Global and regional M&A: 2015 - Mattos Filho · (Pfizer/Allergan, Ab InBev/SABMiller). There were a...

Global and regional M&A: 2015Including league tables of legal advisors

Data correct as of 5th January

Asia-Pacific

US

Europe

Global

League tables

Criteria

Central & South America

Japan

Africa & Middle East

2

2016 Insights

Inbound $17.2bn 3.7%Outbound $75.4bn 136.2%

$14.6bn 2,468%

Africa & Middle East $47.3bn, 20.9% vs. 2014

Inbound $451.7bn 19.7%Outbound $424.4bn 38.2%Pharma,Medical,Biotech

$296.9bn 28.8%

Inbound $512.2bn 54.3%Outbound $269.0bn 27.6%Pharma,Medical &Biotech

$215.9bn 85.2%

Europe$1.10tn, 22.4% vs. 2014

Energy, Mining & Utilities

$636.9bn 5.5%

Global M&A$4.28tn, 30.4% vs. 2014

Pharma,Medical &Biotech

Inbound $12.0n 54.2%Outbound $89.0bn 67.4%

$13.7bn 340.8%

Japan$61.6bn, 91.6% vs. 2014

Inbound $105.4bn 20.1%Outbound $154.5bn 68.8%Energy,Mining &Utilities

$142.6bn 50.7%

Asia-Pac (excl. Japan)$927.8bn, 43.7% vs. 2014

FinancialServices

US $1.97tn, 40.6% vs. 2014

Central & South America$62.5bn, 52.3% vs. 2014

Inbound $31.9n 60.2%Outbound $6.7bn 72.7%

$13.7bn 57.2%Consumer

Global and regional M&A: 2015 www.mergermarket.com

Announced activity in 2015

Mergermarket insights into 2016

"After digesting 2015, uncertainty could

encourage dealmakers to act early on in 2016"

Beranger Guille,

EMEA Editor, Mergermarket

" Industry-defining transactions were a major

feature of 2015 M&A. Competitors need to

respond in 2016"

Alex Tarrant, Assistant Editor,

Dealreporter

"There are no warning signals that M&A will

divert from the high speed track it has taken during

this year"

Kirsty Wilson, Global Research Editor,

Mergermarket

*Heat chart based on Mergermarket intelligence on companies potentially for sale. ** Each region has been analysed seperately by country for expected activity.***Quotes should not be taken as a prediction.

3

Global


u 2015 was a record year for global M&A with several regional records being broken, such as US and Asia posting their highest values, and some of the largest deal announcements. The total value of M&A reached a record level in late-November 2015, after the announcement of the world’s third largest M&A transaction in history. Pfizer’s US$ 183.7bn purchase of Allergan boosted total M&A values to US$ 4.28tn in 2015, 16.6% higher than the previous 2007 peak and 29.9% above 2014.

u Despite a rise in interest rates, the war on terror, Gr/Brexit and upcoming US elections, the steam for dealmakers billowed particularly hard during Q2-Q4. For a third quarter in a row, Q4 2015 hit a value above US$ 1tn with transactions amounting to US$1.38tn, the highest valued quarter on record. The surge of activity during the last three quarters was the first of its kind, with both 2006 and 2007 only posting one quarter above US$ 1tn.

u With cash to spend, bank's continued appetite to lend, high board confidence and shareholders pushing for more M&A, deal values above US$ 50bn were abundant. There have only ever been six transactions above US$ 100bn, two of which were announced in 2015 (Pfizer/Allergan, Ab InBev/SABMiller). There were a total of 10 transactions above US$ 50bn that amounted to US$ 814.6bn, a lot higher than 2014’s US$ 245.9bn. As a result, these >US$ 50bn announcements contribute a record share toward global M&A at 19.0%, up from 10.4% during the peak for in 2007.

u Last year saw some high profile transformational deals across a variety of sectors. Seven industries have reached an all-time record value in 2015, driven by global as well as sector specific influences. The sectors were Pharma, Medical & Biotech (US$ 574.6bn), Consumer (US$ 516.5bn), Technology (US$ 422.5bn), Business Services (US$ 238.3bn), Real Estate (US$ 221.8bn), Transport (US$ 127.4bn) and Defence (US$ 15.7bn). Divestments and cost saving strategies in the Energy, Mining & Utilities sector led to it taking the highest market share by value at 14.9%.

Misc

Sector EBITDA multiples

2015: $4.28tn

2015vs.2007

Q4 2015 vs. Q3 2015

Highest EBITDA multiplesince 2008. Up from 16.1x in 2014

Technology

Pharma, Medical &Biotech

Consumer

Deals +$50bn10 deals$814.6bn

Private equitybuyouts:$433.8bn

Private equity exits: $437.2bn

2015 deals contributes highest share on record

Highest post-crisisannual total

16.6%

Second highest multiple paid on record.Up from 21.3x in 2014

Highest annual valueon Mergermarket record

Q4 2015 was the third quarter in a row to post +$1tn-worth of deals

Drop follows zero exits above $10bn during 2015, vs. four in 2014

vs. 2014

15.9%

Up from 11.4x in 2014

Posting Q2-Q4above US$ 1tn

2015vs.2014

30.4%

24.3x

18.8x

13.4x

19.0%share of all deals

29.9%

vs. 2014

8.6%

Other

Technology

Financial Services

Industrials & Chemicals

Consumer

Pharma, Medical & Biotech


Telecommunications

$792.8bn$894.6bn

$223.9bn

$224.1bn$422.5bn

$407.1bn$474.8bn

$242.4bn$496.4bn

$333.8bn$516.5bn

$380.3bn$574.6bn

$673.7bn$636.9bn 14.9%

13.4%

12.1%

11.6%

9.9%

11.1%

6.1%

20.9%

20.6%

11.6%

10.2%

7.4%

6.8%

12.4%

6.8%

24.2%

* % indicates market share

$260.1bn

Sector breakdown 2015 vs 2014

2014

2013

2012

2011

2010

2009

2008

2007

2015

Value of deals (US$bn)Quarterly M&A activity Q2 Q3 Q4Q1

Total 3,665.5

Total 2,414.8

Total 1,714.4

Total 2,097.8

Total 2,277.0

Total 2,309.2

Total 2,222.5

Total 3,278.3

Total 4,276.3

800.6 1,278.5 852.0 734.4

593.3 678.1 684.7 458.8

421.0 396.3 327.5 569.6

460.9 432.8 492.9 711.2

464.0 565.6 523.2 756.4

446.8 559.2 644.9 571.6

568.7 963.1 842.1 904.4

613.8 585.8 599.3 478.2

791.3 1,050.6 1,058.7 1,375.8

4

Global


League table by valueRank Company name 2015 2014 Regional ranking comparison

2015 2014

Value (US$bn)

Deal Count

Value (US$bn)

