRERS Telephone-Integrated $ U.S. $ Cellular Telecom $24.23 Canada $36.10 Advertising Services $20.04 Mexico $28.67 Oil Comp-Explor&Prodtn $17.47 France $24.59 Food-Retail $16.33 China $11.63 TOP TARGETS TOP TARGETS Cellular Telecom $ U.S. $ Telephone-Integrated $22.70 Canada $27.97 Real Estate Oper/Development $20.58 Netherlands $24.06 Advertising Agencies $19.50 Brazil $14.04 Oil Comp-Explor&Prodtn $17.50 Japan $ * All 2013 numbers as of September 30, 2013 $- $20 $40 $60 $80 $100 $120 $140 $160 Total Volume (USD Bln) $- $50 $100 $150 $200 $250 $300 $350 $400 Total Volume (USD Bln) MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO> 5

7 INDUSTRY EMEA Notable Highlights COUNTRY Global Review Summary Announce Date Target Name Acquirer Name Total Value (mil.) Number of Deals /09/2013 Cellco Partnership Verizon Communications Inc $130, /07/2013 French Republic Caisse des Depots et Consignations $23,361.3 Volume B 09/08/2013 Koninklijke KPN NV America Movil SAB de CV $22,695.4 Average Deal Size M 28/07/2013 Omnicom Group Inc Publicis Groupe SA $19,223.5 Average Premium 14.88% 23/07/2013 E-Plus Mobilfunk GmbH & Co KG Telefonica Deutschland Holding AG $10,701.7 Most Acquisitive Company 03/09/2013 Nokia's Devices & Services Microsoft Corp $7,165.0 Acquirer WPP PLC 29/07/2013 Elan Corp PLC Perrigo Co $6,199.3 Number of Deals 15 26/07/2013 Activision Blizzard Inc Activision Blizzard Inc $5,830.0 Volume Undisclosed 06/09/2013 MIP Tow er Holdings LLC American Tow er Corp $4,800.0 Average Deal Size Undisclosed 20/08/2013 GSW Immobilien AG Deutsche Wohnen AG $4,741.6 TOP ACQUIRERS TOP ACQUIRERS Telephone - Integrated $ U.S. $ Sovereign $27.47 France $61.10 Cellular Telecom $26.73 Germany $28.55 Sovereign Agency $23.39 Mexico $22.74 Advertising Services $19.22 U.K. $18.85 TOP TARGETS TOP TARGETS Cellular Telecom $ U.S. $ Telephone - Integrated $34.00 U.K. $34.57 Finance - Commercial $23.44 France $28.90 Advertising Agencies $19.23 Netherlands $28.21 Medical-Drugs $9.39 Germany $ * All 2013 numbers as of September 30, 2013 $- $20 $40 $60 $80 $100 $120 $140 $160 Total Volume (USD Bln) $- $50 $100 $150 $200 Total Volume (USD Bln) MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO> 6

8 Summary Number of Deals 2148 Volume B Average Deal Size 96.91M Average Premium 24.14% Most Acquisitive Company Acquirer Shunfeng Photo Intl Number of Deals 10 Volume 3.51M Average Deal Size k INDUSTRY APAC Notable Highlights COUNTRY Global Review Announce Date Target Name Acquirer Name Total Value (mil.) 24/09/2013 Tokyo Electron Ltd Applied Materials Inc $6, /07/2013 Bank of Ayudhya PCL Mitsubishi UFJ Fin Group Inc $5, /09/2013 Beijing Xinw ei Telecom TechCo Ltd Beijing Zhongchuang Telecom Test Co Ltd $4, /09/2013 Grohe Group SARL LIXIL Group, Development Bank of Japan $3, /07/2013 Envestra Ltd APA Group $3, /08/2013 Egyptian oil and gas business China Petrochemical Corp $3, /08/2013 Mozambique's Offshore Area 1 Oil & Natural Gas Corp Ltd $2, /09/2013 Ping An Bank Co Ltd Ping An Insurance Group $2, /07/2013 Activision Blizzard Inc Private Inv.,Davis Adv.,Tencent H.,Leonard Green $2, /09/2013 Lucozade,Ribena Suntory Beverage & Food Ltd $2,120.2 TOP ACQUIRERS TOP ACQUIRERS Investment Companies $9.85 China $50.02 Commer Banks Non-US $9.06 Japan $23.85 Semiconductor Equipment $6.80 U.S. $21.01 Oil Comp-Explor&Prodtn $6.49 Hong Kong $11.89 Real Estate Oper/Development $6.34 Australia $11.15 TOP TARGETS TOP TARGETS Real Estate Oper/Development $11.51 China $47.89 Commer Banks Non-US $10.58 Japan $18.14 Investment Companies $7.68 Australia $13.57 Semiconductor Equipment $6.80 U.S. $9.49 Oil Comp-Explor&Prodtn $5.38 South Korea $9.11. * All 2013 numbers as of September 30, 2013 $- $2 $4 $6 $8 $10 $12 $14 Total Volume (USD Bln) $- $10 $20 $30 $40 $50 $60 Total Volume (USD Bln) MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO> 7

