MID-MARKET LEGAL M&A REVIEW

Transcription

1 MidMarket M&A Legal Rankings For Deals Valued Up To US$50m, US0m, and US$m Are Also Available Friday, January 8, 20 DEALS VALUED UP TO US$500 MILLION MIDMARKET LEGAL M&A REVIEW MidMarket Deals Intelligence MidMarket M&A valued up to US$500 million totaled US$532.4 billion during, a 2.3% decrease from last year Worldwide MidMarket M&A up to US$500m by Target Nation Region January 1 December 31 Worldwide MidMarket M&A up to US$500m was the most targeted sector in the MidMarket worldwide, making up 1 of the market with 4,83 deals worth US$7 billion. 0 $ $ $ $500 $00 $700 $800 $00 $1,000 Africa/Middle East Americas AsiaPacific Europe Japan Announced MidMarket M&A by Target Nation Up To US$500m Region/Nation 1/1/ 12/31/ Rank Val US$m Deals 1/1/8 12/31/8 Rank Val US$m Deals % Change in Rank Value Worldwide 532, , , , Americas 180,31. 11, , , United States of America Canada Brazil 118,77. 28, ,24.5 7,48 2, , , ,773.8,128 2, Chile Colombia 4,73.7 2, ,25.5 2, Europe 12, , , , United Kingdom Germany 30,3.2 11,81.5 2,081 1,175 4, , ,42 1, Spain 11, , Italy 11, , France,7. 1,0 21, , Russian Federation Norway Netherlands Switzerland Sweden 7,48.3 5, ,87.1 3,88 3,83.5 2, ,35.8,700.7, ,84.1 5,73.7 1, Africa/Middle East 17, , , South Africa 5, , Kuwait 3, , AsiaPacific China 1,1. 54,802.8,307 2,8 18,02.8 0,38.7,22 2,.8.2 Australia 23, ,74 31, , Hong Kong 22, , South Korea India 1, ,88.4 1,131 1,00 1, , , Singapore, , Japan 3, ,430 38,880. 2,512.8 Worldwide MidMarket M&A up to US$500m $ 12,000 $250,000 $ 8,000 $150, ,000 $50 2,000 US 50m US$50 0m US0 m US$ 500m % 3% 3% % % 12% Government and Agencies 1 of 21

2 January 8, 20 MidMarket M&A Up To US$500m s MidMarket M&A Heatmap MidMarket Exit Multiple Heatmap Year To Date Average /EBITDA Up to 50x* MidMarket Premium Heatmap Year To Date Average Premium To 4 Week Stock Price Up to 0%* Average Industry Total North South Mid East Asia World Europe Japan 8 America America & Africa Pacific Average Industry Total * Using the Valuation Heatmap you can analyse the average rank value to EBITDA and average premium to 4 week bid premium for each region against twelve macro industries for the M&A midmarket. The data refers to the yeartodate for figures in color, red indicating a decline and green an increase, compared to the figures for yeartodate last year (ytdly) which are in black. World North America South America Europe Mid East & Africa Asia Pacific Japan $500,000 $450,000 $,000 Worldwide MidMarket M&A up to US$500m 0 25,000 20,000 $350,000 (US$m) $,000 $250,000 $,000 15,000,000 $150,000 0,000 5,000 $50,000 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H US$ 0 50 mil US$ 50 to 0 mil US$ 0 to mil US$ to 500mil 2 of 21

3 January 8, 20 # MidMarket M&A Up To US$500m # s Worldwide MidMarket Legal Rankings (MML01) MML01 Undisclosed Values & Values up to US$500m MML01 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ 1/1/ 12/31/ Mkt Change Mkt Change US$m Rank Share Deals in Rank Deals Rank Share US$m in Rank Latham & Watkins 14, Jones Day ,352. Jones Day 13, Baker & McKenzie ,48.7 Freshfields Bruckhaus Deringer 12, Latham & Watkins ,23.8 Baker & McKenzie 11, CMS ,017.0 Skadden 11, DLA Piper ,187.5 Linklaters, Allen & Overy ,704. Clifford Chance, Linklaters 1 7,8. Shearman & Sterling LLP, Freshfields Bruckhaus Deringer ,5.2 Allen & Overy 8, Dorsey & Whitney LLP 15 2,00.8 Dewey & LeBoeuf LLP 8, Squire Sanders & Dempsey LLP 13 2,404.1 Mori Hamada & Matsumoto 7, Clifford Chance 11 11,503.4 Simpson Thacher & Bartlett 7, White & Case LLP ,22.4 Kirkland & Ellis, Hughes Hubbard & Reed Cleary Gottlieb Steen & Hamilton, Skadden ,230. Blake Cassels & Graydon, Mori Hamada & Matsumoto ,20.2 Davis Polk & Wardwell, Kirkland & Ellis 0 1,754.4 Herbert Smith/Gleiss Lutz/Stibbe 5, Wilson Sonsini Goodrich & Rosati 17 4,771. Mallesons Stephen Jaques 5, Osler Hoskin & Harcourt LLP ,551.1 Freehills 5, Herbert Smith/Gleiss Lutz/Stibbe 5 1 5,707. Slaughter & May 5, Bryan Cave LLP 3 20* 2,54.2 Sullivan & Cromwell 5, Blake Cassels & Graydon 3 20*,3. Nishimura & Asahi 5, Fasken Martineau DuMoulin LLP ,455.5 O'Melveny & Myers 5, K&L Gates 0 23* 71.0 Morrison & Foerster 5, Nishimura & Asahi 0 23* 5,37.0 McCarthy Tetrault 5, Weil Gotshal & Manges ,813.4 Allen & Gledhill 4, Shearman & Sterling LLP 87 2,041.7 Weil Gotshal & Manges 4, Freehills 85 27* 5,57.2 Debevoise & Plimpton 4, Mallesons Stephen Jaques 85 27* 5,14. Wilson Sonsini Goodrich & Rosati 4, Clayton Utz ,520.5 Vinson & Elkins LLP 4, Paul Hastings Janofsky & Walker ,404.5 Osler Hoskin & Harcourt LLP 4, O'Melveny & Myers ,21.2 Stikeman Elliott 4, McCarthy Tetrault ,01 Allens Arthur Robinson 4, Morrison & Foerster ,20. Fasken Martineau DuMoulin LLP 4, Cleary Gottlieb Steen & Hamilton 75 34*,82.0 White & Case LLP 4, Minter Ellison 75 34* 2,883.8 DLA Piper 4, Morgan Lewis & Bockius 73 3* 2,305.7 Paul, Weiss 4, Allens Arthur Robinson 73 3* 4,53 Gibson Dunn & Crutcher 3, Simpson Thacher & Bartlett 73 3* 7,177.3 Hogan & Hartson 3, Gibson Dunn & Crutcher ,8.7 Nagashima Ohno & Tsunematsu 3, Dewey & LeBoeuf LLP 40 8,052.8 Mattos Filho Veiga Filho Marrey Jr 3, Stikeman Elliott 5 41* 4,532. Clayton Utz 3, Hogan & Hartson 5 41* 3,744.3 Cooley Godward Kronish LLP 3, Dechert ,324.3 WongPartnership LLP 3, Mayer Brown LLP ,78.7 CMS 3, Davis Polk & Wardwell 0 45*,147. Chiomenti Studio Legal 3, Lovells LLP 0 45* 1,431.5 Blake Dawson 3, Cooley Godward Kronish LLP ,504.8 Dorsey & Whitney LLP 2, Nagashima Ohno & Tsunematsu ,54. Minter Ellison 2, Cuatrecasas Goncalves Pereira ,72.0 TMI Associates 2, TMI Associates 5 50* 2, , ,024 Blake Dawson 5 50* 3,003.7 Industry Total 532, ,03 7, ,484. Industry Total 38, , of 21