% Value change Europe US Asia Japan A &ME C&S

America

1 1 Skadden Arps Slate Meagher & Flom 1,115.8 298 612.1 82.3% 5 1 2 7 22 1

2 20 Cravath, Swaine & Moore 968.0 96 214.3 351.8% 1 3 45 27 13 -

3 10 Wachtell, Lipton, Rosen & Katz 770.4 118 376.5 104.6% 6 4 47 - - 31

4 4 Latham & Watkins 765.9 336 453.7 68.8% 7 2 12 41 1 23

5 2 Cleary Gottlieb Steen & Hamilton 746.6 115 551.7 35.3% 2 7 22 26 4 15

6 3 Sullivan & Cromwell 720.4 152 532.4 35.3% 8 9 9 4 2 26

7 5 Freshfields Bruckhaus Deringer 668.7 225 440.0 52.0% 3 27 1 5 16 38

8 7 White & Case 660.9 282 413.2 59.9% 9 5 88 25 21 10

9 6 Weil Gotshal & Manges 654.5 213 422.0 55.1% 10 6 38 - 5 121

10 9 Davis Polk & Wardwell 616.8 153 382.9 61.1% 14 11 11 23 237 62

11 8 Simpson Thacher & Bartlett 526.6 144 401.6 31.1% 26 10 29 8 58 12

12 29 Debevoise & Plimpton 515.7 101 158.4 225.6% 13 8 76 6 7 167

13 16 Clifford Chance 493.3 236 238.6 106.7% 4 15 32 11 23 3

14 12 Kirkland & Ellis 397.1 386 294.0 35.1% 34 13 23 49 3 40

15 30 Gibson Dunn & Crutcher 392.5 112 145.2 170.4% 38 12 93 43 45 143

16 11 Linklaters 383.2 227 320.8 19.5% 12 48 4 10 11 5

17 23 Stikeman Elliott 366.5 170 185.7 97.4% 11 20 17 157 6 115

18 28 Davies Ward Phillips & Vineberg 331.2 52 160.7 106.1% 17 14 155 - 8 49

19 14 Shearman & Sterling 291.3 156 239.9 21.4% 36 19 48 17 24 20

20 18 Paul Weiss Rifkind Wharton & Garrison 280.3 122 226.4 23.8% 47 17 18 92 94 119

Sector key

Pharma, Medical, Biotech Consumer Energy, Mining & Utilities Telecommunications Technology

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

183.7 23-Nov Pfizer Inc USA Allergan plc Ireland (Republic) -

120.3 11-Nov Anheuser-Busch InBev NV Belgium SABMiller Plc United Kingdom -

81.2 08-Apr Royal Dutch Shell Plc Netherlands BG Group Plc United Kingdom -

77.8 26-May Charter Communications Inc USA Time Warner Cable Inc USA -

63.3 12-Oct Dell Inc USA EMC Corporation USA -

5

Europe

u Europe experienced a strong Q4 (1,360 deals worth US$ 468.2bn), representing the second highest quarterly deal value on record following Q2 2007 (1,746 deals, US$ 583.1bn). As a result, 2015 activity (US$ 1.10tn) reached its highest since 2007 (US$ 1.52tn), and was up 22.4% by value compared to 2014. Flagship deals - such as US-based Allergan’s US$ 183.7bn acquisition of Ireland-based Pfizer and Anheuser-Busch InBev’s US$ 120.3bn acquisition of UK-based SAB Miller - dominated deal activity in Q4.

u It was a record-breaking year for inbound activity targeting the region, with 1,230 deals worth US$ 512.2bn announced overtaking all annual deal values on record. There were three mega-deals (>US$10bn) with a combined total of US$ 217.2bn announced during 2015, up 126.7% by value compared to the four deals worth US$ 95.8bn recorded in 2014, and the highest annual value for this deal size bracket on record.

u Stringent US tax laws as well as a weakened Euro drove US companies to invest in Europe, seen through the high profile Pfizer/Allergan tax inversion deal accounting for 52.5% of the US's investment into Europe in 2015. As a result, deal value from US companies targeting Europe reached US$ 350.0bn, up 61.2% by value compared to 2014 (US$ 217.1bn).

u The UK has attracted the lion’s share of investment within the region (1,370 deals, US$ 425.3bn), accounting for a 38.7% share in European dealmaking, up from 17.5% in the previous year, and its highest share on record. Q4 deal value peaked at US$ 169.8bn, the UK’s highest quarterly deal value on record, bolstered by Anheuser-Busch InBev’s US$ 120.3bn acquisition of SAB Miller.

u The devaluation of the Euro against the Dollar may have been one factor that held back European companies from investing abroad. Europe’s outbound activity (897 deals, US$ 269.0bn) is still 27.6% behind Europe’s total 2014 deal value (998 deals, US$ 371.7bn).


Other

Technology

Financial ServicesIndustrials & Chemicals

Consumer



Telecommunications

$273.7bn$190.6bn

$34.9bn

$94.8bn$75.2bn

$79.2bn$92.6bn

$99.9bn$110.8bn

$104.1bn$144.3bn

$94.7bn$199.9bn

$116.6bn$215.9bn 19.6%

18.2%

13.1%

10.1%

8.4%

6.8%

6.4%

17.3%

13.0%

10.5%

11.6%

11.1%

8.8%

10.6%

3.9%

30.5%


$69.9bn

Financial Services


2014

2013

2012

2011

2010

2009

2008

2007

2015


Total 1,519.3

Total 1,003.9

Total 467.8

Total 637.8

Total 729.4

Total 722.8

Total 641.2

Total 897.8

Total 1,099.0

265.5 583.1 384.0 286.6

296.0 203.2 287.6 217.2

122.6 77.8 79.1 188.4

127.6 114.8 152.2 243.3

136.2 199.0 147.9 158.3

178.5 309.2 199.7 210.5

171.9 187.8 112.0 251.1

188.2 257.9 184.7 468.2

184.5 243.4 167.0 134.5

Most targeted countries

2015: $1.10tn

2015vs.2014

Share in Global M&A

Q4 2015 vs. Q3 2015

Overtakes all annual deal values by more than $140bn

UK1,370 deals$425.3bn

Ireland118 deals$201.7bn

Germany737 deals$78.8bn

Overtaking all annual values on record

US into Europe734 deals$ 350.0bn

Inbound1,230 deals$ 512.2bn

Outbound897 deals$ 269.0bn

Highest annual and Q4 value on record

Record share towards European M&A at 38.7%

Down from 27.4% in 2014, the fourth consecutive annual decrease

$468.2bn-worth of deals, the highest Q4 value on Mergermarket record

63.4%

Down compared to 2014, with 101 fewer deals

Up compared to 2014, with 98 fewer deals

25.7%

4.2%

61.2%

-27.6%

Cross-border activity

22.4%Second highest annual total after 2007

153.5%

171.0%

54.3%

230.4%

3.9%

6

Europe


Sector key

Pharma, Medical & Biotech Consumer Energy Telecommunications Financial Services

League table by valueRank Company name 2015 2014

2015 2014Value

(US$m)Deal

CountValue

(US$m)% Value change

1 23 Cravath, Swaine & Moore 503,086 28 108,184 365.0%

2 2 Cleary Gottlieb Steen & Hamilton 458,364 55 314,331 45.8%

3 1 Freshfields Bruckhaus Deringer 445,330 165 355,729 25.2%

4 9 Clifford Chance 444,875 198 200,149 122.3%

5 3 Skadden Arps Slate Meagher & Flom 395,484 92 275,030 43.8%

6 8 Wachtell, Lipton, Rosen & Katz 348,759 24 210,810 65%

7 5 Latham & Watkins 345,779 134 235,172 47.0%

8 4 Sullivan & Cromwell 342,189 48 249,406 37.2%

9 27 White & Case 300,294 166 92,001 226.4%

10 11 Weil Gotshal & Manges 299,867 102 156,470 91.6%

11 14 Stikeman Elliott 297,501 35 147,402 101.8%

12 6 Linklaters 289,172 205 225,711 28.1%

13 35 Debevoise & Plimpton 277,557 28 62,048 347.3%

14 12 Davis Polk & Wardwell 254,742 44 155,073 64.3%

15 30 A&L Goodbody 251,284 43 73,431 242.2%

16 15 Arthur Cox 242,428 37 143,688 68.7%

17 19 Davies Ward Phillips & Vineberg 233,317 7 124,217 87.8%

18 10 Allen & Overy 217,100 223 182,372 19.0%

19 67 Morgan Lewis & Bockius 208,028 33 26,915 672.9%

20 68 De Brauw Blackstone Westbroek 206,246 60 25,951 694.8%

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

183.7 23-Nov Pfizer Inc USA Allergan plc Ireland (Republic)

