Legal Rankings Q1 2018 Q1 2018
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GLOBAL M&A MARKET REVIEW LEGAL RANKINGS Q1 2018 Q1 2018 GLOBAL M&A LEGAL ADVISORY RANKINGS The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The CONTENTS 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- 1. Introduction swaps, joint ventures, private placements of common equity and convertible securities, and the cash 2. Global M&A Heat Map injection component of recapitalization according to Bloomberg standards. 3. Global M&A Regional Review Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We 4. Global M&A League Tables provide a global perspective and local insight into unique deal structures in various markets through a 6. Americas M&A Regional Review network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. 7. Americas M&A League Tables Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, 9. EMEA M&A Regional Review and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends. 10. EMEA M&A League Tables 14. APAC M&A Regional Review Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league 15. APAC M&A League Tables table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/. 20. Disclaimer 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 Email North America Nageen Qasim +1-646-324-2878 [email protected] EMEA Madeeha Ahmad +44-20-3525-3754 [email protected] Asia Pacific Sayaka Sakashita +81-3-3201-2198 [email protected] General M&A queries may be submitted to: [email protected], [email protected], [email protected] ©2018 Bloomberg Finance L.P.All rights reserved 1 Global M&A Heat Map Western Europe Eastern Europe USD 284.0B USD 18.2B 1. Kirkland & Ellis LLP 13.2% 1. White & Case LLP 23.4% 2. Freshfields Bruckhaus Deringer LLP 11.2% 2. Latham & Watkins LLP 18.9% 3. Skadden Arps Slate Meagher & Flom LLP North America 10.8% 3. Skadden Arps Slate Meagher & Flom LLP 13.5% USD 589.3B 1. Skadden Arps Slate Meagher & Flom LLP 27.5% 2. Paul Weiss Rifkind Wharton & Garrison 19.8% 3. Cravath Swaine & Moore LLP 18.8% Asia Pacific USD 297.5B Middle East & Africa 1. Morrison & Foerster LLP 7.2% USD 27.4B 2. Norton Rose Fulbright LLP 6.5% 1. Linklaters LLP 20.3% 3.Sullivan & Cromwell LLP 6.2% Latin America 2. Stibbe N.V. 19.7% USD 43.7B 3. Kirkland & Ellis LLP 19.7% 1. White & Case LLP 35.3% 2. Cleary Gottlieb Steen & Hamilton LLP 33.6% 3.Souza Cescon Barrieu & Flesch Advogados 33.3% Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1Q 2018. 2 Global M&A Regional Review Global M&A: Premium Breakdown 3% 1% • Global M&A activity reached $937.6 billion in 1Q2018, representing an increase of 24.9% 0-10% compared to the same period last year. 8% 16% 10-25% • Private equity transactions reached a 1Q2018 volume of $215.7 billion, accounting for 23.1% of the 25-50% global volume for the period. GIC Pte Ltd, Canada Pension Plan Investment Board, and Blackstone Group's pending acquisition of Thomson Reuters Corp's financial data unit for $17.0 billion was 50-75% the largest announced private equity deal of the quarter. 