Small Cap M&A Review
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REUTERS / Thomas White SMALL CAP M&A REVIEW LEGAL ADVISORS First Half 2017 First Half 2017 | Mergers & Acquisitions | Legal Advisors Small Cap M&A Legal Review Table of Contents Worldwide Small Cap M&A Deals Intelligence 1 Worldwide Small Cap Rankings (MML01a) 2 US Target Small Cap Rankings (MML02a) 3 Canadian Involvement Small Cap Rankings (MML22a) 4 Latin America Involvement Small Cap Rankings (MML17a) 5 European Involvement Small Cap Rankings (MML03a) 6 UK Involvement Small Cap Rankings (MML04a) 7 French Involvement Small Cap Rankings (MML05a) 8 German Involvement Small Cap Rankings (MML06a) 9 Italian Involvement Small Cap Rankings (MML07a) 10 Spanish Involvement Small Cap Rankings (MML08a) 11 Nordic Involvement Small Cap Rankings (MML09a) 12 Benelux Involvement Small Cap Rankings (MML10a) 13 Eastern Europe Involvement Small Cap Rankings (MML16a) 14 Hochinma Involvement Small Cap Rankings (MML13a) 15 Hong Kong Involvement Small Cap Rankings (MML12a) 16 Australia/New Zealand Involvement Small Cap Rankings (MML11a) 17 Singapore Involvement Small Cap Rankings (MML14a) 18 Japanese Involvement Small Cap Rankings (MML15a) 19 Chinese Involvement Small Cap Rankings (MML20a) 20 Indian Involvement Small Cap Rankings (MML21a) 21 Ranking Criteria Summary 22 https://www.thomsonone.com First Half 2017 DEALS VALUED UP TO US$50 MILLION SMALL-CAP M&A LEGAL REVIEW M&A Rankings For Mid-Market Deals Valued Up To US$500m Are Also Available Small-Cap Deals Intelligence Worldwide Small-Cap M&A up to US$50m by Rank Value Range Worldwide announced Small-Cap M&A deals valued up to $50 million (including undisclosed value deals) totaled US$77.8 billion in the first half of 2017 – a 2.8% decrease year-on-year. $50 The Asia-Pacific (ex Central Asia) region (by target domicile) led the Small-Cap market, with US$36.6 billion of announced $45 10,000 deal activity. Americas (by target domicile) led the market in the number of deals announced, with 7,069 transactions for the first half of $40 2017, representing 35% of the 20,210 deals announced worldwide. 8,000 $35 The High Technology sector captured 15.5% of total announced Small-Cap value deals, followed by Real Estate and Industrials, each respectively registering 14% and 12.6% of the overall market. $30 6,000 Deals of # Jones Day tops the worldwide Legal Small-Cap rankings for deals valued up to $50 million for the first half of 2017, working $25 on 220 deals with a combined value of US$788.4 million. Rank Value (US$b) Value Rank $20 4,000 Announced Small-Cap M&A by Target Nation Up To US$50m Jan 1 - Jun 30 $15 1/1/2017 - 06/30/2017 1/1/2016 - 06/30/2016 Rank Value Region/Nation $10 Rank Value # of Rank Value # of Change (%) 2,000 US$m Deals US$m Deals $5 Worldwide 77,856.8 20,210 80,099.7 21,060 -2.8 ▼ Americas 21,665.6 7,069 17,726.5 6,129 22.2 ▲ $0 - United States of America 16,888.6 5,768 13,267.1 4,858 27.3 ▲ Canada 2,800.9 764 2,411.6 689 16.1 ▲ Brazil 635.3 218 723.3 256 -12.2 ▼ Chile 278.8 47 179.5 45 55.3 ▲ US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals Argentina 202.4 53 197.1 40 2.7 ▲ Peru 177.4 40 65.3 171.7 ▲ Mexico 130.2 62 311.6 