120.3 11-Nov Anheuser-Busch InBev NV Belgium SABMiller Plc UK

81.2 08-Apr Royal Dutch Shell Plc Netherlands BG Group Plc UK

19.0 05-May BT Group plc UK EE Limited UK Orange SA; and Deutsche Telekom AG

18.2 02-Nov Visa Inc USA Visa Europe Ltd UKHSBC; Lloyd's Banking Group; Bar-

clays; Royal Bank of Scotland Group; Worldpay Ltd; and PKO BP SA

7



2014

2013

2012

2011

2010

2009

2008

2007

2015


Total 88.2

Total 51.8

Total 32.9

Total 54.4

Total 45.1

Total 53.6

Total 63.0

Total 59.8

Total 47.3

19.9 12.6 20.9 34.8

13.0 12.9 11.2 14.6

5.5 4.0 15.6 7.8

25.4 8.0 8.2 12.8

12.3 21.6 13.6 15.4

7.2 19.3 9.1 24.3

8.8 13.5 10.5 20.7

9.0 10.3 8.9 19.1

19.8 6.6 11.5 7.3

Other

Financial Services


Consumer

$22,665m$5,504m

$3,279m

$3,291m

$2,502m$10,240m

$2,800m$5,658m

$3,804m

$3,015m$4,754m

$11,136m$11,638m

$568m$14,585m 30.8%

24.6%

10.1%

8.0%

5.9%

5.3%

3.6%

11.6%

0.9%

18.6%

5.0%

5.5%

9.5%

17.1%

5.5%

37.9%


$1,709m



Technology

Construction


Miscellaneous

Cross-border

2015: $47.3bn

Decrease compared to 2014, lowest annual value since 2011

Up from 11.6x in 2014, and the fourth highest average multiple on record

Down compared to 2014, and lowest annual deal value since 2012

Increase compared to Q3, and the highest quarterly value in 2015

2015 vs 2014

Q4 2015 vs. Q3 2015

EBITDA multiples

Decrease compared to 2014, Q4 ($1.9bn) lowest quarterly value since Q3 2009

Middle East$20.2bn

Inbound $17.2bn

Outbound $75.4bn

Energy, Mining & Utilities$11.6bn

South Africa Outboundvalue

Africa$27.0bn

4.5%

$148.5

20.9%

118.8%

12.3x

11.7%

136.2%

113.8%

3.7%

26.7%

Q4 ($1.4bn) lowest quarterly value since Q2 2012

$8.8bn worth of deals overtakes all annual deal values on record

Down compared to 2014, lowest annual deal value since 2009

Up compared to 2014, overtaking all annual values on record

u Total deal value targeting the Middle East and Africa (428 deals, US$ 47.3bn) has ended the year 20.9% behind 2014, despite the US$ 11.4bn acquisition of South Africa-based Medic-Clinic by UAE-based Al Noor announced in Q4, which provided a much needed boost to activity. Without taking this deal into account, US$ 35.9bn-worth of deals would mark lowest annual deal value since 2009 (US$ 32.9bn, 301 deals), reflecting a lacklustre year for M&A targeting the region.

u Slow economic growth, a decreased demand for exports and unfavourable exchange rate movements are pushing South African companies to favour overseas acquisitions in place of domestic. South Africa has been the most active acquirer outside of the region to-date (excl. Israel), with 24 deals worth US$ 8.8bn representing an 118.8% increase by value compared to 2014 (25 deals US$ 4.0bn). As a result, annual deal value overtook all outbound deal values on record.

u Egyptian companies are becoming attractive to investors due to low valuations in a pressured economic situation and fall of the Egyptian pound against the US dollar, according to Mergermarket intelligence. Egypt has experienced a strong increase in activity year-on-year, with 21 deals worth US$ 1.9bn representing a 153.5% increase by value compared to 2014 (14 deals, US$ 766m).

u Despite the fall in deal value targeting the Middle East, 2016 is poised for a pick up in activity, according to Mergermarket sources. Total deal value to-date decreased 11.7% by value annually to US$ 20.2bn, down from 186 deals worth US$ 22.9bn recorded during 2014. Low oil prices and a growing population, combined with increasingly westernised consumer habits, are putting pressure on the demand for goods and services in the food and healthcare sectors, particularly within growing markets such as the UAE.

8



Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

11.4 14-Oct Al Noor Hospitals Plc UAE Medi-Clinic Corporation South Africa

3.2 23-Dec

EQUATE Petrochemical Company KSC

UAE MEGlobal International FZE UAE

The Dow Chemical Company; and

Petrochemical Company KSC

2.8 15-Jun Emirates National Oil Company Ltd UAE Dragon Oil Plc

(46.1% stake) UAE

1.8 24-Aug Sonangol EP AngolaCobalt International Energy

Inc (40% stake in Angola Blocks)

Angola Cobalt International Energy Inc

1.5 16-Feb OCI NV (Shareholders) Netherlands Orascom Construction Ltd UAE OCI NV

Sector key

Pharma, Medical & Biotech Industrials & Chemicals Energy, Mining & Utilities Construction


2015

2014

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 21 Latham & Watkins 46,828 9 3,274 1,330%