9 Global M&A Activity Regional Breakdown by Target Region/Country Regional Breakdown by Target Region/Country 1/1/13-9/30/ VOLUME DEAL VOLUME COUNTRY USD (Mln) COUNT USD (Mln) DEAL COUNT VOLUME Asia-Pacific ex-japan 16.02% Americas $877,415 9,160 $725,978 9, % Latin America North America $62, $827,145 8,641 $82, $669,037 8, % 23.63% Americas 51.18% Canada $70,711 1,088 $95,220 1, % United States $742,726 7,382 $545,686 7, % EMEA $512,452 4,862 $414,845 4, % EMEA 29.89% Eastern Europe Western Europe UK $57, $412,168 3,633 $95,375 1,300 $42, $340,249 3,857 $147,919 1, % 21.14% % Japan 2.90% Germany $70, $44, % France $46, $23, % Asia-Pacific ex-japan $274,664 4,173 $277,946 4, % Australia New Zealand $40, $2, $41, $2, % % China $112,748 1,219 $98,266 1, % Hong Kong $12, $11, % South East Asia $51, $55, % India $13, $26, % Japan $49,769 1,147 $66,970 1, % Global $1,717,619 19,490 $1,487,947 20, % 8

10 Global Announced Deals Ranked by Volume USD (Mln) COUNT Wachtell Lipton Rosen & Katz , Davis Polk & Wardwell , Simpson Thacher & Bartlett LLP , Weil Gotshal & Manges LLP , Jones Day LP , Latham & Watkins LLP , Debevoise & Plimpton LLP , Slaughter & May , MacFarlanes , Skadden Arps Slate Meagher & Flom LLP , (5.8) Allen & Overy LLP , Sullivan & Cromwell LLP , (0.6) Blake Cassels & Graydon LLP , (0.3) Kirkland & Ellis LLP , (0.6) Stikeman Elliott LLP , Linklaters LLP , (4.6) Cravath Swaine & Moore LLP , Shearman & Sterling LLP , (0.5) White & Case LLP , (1.6) Willkie Farr & Gallagher LLP , TOTAL $1,717,619 19,490 $1,487,947 9

11 Global Announced Deals Ranked by Deal Count USD (Mln) COUNT Jones Day LP , DLA Piper LLP , (1.2) Kirkland & Ellis LLP , (0.6) Baker & McKenzie LLP , (1.9) Allen & Overy LLP , Latham & Watkins LLP , Linklaters LLP , (4.6) Freshfields Bruckhaus Deringer LLP , (7.0) Skadden Arps Slate Meagher & Flom LLP , (5.8) Clifford Chance LLP , (3.6) Nagashima Ohno & Tsunematsu , (1.9) Weil Gotshal & Manges LLP , White & Case LLP , (1.6) Blake Cassels & Graydon LLP , (0.3) CMS , (0.3) Simpson Thacher & Bartlett LLP , O'Melveny & Myers LLP , Hogan Lovells , Shearman & Sterling LLP , (0.5) Gowling Lafleur Henderson LLP , (0.4) TOTAL $1,717,619 19,490 $1,487,947 *Tables based on deal count, then volume. Market share based on deal volume. 10

