International Corporate Finance Mergers & Acquisitions - Private Equity - Corporate Tax - Antitrust
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2015 EDITION INTERNATIONAL CORPORATE FINANCE MERGERS & ACQUISITIONS - PRIVATE EQUITY - CORPORATE TAX - ANTITRUST Guo Guangchang Fosun Dominique Senequier Ardian Ricardo Anzaldua Metlife Anne-Sophie Poirier Atos Robert Scharfe Luxembourg Stock Exchange 1 - EXECUTIVE SUMMARY TOP ADVISORS DIRECTORY Laureen Kouassi-Olsson Amethis West Africa 2 - 50 LEADERS Private Equity Firms 3 - RANKINGS: BEST ADVISORS BY COUNTRY Financial Advisors INVESTMENT BANKS - LBO FUNDS - LAW FIRMS William Xu Triniti Capital I - AMERICAS 161. Italy Executive Search 50. Argentina 173. Luxembourg 55. Brazil 179. Netherlands Top Law Firms 63. Canada 184. Poland 71. Chile 189. Portugal Jacqueline Reses 74. Mexico 194. Spain Yahoo! 80. Peru 202. Russia 84. USA 207. Switzerland 216. United Kingdom II - EUROPE III - ASIA Anthony Noto 108. Austria Twitter 113. Belgium 235. China 122. France 245. India 151. Germany 251. Japan Wei Wu Alibaba #INT20 AN ANNUAL REPORT FROM LEADERS LEAGUE THuRSDAy DECEMBER 3, 2015 14TH EDITION - PARIS THE LARGEST PRIVATE EQUITY & RESTRUCTURING SUMMIT IN EUROPE FOR CEOS, FUNDS, LPS: MORE THAN 1,200 DELEGATES IN 2014 CONFERENCES NETWORKING LuNCH ONE-TO-ONE MEETINGS AWARDS CEREMONy AMONG 2014 SPEAKERS: Benoit Durteste Guy Hands Martin Dunnett Managing Director Chairman & CIO Managing Director ICG Terra Firma Warburg Pincus Thomas McComb Hélène Bourbouloux Rob Wright Managing Director Receiver Partner JP Morgan Asset FHB Pantheon Ventures Management Jean-Baptiste Wautier Henrik Lif John Kremer Managing Partner Partner Partner BC Partners Segulah Adams Street Partners For further information, please contact us by phone: +33 (0) 1 45 02 25 00 or visit our website www.private-equity-exchange.com EDITO HUGO WEBER ELODIE SIGAUX MANAGING EDITOR ASSOCIATE MANAGING EDITOR M&A LEVELS ARE BACK TO PRE-CRISIS LEVEL... For the first time since 2007, M&A volume reached an unprecedented amount of $3 trillion on August 11th, only 223 days into the year. In 2014, the same volume was hit only on the 314th day of the year. A sign of recovery? Yes, definitely. M&A is feeling good and mega deals are back. Year to date, the largest deal belongs to Royal Dutch Shell for its $81.5 billion pending acquisition of BG Group, directly followed by the second attempt of majority stake in Time Warner Cable by Charter Communications for $79.6 billion. Last year Comcast failed to acquire the target for $45 billion due to an antitrust procedure and several U.S. official oppositions. Geographically speaking, North America is still the first provider of deals with a record of $1.6 trillion as of late August, a 50% increase from 2014 year to date. ...AUTHORITIES ALSO With a resurgence of jumbo deals, local authorities and supra-national regulators are under pressure for the best or the worst. In 2014 and early 2015, the number of antitrust filings has globally rebounded (after an important dip in 2012 and 2013), especially in China where there has been an increase of 47% since 2012. Enforcement level remains relatively high in particular in consolidation sectors such as pharmaceuticals and