2 74 Sullivan & Cromwell 43,492 2 505 8,512%

3 47 Kirkland & Ellis 41,902 5 1,150 3,544%

4 123 Cleary Gottlieb Steen & Hamilton 41,795 5 185 22,492%

5 105 Weil Gotshal & Manges 41,528 4 278 14,838%

6 128 Stikeman Elliott 41,050 5 181 22,580%

7 29 Debevoise & Plimpton 40,700 2 2,181 1,766%

8 - Davies Ward Phillips & Vineberg 40,536 2 - -

9 178 De Brauw Blackstone Westbroek 40,500 2 58 69,728%

10 86 Tulchinsky Stern & Company 40,500 1 370 10,846%

11 1 Linklaters 20,316 15 20,011 1.5%

12 7 Cliffe Dekker Hofmeyr 18,816 36 9,516 97.7%

13 63 Cravath, Swaine & Moore 16,591 4 687 2,315%

14 12 Webber Wentzel 14,857 50 7,730 92.2%

15 14 ENSafrica 14,647 32 7,204 103.3%


17 10 Slaughter and May 13,957 8 8,197 70.3%

18 217 Ashurst 12,651 4 18 70,183%

19 5 Herbert Smith Freehills 12,010 10 12,139 -1.1%

20 3 Allen & Overy 9,044 28 13,285 -31.9%

9

US


Other

Technology

Financial Services


Consumer



$223.8bn$324.0bn

$93.2bn

$151.7bn$186.8bn

$150.5bn$235.0bn

$129.8bn$249.1bn

$64.6bn$252.0bn

$359.7bn$274.9bn

$230.6bn$296.9bn 15.0%

13.9%

12.8%

12.6%

11.9%

9.5%

7.9%

16.4%

16.4%

25.6%

4.6%

9.2%

10.7%

10.8%

6.6%

15.9%


$155.6bnBusiness Services


2014

2013

2012

2011

2010

2009

2008

2007

2015


Total 1,342.2

Total 757.1

Total 689.7

Total 728.5

Total 836.7

Total 869.9

Total 903.1

Total 1,403.9

Total 1,974.2

352.1 502.2 258.2 229.7

146.0 268.1 264.4 78.7

199.2 186.5 98.7 205.2

147.2 180.9 155.4 245.1

179.8 176.8 316.0 230.4

217.9 388.6 415.9 381.4

128.5 190.3 235.7 315.5

360.7 464.5 620.7 528.2

248.9 187.9 207.9 192.0

Top outbound targets


2015: $1.97tn

Increase compared to 2014, overtaking all annual totals on record

Highest % share in global value since 2001

Decrease by value, and the lowest deal count since Q2 2013

2015 vs. 2014

Q4 2015 vs. Q3 2015

US’s share in Global M&A value

Up from 2014, overtaking all annual deal valueson record by more than $120bn

Increase from 2014, overtaking all annual totals on record

Outbound 1,301 deals$424.4bn

Inbound 878 deals$451.7bn

Ireland36 deals$190.7bn

UK244 deals$61.8bn

Netherlands47 deals$17.5bn

46.2%

40.6%

159.9%

38.2%

19.7%

262.9%

-14.9%

43.9%

676.5%Increase compared to 2014, and highest annual value since 2007

Increase from 2014, overaking all annual totals on record

Increase from 2014, already overtaking all annual values on record

Outbound into PMB$196.8bn

Up compared to 2014, the eighth consecutive annual increase

u The US drove global M&A during 2015, with 4,786 deals worth US$ 1.97tn to-date accounting for 46.2% of global activity, the highest share since 2001, putting both Europe (25.7%) and Asia-Pac (excl. Japan) (21.7%) in the shade. Q4 experienced a typical slow-down, with 1,075 deals worth US$ 528.2bn down 14.9% compared to Q3’s record high (1,255 deals, US$ 620.7bn). Nevertheless, deal value ended the year up 40.6% compared to 2014, reaching a new peak previously seen in 2006 (4,657 deals, US$ 1.42tn).

u Pharma, Medical & Biotech was the most hotly targeted sector in 2015 with 530 deals worth US$ 296.9bn, representing a 28.7% increase by value compared to 2014’s deal value, with healthcare consolidation a key topic, such as Anthem's US$ 50.4bn acquisition of Cigna, and Aetna's US$ 26.6bn purchase of Humana. The US Tech sector also had a confident year attracting 777 deals worth US$ 249.1bn, a 91.9% increase compared to 2014, overtaking all annual deal values on record.

u Strong economic growth coupled with low interest rates resulted in a perfect storm for acquisition finance, with plenty of cheap debt available to fund deals. During 2015 the value of cash & equity transactions increased to US$ 699.8bn, up 43.5% compared to 2014's annual total (US$ 487.7bn), reflecting a balance between cheap loans and cash piles on balance sheets.

u Outbound deal value boomed with 1,301 deals worth US$ 424.4bn announced during 2015, the highest on record and up 38.2% compared to 2014 (1,384 deals, US$ 307.1bn). Of these outbound deals, US$ 196.8bn (46.4%) were targeting the Pharma, Medical & Biotech sector, with the well-documented US$ 183.7bn acquisition of Ireland-based Allergan by Pfizer bumping up total deal value.

u Attractive tax laws have resulted in Ireland and the UK becoming the most targeted countries by US companies in 2015. Ireland (36 deals, US$ 190.7bn) received the bulk of investment from the Allergan/Pfizer deal, whilst the UK (244 deals, US$ 61.8bn) benefited from the US$ 18.2bn acquisition of Visa Europe by US-based Visa Inc.

10

US


Sector key

Telco Technology Energy Consumer Financial Services


2015

2014

Value (US$m)

Deal Count

Value (US$m)

% Value change


2 4 Latham & Watkins 708,299 262 400,688 76.8%

3 13 Cravath, Swaine & Moore 697,953 88 210,900 230.9%

4 7 Wachtell, Lipton, Rosen & Katz 673,681 111 354,125 90.2%

5 8 White & Case 627,235 152 337,912 85.6%

6 5 Weil Gotshal & Manges 626,462 149 395,708 58.3%

7 3 Cleary Gottlieb Steen & Hamilton 564,793 82 432,263 30.7%



10 6 Simpson Thacher & Bartlett 461,218 116 363,294 27.0%


12 26 Gibson Dunn & Crutcher 382,444 101 131,391 191.1%

13 12 Kirkland & Ellis 372,364 356 223,904 66.3%

14 20 Davies Ward Phillips & Vineberg 319,404 33 151,093 111.4%

15 33 Clifford Chance 268,245 71 92,442 190.2%

16 17 Fried Frank Harris Shriver & Jacobson 266,677 69 175,748 51.7%

17 16 Paul Weiss Rifkind Wharton & Garrison 262,464 109 191,812 36.8%

18 49 Morgan Lewis & Bockius 254,146 127 46,814 442.9%

19 14 Shearman & Sterling 252,900 103 201,887 25.3%

20 18 Stikeman Elliott 246,168 95 163,256 50.8%

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target sector

Seller company

77.8 26-May Charter Communications Inc USA Time Warner Cable Inc

63.3 12-Oct Dell Inc USA EMC Corporation

55.8 28-Sep Energy Transfer Equity LP USA Williams Companies Inc

54.5 25-Mar Kraft Heinz Company USA Kraft Foods Group Inc

50.5 26-Jun eBay Inc (Shareholders) USA PayPal Holdings Inc eBay Inc

11



Other

Financial Services


Consumer

$12,986m$10,174m

$7,479m

$23,978m$3,903m

$7,871m$5,151m

$4,793m$5,798m

$14,677m$8,533m

$50,558m$11,923m

$8,696m$13,668m 21.9%

19.1%

13.7%

9.3%

8.2%

6.2%

5.4%

16.3%

6.6%

38.6%

11.2%

3.7%

6.0%

18.3%

5.7%

9.9%


$3,358m



Telecommunications

Transport


2014

2013

2012

2011

2010

2009

2008

2007

2015


Total 83.8

Total 102.1

Total 74.5

Total 166.9

Total 133.4

Total 117.7

Total 86.8

Total 131.0

Total 62.5

12.3 18.6 20.4 32.6

29.9 22.9 10.9 38.4

12.1 18.6 25.8 18.0

65.4 27.6 28.8 45.1

17.8 21.4 23.0 24.6

24.8 39.9 37.9 28.4

21.8 47.1 16.5 32.4

10.9 11.8 22.8 17.0

40.4 18.3 46.0 28.7

Misc

Country breakdown

2015: $62.5bn

2015vs.2014

Q4 2015 vs. Q4 2014

Third lowest annual totalpost 2009

Brazil$31.7bn

Mexico$16.5bn

Chile$5.5bn

Deals +$2bn5 deals$15.0bn

Inbound:$31.9bn

Outbound:$6.7bn

Share down from 54.9% in 2014

Drop to the lowest annual total since 2009

Lowest annual total in a decade, since 2005

Lowest annual total in a decade, since 2005

Lowest Q4 total in a decade, since 2005

Decreased to levels comparable with 2008

vs. 2014

72.7%

After 2014’s peak year, values have dropped to the lowest level since 2010

vs. 2014

2.7%vs. 2014

60.2%

Fifth lowest quarter since Q1 2009

Q4 2015 vs. Q3 2015

24.1%share of all deals

40.3%

52.3%

25.8%

vs. 201435.3%

vs. 201421.7%

vs. 201482.8%

u Unlike other key regions that saw at least an increase from 2014 or their annual tally reaching new heights, the home to several developing countries and a member of the BRICs was the only area (along with Africa & Middle East) to not keep the pace. Hit by commodity lows, political issues and Brazil’s lackluster M&A in particular, the region saw 535 deals totaling just US$ 62.5bn, representing 88 fewer deals and a 52.3% drop by value compared to 2014.

u Brazil has slowly been showing signs of stalled growth via M&A but in 2015 it was particularly struck by its reliance on commodities, sinking into a recession, and a 2.6% drop in the Real against the Dollar following the resignation of its finance minister. The total value of Brazilian M&A amounted to US$ 31.7bn, down 35.3% from 2014 and hitting the lowest value in a decade (since 2005).

u Another reason for the drop was due to a significantly lower deal value for inbound M&A targeting Brazil and Chile, though the drop was primarily the result of two deals in 2014 that distorted these totals. By deal count, inbound activity targeting the region saw 276 deals (US$ 31.9bn), with just eleven fewer deals despite a more volatile environment and with a 60.2% drop in value.

u The distortion caused by the two inbound deals mentioned above also highlighted a trend of deal activity in the region where there was a draw towards lower valued deals by companies from outside the region. For example, even though four of the top ten deals came from bidders outside of the region, the largest was the purchase of a 24.7% stake in Brazil’s Souza Crus by British American Tobacco, for just US$2.7bn, a large gap in price compared to the highest inbound deal worth US$ 10.8bn in 2014.

u There was also a resistance from buyout firms to invest in the long-term growth of the region, demonstrated by the first three quarters in 2015 posting less than ten buyouts with total values under US$ 2.5bn. The 34 buyouts deals for 2015 was a stark difference to the previous three years that saw more than 60 buyouts per year.