12 Global Announced Deals - Counsel to Principals Ranked by Volume USD (Mln) COUNT Wachtell Lipton Rosen & Katz , Simpson Thacher & Bartlett LLP , Jones Day LP , Debevoise & Plimpton LLP , Slaughter & May , MacFarlanes , Allen & Overy LLP , Skadden Arps Slate Meagher & Flom LLP , (3.4) Latham & Watkins LLP , (0.5) Blake Cassels & Graydon LLP , (0.3) Stikeman Elliott LLP , Kirkland & Ellis LLP , Davis Polk & Wardwell , (0.3) Linklaters LLP , (4.4) Sullivan & Cromwell LLP , (1.2) Weil Gotshal & Manges LLP , (1.6) De Brauw Blackstone Westbroek NV , Freshfields Bruckhaus Deringer LLP , (6.9) Clifford Chance LLP , (0.7) Herbert Smith Freehills LLP , TOTAL $1,717,619 19,490 $1,487,947 11

13 Global Announced Deals - Counsel to Principals Ranked by Deal Count USD (Mln) COUNT Jones Day LP , DLA Piper LLP , (1.2) Kirkland & Ellis LLP , Baker & McKenzie LLP , (1.9) Allen & Overy LLP , Linklaters LLP , (4.4) Freshfields Bruckhaus Deringer LLP , (6.9) Latham & Watkins LLP , (0.5) Skadden Arps Slate Meagher & Flom LLP , (3.4) Nagashima Ohno & Tsunematsu , (1.9) Clifford Chance LLP , (0.7) Weil Gotshal & Manges LLP , (1.6) Blake Cassels & Graydon LLP , (0.3) CMS , (0.3) Hogan Lovells , Simpson Thacher & Bartlett LLP , Gowling Lafleur Henderson LLP , (0.3) Stikeman Elliott LLP , Mori Hamada & Matsumoto , (1.0) O'Melveny & Myers LLP , (0.3) TOTAL $1,717,619 19,490 $1,487,947 *Tables based on deal count, then volume. Market share based on deal volume. 12

14 Cross Border Announced Deals Ranked by Volume USD (Mln) COUNT Jones Day LP , Simpson Thacher & Bartlett LLP , Wachtell Lipton Rosen & Katz , Davis Polk & Wardwell , Weil Gotshal & Manges LLP , Slaughter & May , Debevoise & Plimpton LLP , MacFarlanes , Allen & Overy LLP , Linklaters LLP , (9.8) Skadden Arps Slate Meagher & Flom LLP , (6.9) Latham & Watkins LLP , (0.7) De Brauw Blackstone Westbroek NV , Freshfields Bruckhaus Deringer LLP , (12.6) Shearman & Sterling LLP , Stikeman Elliott LLP , Sullivan & Cromwell LLP , (5.0) Herbert Smith Freehills LLP , Blake Cassels & Graydon LLP , (3.5) Cravath Swaine & Moore LLP , (0.4) TOTAL $798,189 6,628 $699,191 13

15 Global Private Equity Announced Deals Ranked by Volume USD (Mln) COUNT Kirkland & Ellis LLP , Davis Polk & Wardwell , Wachtell Lipton Rosen & Katz , Stikeman Elliott LLP , Blake Cassels & Graydon LLP , Simpson Thacher & Bartlett LLP , (1.2) Sullivan & Cromwell LLP , Willkie Farr & Gallagher LLP , Weil Gotshal & Manges LLP , (4.1) Latham & Watkins LLP , (0.1) Clifford Chance LLP , O'Melveny & Myers LLP , Skadden Arps Slate Meagher & Flom LLP , (1.9) Munger Tolles & Olson , Anderson Mori & Tomotsune , Debevoise & Plimpton LLP , Linklaters LLP , White & Case LLP , Cleary Gottlieb Steen & Hamilton LLP , Hogan Lovells , TOTAL $258,845 4,067 $332,871 14

16 United States Announced Deals Any Involvement, Ranked by Volume USD (Mln) COUNT Wachtell Lipton Rosen & Katz , Simpson Thacher & Bartlett LLP , Davis Polk & Wardwell , Weil Gotshal & Manges LLP , Jones Day LP , Latham & Watkins LLP , Debevoise & Plimpton LLP , Slaughter & May , MacFarlanes , Skadden Arps Slate Meagher & Flom LLP , (7.3) Blake Cassels & Graydon LLP , Sullivan & Cromwell LLP , Kirkland & Ellis LLP , (2.9) Cravath Swaine & Moore LLP , Willkie Farr & Gallagher LLP , O'Melveny & Myers LLP , Stikeman Elliott LLP , Fried Frank Harris Shriver & Jacobson LLP , White & Case LLP , (1.3) Shearman & Sterling LLP , (2.3) TOTAL $921,188 9,344 $705,052 15