4 January 8, 20 # MidMarket M&A Up To US$500m # s US Target MidMarket Legal Rankings (MML02) MML02 Undisclosed Values & Values up to US$500m MML02 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ 1/1/ 12/31/ Mkt Change Mkt Change US$m Rank Share Deals in Rank Deals Rank Share US$m in Rank Latham & Watkins, Jones Day ,234.8 Jones Day 8, Dorsey & Whitney LLP Skadden 7, Squire Sanders & Dempsey LLP ,51.8 Dewey & LeBoeuf LLP, Hughes Hubbard & Reed Kirkland & Ellis 5, Latham & Watkins 5 1.5,833. Wilson Sonsini Goodrich & Rosati 4, Kirkland & Ellis ,772.8 Vinson & Elkins LLP 4, Wilson Sonsini Goodrich & Rosati ,344.7 O'Melveny & Myers 4, Bryan Cave LLP ,25. Shearman & Sterling LLP 4, DLA Piper ,378.0 Simpson Thacher & Bartlett 3, K&L Gates Cooley Godward Kronish LLP 3, Skadden ,43.3 Gibson Dunn & Crutcher 2, O'Melveny & Myers ,28.4 Paul, Weiss 2, Cooley Godward Kronish LLP ,25.1 Davis Polk & Wardwell 2, Morgan Lewis & Bockius 53 14* 0.7 1,733.5 Debevoise & Plimpton 2, Simpson Thacher & Bartlett 53 14* 0.7 3,7.8 Cleary Gottlieb Steen & Hamilton 2, Weil Gotshal & Manges 53 14* 0.7 2,5.1 Hogan & Hartson 2, Gibson Dunn & Crutcher ,83. Weil Gotshal & Manges 2, Paul Hastings Janofsky & Walker ,182.7 Sullivan & Cromwell 2, Dewey & LeBoeuf LLP ,512.4 DLA Piper 2, Sidley Austin LLP ,77. Morrison & Foerster 2, Shearman & Sterling LLP 42 21* 0. 4,11.1 Wachtell Lipton Rosen & Katz 2, Morrison & Foerster 42 21* 0. 2,274.7 Baker & McKenzie 2, Alston & Bird 40 23* 0.5 1,71.7 Baker Botts LLP 1, Hogan & Hartson 40 23* 0.5 2,78. Ropes & Gray 1, Fenwick & West LLP , ,222 2, ,453.4 Industry Total 11, ,45 Industry Total 7, ,18.5 $80 $70 $0 $50 $40 $30 $20 US MidMarket M&A up to US$500m US 50m US$50 0m US0 m US$ 500m 3,000 2,500 2,000 1,500 1, % % US MidMarket M&A up to US$500m 3% 1 % 13% 1 Government and Agencies 4 of 21

5 January 8, 20 # MidMarket M&A Up To US$500m # s Latin America Involvement MidMarket Legal Rankings (MML17) MML17 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ MML17 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ Mkt Change Mkt Change US$m Rank Share Deals in Rank Deals Rank Share US$m in Rank Mattos Filho Veiga Filho Marrey Jr 3, Pinheiro Neto Advogados ,818.7 Pinheiro Neto Advogados 1, Mattos Filho Veiga Filho Marrey Jr ,557.5 Simpson Thacher & Bartlett 1, Tozzini Freire Teixeira e Silva ,132.1 Machado Meyer Sendacz & Opice 1, Souza Cescon ,158.3 Shearman & Sterling LLP 1, Machado Meyer Sendacz & Opice ,443.3 Barbosa Mussnich & Aragao 1, Barbosa Mussnich & Aragao ,18. Souza Cescon 1, Levy & Salomao Advogados Tozzini Freire Teixeira e Silva 1, Azevedo Sette Avogados 8* Freshfields Bruckhaus Deringer Davis Polk & Wardwell Demarest E Almeida Simpson Thacher & Bartlett 8* 8* ,551.3 Jones Day Jones Day 7 11* Blake Cassels & Graydon Skadden 7 11* Baker & McKenzie Baker & McKenzie 7 11* Sutherland Asbill & Brennan Freshfields Bruckhaus Deringer 14* 54.2 Hogan & Hartson Arnold & Porter 14* Skadden Shearman & Sterling LLP 5 1* 1,413.5 Bredin Prat Latham & Watkins 5 1* 54.0 Cassels Brock & Blackwell LLP Blake Cassels & Graydon 5 1* Veirano Advogados Kramer Levin Naftalis & Frankel 5 1* 44.5 White & Case LLP Davis Polk & Wardwell 4 20* 72.1 Uria Menendez Hogan & Hartson 4 20* Cravath, Swaine & Moore * Dewey & LeBoeuf LLP 4 20* 44.5 Proskauer Rose LLP * Pinheiro Guimaraes 4 20* 85. Arnold & Porter Demarest E Almeida , ,445.5 Industry Total 31, ,438 Industry Total 1, ,77.3 Latin American MidMarket M&A up to US$500m Latin American MidMarket M&A up to US$500m $1 $14 $12 $8 $ $4 $2 US 50m US$50 0m US0 m US$ 500m % % 13% 3% 13% 1% 1 5 of 21