12



Sector key

Financial Services Consumer Pharma, Medical & BIotech Manufacturing


2015

2014

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 18 Skadden Arps Slate Meagher & Flom 9,011 21 12,699 -29.0%

2 15 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 8,938 36 13,859 -35.5%

3 4 Clifford Chance 8,835 12 28,506 -69%

4 23 Lefosse Advogados 7,540 12 8,682 -13.2%

5 8 Linklaters 7,220 8 22,176 -67.4%

6 46 Pinheiro Guimaraes Advogados 5,810 9 3,239 79%

7 6 Souza, Cescon, Barrieu & Flesch Advogados 4,531 25 22,651 -80%

8 49 Mijares Angoitia Cortes y Fuentes 4,477 14 3,091 45%

9 7 Pinheiro Neto Advogados 4,475 43 22,548 -80.2%

10 2 White & Case 3,856 16 32,056 -88.0%

11 30 Baker & McKenzie 3,759 30 7,212 -47.9%

12 12 Simpson Thacher & Bartlett 3,561 9 15,472 -77.0%

13 29 Creel, Garcia-Cuellar, Aiza y Enriquez 3,393 15 7,356 -53.9%

14 61 Hogan Lovells International 3,261 7 2,300 41.8%

15 25 Cleary Gottlieb Steen & Hamilton 2,950 4 8,232 -64.2%

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target sector

Seller company

5.2 03-Aug Banco Bradesco SA Brazil HSBC Bank Brasil SA - Banco Multiplo HSBC Holdings Plc

2.7 10-Sep British American Tobacco Plc United King-dom

Souza Cruz SA (24.74% Stake)

2.7 28-Jan Organizacion Soriana SAB de CV Mexico

Controladora Comercial Mexicana, SAB de CV

(160 retail stores)

Controladora Comercial Mexicana SAB de CV

2.3 01-Oct Teva Pharmaceutical Industries Ltd Israel

Representaciones e Investigaciones Medicas SA

de CV

2.2 13-May Owens-Illinois Inc USAVitro SAB de CV

(food and beverage container business)

Vitro SAB de CV

csibulka

Realce

csibulka

Realce

csibulka

Realce

13

Asia-Pacific(excl. Japan)


2014

2013

2012

2011

2010

2009

2008

2007

2015


Total 343.1

Total 347.6

Total 294.7

Total 363.0

Total 355.9

Total 354.0

Total 410.3

Total 645.5

Total 927.8

85.1 90.8 75.4 91.8

74.9 125.8 56.6 90.2

45.8 76.8 66.2 105.8

66.7 72.1 92.8 131.3

69.1 107.8 116.9 116.5

117.0 169.9 140.3 218.2

82.7 81.1 105.0 85.2

198.1 249.9 177.7 302.1

87.5 79.4 115.9 73.1

Other

Technology

Financial Services


Consumer

Energy, Mining & Utilities 15.4%

11.5%

10.3%

11.2%

10.4%

9.9%

6.9%

24.4%

14.7%

10.0%

20.3%

9.0%

7.6%

6.0%

6.2%

26.3%


Real Estate

$39.8bn

$49.3bn$95.3bn

$64.2bn$106.8bn

$38.8bn$92.3bn

$131.0bn$104.3bn

$94.6bn$142.6bn

$64.0bn

$58.2bn$96.4bn

$169.5bn$226.2bn


Transport

Miscellaneous

China

2015: $927.8bn

Increase from 2014, overtaking all annual deal values on record

Increased from 16.7x in 2014, and the highest yearly multiple on record

Increased from 19.7% in 2014, and the highest share on record

2015

Average EBITDA multiple

Asia’s share in Global M&A value

Third consecutive yearly increase, overtaking all annual values on record

Up compared to 2014, overtaking all annual values since 2006

South Korea$87.5bn

Outbound158 deals $52.9bn

Inbound257 deals $42.7bn

Share in totalregional activity

21.7%

24.1% 50.6%

38.2%

13.7%

43.7%

53.0%

23.3x

67.8%

Exceeds all outbound annual deal values on record

Down compared to 2014, with 13 fewer deals

Up compared to 2014, overtaking all annual values on record

-41.1%

Down from 53.9% in 2014, still the second highest share on record

Energy, Mining & Utilities$142.6bn

Asia into Europe$69.3bn

u Asia-Pacific (excl. Japan) M&A activity reached a peak with 3,797 deals worth US$ 927.8bn announced, the third consecutive annual increase by value, overtaking all yearly values on record. The size of deals undertaken in the region increased as investor confidence grew, with seven mega-deals (>US$10bn) worth a total value of US$ 168.4bn announced in 2015, up from five worth US$ 138.5bn in the whole of 2014.

u The Energy, Mining & Utilities (EMU) sector has been the main draw for dealmakers (337 deals, US$ 142.6bn), up 50.6% by value compared to 2014, overtaking all annual deal values targeting the sector on record. Due to the prolonged drop in oil prices, this trend is likely to continue into 2016, as companies within the region continue to sell their assets to raise much needed equity.

u Interest in the EMU sector has been driven by Chinese investors looking to take advantage of the assets coming to market. In 2015 there were 105 deals worth US$ 48.5bn from Chinese bidders targeting Asia-Pacific’s EMU sector, accounting for 41.5% of the regions total EMU activity, and the highest value on record.

u Encouraged by a weakened Euro, Europe was the investment destination of choice for Chinese bidders both by deal value and deal count (76 deals, US$ 28.1bn), up 25.6% by value compared to 2014. Italy attracted the highest deal value (eight deals, US$ 9.1bn), bolstered by the US$ 8.8bn acquisition of Pirelli by a consortium led by ChemChina within the Industrials & Chemicals sector.

u Following “Black Monday” and the ensuing stock market volatility, China’s inbound activity from international bidders failed to see a rebound towards the end of 2015. There were 63 deals worth US$ 10.2bn in 2015 from non-Asia-Pacific bidders, down 32.0% by value compared to 2014 (US$ 15.0bn, 105 deals), with just US$ 487m-worth of deals announced in Q4.