17 United States Announced Deals Any Involvement, Ranked by Deal Count USD (Mln) COUNT Jones Day LP , Kirkland & Ellis LLP , (2.9) Latham & Watkins LLP , DLA Piper LLP , (2.3) Skadden Arps Slate Meagher & Flom LLP , (7.3) O'Melveny & Myers LLP , Weil Gotshal & Manges LLP , Simpson Thacher & Bartlett LLP , White & Case LLP , (1.3) Morgan Lewis & Bockius LLP , (0.8) Gibson Dunn & Crutcher LLP , (1.0) Wilson Sonsini Goodrich & Rosati PC , (1.1) Davis Polk & Wardwell , Shearman & Sterling LLP , (2.3) Baker & McKenzie LLP , (3.2) Hogan Lovells , Wachtell Lipton Rosen & Katz , Ropes & Gray LLP , Vinson & Elkins LLP , (1.7) Allen & Overy LLP , (3.4) TOTAL $921,188 9,344 $705,052 *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 USD (Mln) COUNT Wachtell Lipton Rosen & Katz , Simpson Thacher & Bartlett LLP , Jones Day LP , Debevoise & Plimpton LLP , Slaughter & May , MacFarlanes , Latham & Watkins LLP , Skadden Arps Slate Meagher & Flom LLP , (5.0) Blake Cassels & Graydon LLP , Kirkland & Ellis LLP , (0.4) Davis Polk & Wardwell , (0.3) Weil Gotshal & Manges LLP , (2.3) Stikeman Elliott LLP , Sullivan & Cromwell LLP , Hogan Lovells , Ropes & Gray LLP , Willkie Farr & Gallagher LLP , Cravath Swaine & Moore LLP , Clifford Chance LLP , (1.6) Gibson Dunn & Crutcher LLP , TOTAL $921,188 9,344 $705,052 17

19 US Announced Deals - Counsel to Principals Any Involvement, Ranked by Deal Count USD (Mln) COUNT Jones Day LP , Kirkland & Ellis LLP , (0.4) DLA Piper LLP , (2.3) Latham & Watkins LLP , Skadden Arps Slate Meagher & Flom LLP , (5.0) Simpson Thacher & Bartlett LLP , O'Melveny & Myers LLP , (1.0) Weil Gotshal & Manges LLP , (2.3) Morgan Lewis & Bockius LLP , (0.8) Wilson Sonsini Goodrich & Rosati PC , (1.0) Baker & McKenzie LLP , (3.1) Gibson Dunn & Crutcher LLP , Hogan Lovells , Wachtell Lipton Rosen & Katz , Ropes & Gray LLP , Vinson & Elkins LLP , (2.1) Allen & Overy LLP , (3.4) Fenwick & West LLP , (3.9) Shearman & Sterling LLP , Akin Gump Strauss Hauer & Feld LLP , TOTAL $921,188 9,344 $705,052 *Tables based on deal count, then volume. Market share based on deal volume. 18

20 Canada Announced Deals Any Involvement, Ranked by Volume USD (Mln) COUNT Torys LLP , Osler Hoskin & Harcourt LLP , Stikeman Elliott LLP , (3.1) Blake Cassels & Graydon LLP , (10.3) McCarthy Tetrault LLP , Borden Ladner Gervais LLP , Davies Ward Phillips & Vineberg LLP , Latham & Watkins LLP , Cassels Brock & Blackwell LLP , Sullivan & Cromwell LLP , (4.9) Cleary Gottlieb Steen & Hamilton LLP , (4.8) Paul Weiss Rifkind Wharton & Garrison LLP , (8.9) Skadden Arps Slate Meagher & Flom LLP , Goodmans LLP , Morgan Lewis & Bockius LLP , Proskauer Rose LLP , Linklaters LLP , (5.4) Norton Rose Fulbright LLP , (1.2) Baker & McKenzie LLP , Cravath Swaine & Moore LLP , TOTAL $119,326 1,665 $160,123 19