6 January 8, 20 # MidMarket M&A Up To US$500m # s European Involvement MidMarket Legal Rankings (MML03) MML03 Undisclosed Values & Values up to US$500m MML03 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ 1/1/ 12/31/ Mkt Change Mkt Change US$m EUR mil Rank Share Deals in Rank Deals Rank Share US$m EUR mil in Rank Freshfields Bruckhaus Deringer,7.4 7, CMS , ,003.0 Clifford Chance,343., Allen & Overy ,74.3 4,822. Linklaters 8,524.2, Freshfields Bruckhaus Deringer 13 3* 0.,7.4 7,123.3 Allen & Overy,74.3 4, Linklaters 13 3* 0. 8,524.2,171.1 Jones Day 5,48.5 4, Jones Day ,48.5 4,27.7 Slaughter & May 4,88. 3, Baker & McKenzie ,850. 2,723. Herbert Smith/Gleiss Lutz/Stibbe 4,4. 3, Clifford Chance ,343.,771.1 Latham & Watkins 4, , DLA Piper , Cleary Gottlieb Steen & Hamilton 3,3.4 2, Latham & Watkins , ,7. Baker & McKenzie 3,850. 2, White & Case LLP ,57.2 1,845.5 Chiomenti Studio Legal 2,84.0 2, Herbert Smith/Gleiss Lutz/Stibbe ,4. 3,414.2 CMS 2, , Cuatrecasas Goncalves Pereira 5 12* 1,72.0 1,414.2 White & Case LLP 2,57.2 1, Lovells LLP 5 12* 1, Gianni, Origoni, Grippo & Partners 2,28.2 1, Eversheds ,51.3 1,085.5 Dewey & LeBoeuf LLP 2, , Cleary Gottlieb Steen & Hamilton ,3.4 2,800. Gide Loyrette Nouel 2,.1 1, Slaughter & May 4 1 4,88. 3,50.3 Shearman & Sterling LLP 2,07 1, Hengeler Mueller ,85.5 1,315.8 Skadden 2,01.4 1, Garrigues 41 18* Cuatrecasas Goncalves Pereira 1,72.0 1, Advokatfirman Vinge 41 18* Weil Gotshal & Manges 1, , Gianni, Origoni, Grippo & Partners ,28.2 1,42.7 Hengeler Mueller 1,85.5 1, Chiomenti Studio Legal ,84.0 2,028.2 Sullivan & Cromwell 1, , Hammonds 3 22* Norton Rose 1, , Skadden 3 22* 2,01.4 1,434.2 Wiersholm Mellbye & Bech DA 1,8.2 1, Hannes Snellman Kirkland & Ellis 1,14.4 1, Uria Menendez 34 25* 1, , , , , 3, , ,3.0 Industry Total 17, , ,35 Industry Total 14, , ,73.7 European MidMarket M&A up to US$500m European MidMarket M&A up to US$500m $120 0 $80 $0 $40 $20 4, 4, 4,000 3,800 3,00 3, 3, 8% US 50m US$50 0m US0 m US$ 500m % of 21

7 January 8, 20 # MidMarket M&A Up To US$500m # s UK Involvement MidMarket Legal Rankings (MML04) MML04 Undisclosed Values & Values up to US$500m MML04 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ 1/1/ 12/31/ Mkt Change Mkt Change US$m GBP mil Rank Share Deals in Rank Deals Rank Share US$m GBP mil in Rank Slaughter & May 4,43.1 2, CMS ,70.4 1,03.4 Linklaters 3,45.0 2, DLA Piper , Clifford Chance 3, , Jones Day ,7.1 1,1.1 Freshfields Bruckhaus Deringer 3, , Eversheds , Allen & Overy 3, , Allen & Overy , ,00.5 Jones Day 3,7.1 1, Slaughter & May 40 * 1.2 4,43.1 2,874.4 Herbert Smith/Gleiss Lutz/Stibbe 2,0. 1, Linklaters 40 * 1.2 3,45.0 2,500.5 CMS 1,70.4 1, Freshfields Bruckhaus Deringer , ,272.8 Latham & Watkins Eversheds 1,08.3 1, Hammonds Clifford Chance , ,40.5 Baker & McKenzie 1, Baker & McKenzie 2 11* 0.8 1, Norton Rose 1, Latham & Watkins 2 11* 0.8 1,08.3. Cleary Gottlieb Steen & Hamilton 1, Herbert Smith/Gleiss Lutz/Stibbe 20 13* 0. 2,0. 1,35. DLA Piper 1, Pinsent Masons 20 13* Thommessen Krefting Greve Lund AS Halliwells LLP Nabarro Fasken Martineau DuMoulin LLP 15 1* Weil Gotshal & Manges Osborne Clarke 15 1* Uria Menendez Macfarlanes Lovells LLP Norton Rose * 1* , Chiomenti Studio Legal Berwin Leighton Paisner 13 20* Dewey & LeBoeuf LLP Skadden 13 20* Pinsent Masons Matheson Ormsby Prentice Fasken Martineau DuMoulin LLP Skadden Weil Gotshal & Manges White & Case LLP Nabarro Clayton Utz * 20* 24* 24* , , Maclay Murray & Spens 12 24* Industry Total 55, , ,271 Allens Arthur Robinson 12 24* , ,8.8 Industry Total 3, , ,358.5 $45 $40 $35 $30 $25 $20 $15 $5 UK MidMarket M&A up to US$500m US 50m US$50 0m US0 m US$ 500m 1,00 1, 1, 1, % % UK MidMarket M&A up to US$500m 3% 1% of 21

