M&A Legal Advisory Rankings

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M&A Legal Advisory Rankings GLOBAL M&A MARKET REVIEW LEGAL RANKINGS 2016 2016 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 Meaghan Burke +1-646-324-1537 [email protected] EMEA Madeeha Ahmad +44-20-3525-3754 [email protected] Asia Pacific Ee Wen Tay +65-6231-3404 [email protected] General M&A queries may be submitted to: [email protected], [email protected], [email protected] ©2016 Bloomberg Finance L.P. All rightsrreserved. 1 Global M&A Heat Map Western Europe Eastern Europe USD 1.1T USD 99.1B 1. Freshfields Bruckhaus Deringer LLP 23.7% North America 1. Cravath Swaine & Moore LLP 29.1% 2. Freshfields Bruckhaus Deringer LLP 19.3% 2. Linklaters LLP 17.5% USD 2.2T 3. Cyril Amarchand Mangalsas 13.0% 1. Sullivan & Cromwell LLP 25.8% 3. Davis Polk & Wardwell LLP 18.7% 2. Cravath Swaine & Moore LLP 22.6% 3. White & Case LLP 22.4% Asia Pacific USD 1.3T 1. King & Wood Mallesons 10.4% 2. Davis Polk & Wardwell LLP 9.5% 3. White & Case LLP 8.6% Middle East & Africa USD 150.5B 1. Freshfields Bruckhaus Deringer LLP 22.2% Latin America & Caribbean 2. Linklaters LLP 19.4% USD 159.9B 3. Clifford Chance LLP 16.4% 1. Freshfields Bruckhaus Deringer LLP 11.4% 2. Matttos Filho Veiga Filho Marrey Quiroga 10.9% 3. Linklaters LLP 10.3% Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 2016. 2 Global M&A Regional Review Global M&A: Premium Breakdown • 2% 2% Global merger and acquisition activity reached $3.6 trillion, representing a 10.5% decrease year-on- 5% 0-10% year. October deal-making reached a record high monthly volume of $505.8 billion. AT&T Inc’s acquisition of Time Warner Inc for $107.1 billion was the largest deal for both the month and year. 18% 10-25% • The financial sector continued to be the most targeted with $696.4 billion in announced transactions, accounting for 19.1% of the total global volume for the year. The basic materials sector experienced the 25-50% most growth with $321.5 billion in deal activity, a 51.3% increase from 2015. Bayer AG’s announced bid 50-75% 44% for Monsanto Co contributed $65.7 billion to the basic materials sector’s total. 29% • Deals with announced transaction values of over $1.0 billion accounted for 63.8% of the total deal activity 75-100% in 2016. The consumer, non-cyclical sector was the most sought-after for mega-deals, contributing $357.5 100%+ billion to the total volume. Global M&A: Highlights of 2016 Global M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 39,664 Financial $696.4 19.1% -15.3% 10/22/2016 Time Warner Inc AT&T Inc - $107,130.8 Volume (Bln.) $3,591.0 Consumer Non-cyclical $568.2 15.6% -38.6% Avg Deal Size (Mln.) $90.5 Communications $415.0 11.4% -5.0% 5/18/2016 Monsanto Co Bayer AG - $65,695.7 Consumer Cyclical $360.2 9.9% 14.5% Top Adviser Energy $357.2 9.8% -3.7% 10/21/2016 Reynolds American Inc British American Tobacco PLC - $58,256.1 White & Case LLP Technology $346.6 9.5% 0.4% Number of deals 275 Industrial $338.4 9.3% -23.4% 11/21/2016 Energy Transfer Partners LP Sunoco Logistics Partners LP - $51,381.6 Volume (Bln.) $600.2 Basic Materials $321.5 8.8% 50.2% Global M&A Review | 2016 Avg Deal Size (Bln.) $2.2 Utilities $202.5 5.6% 87.9% 2/3/2016 Syngenta AG China National Chemical Corp - $46,311.7 Diversified $39.7 1.1% -46.0% Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown Amount % Change % Change $1,400 12,000 Deal Type (Bln.) Deal Count Volume $1,200 10,000 Company Takeover $2,269.7 -0.5% -12.3% $1,000 Cross Border $1,584.9 2.5% -0.3% 8,000 $800 Private Equity $735.6 -1.9% -9.4% 6,000 $600 Asset Sale $566.2 5.7% -13.8% 4,000 $400 Tender Offer $335.3 3.2% 55.5% Venture Capital $115.0 -5.8% -2.7% $200 2,000 Spin-off $68.4 -5.3% -35.2% $0 0 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 Minority Purchase $390.2 2.1% 4.4% Majority Purchase $268.9 -0.9% 17.8% Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). 