21 Canada Announced Deals Any Involvement, Ranked by Deal Count USD (Mln) COUNT Blake Cassels & Graydon LLP , (10.3) Gowling Lafleur Henderson LLP , (1.2) Stikeman Elliott LLP , (3.1) Osler Hoskin & Harcourt LLP , McCarthy Tetrault LLP , Torys LLP , Davies Ward Phillips & Vineberg LLP , Borden Ladner Gervais LLP , Cassels Brock & Blackwell LLP , Goodmans LLP , Fasken Martineau DuMoulin LLP , (9.3) Bennett Jones LLP (10.0) Heenan Blaikie LLP (0.5) Dentons US LLP Skadden Arps Slate Meagher & Flom LLP , Jones Day LP , Paul Weiss Rifkind Wharton & Garrison LLP , (8.9) Norton Rose Fulbright LLP , (1.2) Latham & Watkins LLP , Baker & McKenzie LLP , TOTAL $119,326 1,665 $160,123 *Tables based on deal count, then volume. Market share based on deal volume. 20

22 Brazil Announced Deals Any Involvement, Ranked by Volume USD (Mln) COUNT Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogado , (9.4) Barbosa Mussnich & Aragao , Lefosse Advogados , Pinheiro Neto Advogados , (8.6) Tozzini Freire Teixeira E Silva , Jones Day LP , (7.0) Machado Meyer Sendacz e Opice Advogados , (2.3) Souza Cescon Barrieu & Flesch Advogados , (22.5) Stikeman Elliott LLP , Houthoff Buruma , Cassels Brock & Blackwell LLP , Cravath Swaine & Moore LLP , Stibbe , Cleary Gottlieb Steen & Hamilton LLP , Simpson Thacher & Bartlett LLP , (13.6) Veirano Advogados , Herbert Smith Freehills LLP Linklaters LLP (0.5) DLA Piper LLP Davis Polk & Wardwell (4.5) TOTAL $39, $45,597 $ 21

23 Europe Announced Deals Any Involvement, Ranked by Volume USD (Mln) COUNT Jones Day LP , Simpson Thacher & Bartlett LLP , Wachtell Lipton Rosen & Katz , Davis Polk & Wardwell , Slaughter & May , Weil Gotshal & Manges LLP , Debevoise & Plimpton LLP , MacFarlanes , Allen & Overy LLP , Linklaters LLP , (13.6) Freshfields Bruckhaus Deringer LLP , (14.5) De Brauw Blackstone Westbroek NV , Latham & Watkins LLP , (2.1) Shearman & Sterling LLP , Skadden Arps Slate Meagher & Flom LLP , (8.3) Bredin Prat , Hengeler Mueller , (0.2) Clifford Chance LLP , (11.7) Herbert Smith Freehills LLP , Sullivan & Cromwell LLP , (5.8) TOTAL $762,710 5,849 $585,780 22

24 Europe Announced Deals Any Involvement, Ranked by Deal Count USD (Mln) COUNT Jones Day LP , Allen & Overy LLP , Linklaters LLP , (13.6) Freshfields Bruckhaus Deringer LLP , (14.5) DLA Piper LLP , (3.6) Baker & McKenzie LLP , (3.3) CMS , (1.2) Clifford Chance LLP , (11.7) Hogan Lovells , (3.0) White & Case LLP , (5.0) Olswang , Weil Gotshal & Manges LLP , Latham & Watkins LLP , (2.1) Kirkland & Ellis LLP , (2.5) Skadden Arps Slate Meagher & Flom LLP , (8.3) Shearman & Sterling LLP , Advokatfirman Vinge KB , Ashurst LLP , (1.7) Eversheds LLP , (2.3) Slaughter & May , TOTAL $762,710 5,849 $585,780 *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 USD (Mln) COUNT Simpson Thacher & Bartlett LLP , Wachtell Lipton Rosen & Katz , Jones Day LP , Slaughter & May , Debevoise & Plimpton LLP , MacFarlanes , Allen & Overy LLP , Linklaters LLP , (13.1) Freshfields Bruckhaus Deringer LLP , (14.0) De Brauw Blackstone Westbroek NV , Skadden Arps Slate Meagher & Flom LLP , (8.4) Bredin Prat , Hengeler Mueller , (0.2) Latham & Watkins LLP , (4.3) Shearman & Sterling LLP , Herbert Smith Freehills LLP , Clifford Chance LLP , (4.2) Ropes & Gray LLP , Sullivan & Cromwell LLP , (4.2) Baker & McKenzie LLP , (3.3) TOTAL $762,710 5,849 $585,780 24