8 January 8, 20 # MidMarket M&A Up To US$500m # s French Involvement MidMarket Legal Rankings (MML05) MML05 Undisclosed Values & Values up to US$500m MML05 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ 1/1/ 12/31/ Mkt Change Mkt Change US$m EUR mil Rank Share Deals in Rank Deals Rank Share US$m EUR mil in Rank Gide Loyrette Nouel 2,07.4 1, CMS Clifford Chance 1,58. 1, Jones Day Linklaters 1,55.1 1, Linklaters ,55.1 1,124.8 Freshfields Bruckhaus Deringer 1, Gide Loyrette Nouel ,07.4 1,472.5 Cleary Gottlieb Steen & Hamilton 1, De Pardieu Brocas Maffei Darrois Villey Maillot Brochier 1, Landwell Lefevre Pelletier Latham & Watkins De Pardieu Brocas Maffei Clifford Chance ,58. 1,121.8 Debevoise & Plimpton Bredin Prat Bonelli Erede e Pappalardo Ayache, Salama & Associes 14 * Jones Day Baker & McKenzie 14 * Morgan Lewis & Bockius Orrick Herrington & Sutcliffe LLP 14 * Bredin Prat White & Case LLP 14 * Weil Gotshal & Manges Paul Hastings Janofsky & Walker Landwell Lovells LLP 12 15* Latham & Watkins Morgan Lewis & Bockius 12 15* Shearman & Sterling LLP Taylor Wessing LLP 12 15* O'Melveny & Myers Weil Gotshal & Manges 12 15* Legance Studio Legale Associato Allen & Overy 12 15* BEITEN BURKHARDT Lefevre Pelletier 11 20* Veil Jourde Darrois Villey Maillot Brochier 11 20* 0.7 1, Cotty Vivant Marchisio & Lauzeral Cuatrecasas Goncalves Pereira Studio Pedersoli e Associati Aramis Freshfields Bruckhaus Deringer Veil Jourde Mayer Brown LLP Reinhart Marville Torre * 20* 24* 24* , ,7.8 11, ,7.8 11,11.1 Industry Total 24,.3 17, ,702 Industry Total 1, ,.3 17,03.4 $1 $14 $12 $8 $ $4 $2 French MidMarket M&A up to US$500m US 50m US$50 0m US0 m US$ 500m % 8% % French MidMarket M&A up to US$500m 3% % 1 % 1 8 of 21

9 January 8, 20 # MidMarket M&A Up To US$500m # s German Involvement MidMarket Legal Rankings (MML0) MML0 Undisclosed Values & Values up to US$500m MML0 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ 1/1/ 12/31/ Mkt Change Mkt Change US$m EUR mil Rank Share Deals in Rank Deals Rank Share US$m EUR mil in Rank Freshfields Bruckhaus Deringer 2, , CMS ,435. 1,018.7 Clifford Chance 2,578. 1, Freshfields Bruckhaus Deringer , ,051.7 Hengeler Mueller 1,77.3 1, Hengeler Mueller ,77.3 1,2.3 CMS 1,435. 1, Clifford Chance 34 4* 1. 2,578. 1,815.7 Herbert Smith/Gleiss Lutz/Stibbe 1, Latham & Watkins 34 4* Latham & Watkins Linklaters Linklaters Herbert Smith/Gleiss Lutz/Stibbe , Jones Day Schadbach Rechtsanwaelte Shearman & Sterling LLP Noerr Stiefenhofer Lutz Allen & Overy White & Case LLP 23 * Skadden Lovells LLP 23 * Baker & McKenzie Allen & Overy Homburger Jones Day 1 13* Araoz y Rueda Baker & McKenzie 1 13* Debevoise & Plimpton Shearman & Sterling LLP 13 15* McDermott Will & Emery DLA Piper 13 15* P+P Pollath + Partners Luther Rechtsanwaltsgesellschaft Kirkland & Ellis Cleary Gottlieb Steen & Hamilton 18* BEITEN BURKHARDT Skadden 18* Schindhelm Rechtsanwaltsgesellschaft * 1. 4 Wolf Theiss Rechtsanwaelte 18* Senger Reimann Kunzmann * 1. 4 P+P Pollath + Partners 7 21* Lenz & Staehelin Morgan Lewis & Bockius 7 21* Tozzini Freire Teixeira e Silva * Machado Meyer Sendacz & Opice * Thommessen Krefting Greve Lund AS ,44.7, ,44.7,47.4 Industry Total 21,8. 15, ,815 Industry Total 1, ,8. 15,340.1 $18 $1 $14 $12 $8 $ $4 $2 German MidMarket M&A up to US$500m US 50m US$50 0m US0 m US$ 500m % 12% German MidMarket M&A up to US$500m 3% 2% 13% 2 12% of 21