27% 45% • M&A deals targeting the technology sector increased 149.8% in volume year‐on‐year to $91.3 75-100% billion. Fujifilm Holdings Corp's pending acquisition of a majority stake in Xerox Corp for $10.32 100%+ billion was the largest deal in this sector. Global M&A: Highlights of Q1 2018 Global M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 10,368 Express Scripts Holding Consumer Non-cyclical $253.0 26.6% 69.5% 3/8/2018 Cigna Corp - $68,375.7 Volume (Bln.) $937.6 Co Financial $209.9 22.0% 18.3% Avg Deal Size (Mln.) $90.4 Brookfield Property Technology $91.2 9.6% 149.6% 3/27/2018 GGP Inc - $27,760.8 Partners LP Consumer Cyclical $87.8 9.2% 1.1% Top Adviser Dr Pepper Snapple Group Keurig Green Industrial $76.2 8.0% 4.6% 1/29/2018 - $23,167.7 Skadden Arps Slate Meagher & Flom LLP Inc Mountain Inc Energy $73.0 7.7% -44.3% Financial data Thomson Number of deals 46 Communications $67.7 7.1% 32.9% 1/29/2018 unit/Thomson Reuters Multiple Acquirers Reuters $17,000.0 Volume (Bln.) $169.3 Corp Corp Basic Materials $48.3 5.1% 144.3% 2018 Global M&A Review | Q1 Avg Deal Size (Bln.) $3.7 Utilities $43.7 4.6% 36.1% 3/5/2018 XL Group Ltd AXA SA - $15,200.6 Diversified $1.4 0.1% -69.6% Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown Amount % Change % Change $1,000 6,000 Deal Type (Bln.) Deal Count Volume $800 5,000 Company Takeover $540.6 -6.0% 41.7% Cross Border $399.2 -5.2% 0.3% 4,000 $600 Private Equity $215.7 -1.6% 12.0% 3,000 Asset sale $177.4 -10.7% 2.8% $400 2,000 Tender Offer $81.4 -31.5% -19.6% $200 1,000 Venture Capital $47.6 6.5% 90.3% Spin-off $12.9 47.9% 129.1% $0 0 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 Minority purchase $135.1 6.3% 41.8% Majority purchase $73.4 -2.0% 9.6% Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). 3 Global Announced Deals (By Volume) 01/01/2018 - 03/31/2018 Global Announced Deals (By Deal Count) 01/01/2018 - 03/31/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Skadden Arps Slate Meagher & Flom LLP 1 18.1 169,340 45 2 12.8 5.3 Jones Day 1 2.7 25,316 122 1 5.5 -2.8 Paul Weiss Rifkind Wharton & Garrison LLP 2 13.1 123,173 39 6 7.3 5.8 Kirkland & Ellis LLP 2 7.8 72,632 104 2 8.6 -0.9 Cravath Swaine & Moore LLP 3 12.2 114,149 21 3 9.5 2.7 Latham & Watkins LLP 3 6.7 62,677 78 3 4.7 2.0 Sullivan & Cromwell LLP 4 10.9 102,126 42 11 6.6 4.3 McGuireWoods LLP 4 1.6 15,220 59 33 0.1 1.5 Wachtell Lipton Rosen & Katz 5 10.3 96,666 14 15 5.7 4.6 Goodwin Procter LLP 5 4.0 37,705 56 4 1.2 2.8 Simpson Thacher & Bartlett LLP 6 10.2 95,922 41 14 6.3 4.0 Baker & McKenzie LLP 6 1.6 14,542 48 7 1.3 0.3 Weil Gotshal & Manges LLP 7 8.4 78,852 41 30 3.2 5.3 Allen & Overy