26 Europe Announced Deals - Counsel to Principals Any Involvement, Ranked by Deal Count USD (Mln) COUNT Jones Day LP , Allen & Overy LLP , Freshfields Bruckhaus Deringer LLP , (14.0) Linklaters LLP , (13.1) DLA Piper LLP , (3.6) Baker & McKenzie LLP , (3.3) CMS , (1.2) Clifford Chance LLP , (4.2) Hogan Lovells , (3.0) White & Case LLP , (5.0) Olswang , Latham & Watkins LLP , (4.3) Weil Gotshal & Manges LLP , (5.9) Kirkland & Ellis LLP , (0.7) Skadden Arps Slate Meagher & Flom LLP , (8.4) Advokatfirman Vinge KB , Slaughter & May , Ashurst LLP , (1.7) Eversheds LLP , (2.3) Shearman & Sterling LLP , TOTAL $762,710 5,849 $585,780 *Tables based on deal count, then volume. Market share based on deal volume. 25

27 United Kingdom Announced Deals Any Involvement, Ranked by Volume USD (Mln) COUNT Simpson Thacher & Bartlett LLP , Slaughter & May , Davis Polk & Wardwell , Weil Gotshal & Manges LLP , Jones Day LP , Debevoise & Plimpton LLP , MacFarlanes , Wachtell Lipton Rosen & Katz , Linklaters LLP , (20.5) Freshfields Bruckhaus Deringer LLP , (19.4) Shearman & Sterling LLP , Cravath Swaine & Moore LLP , Hengeler Mueller , Latham & Watkins LLP , (8.4) O'Melveny & Myers LLP , Fried Frank Harris Shriver & Jacobson LLP , Ropes & Gray LLP , Milbank Tweed Hadley & McCloy LLP , Stikeman Elliott LLP , Kirkland & Ellis LLP , (0.4) TOTAL $310,561 2,138 $257,219 26

28 United Kingdom Announced Deals Any Involvement, Ranked by Deal Count USD (Mln) COUNT Linklaters LLP , (20.5) Freshfields Bruckhaus Deringer LLP , (19.4) DLA Piper LLP , (2.8) Jones Day LP , Olswang (0.2) Allen & Overy LLP , (9.8) Clifford Chance LLP , (19.8) CMS , (0.1) Hogan Lovells , (0.7) Eversheds LLP , (3.8) Slaughter & May , Kirkland & Ellis LLP , (0.4) Weil Gotshal & Manges LLP , Latham & Watkins LLP , (8.4) Baker & McKenzie LLP , (3.1) Herbert Smith Freehills LLP , Ashurst LLP , (1.2) Simpson Thacher & Bartlett LLP , White & Case LLP , (1.9) Davis Polk & Wardwell , TOTAL $310,561 2,138 $257,219 *Tables based on deal count, then volume. Market share based on deal volume. 27

29 Germany Announced Deals Any Involvement, Ranked by Deal Count USD (Mln) COUNT Freshfields Bruckhaus Deringer LLP , (23.5) Jones Day LP , (6.3) CMS (11.8) Linklaters LLP , Allen & Overy LLP , Clifford Chance LLP , (3.5) Noerr LLP , Hengeler Mueller , Baker & McKenzie LLP , (2.0) DLA Piper LLP White & Case LLP , (14.7) Hogan Lovells (22.1) Latham & Watkins LLP , (1.3) Willkie Farr & Gallagher LLP , (3.4) Kirkland & Ellis LLP , Skadden Arps Slate Meagher & Flom LLP , (7.0) O'Melveny & Myers LLP , Weil Gotshal & Manges LLP (10.9) Shearman & Sterling LLP , Houthoff Buruma , TOTAL $95, $73,237 *Tables based on deal count, then volume. Market share based on deal volume. 28