10 January 8, 20 # MidMarket M&A Up To US$500m # s Italian Involvement MidMarket Legal Rankings (MML07) MML07 Undisclosed Values & Values up to US$500m MML07 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ 1/1/ 12/31/ Mkt Change Mkt Change US$m EUR mil Rank Share Deals in Rank Deals Rank Share US$m EUR mil in Rank Chiomenti Studio Legal 2,74.8 1, Chiomenti Studio Legal ,74.8 1,.1 Gianni, Origoni, Grippo & Partners 1, , Gianni, Origoni, Grippo & Partners , ,331.3 Studio Pedersoli e Associati 1,48.5 1, Bonelli Erede e Pappalardo ,40.7 1,030. Bonelli Erede e Pappalardo 1,40.7 1, Studio Pedersoli e Associati 15 4* 1.7 1,48.5 1,042. Linklaters 1, NCTM 15 4* Cleary Gottlieb Steen & Hamilton 1, Cleary Gottlieb Steen & Hamilton 12 * 1.4 1, Legance Studio Legale Associato CMS 12 * Freshfields Bruckhaus Deringer Legance Studio Legale Associato 12 * Allen & Overy Allen & Overy 12 * d'urso Gatti e Associati Clifford Chance BEITEN BURKHARDT d'urso Gatti e Associati Debevoise & Plimpton Linklaters ,05 7. Giliberti Pappalettera Triscornia E Associati Orrick Herrington & Sutcliffe LLP 7 13* Souza Cescon * Latham & Watkins 7 13* Veirano Advogados * Cuatrecasas Goncalves Pereira Schoenherr Attorney's at Law Simmons & Simmons 5 1* DLA Piper Lovells LLP 5 1* Latham & Watkins Uria Menendez 5 1* Simmons & Simmons White & Case LLP 5 1* Orrick Herrington & Sutcliffe LLP Freshfields Bruckhaus Deringer 4 20* Clifford Chance Jones Day 4 20* Skadden Shearman & Sterling LLP 4 20* Galbiati, Sacchi & Associati Morgan Lewis & Bockius 4 20* Bryan Cave LLP Baker & McKenzie 4 20* NCTM Labruna Mazziotti Segni 4 20* Industry Total,28.0 1,427. 7,2.0 11, Industry Total ,28.0 1,427. 7,2.0 11,28.0 Italian MidMarket M&A up to US$500m Italian MidMarket M&A up to US$500m $12 $8 $ $4 $ % 12% 2% 2% 2% 2 18% US 50m US$50 0m US0 m US$ 500m 1 of 21

11 January 8, 20 # MidMarket M&A Up To US$500m # s Spanish Involvement MidMarket Legal Rankings (MML08) MML08 Undisclosed Values & Values up to US$500m MML08 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ 1/1/ 12/31/ Mkt Change Mkt Change US$m EUR mil Rank Share Deals in Rank Deals Rank Share US$m EUR mil in Rank Freshfields Bruckhaus Deringer 2,71.0 1, Cuatrecasas Goncalves Pereira , ,235.5 Cuatrecasas Goncalves Pereira 1, , Garrigues Uria Menendez 1, , Uria Menendez , ,134.2 Gomez Acebo & Pombo 1, KPMG KPMG Gomez Acebo & Pombo , Garrigues Freshfields Bruckhaus Deringer ,71.0 1,34.7 Sullivan & Cromwell Latham & Watkins 8 7* Lefevre Pelletier CMS 8 7* Clifford Chance Linklaters 7 * Simpson Thacher & Bartlett Baker & McKenzie 7 * Cleary Gottlieb Steen & Hamilton Allen & Overy 7 * Latham & Watkins Simmons & Simmons 12* Slaughter & May * Araoz y Rueda 12* Norton Rose * Jones Day 12* Tozzini Freire Teixeira e Silva * Clifford Chance 5 15* Mattos Filho Veiga Filho Marrey Jr * Perez Llorca 5 15* Araoz y Rueda Raposo Bernardo & Associados SA 5 15* SJ Berwin Landwell 4 18* Orrick Herrington & Sutcliffe LLP DLA Piper 4 18* K&L Gates Orrick Herrington & Sutcliffe LLP 4 18* Hunton & Williams Bredin Prat 3 21* Bredin Prat Lovells LLP 3 21* Davis Polk & Wardwell Simpson Thacher & Bartlett 3 21* Machado Meyer Sendacz & Opice Azevedo Sette Avogados Industry Total 8, ,72.1, , Industry Total , ,72.1, ,505.8 Spanish MidMarket M&A up to US$500m Spanish MidMarket M&A up to US$500m $ $8 $7 $ $5 $4 $3 $2 $1 US 50m US$50 0m US0 m US$ 500m % % 3% 2% 2% % 11 of 21

12 January 8, 20 # MidMarket M&A Up To US$500m # s Nordic Involvement MidMarket Legal Rankings (MML0) MML0 Undisclosed Values & Values up to US$500m MML0 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ 1/1/ 12/31/ Wiersholm Mellbye & Bech DA Wikborg Rein & Co Linklaters Gorrissen & Federspiel Hannes Snellman Roschier White & Case LLP Castren & Snellman US$m 1, EUR mil Rank Mkt Share Deals Change in Rank Advokatfirman Vinge Hannes Snellman Gernandt & Danielsson Gorrissen & Federspiel Wiersholm Mellbye & Bech DA Mannheimer Swartling Advokatbyra White & Case LLP Linklaters Deals Rank * 4* 7 8* Mkt Share US$m , EUR mil Change in Rank Sullivan & Cromwell Mannheimer Swartling Advokatbyra Thommessen Krefting Greve Lund AS Roschier Thommessen Krefting Greve Lund AS Castren & Snellman * 8* 8* Advokatfirman Cederquist Wikborg Rein & Co 17 12* Merilampi Marttila Laitasalo Advokatfirmaet Selmer DA 17 12* Raidla & Partners Kromann Reumert Fulbright & Jaworski Allen & Overy Butzow Nordia Advocates Ltd BechBruun 1* BechBruun Advokatfirmaet Schjodt ANS Bryan Cave LLP Advokatfirmaet Selmer DA * 18* Baker & McKenzie Advokatfirman Cederquist Freshfields Bruckhaus Deringer Jones Day 8 8 1* 18 1* 1* Uria Menendez Simpson Thacher & Bartlett Baker & McKenzie Jones Day * 21* Plesner Krogerus Attorneys Ltd Latham & Watkins Skadden 5 21* 21* 21* 24* Advokatfirman Vinge , , Bird & Bird Eversheds * 24* Industry Total 1,38. 14, ,850 Industry Total 423 1, , ,38., ,034.4 $1 $14 $12 $8 $ $4 $2 Nordic MidMarket M&A up to US$500m US 50m US$50 0m US0 m US$ 500m % Nordic MidMarket M&A up to US$500m 3% 3% 12% 1% 1 12 of 21