75 -58.2 ▼ Europe 14,109.9 6,371 16,341.7 7,807 -13.7 ▼ United Kingdom 3,779.2 1,227 3,747.2 1,213 0.9 ▲ Worldwide Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30 France 1,523.2 838 2,133.2 1,312 -28.6 ▼ Italy 1,450.1 475 1,185.2 438 22.4 ▲ Spain 1,163.4 372 1,194.6 388 -2.6 ▼ High Technology 3.6% Sweden 927.9 352 710.4 344 30.6 ▲ Germany 914.6 615 1,378.6 783 -33.7 ▼ 4.9% 15.5% Real Estate Netherlands 598.2 227 522.3 312 14.5 ▲ Poland 578.3 216 615.7 292 -6.1 ▼ 5.7% Industrials Russian Federation 403.2 630 747.8 922 -46.1 ▼ Finland 380.7 120 371.2 159 2.6 ▲ Financials Republic of Ireland 240.9 80 295.3 91 -18.4 ▼ Norway 210.4 113 425.7 151 -50.6 ▼ 6.3% Switzerland 209.9 132 318.0 174 -34.0 ▼ Materials Greece 191.1 30 10.9 15 1,653.2 ▲ 14.0% Africa/Middle East/Central Asia 1,726.2 518 2,660.6 648 -35.1 ▼ Consumer Products and Services South Africa 558.6 138 658.0 151 -15.1 ▼ Israel 227.3 53 386.9 69 -41.3 ▼ 8.1% Healthcare Asia-Pacific (ex Central Asia) 36,652.9 5,151 39,167.6 5,285 -6.4 ▼ China 16,992.3 1,821 22,026.3 2,076 -22.9 ▼ Energy and Power South Korea 5,689.8 646 5,373.5 678 5.9 ▲ Hong Kong 3,674.6 362 2,933.0 307 25.3 ▲ Media and Entertainment Australia 3,151.8 581 2,013.5 461 56.5 ▲ 8.4% India 2,093.7 592 1,676.9 511 24.9 ▲ 12.6% Taiwan 1,063.6 121 816.3 87 30.3 ▲ Consumer Staples Singapore 908.0 176 821.9 215 10.5 ▲ ▼ Retail Malaysia 777.3 201 952.6 227 -18.4 8.9% Japan 3,702.1 1,099 4,203.4 1,191 -11.9 ▼ 10.3% Telecommunications https://www.thomsonone.com 1 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors Worldwide Small-Cap Rankings (MML01) MML01a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 Worldwide Small-Cap M&A up to US$50m by Target Nation Region Jan 1 - Jun 30 # of Deals per Advisor Rank Value per Advisor (US$m) Rank Value (US$b) 2017 2016 # of Change in RankValue 2017 YoY Rank Legal Advisor Rank Rank Deals # of Deals US$m Rank Val Chg (%) $0 $10 $20 $30 $40 $50 $60 $70 $80 Jones Day 1 1* 220 7 ▲ 788.4 1 8.9 ▲ DLA Piper LLP 2 3 147 -56 ▼ 443.0 4 -6.6 ▼ Kirkland & Ellis 3 7 139 4 ▲ 72.2 99 -42.3 ▼ 2011 Goodwin Procter LLP 4 18 110 26 ▲ 369.7 6 -19.5 ▼ Hogan Lovells 5 8 95 -35 ▼ 378.6 5 -9.4 ▼ 2012 Latham & Watkins 6 5 93 -50 ▼ 261.0 14 -58.6 ▼ Orrick Herrington & Sutcliffe LLP 7 19 90 7 ▲ 209.5 21 -33.2 ▼ Morgan Lewis & Bockius 8 9* 86 -28 ▼ 131.4 48 -59.2 ▼ 2013 CMS 9* 1* 85 -128 ▼ 163.2 33 -65.3 ▼ Baker & McKenzie 9* 4 85 -75 ▼ 345.4 9 -47.3 ▼ Clifford Chance 11 11 76 -29 ▼ 126.0 52 -38.8 ▼ 2014 Allen & Overy 12 6 75 -67 ▼ 143.5 43 -60.9 ▼ White & Case LLP 13 9* 70 -44 ▼ 290.5 10 -30.2 ▼ 2015 Miller Thomson 14 32* 60 8 ▲ 92.4 74 -20.2 ▼ McDermott Will & Emery 15* 26 58 -4 ▼ 58.9 114 -47.7 ▼ Weil Gotshal & Manges 15* 17 58 -27 ▼ 148.4 40 -22.0 ▼ 2016 McGuireWoods LLP 17 28* 56 -3 ▼ 226.8 18 51.7 ▲ Norton Rose Fulbright 18* 13* 55 -38 ▼ 500.6 2 -36.9 ▼ 2017 Dentons 18* 13* 55 -38 ▼ 277.1 13 -1.5 ▼ Linklaters 20 16 52 -35 ▼ 111.4 60 -49.7 ▼ Freshfields Bruckhaus Deringer 21 20* 50 -25 ▼ 93.9 72 11.3 ▲ Africa/Middle East Americas Asia-Pacific Europe Japan Herbert Smith Freehills 22* 22 49 -19 ▼ 284.4 12 -27.0 ▼ Paul, Weiss 22* 35* 49 0 - 50.0 126* -42.9 ▼ Dechert 24 37 47 -1 ▼ 145.8 42 -17.9 ▼ Stikeman Elliott 