14

Asia-Pacific(excl. Japan)


Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

40.3 9-Jan Cheung Kong (Holdings) Limited Hong Kong

Hutchison Whampoa Limited

(50.03% Stake)Hong Kong

34.9 8-May CK Hutchison Holdings Limited (Shareholders) Hong-Kong Cheung Kong Property

Holdings Limited Hong Kong Cheung Kong (Holdings) Limited

33.7 14-Oct China Tower Corporation Limited China

China Mobile, China Telecom, China Unicom (wireless tower assets)

China

China Telecom Corporation Limited; China Mobile Ltd; and China Unicom (Hong

Kong) Ltd

24.4 20-Apr SK C&C Co Limited South Korea SK Holdings Co Limited (68.18% Stake) South Korea

12.5 07-Nov China Yangtze Power Co Ltd ChinaSanxia Jinshajiang

Chuanyun Hydroelectric Power Co Ltd

China

China Three Gorges Corp; Sichuan Energy Investment Group; and Yunan Energy

Investment Group

Sector key

Consumer Real Estate Energy, Mining & Utilities Telecommunications


2015

2014

Value (US$m)

Deal Count

Value (US$m)

% Value change



3 84 Commerce and Finance Law Offices 121,972 19 3,928 3,005%

4 3 Linklaters 114,403 55 98,638 16.0%

5 14 Herbert Smith Freehills 107,250 90 42,294 153.6%

6 12 Kim & Chang 90,120 87 58,044 55%

7 10 King & Wood Mallesons 82,304 137 64,782 27.0%

8 67 Guantao Law Firm 76,928 7 5,053 1,422%


10 334 Woo Kwan Lee & Lo 75,151 2 121 62,008%


12 28 Latham & Watkins 60,062 33 16,532 263.3%

13 33 Zhong Lun Law Firm 51,685 73 13,206 291.4%

14 4 Allen & Gledhill 49,212 24 94,478 -47.9%

15 32 WongPartnership 48,121 28 13,362 260.1%

16 19 Fangda Partners 47,481 61 24,383 94.7%

17 111 Stikeman Elliott 43,748 8 2,582 1,594%

18 65 Paul Weiss Rifkind Wharton & Garrison 41,717 10 5,215 699.9%

19 9 Kirkland & Ellis 40,954 37 70,330 -41.8%

20 25 Bae Kim & Lee 39,557 53 17,597 124.8%

15

Japan

u Despite outbound activity being the dominant trend during 2015, Japanese M&A experienced a turnaround in H2. This was due to a resurgence in domestic transactions (358 deals, US$ 49.6bn), up 103.6% by value compared to 2014, with US$ 35.5bn-worth of deals in H2 alone representing the highest half year deal value since H1 2012 (US$ 36.5bn). As a result of this shift, deal activity targeting Japan during 2015 (396 deals, US$ 61.6bn) increased 91.6% by value compared to 2014, its highest annual value since 2012 (384 deals, US$ 70.5bn).

u Outbound M&A (295 deals, US$ 89.0bn) continued to be a key driver for Japanese dealmakers, representing a 67.4% increase by value compared to 2014. The US attracted 69 deals worth US$ 33.7bn from Japanese companies, which although down 6.2% by value compared to 2014 was the most popular target for Japanese investment. Japanese companies have regained the confidence to invest in expensive overseas assets, with average deal size increasing from US$ 312.8m to US$ 482.0m year-on-year.

u Japan’s investment in the Financial Services sector, both at home and abroad, was a standout theme during 2015. Japan’s Financial Services sector attracted 34 deals worth US$ 13.7bn during 2015, its highest deal value since 2010, with the top 15 deals targeting the sector undertaken either by Japan-based or listed companies. Furthermore, Japanese outbound activity into the sector (27 deals, US$ 34.8bn) reached its highest on record, as companies search for assets abroad continued.

u The increased confidence amongst Japanese dealmakers seen towards the end of 2015 affected private equity activity. Exit deal value during 2015 (36 divestments, US$ 11.4bn), increased 76.8% by value compared to 2014 (40 divestments, US$ 6.4bn). Corporate buyers accounted for the majority of deals (56.1%), with trade sale deal values reaching US$ 6.4bn, its second highest on record following 2011 (US$ 15.9bn).


Miscellaneous


2015: $61.6bn

Highest annual value since 2012

US$ 21.7bn worth of deals highest quarterly value since Q2 2012

Up from 4.7% in 2014, and the second lowest share on record

2015vs2014

Q4 2015 vs. Q3 2015

% share in As-Pacactivity

Up compared to 2014, a second consecutive annual increase

Reaches the second most active year on record

Second highest annual value on record following 2011

PE buyoutactivity $7.4bn

Outbound activity$89.0bn

PE exitactivity$11.4bn

Second highest deal value on record after 2007

Deal value increased quarter-on-quarterthrough 2015

Inbound activity$12.0bn

Domesticactivity$49.6bn

67.0%

0.5%

40.6%

6.2%

91.6%

43.1%

54.2%

103.6%

43.1%

Financial Services$13.7bn

340.8%Increase compared to 2014 and highest value since 2010

76.8%

2014

2013

2012

2011

2010

2009

2008

2007

2015


Total 88.2

Total 55.8

Total 78.5

Total 61.4

Total 83.7

Total 70.5

Total 35.3

Total 32.2

Total 61.6

26.1 18.0 11.9 32.2

17.3 10.8 15.5 12.2

10.6 14.1 24.1 29.7

13.9 7.3 33.3 6.8

8.1 15.2 4.8 7.3

7.1 10.8 5.0 9.3

14.1 26.3 13.9 16.2

9.1 9.2 21.6 21.7

12.3 17.2 32.6 21.5

Other

Financial Services


Consumer

$7,300m$6,063m

$2,940m

$1,656m$3,304m

$2,597m$6,376m

$1,831m$7,323m

$5,110m

$9,636m$7,615m

$13,117m

$3,114m$13,727m 22.3%

21.3%

15.6%

11.9%

10.3%

5.4%

3.4%

9.8%

9.7%

15.9%

23.7%

5.7%

8.1%

5.1%

9.1%

22.7%


$2,080m

Real Estate

Leisure


Business Services


16

Japan


Deal value

(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target sector

Seller company

5.0 29-Sep Japan Tobacco Japan Natural American Spirit (excl. US business) Reynolds American Inc

4.8 28-Sep NBCUniversal Media LLC USA USJ Co Ltd (51% stake)

4.7 15-Dec Sumitomo Mitsui Finance and Leasing Company Japan General Electric Company

(Leasing Business in Japan) General Electric Company

3.9 15-Oct FamilyMart Co Ltd Japan UNY Group Holdings Co Ltd

3.6 17-Sep Suzuki Motor Corporation Japan Suzuki Motor Corporation (19.9% Stake) Volkswagen AG

Top deals


2015

2014

Value (US$m)

Deal Count

Value (US$m)

% Value change

1 3 Mori Hamada & Matsumoto 32,650 90 17,540 86.1%

2 1 Nishimura & Asahi 23,065 65 30,856 -25.2%

3 8 Nagashima Ohno & Tsunematsu 21,930 41 9,146 139.8%





8 32 Simpson Thacher & Bartlett 15,510 5 1,934 702%

9 29 Jones Day 12,142 6 2,497 386.3%

10 24 Linklaters 11,610 12 3,042 281.7%

11 23 Clifford Chance 10,898 12 3,193 241.3%

12 40 Herbert Smith Freehills 10,291 11 1,564 558.0%

13 18 Morrison & Foerster 9,207 17 4,152 121.7%

14 33 Ashurst 8,892 7 1,877 373.7%

15 11 Anderson Mori & Tomotsune 7,939 35 6,260 26.8%

Sector key

Consumer Leisure Financial Services Industrials


Global

17

Global by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 1 Skadden Arps Slate Meagher & Flom 1,115,826 298 82.3%

2 20 Cravath, Swaine & Moore 968,017 96 351.8%

3 10 Wachtell, Lipton, Rosen & Katz 770,420 118 104.6%

4 4 Latham & Watkins 765,922 336 68.8%

5 2 Cleary Gottlieb Steen & Hamilton 746,582 115 35.3%

6 3 Sullivan & Cromwell 720,404 152 35.3%

7 5 Freshfields Bruckhaus Deringer 668,670 225 52.0%

8 7 White & Case 660,876 282 59.9%

9 6 Weil Gotshal & Manges 654,504 213 55.1%

10 9 Davis Polk & Wardwell 616,823 153 61.1%

11 8 Simpson Thacher & Bartlett 526,590 144 31.1%

12 29 Debevoise & Plimpton 515,722 101 225.6%

13 16 Clifford Chance 493,288 236 106.7%

14 12 Kirkland & Ellis 397,097 386 35.1%

15 30 Gibson Dunn & Crutcher 392,522 112 170.4%

Global *buyouts by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 33,301 141 0