13 January 8, 20 # MidMarket M&A Up To US$500m # s Benelux Involvement MidMarket Legal Rankings (MML) MML Undisclosed Values & Values up to US$500m MML Undisclosed Values & Values up to US$500m 1/1/ 12/31/ 1/1/ 12/31/ Mkt Change Mkt Change US$m EUR mil Rank Share Deals in Rank Deals Rank Share US$m EUR mil in Rank Allen & Overy 2,12.1 1, Allen & Overy ,12.1 1,551. Clifford Chance Linklaters 2, ,73.0 1, , Linklaters Herbert Smith/Gleiss Lutz/Stibbe , , Gianni, Origoni, Grippo & Partners 1, CMS Freshfields Bruckhaus Deringer 1, Clifford Chance , ,481.0 De Brauw Blackstone Westbroek 1, NautaDutilh 20 * Studio Pedersoli e Associati 1, Baker & McKenzie 20 * NautaDutilh De Brauw Blackstone Westbroek , Baker & McKenzie Freshfields Bruckhaus Deringer 15 * 1.1 1, Cleary Gottlieb Steen & Hamilton DLA Piper 15 * White & Case LLP Houthoff Buruma Chiomenti Studio Legal White & Case LLP Dewey & LeBoeuf LLP Cleary Gottlieb Steen & Hamilton d'urso Gatti e Associati Loyens & Loeff 14* Plesner * Hengeler Mueller 14* Gorrissen & Federspiel * Simmons & Simmons 7 1* Herbert Smith/Gleiss Lutz/Stibbe Jones Day 7 1* Stikeman Elliott Gianni, Origoni, Grippo & Partners 7 1* 0.5 1, Dorsey & Whitney LLP Latham & Watkins 7 1* Morrison & Foerster Bonelli Erede e Pappalardo 20* Advokatfirman Vinge Houthoff Buruma Freehills Dechert 20* 20* Latham & Watkins Holland van Gijzen 20* Mello Jones and Martin * Blake Cassels & Graydon 20* Conyers Dill & Pearman * ,22., ,22.,38.0 Industry Total 20,8.4 14, ,3 Industry Total 1, ,8.4 14,857.4 Benelux MidMarket M&A up to US$500m Benelux MidMarket M&A up to US$500m $1 $14 $12 $8 $ $4 $ % 13% 11% 11% 11% US 50m US$50 0m US0 m US$ 500m % 13 of 21

14 January 8, 20 # MidMarket M&A Up To US$500m # s Eastern Europe Involvement MidMarket Legal Rankings (MML1) MML1 Undisclosed Values & Values up to US$500m MML1 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ 1/1/ 12/31/ Clifford Chance Baker & McKenzie Allen & Overy Cleary Gottlieb Steen & Hamilton Herbert Smith/Gleiss Lutz/Stibbe US$m 2, ,81.0 1, ,21. 1,11.8 EUR mil 1,52.7 1, Rank Mkt Share Deals Change in Rank CMS Baker & McKenzie Allen & Overy White & Case LLP Freshfields Bruckhaus Deringer Deals Rank 1* 1* 3* 3* 5* Mkt Share US$m ,81.0 1, EUR mil , Change in Rank Dewey & LeBoeuf LLP Linklaters 14 5* White & Case LLP Sullivan & Cromwell Weil Gotshal & Manges Schoenherr Attorney's at Law Havel & Holasek sro Latham & Watkins Clifford Chance Wolf Theiss Rechtsanwaelte * 8 * , , Macleod Dixon Fasken Martineau DuMoulin LLP Norton Rose Squire Sanders & Dempsey LLP Raidla & Partners CMS Stikeman Elliott Aequitas Blake Dawson Skadden Jones Day Lovells LLP * 17* 17* Weil Gotshal & Manges Dewey & LeBoeuf LLP Cleary Gottlieb Steen & Hamilton Herbert Smith/Gleiss Lutz/Stibbe Pekin & Bayar Schoenherr Attorney's at Law Lovells LLP Noerr Stiefenhofer Lutz Debevoise & Plimpton Squire Sanders & Dempsey LLP Domanski Zakrzewski Palinka spk Hogan & Hartson * 12 13* 13* 13* * 18* 18* 21* 21* ,21. 1, Advokatfirman Vinge Esin Law Firm 4 23* Hogan & Hartson Norton Rose 4 23* Goodwin Procter LLP Sullivan & Cromwell 4 23* , , , ,433.0 Industry Total 23,13.8 1, ,21 Industry Total 4, ,13.8 1,817.1 $1 $14 $12 $8 $ $4 $2 Eastern European MidMarket M&A up to US$500m US 50m US$50 0m US0 m US$ 500m 1, 1, 1, % Eastern European MidMarket M&A up to US$500m 3% 2% % 12% 2 13% 14 of 21