30 France Announced Deals Any Involvement, Ranked by Deal Count USD (Mln) COUNT Jones Day LP , Linklaters LLP , (10.0) Freshfields Bruckhaus Deringer LLP , De Pardieu Brocas Maffei , Baker & McKenzie LLP , Allen & Overy LLP , (10.6) Latham & Watkins LLP , CMS , Bredin Prat , Mayer Brown LLP (0.3) Shearman & Sterling LLP , Clifford Chance LLP , (0.2) DLA Piper LLP , Skadden Arps Slate Meagher & Flom LLP , Debevoise & Plimpton LLP , Paul Hastings LLP , White & Case LLP , Cleary Gottlieb Steen & Hamilton LLP , (4.3) Hogan Lovells (1.3) Willkie Farr & Gallagher LLP , TOTAL $115, $74,917 *Tables based on deal count, then volume. Market share based on deal volume. 29

31 Italy Announced Deals Any Involvement, Ranked by Deal Count USD (Mln) COUNT Chiomenti Studio Legale , Clifford Chance LLP (3.5) Freshfields Bruckhaus Deringer LLP , (4.0) Jones Day LP , Shearman & Sterling LLP CMS , Ashurst LLP (1.8) Portolano Cavallo Studio Legale Allen & Overy LLP (2.2) Bonelli Erede Pappalardo , Skadden Arps Slate Meagher & Flom LLP , Linklaters LLP , (7.9) Baker & McKenzie LLP , Cleary Gottlieb Steen & Hamilton LLP Hogan Lovells DLA Piper LLP (0.7) De Brauw Blackstone Westbroek NV , Latham & Watkins LLP (3.6) Herbert Smith Freehills LLP , Sullivan & Cromwell LLP , (1.1) TOTAL $39, $25,306 *Tables based on deal count, then volume. Market share based on deal volume. 30

32 Benelux Announced Deals Any Involvement, Ranked by Deal Count USD (Mln) COUNT Allen & Overy LLP , Linklaters LLP , De Brauw Blackstone Westbroek NV , DLA Piper LLP (0.9) Houthoff Buruma , Freshfields Bruckhaus Deringer LLP , (16.6) Loyens & Loeff NV , CMS , Baker & McKenzie LLP , Clifford Chance LLP , Jones Day LP , Shearman & Sterling LLP , White & Case LLP , (2.0) NautaDutilh NV (0.7) De Pardieu Brocas Maffei Simpson Thacher & Bartlett LLP , Bredin Prat , Skadden Arps Slate Meagher & Flom LLP , (15.9) Davis Polk & Wardwell , Weil Gotshal & Manges LLP , (1.8) TOTAL $144, $99,631 *Tables based on deal count, then volume. Market share based on deal volume. 31

33 Iberia Announced Deals Any Involvement, Ranked by Deal Count USD (Mln) COUNT Uria Menendez Abogados SLP , (15.2) Gomez-Acebo & Pombo Abogados SLP Garrigues Abogados , Linklaters LLP , (4.1) Clifford Chance LLP , Cuatrecasas Goncalves Pereira , Freshfields Bruckhaus Deringer LLP , DLA Piper LLP , Jones Day LP , Baker & McKenzie LLP (22.6) Hogan Lovells (3.2) CMS Sullivan & Cromwell LLP , Allen & Overy LLP (15.9) Perez-Llorca Latham & Watkins LLP Amarchand Mangaldas & Suresh A Shroff & Co Slaughter & May Bredin Prat A&L Goodbody Solicitors , TOTAL $27, $33,392 *Tables based on deal count, then volume. Market share based on deal volume. 32