3 Global Announced Deals (By Volume) 01/01/2016 - 12/31/2016 Global Announced Deals (By Deal Count) 01/01/2016 - 12/31/2016 2016 2015 2016 2015 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 White & Case LLP 1 16.7 600,209 275 9 9.6 7.1 Jones Day 1 9.8 351,493 473 1 5.5 4.3 Sullivan & Cromwell LLP 2 16.2 582,654 149 2 17.3 -1.1 Latham & Watkins LLP 2 8.2 295,910 405 3 11.8 -3.5 Cravath Swaine & Moore LLP 3 15.2 544,197 71 4 16.3 -1.1 Kirkland & Ellis LLP 3 6.3 226,944 393 2 8.3 -2.0 Davis Polk & Wardwell LLP 4 12.7 456,110 160 3 17.2 -4.5 Baker & McKenzie LLP 4 2.5 91,078 347 4 4.2 -1.7 Skadden Arps Slate Meagher & Flom LLP 5 11.6 414,606 225 1 19.7 -8.1 CMS 5 0.4 15,527 314 6 0.6 -0.1 Simpson Thacher & Bartlett LLP 6 10.6 380,037 158 5 15.9 -5.4 White & Case LLP 6 16.7 600,209 275 7 9.6 7.1 Wachtell Lipton Rosen & Katz 7 10.6 378,778 85 6 13.0 -2.5 Freshfields Bruckhaus Deringer LLP 7 7.9 283,303 272 15 12.3 -4.4 Weil Gotshal & Manges LLP 8 10.1 360,952 223 10 8.7 1.3 Allen & Overy LLP 8 6.0 215,015 259 9 4.6 1.4 Jones Day 9 9.8 351,493 473 22 5.5 4.3 Clifford Chance LLP 9 4.9 177,324 243 8 6.8 -1.8 Cleary Gottlieb Steen & Hamilton LLP 10 9.0 324,273 113 12 8.1 1.0 DLA Piper LLP 10 2.2 79,784 236 11 2.9 -0.7 Latham & Watkins LLP 11 8.2 295,910 405 8 11.8 -3.5 Hogan Lovells US LLP 11 2.1 76,654 235 10 7.1 -5.0 Herbert Smith Freehills LLP 12 8.2 293,837 145 21 6.3 1.9 Linklaters LLP 12 4.1 147,458 233 12 7.3 -3.2 Freshfields Bruckhaus Deringer LLP 13 7.9 283,303 272 7 12.3 -4.4 Skadden Arps Slate Meagher & Flom LLP 13 11.6 414,606 225 5 19.7 -8.1 Shearman & Sterling LLP 14 7.6 273,129 179 25 5.1 2.5 Weil Gotshal & Manges LLP 14 10.1 360,952 223 13 8.7 1.3 Paul Weiss Rifkind Wharton & Garrison LLP 15 7.6 271,294 145 19 6.7 0.9 Morgan Lewis & Bockius LLP 15 1.2 44,622 206 18 2.0 -0.8 Kirkland & Ellis LLP 16 6.3 226,944 393 11 8.3 -2.0 Shearman & Sterling LLP 16 7.6 273,129 179 23 5.1 2.5 Allen & Overy LLP 17 6.0 215,015 259 27 4.6 1.4 Stikeman Elliott LLP 17 4.7 167,019 163 15 4.3 0.4 Fangda Partners 18 5.3 190,714 89 47 2.5 2.8 Davis Polk & Wardwell LLP 18 12.7 456,110 160 17 17.2 -4.5 Blake Cassels & Graydon LLP 19 5.1 183,866 149 36 3.7 1.4 Goodwin Procter LLP 18 2.6 93,808 160 64 2.6 0.1 Clifford Chance LLP 20 4.9 177,324 243 18 6.8 -1.8 Simpson Thacher & Bartlett LLP 20 10.6 380,037 158 20 15.9 -5.4 TOTAL 3,591,109 39,666 4,007,388 TOTAL 3,591,109 39,666 4,007,388 Global Announced Deals- Principals (By Volume) 01/01/2016 - 12/31/2016 Global Announced Deals- Principals (By Deal Count) 01/01/2016 - 12/31/2016 2016 2015 2016 2015 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 Wachtell Lipton Rosen & Katz 1 13.3 368,579 81 2 15.6 -2.3 Jones Day 1 10.9 302,212 468 1 6.7 4.2 Sullivan & Cromwell LLP 2 13.0 360,474 100 4 14.9 -1.9 Latham & Watkins LLP 2 9.9 273,545 390 3 11.0 -1.1 Cravath Swaine & Moore LLP 3 12.9 357,793 44 3 15.3 -2.4 Kirkland & Ellis LLP 3 7.0 194,957 385 2 10.0 -3.0 Skadden Arps Slate Meagher & Flom LLP 4 12.2 337,558 211 1 21.2 -9.1 Baker & McKenzie LLP 4 3.3 91,078 347 4 5.1 -1.9 Jones Day 5 10.9 302,212 468 18 6.7 4.2 CMS 5 0.6 15,527 314 5 0.7 -0.1 Herbert Smith Freehills LLP 6 10.1 280,028 144 13 7.7 2.4 Freshfields Bruckhaus Deringer LLP 6 8.8 243,628 267 16 14.8 -6.0 Latham & Watkins LLP 7 9.9 273,545 390 7 11.0 -1.1 Allen & Overy LLP 7 7.7 213,664 258 8 5.2 2.5 Simpson Thacher & Bartlett LLP 8 9.4 261,099 142 6 13.4 -4.0 Clifford Chance LLP 8 3.5 97,545 240 7 8.3 -4.7 Freshfields Bruckhaus Deringer LLP 9 8.8 243,628 267 5 14.8 -6.0 DLA Piper LLP 9 2.7 75,630 235 9 0.8 1.9 Paul Weiss Rifkind Wharton & Garrison
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