15 January 8, 20 # MidMarket M&A Up To US$500m # s Hochinma Involvement MidMarket Legal Rankings (MML13) MML13 Undisclosed Values & Values up to US$500m MML13 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ 1/1/ 12/31/ Mkt Change Mkt Change US$m Rank Share Deals in Rank Deals Rank Share US$m in Rank Allen & Gledhill 3, Baker & McKenzie ,80. Baker & McKenzie 2, AZB & Partners ,04.0 Mallesons Stephen Jaques 2, Freshfields Bruckhaus Deringer 2 3 1,2. WongPartnership LLP 2, Khaitan & Co Freshfields Bruckhaus Deringer 1, Jones Day 21 5* 81. Latham & Watkins 1, Allen & Gledhill 21 5* 3,120.0 Freehills 1, Minter Ellison 20 7* 50. Linklaters 1, Linklaters 20 7* 1,483.4 Skadden 1, Mallesons Stephen Jaques 17 2,24. Grandall Legal Group 1, Grandall Legal Group 1 1,28.0 Clayton Utz 1, WongPartnership LLP ,1.3 Sullivan & Cromwell 1, Clifford Chance 13 12* 08. AZB & Partners 1, Herbert Smith/Gleiss Lutz/Stibbe 13 12* Grandfield Law Offices 1, Mayer Brown LLP 13 12* 30.0 Corrs Chambers Westgarth Latham & Watkins 13 12* 1,75.1 Mayer Brown LLP Clayton Utz ,184. Clifford Chance Paul Hastings Janofsky & Walker Zhong Lun Law Firm Skadden 18 1,457.0 Jones Day Freehills 1* 1,44.1 Deacons Luthra & Luthra Law Offices 1* 730. Khaitan & Co Herbert Smith/Gleiss Lutz/Stibbe Luthra & Luthra Law Offices Morrison & Foerster Blake Dawson , ,71.8 Industry Total 112, ,0 Industry Total, ,317.2 $45 $40 $35 $30 $25 $20 $15 $5 Hochinma MidMarket M&A up to US$500m US 50m US$50 0m US0 m US$ 500m 2,000 1,800 1,00 1, 1, 1, % 11% Hochinma MidMarket M&A up to US$500m 3% 2% 2% 3% 20% 1 18% 15 of 21

16 January 8, 20 # MidMarket M&A Up To US$500m # s Hong Kong Involvement MidMarket Legal Rankings (MML12) MML12 Undisclosed Values & Values up to US$500m MML12 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ 1/1/ 12/31/ Mkt Change Mkt Change US$m Rank Share Deals in Rank Deals Rank Share US$m in Rank Allen & Gledhill 2, Baker & McKenzie Freshfields Bruckhaus Deringer 1, Freshfields Bruckhaus Deringer ,258.7 Skadden 1, Jones Day 13 3* Baker & McKenzie Allen & Gledhill 13 3* 0. 2,27. WongPartnership LLP Linklaters Mayer Brown LLP Minter Ellison Mallesons Stephen Jaques Mallesons Stephen Jaques Deacons Clifford Chance 8 8* Linklaters Trend Associates 8 8* Clifford Chance Herbert Smith/Gleiss Lutz/Stibbe 7 * Slaughter & May Mayer Brown LLP 7 * Freehills Clayton Utz 7 * Debevoise & Plimpton * Slaughter & May 13* 584. Dewey & LeBoeuf LLP * WongPartnership LLP 13* 17.5 White & Case LLP * Paul Hastings Janofsky & Walker Corrs Chambers Westgarth Deacons 4 1* Clayton Utz O'Melveny & Myers 4 1* 51.4 Latham & Watkins Skadden 4 1* 1,088.1 Sullivan & Cromwell Cleary Gottlieb Steen & Hamilton 3 1* Herbert Smith/Gleiss Lutz/Stibbe Freehills 3 1* Bingham McCutchen LLP Morrison & Foerster 3 1* 380. Morrison & Foerster Shook Lin & Bok LLP 3 1* 38.8 Shook Lin & Bok LLP Allen & Overy 3 1* 1.1 Bae Kim & Lee * 0. 1 Kim & Chang * 0. 1, ,32.7 Industry Total 3, ,425 Industry Total 1, ,547.7 Hong Kong MidMarket M&A up to US$500m Hong Kong MidMarket M&A up to US$500m $18 $1 $14 $12 $8 $ $4 $2 US 50m US$50 0m US0 m US$ 500m % 3% 1 18% 32% 1 of 21

17 January 8, 20 # MidMarket M&A Up To US$500m # s Australia/New Zealand Involvement MidMarket Legal Rankings (MML11) MML11 Undisclosed Values & Values up to US$500m MML11 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ 1/1/ 12/31/ Mkt Change Mkt Change US$m Rank Share Deals in Rank Deals Rank Share US$m in Rank Freehills 5, Freehills ,57.2 Mallesons Stephen Jaques 4, Clayton Utz ,441.7 Allens Arthur Robinson 3, Mallesons Stephen Jaques ,151.5 Clayton Utz 3, Minter Ellison ,41. Minter Ellison 2, Allens Arthur Robinson ,45.0 Blake Dawson 2, Blake Dawson ,523.1 Corrs Chambers Westgarth 2, Baker & McKenzie ,433.0 Baker & McKenzie 1, Deacons Skadden 1, DLA Piper WongPartnership LLP 1, Corrs Chambers Westgarth ,20.1 Allen & Gledhill 1, Gilbert + Tobin Deacons Bell Gully Freshfields Bruckhaus Deringer Cochrane Lishman Fasken Martineau DuMoulin LLP McCullough Robertson Hogan & Hartson Chapman Tripp Sheffield Young 11 15* Gilbert + Tobin Steinepreis Paganin 11 15* Blake Cassels & Graydon Freshfields Bruckhaus Deringer 17* Clifford Chance Simpson Grierson 17* DLA Piper Allen & Gledhill 8 1* 1,070.0 McCullough Robertson Skadden 8 1* 1,180.5 Willkie Farr & Gallagher * Fasken Martineau DuMoulin LLP 21* 5.1 Weil Gotshal & Manges * Osler Hoskin & Harcourt LLP 21* 22 Linklaters Clifford Chance 5 23* 47.0 Charltons * Rockwell Bates 5 23* 172. Yorac Arroyo Chua Caedo & Coronel Law Firm * McCarthy Tetrault 5 23* Fujian Zhili Law Firm * Blake Cassels & Graydon 5 23* , ,003.3 Industry Total 32, ,387 Industry Total 2, ,44.4 $25 $20 $15 $5 Australia/New Zealand MidMarket M&A up to US$500m US 50m US$50 0m US0 m US$ 500m 1, % 11% Australia/New Zealand MidMarket M&A up to US$500m 2%2%2% Government and Agencies 17 of 21