LLP 6 1.3 11,951 48 6 5.0 -3.8 Kirkland & Ellis LLP 8 7.8 72,632 104 4 8.6 -0.9 Skadden Arps Slate Meagher & Flom LLP 8 18.1 169,340 45 10 12.8 5.3 Davis Polk & Wardwell LLP 9 7.4 69,531 43 13 6.3 1.1 Blake Cassels & Graydon LLP 9 1.1 10,677 44 13 7.4 -6.2 Holland & Knight LLP 10 7.4 69,017 3 219 0.0 7.3 Davis Polk & Wardwell LLP 10 7.4 69,531 43 41 6.3 1.1 White & Case LLP 11 6.9 65,098 33 18 5.3 1.7 Sullivan & Cromwell LLP 11 10.9 102,126 42 29 6.6 4.3 Latham & Watkins LLP 12 6.7 62,677 78 20 4.7 2.0 Morgan Lewis & Bockius LLP 11 4.3 40,334 42 14 0.4 3.9 Torys LLP 13 5.9 54,962 13 64 1.2 4.7 Hogan Lovells US LLP 11 2.0 18,512 42 10 1.7 0.3 Debevoise & Plimpton LLP 14 5.5 51,712 20 43 1.8 3.7 Simpson Thacher & Bartlett LLP 14 10.2 95,922 41 19 6.3 4.0 Cleary Gottlieb Steen & Hamilton LLP 15 5.4 50,567 16 1 14.0 -8.6 Weil Gotshal & Manges LLP 14 8.4 78,852 41 18 3.2 5.3 Clifford Chance LLP 16 5.0 46,505 37 12 6.5 -1.5 Herbert Smith Freehills LLP 16 3.0 28,009 40 38 2.2 0.8 Morgan Lewis & Bockius LLP 17 4.3 40,334 42 104 0.4 3.9 Paul Weiss Rifkind Wharton & Garrison LLP 17 13.1 123,173 39 17 7.3 5.8 Goodwin Procter LLP 18 4.0 37,705 56 59 1.2 2.8 AZB & Partners 18 2.3 21,324 38 33 2.4 -0.1 Freshfields Bruckhaus Deringer LLP 19 3.6 34,012 36 10 6.8 -3.2 Clifford Chance LLP 19 5.0 46,505 37 5 6.5 -1.5 Slaughter and May 20 3.0 28,307 16 7 7.2 -4.2 DLA Piper LLP 19 1.4 13,217 37 10 0.7 0.7 TOTAL 937,570 10,368 750,153 TOTAL 937,570 10,368 750,153 Global Announced Deals- Principals (By Volume) 01/01/2018 - 03/31/2018 Global Announced Deals- Principals (By Deal Count) 01/01/2018 - 03/31/2018 2018 2017 2018 2017 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Skadden Arps Slate Meagher & Flom LLP 1 23.7 168,040 44 1 14.4 9.4 Jones Day 1 3.5 24,556 119 1 7.2 -3.7 Paul Weiss Rifkind Wharton & Garrison LLP 2 16.6 117,460 37 7 8.7 7.9 Kirkland & Ellis LLP 2 7.5 53,028 102 2 11.3 -3.8 Wachtell Lipton Rosen & Katz 3 13.7 96,666 14 11 7.5 6.2 Latham & Watkins LLP 3 5.9 41,629 74 3 5.7 0.2 Simpson Thacher & Bartlett LLP 4 11.5 81,582 38 25 3.8 7.8 McGuireWoods LLP 4 2.1 15,038 58 37 0.0 2.1 Weil Gotshal & Manges LLP 5 10.9 77,268 40 23 4.0 6.9 Goodwin Procter LLP 5 5.3 37,705 56 4 1.6 3.7 Holland & Knight LLP 6 9.8 69,017 3 216 0.0 9.7 Allen & Overy LLP 6 1.4 10,146 47 6 6.6 -5.2 Sullivan & Cromwell LLP 7 8.2 57,703 28 24 3.8 4.4 Baker & McKenzie LLP 6 0.6 4,493 47 7 1.7 -1.0 Kirkland & Ellis LLP 8 7.5 53,028 102 2 11.3 -3.8 Skadden Arps Slate Meagher & Flom LLP 8 23.7 168,040 44 11 14.4 9.4 Torys LLP 9 7.3 51,435 10 59 1.5 5.8 Blake Cassels & Graydon LLP 8 1.5 10,677 44 13 9.2 -7.7 Clifford Chance LLP 10 6.6 46,505 37 9 8.5 -2.0 Morgan Lewis & Bockius LLP 10 5.7 40,334 42 13 0.6 5.1 Latham & Watkins LLP 11 5.9 41,629 74 17 5.7 0.2 Hogan Lovells US LLP 10 2.6 18,512 42 12 1.4 1.2 Morgan Lewis & Bockius LLP 12 5.7 40,334 42