2 2 Latham & Watkins 24,872 60 -30

3 7 DLA Piper 3,438 58 9

4 12 Ropes & Gray 25,003 57 23

5 5 Clifford Chance 31,736 48 -6

6 3 Weil Gotshal & Manges 30,004 47 -20

7 9 Jones Day 3,202 47 0

8 13 White & Case 23,752 44 12

9 6 Freshfields Bruckhaus Deringer 21,621 38 -11

10 18 Willkie Farr & Gallagher 2,816 35 9

11 10 Simpson Thacher & Bartlett 34,706 34 -12

12 15 Allen & Overy 14,787 32 1

13 8 Linklaters 20,095 30 -18

14 11 King & Wood Mallesons 6,506 30 -10

15 14 Paul Weiss Rifkind Wharton & Garrison 20,798 27 -5

Global *buyouts by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 3 Simpson Thacher & Bartlett 34,706 34 -1.3%

2 1 Kirkland & Ellis 33,301 141 -29.0%

3 4 Clifford Chance 31,736 48 9.3%


5 14 Ropes & Gray 25,003 57 164.5%

6 2 Latham & Watkins 24,872 60 -44.3%

7 9 White & Case 23,752 44 47.7%

8 6 Freshfields Bruckhaus Deringer 21,621 38 -17.2%

9 21 Paul Weiss Rifkind Wharton & Garrison 20,798 27 162.8%

10 8 Linklaters 20,095 30 16.9%

11 42 Stibbe 17,925 9 318.2%

12 19 Fangda Partners 16,699 19 105.4%

13 41 Vinson & Elkins 15,305 5 250.4%

14 33 Allen & Overy 14,787 32 202.1%

15 444 Baker Botts 13,000 4 -

*Based on advisors to bidder on buyout deals only with the target dominant geography being Global

Global by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 DLA Piper 136,019 441 -52

2 3 Kirkland & Ellis 397,097 386 27

3 4 Jones Day 223,063 342 -11

4 2 Latham & Watkins 765,922 336 -70

5 9 Skadden Arps Slate Meagher & Flom 1,115,826 298 43

6 5 Baker & McKenzie 172,654 292 -33

7 7 White & Case 660,876 282 -13

8 11 Allen & Overy 240,914 260 5


10 14 CMS 22,251 229 10

11 8 Linklaters 383,221 227 -51


13 16 King & Wood Mallesons 205,370 215 0


15 19 Hogan Lovells International 257,305 208 26


Europe

18

Europe by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 DLA Piper 27,579 243 -40

2 4 CMS 22,215 227 10

3 6 Allen & Overy 217,100 223 21

4 2 Linklaters 289,172 205 -32


6 7 Baker & McKenzie 53,487 180 -17

7 8 White & Case 300,294 166 -14


9 10 Jones Day 41,815 140 -9

10 9 Latham & Watkins 345,779 134 -42

11 11 Hogan Lovells International 148,378 119 -3

12 14 Eversheds 11,699 108 13

13 13 Weil Gotshal & Manges 299,867 102 0

14 17 Skadden Arps Slate Meagher & Flom 395,484 92 9


Europe by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 23 Cravath, Swaine & Moore 503,086 28 365%



4 9 Clifford Chance 444,875 198 122.3%

5 3 Skadden Arps Slate Meagher & Flom 395,484 92 43.8%

6 8 Wachtell, Lipton, Rosen & Katz 348,759 24 65%

7 5 Latham & Watkins 345,779 134 47.0%


9 27 White & Case 300,294 166 226.4%


11 14 Stikeman Elliott 297,501 35 101.8%

12 6 Linklaters 289,172 205 28.1%



15 30 A&L Goodbody 251,284 43 242.2%

Europe *buyouts by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 3 Clifford Chance 21,829 39 6

2 5 DLA Piper 945 32 1


4 2 Latham & Watkins 8,350 27 -11

5 7 White & Case 7,654 27 1

6 8 Allen & Overy 5,057 26 4

7 1 Linklaters 17,254 24 -16

8 10 CMS 6,746 24 3



11 14 Ashurst 1,904 19 2

12 20 Loyens & Loeff 1,891 16 5

13 17 Jones Day 438 16 3

14 60 Accura 4,888 15 10


Europe *buyouts by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change



3 2 Linklaters 17,254 24 10.6%

4 3 Latham & Watkins 8,350 27 -40.3%

5 106 Dechert 8,226 7 2,786%

6 4 White & Case 7,654 27 -40.8%

7 6 Weil Gotshal & Manges 7,301 19 -31.9%

8 54 CMS 6,746 24 473.6%

9 123 Vinge 6,175 7 3,350%

10 8 Simpson Thacher & Bartlett 5,720 10 -31.7%

11 19 Allen & Overy 5,057 26 19.4%

12 154 Plesner 4,990 7 7,238%

13 13 Accura 4,888 15 -11.7%

14 88 Skadden Arps Slate Meagher & Flom 4,792 2 1,012%

15 - Cliffe Dekker Hofmeyr 4,625 2 -

*Based on advisors to bidder on buyout deals only with the target dominant geography being Europe


Europe

19

UK by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 DLA Piper 7,138 109 -12


3 2 Linklaters 212,203 84 -24


5 6 Allen & Overy 119,208 76 2

6 7 CMS 14,845 75 3

7 12 Squire Patton Boggs 3,183 73 17

8 8 Eversheds 11,401 70 3

9 15 Travers Smith 24,594 63 9

10 4 Pinsent Masons 3,090 57 -24

11 11 Hogan Lovells International 132,068 52 -4

12 10 Osborne Clarke 4,220 51 -9

13 16 Slaughter and May 129,209 48 -4

14 13 Addleshaw Goddard 4,609 47 -8

15 17 Herbert Smith Freehills 61,016 46 -5

UK by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change


2 47 Cravath, Swaine & Moore 265,190 10 2,456%

3 2 Linklaters 212,203 84 127.0%

4 4 Clifford Chance 190,984 82 218.1%

5 29 Davis Polk & Wardwell 181,868 19 1,041%


7 33 Sullivan & Cromwell 158,475 17 990%

8 9 Hogan Lovells International 132,068 52 312.8%

9 5 Slaughter and May 129,209 48 115.5%

10 157 Webber Wentzel 121,099 13 13,400%

11 71 Bowman Gilfillan Africa Group 120,495 8 2,536%

12 3 Allen & Overy 119,208 76 77.8%


14 48 Ashurst 95,213 45 826%

15 37 Stibbe 88,814 7 557%

Ireland by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 2 A&L Goodbody 233,547 37 -8