18 January 8, 20 # MidMarket M&A Up To US$500m # s Singapore Involvement MidMarket Legal Rankings (MML14) MML14 Undisclosed Values & Values up to US$500m MML14 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ 1/1/ 12/31/ Mkt Change Mkt Change US$m Rank Share Deals in Rank Deals Rank Share US$m in Rank Allen & Gledhill 2, Allen & Gledhill ,71.0 WongPartnership LLP 1, WongPartnership LLP ,74.1 Stamford Law Corp Stamford Law Corp Shook Lin & Bok LLP Shook Lin & Bok LLP Rajah & Tann Clifford Chance Sidley Austin LLP Baker & McKenzie Chiomenti Studio Legal Freshfields Bruckhaus Deringer 4 7* White & Case LLP Allens Arthur Robinson 4 7* Simpson Thacher & Bartlett.0 * 2. 2 Drew & Napier 4 7* Weil Gotshal & Manges.0 * 2. 1 Rajah & Tann 3 * Baker & McKenzie Herbert Smith/Gleiss Lutz/Stibbe 3 * 8. Clifford Chance Linklaters 3 * 4.2 Allen & Overy Gibson Dunn & Crutcher 3 * 41.7 Freehills Allen & Overy 3 * Allens Arthur Robinson White & Case LLP 3 * Wikborg Rein & Co 1.0 1* 0. 1 Latham & Watkins 3 * 0.0 Pinsent Masons 1.0 1* 0. 1 Davies Ward Phillips & Vineberg 2 17* 2.0 Herbert Smith/Gleiss Lutz/Stibbe Freehills 2 17* Drew & Napier Harry Elias & Partners 2 17* 7.2 Linklaters Ashurst 2 17* 82.7 Ashurst * Mallesons Stephen Jaques 2 17* 82.7 Mallesons Stephen Jaques * Clayton Utz 2 17* 0.0 Gilbert + Tobin * Minter Ellison 2 17* 1.1 Gibson Dunn & Crutcher Simpson Thacher & Bartlett 2 17*.0 Freshfields Bruckhaus Deringer , ,17. Industry Total 11, Industry Total ,8.1 Singapore MidMarket M&A up to US$500m Singapore MidMarket M&A up to US$500m $ $8 $7 $ $5 $4 $3 $2 $1 US 50m US$50 0m US0 m US$ 500m % % 2% 2% 11% 12% 22% 1 18 of 21

19 January 8, 20 # MidMarket M&A Up To US$500m # s Japanese Involvement MidMarket Legal Rankings (MML15) MML15 Undisclosed Values & Values up to US$500m MML15 Undisclosed Values & Values up to US$500m 1/1/ 12/31/ 1/1/ 12/31/ Mkt Change Mkt Change US$m Rank Share Deals in Rank Deals Rank Share US$m in Rank Mori Hamada & Matsumoto 7, Mori Hamada & Matsumoto ,20.2 Nishimura & Asahi 5, Nishimura & Asahi ,37.0 Nagashima Ohno & Tsunematsu 3, Nagashima Ohno & Tsunematsu ,54. TMI Associates 2, TMI Associates ,800.5 Anderson Mori & Tomotsune 2, Anderson Mori & Tomotsune ,530.1 Morrison & Foerster 2, Morrison & Foerster ,231.8 Baker & McKenzie 1, Jones Day 1 7* Shearman & Sterling LLP 1, Baker & McKenzie 1 7* 0. 1,732. Davis Polk & Wardwell 1, Allen & Overy 1 7* Freshfields Bruckhaus Deringer 1, Shearman & Sterling LLP 12 1,47. OhEbashi LPC & Partners 1, Davis Polk & Wardwell ,444.1 Paul, Weiss 1, Paul Hastings Janofsky & Walker Day Pitney LLP * OhEbashi LPC & Partners 13 1,11.3 Dewey & LeBoeuf LLP * Freshfields Bruckhaus Deringer 8 14* 1,17.7 Sullivan & Cromwell O'Melveny & Myers 8 14* Skadden Linklaters 7 1* 544. Jones Day Morgan Lewis & Bockius 7 1* Latham & Watkins DLA Piper 7 1* Allen & Overy Paul, Weiss 7 1* 1,00. Simpson Thacher & Bartlett Sullivan & Cromwell 7 1* 844. Linklaters Latham & Watkins Clifford Chance Clifford Chance 5 22* 504. Allens Arthur Robinson CMS 5 22* 0.0 Midosuji Legal Profession Corp City Yuwa Partners 5 22* Akin, Gump, Strauss, Hauer & Feld Dewey & LeBoeuf LLP 5 22* 58. 2, Skadden 5 22* 842. Industry Total 4, , ,188.8 Industry Total 2, ,253.4 Japanese MidMarket M&A up to US$500m Japanese MidMarket M&A up to US$500m $25 $20 $15 $5 US 50m US$50 0m US0 m US$ 500m % % 2% 18% 11% 1 1 Government and Agencies 1 of 21

20 January 8, 20 # MidMarket M&A Up To US$500m # s Ranking Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: Americas Audrey Brown Tel: audrey.brown@thomsonreuters.com Europe, Middle East & Africa Benedikt Schueller Tel: +44 (0) benedikt.schueller@thomsonreuters.com AsiaPacific Jason Pacannuayan Tel: jason.pacannuayan@thomsonreuters.com Announced league tables include all deals that were announced between January 1, 8 and December 31, and of which Thomson Reuters was made aware. All current data and previous year's data is as of 12:00pm EST on January 7, 20. League tables include rank eligible mergers, acquisitions, repurchases, spinoffs, selftenders, minority stake purchases and debt restructurings. A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional. Deals with undisclosed dollar values are rank eligible but with no corresponding. NonUS dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer. Japan Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Tomomi Terahara Tel: tomomi.terahara@thomsonreuters.com League tables, commentary, and charts citing announced activity are based on and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. is defined as the earliest public announcement of when a value can be applied to a transaction. While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party. 20 of 21