25 34 45 -6 ▼ 246.3 16 -27.4 ▼ Skadden 26* 38* 42 -4 ▼ 109.2 62 41.1 ▲ Worldwide Cross Border Volume up to $50m Simpson Thacher & Bartlett 26* 64* 42 11 ▲ 27.9 229 -69.0 ▼ Blake Cassels & Graydon 28 38* 41 -5 ▼ 362.9 7 1.5 ▲ Bryan Cave LLP 29* 20* 40 -35 ▼ 44.7 155 -64.0 ▼ $14 Q2 Volume (US$b) 3,500 Squire Patton Boggs LLP 29* 23* 40 -23 ▼ 174.4 30 -21.0 ▼ 3,174 Number of Deals King & Spalding 29* 72* 40 12 ▲ 87.7 78 - - 2,672 2,817 3,030 AZB & Partners 32* 35* 37 -12 ▼ 459.0 3 65.8 ▲ 2,872 $12 2,639 3,000 Cuatrecasas 32* 31 37 -18 ▼ 289.2 11 5.9 ▲ 2,537 2,800 Paul Hastings LLP 34* 23* 36 -27 ▼ 63.0 108 -69.6 ▼ 2,616 Honigman Miller Schwartz And Cohn 34* 137* 36 21 ▲ 86.9 81 171.6 ▲ 2,458 Osler Hoskin & Harcourt LLP 34* 51* 36 -1 ▼ 139.3 45 -21.5 ▼ $10 2,216 2,500 2,201 Willkie Farr & Gallagher 37 43* 35 -8 ▼ 27.4 232 - - 2,189 Bird & Bird 38* 47* 34 -5 ▼ 190.5 26 33.0 ▲ Gibson Dunn & Crutcher 38* 47* 34 -5 ▼ 80.6 86 -56.7 ▼ $8 2,000 Kim & Chang 40 38* 33 -13 ▼ 346.7 8 -20.6 ▼ Ellex 41 61* 32 -1 ▼ 25.9 238* -76.6 ▼ Lamartine Conseil 42* 61* 31 -2 ▼ 3.3 389 - - of Deals # $6 1,500 Sidley Austin LLP 42* 23* 31 -32 ▼ 128.2 51 115.5 ▲ King & Wood Mallesons 42* 12 31 -71 ▼ 24.2 246 -97.3 ▼ Eversheds Sutherland LLP 42* 15 31 -59 ▼ 6.6 352* -97.5 ▼ Rank Value (US$m) Value Rank O'Melveny & Myers 42* 51* 31 -6 ▼ 197.0 25 36.6 ▲ $4 1,000 Shearman & Sterling LLP 47* 43* 30 -13 ▼ 95.6 69 35.4 ▲ Mayer Brown LLP 47* 49* 30 -8 ▼ 90.7 76 - - Dorsey & Whitney LLP 47* 42 30 -15 ▼ 86.1 82 178.6 ▲ $2 500 Morrison & Foerster 47* 81* 30 5 ▲ 166.1 32 35.3 ▲ Industry Total 20,208 -852 ▼ 77,856.8 -2.8 ▼ $0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * tie https://www.thomsonone.com 2 First Half 2017 │ Small-Cap M&A Up To US$50m │ Legal Advisors US Target Small-Cap Rankings (MML02) MML02a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30 US Small-Cap M&A up to US$50m by Rank Value Range # of Deals per Advisor Rank Value per Advisor (US$m) 2017 2016 # of Change in RankValue 2017 YoY Rank $10 3,500 Legal Advisors Rank Rank Deals # of Deals US$m Rank Val Chg (%) Jones Day 1 1 121 6 ▲ 111.0 8 -68.5 ▼ $9 3,000 Kirkland & Ellis 2 2 118 6 ▲ 48.0 30* -46.2 ▼ $8 Goodwin Procter LLP 3 6 95 24 ▲ 322.1 1 -25.9 ▼ Morgan Lewis & Bockius 4 3 70 -15 ▼ 99.2 9 -50.3 ▼ $7 2,500 DLA Piper LLP 5 5 56 -23 ▼ 93.1 11 -45.1 ▼ Latham & Watkins 6 4 53 -31 ▼ 172.0 4 -65.0 ▼ $6 2,000 McGuireWoods LLP 7 8 52 -1 ▼ 186.4 3 24.7 ▲ McDermott Will & Emery 8 17* 45 17 ▲ 0.0 108* - - $5 Paul, Weiss 9 13* 41 2 ▲ 50.0 28* 25.0 ▲ 1,500 Deals of # Honigman Miller Schwartz And Cohn 10 43* 35 21 ▲ 58.9 26 84.1 ▲ $4 Rank Value (US$b) Value Rank Hogan Lovells 11* 15 33 -5 ▼ 200.9 2 53.1 ▲ $3 Weil Gotshal & Manges 11* 12 33 -8 ▼ 22.0 74 -51.1 ▼ 1,000 Skadden 13 17* 32 4 ▲ 93.5 10 97.3 ▲ $2 Bryan Cave LLP 14 7 30 -31 ▼ 31.0 53* -72.9 ▼ 500 King & Spalding 15 25* 28 7 ▲ 61.8 24 - - $1 Simpson Thacher & Bartlett 16 48* 26 14 ▲ 13.0 90 - - Cooley LLP 17* 10* 24 -24 ▼ 74.5 16 -14.5 ▼ $0 - Gibson Dunn & Crutcher 17* 19* 24 -3 ▼ 24.0 69 -79.7 ▼ Dorsey & Whitney LLP 19* 13* 23 -16 ▼ 68.3 19 198.3 ▲ Paul Hastings LLP 19* 16 23 -12 ▼ 48.0 30* -59.1 ▼ Morrison & Foerster 19* 43* 23 9 ▲ 166.1 5 135.6 ▲ US$0 - 10m US$10 -