34 Nordic Announced Deals Any Involvement, Ranked by Deal Count USD (Mln) COUNT Advokatfirman Vinge KB , Mannheimer Swartling Advokatbyra AB , Hannes Snellman Advokatbyra Ab/FI , Advokatfirmaet Thommessen AS , Baker & McKenzie LLP , (2.0) Advokatfirmaet Schjodt AS (0.5) White & Case LLP , (3.2) Roschier Attorneys Ltd , (3.8) Linklaters LLP , (13.3) Allen & Overy LLP (4.1) LAWIN DLA Piper LLP Davis Polk & Wardwell , Freshfields Bruckhaus Deringer LLP , (10.4) Weil Gotshal & Manges LLP , CMS , Latham & Watkins LLP (11.9) Jones Day LP Clifford Chance LLP , (12.8) Willkie Farr & Gallagher LLP TOTAL $55, $54,287 *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 USD (Mln) COUNT CMS , Baker & McKenzie LLP , Allen & Overy LLP , Clifford Chance LLP , White & Case LLP , Dentons US LLP , SORAINEN , LAWIN Weil Gotshal & Manges LLP (0.1) YukselKarkinKucuk Attorney Partnership Freshfields Bruckhaus Deringer LLP , Raidla Lejins & Norcous , Hogan Lovells (0.9) Linklaters LLP , (5.3) Noerr LLP Kinstellar/Romania (6.7) Skadden Arps Slate Meagher & Flom LLP (19.9) DLA Piper LLP (4.2) Akin Gump Strauss Hauer & Feld LLP , Morgan Lewis & Bockius LLP , TOTAL $72, $50,157 *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 USD (Mln) COUNT Allen & Overy LLP , Baker & McKenzie LLP , Skadden Arps Slate Meagher & Flom LLP , (4.4) Linklaters LLP , (0.3) Sullivan & Cromwell LLP , Clifford Chance LLP , Freshfields Bruckhaus Deringer LLP , (4.3) Herbert Smith Freehills LLP , Davis Polk & Wardwell , (3.3) Paul Hastings LLP , Kim & Chang , (1.0) Jones Day LP , Simpson Thacher & Bartlett LLP , King & Wood Mallesons , (0.6) Allens , (0.2) Lee & Ko , (0.1) Shin & Kim , Corrs Chambers Westgarth , Amarchand Mangaldas & Suresh A Shroff & Co , Nishimura & Asahi , TOTAL $360,856 4,978 $376,287 35

37 Asia Pacific Ex-Japan Announced Deals Any Involvement, Ranked by Deal Count USD (Mln) COUNT Baker & McKenzie LLP , Kim & Chang , (1.0) Lee & Ko , (0.1) Shin & Kim , Ashurst LLP , (1.4) King & Wood Mallesons , (0.6) Minter Ellison , (1.9) Amarchand Mangaldas & Suresh A Shroff & Co , Bae Kim & Lee , Herbert Smith Freehills LLP , Allens , (0.2) WongPartnership LLP , (3.0) Linklaters LLP , (0.3) DLA Piper LLP , Allen & Gledhill , (4.2) Clayton Utz , (0.5) Allen & Overy LLP , AZB & Partners , (1.1) Skadden Arps Slate Meagher & Flom LLP , (4.4) Clifford Chance LLP , TOTAL $360,856 4,978 $376,287 *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 USD (Mln) COUNT Ashurst LLP , (0.7) Minter Ellison , Allens , King & Wood Mallesons , Herbert Smith Freehills LLP , Clayton Utz , (2.2) Baker & McKenzie LLP , Corrs Chambers Westgarth , DLA Piper LLP , Gilbert + Tobin (12.8) Linklaters LLP , (2.1) Clifford Chance LLP (3.5) Allen & Overy LLP (6.8) HopgoodGanim (0.7) Skadden Arps Slate Meagher & Flom LLP , (3.8) Blake Cassels & Graydon LLP , (2.1) K&L Gates LLP (1.4) Allen & Gledhill , Jones Day LP , Stikeman Elliott LLP TOTAL $53, $67,315 *Tables based on deal count, then volume. Market share based on deal volume. 37

39 Japan Announced Deals Any Involvement, Ranked by Deal Count USD (Mln) COUNT Nagashima Ohno & Tsunematsu , (18.6) Mori Hamada & Matsumoto , (10.6) Nishimura & Asahi , Anderson Mori & Tomotsune , (13.7) Freshfields Bruckhaus Deringer LLP , Baker & McKenzie LLP , (3.6) Skadden Arps Slate Meagher & Flom LLP , (3.4) Morrison & Foerster LLP (6.9) Allen & Overy LLP , Oh-Ebashi LPC & Partners (3.1) Linklaters LLP , Jones Day LP , Ashurst LLP , Shearman & Sterling LLP (10.7) Simpson Thacher & Bartlett LLP , Kim & Chang (2.3) TMI Associates , White & Case LLP , (3.0) Ropes & Gray LLP (1.7) Weil Gotshal & Manges LLP , TOTAL $85,027 1,708 $123,406 *Tables based on deal count, then volume. Market share based on deal volume. 38