Technology, Media, Telecom (TMT). However the appreciation of consolidation varies from one place to another. When in the U.S. the aborted acquisition of Time Warner Cable by Comcast met opposition in the U.S. Congress, the Federal Commission of Communication (FCC) and Antitrust division of the DoJ, the European Commission - through the voice of Neelie Kroes - was hoping for a simpler regulatory framework to ensure a concentration in the telecom sector. In terms of consolidation, Brussels is clearly is pushing ahead with best practices. SUMMARY EXECUTIVE SUMMARY The evolution of technology and leadership is paving the way for a fresh approach to decision making in M&A and in PE investment. 12 EUROPE: A BOOMTOWN FOR NEW INVESTORS 13 WOMAN IN M&A: DIVERSITY AS DRIVER FOR SUCCESS 14 TMT: THE NEW ENGINE THAT PULLS M&A HIGHER... 14 ...WITH A RISK OF BUBBLE? 15 PRIVATE EQUITY: FUNDRAISINGS ARE CAPPING WORLDWIDE 15 LBO: A COMPLEX 2015 FIRST SEMESTER 16 2014 TOP 30 OUTPERFORMING PRIVATE EQUITY FIRMS 17 THE TOP 10 LPS 18 THE 50 GIANTS 50 LEADERS Leaders are setting up new avenues for making successful business deals, and this is proving beneficial for stakeholders. From M&A deals in emerging countries to creating more opportunities for diversification, we are in the midst of expanding trends. 22 WOMEN IN CORPORATE FINANCE 25 SPECIAL TIPS TO DEAL 28 M&A IN EMERGING COUNTRIES 32 FINANCIAL INSTITUTIONS 38 PRIVATE EQUITY & CORPORATE VENTURE 42 IPO LEADERS RANKINGS 49 AMERICAS 50 Argentina 51 Argentina Top 10 M&A Deals 52 Argentina Best Law Firms: M&A 53 Argentina Best Law Firms: Antitrust 54 Argentina Best Law Firms: Corporate Tax 55 Brazil 56 Brazil Top 10 M&A Deals 57 Brazil Best Investment Banks: M&A 58 Brazil Best Law Firms: M&A Large and Mid cap 60 Brazil Best Law Firms: M&A Mid and Small cap 60 Best Foreign Advisors In International Law 61 Brazil Best Law Firms: Corporate Tax 62 Brazil Best Law Firms: Competition / Antitrust 63 Canada 64 Canada Top 10 M&A Deals 65 Canada Best LBO Funds 65 Canada Best Investment Banks 66 Canada Best Investment Bank: TMT 67 Canada Venture Capital Funds List 68 Canada Best Law Firms: M&A Large cap 68 Canada Best Law Firms: M&A Small & Mid cap 70 Canada Best Law Firms: Corporate Tax 70 Canada Best Law Firms: Banking & Finance 71 Chile 72 Chile Top 10 M&A Deals 73 Chile Best Law Firms: M&A 74 Mexico 75 Mexico Top 10 M&A Deals 76 Mexico Best Law Firms: M&A 78 Mexico Best Law Firms: Antitrust 79 Mexico Best Law Firms: Corporate Tax 80 Peru 81 Peru Top 10 M&A Deals 82 Peru Best Law Firms: M&A 83 Peru Best Law Firms: Corporate Tax 83 Peru Best Law Firms: Antitrust 84 USA 85 USA Best Venture Capital Funds 86 USA Top 10 M&A Deals 87 USA Best LBO Funds: Large cap 87 USA Best LBO Funds: Mid cap 88 USA Best Investment Banks: Energy 89 USA Best Investment Banks: Retail & Consumer Goods 90 USA Best Investment Banks: Industrials 91 USA Best Investment Banks: TMT 93 USA Best Investment Banks: Health & Pharma 94 USA Best Law Firms (Nationwide): M&A - Jumbo & Large cap 95 USA Best Law Firms (Nationwide): M&A - Mid cap 96 USA Best Law Firms (Nationwide): Antitrust 97 USA Best Law Firms (Nationwide): Corporate Tax 98 USA Best Law Firms (Nationwide): Fund Formation 99 USA Best Law Firms (Nationwide): Private Equity 100 USA Best Law Firms (Nationwide): Acquisition Finance SUMMARY RANKINGS 104 EUROPE 105 Europe Best Venture Capital Funds 106 Europe Best LBO Funds: Large cap 107 Europe Best LBO Funds: Mid cap 108 Austria 109 Austria Top 10 M&A Deals 110 Austria Best Law Firms: M&A 111 Austria Best Law Firms: Antitrust 111 Austria Best Law Firms: Corporate Tax 112 Austria Best Law Firms: Banking & Finance 113 Belgium 114 Belgium Top 10 M&A Deals 115 Belgium Best Investment Banks 116 Belgium Best Law Firms: M&A 117 Belgium Best Law Firms: Private Equity 118 Belgium Best Law Firms: Capital Markets 119 Belgium Best Law Firms: Banking & Finance 120 Belgium Best Law Firms: Antitrust / Merger Control 121 Belgium Best Law Firms: Corporate Tax 122 France 123 France Top 10 M&A Deals 124 France Best LBO Funds: Large cap 125 France Best LBO Funds: Mid cap & upper-mid cap 126 France Best Venture Capital Funds 127 France Best Investment Banks: Complex transactions & high litigation potential 128 France Best Investment Banks: Large cap (deals over €500M) 129 France Best Investment Banks: Mid & upper-mid cap (deals between €75M & €500M) 131 France Best Investment Banks: Small cap (deals between €20M & €75M) 132 France Best Investment Banks: Lower Small cap (deals between €20M & €75M) 133 France Best Investment Banks: Energy & Infrastructures - Large cap 133 France Best Investment Banks: Energy & Infrastructures - Small & Mid cap 134 France Best Investment Banks: Industrials - Large cap 134 France Best Investment Banks: Industrials - Small & Mid cap 135 France Best Investment Banks: TMT - Large cap 135 France Best Investment Banks: TMT - Small & Mid cap 136 France Best Investment Banks: Health & Pharma - Large cap 136 France Best Investment Banks: Health & Pharma - Small & Mid cap 137 France Best Investment Banks: Retail & Consumer Goods 137 France Best Investment Banks: Real Estate 138 France Best Investment Banks: Financial Institutions Group (FIG) 138 France Best Investment Banks: Agribusiness & Wine 139 France Best Law Firm: M&A - Complex transactions & high litigation portential 140 France Best Law Firm: M&A - Large cap (deals over €500 M) 142 France Best Law Firm: M&A - Mid cap (deals between € 75M and € 500 M) 144 France Best Law Firm: M&A - Small cap (deals under € 75M) 146 France Best Law Firm: Antitrust & Merger Control 147 France Best Law Firm: Corporate Tax 148 France Best Law Firm: Fund Formation 148 France Best Law Firm: LBO Large cap 149 France Best Law Firm: LBO Mid cap 150 France Best Law Firm: LBO Small cap 151 Germany 152 Germany Top 10 M&A Deals 153 Germany Best Investment Banks: Energy 153 Germany Best Investment Banks: Retail & Consumer Goods 154 Germany Best Investment Banks: Health & Pharma 155 Germany Best Investment Banks: Industrials - Large cap 155 Germany Best Investment Banks: Industrials - Small & Mid cap 156 Germany Best Investment Banks: TMT 157 Germany Best Law Firms: M&A - Large cap 158 Germany Best Law Firms: M&A - Mid cap 160 Germany Best Law Firms: Private Equity 160 Germany Best Law Firms: Fund Formation 161 Italy 162 Italy Top 10 M&A Deals 163 Italy Best LBO Funds 163 Italy Financial Advisors to LBO Funds 164 Italy Best Investment Banks: Energy 164 Italy Best