2 3 William Fry 8,088 37 11

3 1 Arthur Cox 241,740 32 -13

4 4 Matheson 22,188 28 5

5 5 McCann FitzGerald 2,585 16 -2

6 6 Mason Hayes & Curran 6,227 15 -1

7 31 DLA Piper 798 13 9


9 47 Stikeman Elliott 268,886 10 8


11 8 Latham & Watkins 237,338 10 0

12 44 White & Case 190,895 10 7

13 21 Eversheds 129 10 5

14 20 Maples and Calder 7,466 9 4

15 10 Kirkland & Ellis 45,250 8 0

Ireland by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change


2 2 Arthur Cox 241,740 32 68.3%


4 14 Weil Gotshal & Manges 239,031 10 177%

5 1 Latham & Watkins 237,338 10 60%

6 18 A&L Goodbody 233,547 37 280.3%

7 40 Debevoise & Plimpton 233,526 6 19,312%


9 7 Cleary Gottlieb Steen & Hamilton 230,218 5 110%

10 6 Davies Ward Phillips & Vineberg 224,239 2 101.3%


12 35 Morgan Lewis & Bockius 194,161 6 8,529%

13 78 White & Case 190,895 10 238,519%

14 29 Clifford Chance 184,157 6 2,934.4%

15 36 Willkie Farr & Gallagher 183,889 2 8,073%


Europe

20

Germanic by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 CMS 8,871 98 6


3 10 Noerr 6,946 56 9

4 6 Hengeler Mueller 42,366 52 -6

5 3 Baker & McKenzie 7,490 52 -19

6 8 DLA Piper 16,521 50 -1

7 9 Gleiss Lutz 20,073 48 -2


9 7 Linklaters 22,202 42 -14

10 4 Latham & Watkins 10,178 42 -28

11 11 Allen & Overy 18,104 40 -6


13 12 Jones Day 17,976 36 -7

14 13 White & Case 14,437 35 -6

15 15 Luther 87 35 -1

Germanic by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 5 Sullivan & Cromwell 65,075 13 -20.1%


3 8 Clifford Chance 53,064 56 -11%

4 10 Hengeler Mueller 42,366 52 -24.8%

5 14 Davis Polk & Wardwell 38,027 9 -17.3%

6 25 Wachtell, Lipton, Rosen & Katz 32,743 4 -0.6%

7 42 Lenz & Staehelin 32,457 12 81.3%

8 4 Baer & Karrer 31,989 18 -68.1%

9 3 Cleary Gottlieb Steen & Hamilton 30,486 9 -73.6%

10 40 Sidley Austin 29,465 4 62.1%

11 16 Gibson Dunn & Crutcher 28,740 7 -33.3%

12 2 Linklaters 22,202 42 -80.9%

13 129 Stikeman Elliott 21,203 9 1,062%

14 19 Gleiss Lutz 20,073 48 -51.1%

15 50 Milbank Tweed Hadley & McCloy 19,585 16 57.0%

Germany by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 CMS 8,253 83 2

2 7 Noerr 6,321 52 10

3 4 Hengeler Mueller 42,316 49 -5

4 6 Gleiss Lutz 20,073 48 1



7 15 DLA Piper 13,348 35 6

8 5 Latham & Watkins 5,990 35 -13

9 11 Luther 87 35 -1


11 9 Linklaters 15,175 31 -7

12 8 Baker & McKenzie 3,090 31 -9

13 12 Allen & Overy 13,082 29 -5

14 14 White & Case 10,653 29 -2

15 13 Jones Day 10,958 27 -6

Germany by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change


2 3 Clifford Chance 44,842 46 -12.2%

3 4 Hengeler Mueller 42,316 49 -15.6%



6 7 Gleiss Lutz 20,073 48 -48.8%

7 26 Milbank Tweed Hadley & McCloy 19,585 16 67.1%

8 24 Herbert Smith Freehills 19,326 5 57.2%

9 6 Linklaters 15,175 31 -61.4%

10 77 DLA Piper 13,348 35 831.5%

11 14 Allen & Overy 13,082 29 -27.6%

12 95 Norton Rose Fulbright 13,055 17 1,145%

13 11 Jones Day 10,958 27 -54.3%

14 49 White & Case 10,653 29 128.0%

15 9 Skadden Arps Slate Meagher & Flom 9,988 7 -65.1%


Europe

21

France by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 5 Gide Loyrette Nouel 3,007 48 5

2 4 CMS 2,133 45 1

3 7 Linklaters 15,691 40 -1


5 10 DLA Piper 4,509 39 -2

6 8 Latham & Watkins 35,808 38 -3

7 13 Allen & Overy 11,437 38 6

8 3 De Pardieu Brocas Maffei 1,287 37 -9


10 15 Fidal 1,125 33 6

11 22 Mayer Brown 8,824 32 10

12 19 Jones Day 5,848 31 6

13 16 Darrois Villey Maillot Brochier 21,080 29 3



France by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 46 Latham & Watkins 35,808 38 365.5%




5 3 Bredin Prat 24,086 28 -71.4%

6 9 Darrois Villey Maillot Brochier 21,080 29 -56.1%


8 4 Linklaters 15,691 40 -71.9%

9 124Fried Frank Harris Shriver & Jacobson 15,070 2 4,145%



12 525 Roschier 12,182 2 -

13= 433 Dittmar & Indrenius 12,182 1 -

13= - Egorov, Puginsky, Afanasiev & Partners 12,182 1 -

13= 66 Fangda Partners 12,182 1 352.2%

Benelux by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 2 Allen & Overy 129,071 80 13

2 1 Loyens & Loeff 44,075 60 -8

3 4 De Brauw Blackstone Westbroek 155,498 53 8

4 9 NautaDutilh 9,716 46 7

5 5 Stibbe 73,146 42 0

6 3 DLA Piper 1,840 42 -6


8 7 Houthoff Buruma 20,938 38 -4

9 6 Linklaters 151,665 35 -7

10 10 Baker & McKenzie 5,357 34 -2

11 11 CMS 448 33 -1


13 37 Van Doorne 3,732 29 22

14 23 AKD lawyers & civil law notaries 28 25 12

15 15 Lexence 8 24 4

Benelux by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 282 Cravath, Swaine & Moore 240,019 8 -



4 14 De Brauw Blackstone Westbroek 155,498 53 571.6%

5 26 Linklaters 151,665 35 938%

6 9 Clifford Chance 131,111 41 336.8%



9 2 Allen & Overy 129,071 80 88.8%

10 60 Hogan Lovells International 122,086 13 5,100%

11 191 Webber Wentzel 120,748 6 145,380%

12 - Bowman Gilfillan Africa Group 120,334 2 -

13 32 Slaughter and May 82,287 5 830.6%

14 104 King & Wood Mallesons 81,604 5 20,664%

15 59 Allens 81,387 2 3,008%


Europe

22

Iberia by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Cuatrecasas, Goncalves Pereira 8,056 72 -5

2 3 Garrigues 16,054 57 2

3 2 Uria Menendez 19,629 56 -5

4 10 Deloitte Legal 9,246 34 10

5 8 KPMG Abogados 8,551 31 3

6 9 PwC legal 2,001 31 6

7 6 Linklaters 31,043 26 -3

8 11 Baker & McKenzie 19,604 26 2

9 12 Allen & Overy 16,709 22 7


11 5 DLA Piper 2,948 18 -15

12 15 Gomez-Acebo & Pombo Abogados 414 18 4

13 13 Perez-Llorca 7,890 17 2

14 19 PLMJ - Sociedade de Advogados 1,995 15 6


Iberia by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 5 Linklaters 31,043 26 2.9%


3 2 Uria Menendez 19,629 56 -59.1%

4 47 Baker & McKenzie 19,604 26 483.5%


6 14 Allen & Overy 16,709 22 2%

7 7 Garrigues 16,054 57 -39%

8 9 White & Case 15,380 7 -23.7%


10 3 Clifford Chance 13,157 21 -69.9%

11 20 Slaughter and May 11,433 6 -14.8%


13 43 Deloitte Legal 9,246 34 147.9%

14 4 KPMG Abogados 8,551 31 -74.4%

15 - De Brauw Blackstone Westbroek 8,427 3 -

Spain by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Cuatrecasas, Goncalves Pereira 5,893 63 -5

2 2 Uria Menendez 19,578 53 1

3 3 Garrigues 15,976 53 3

4 9 Deloitte Legal 9,246 34 10

5 7 KPMG Abogados 8,551 31 3

6 8 PwC legal 2,001 31 6

7 10 Baker & McKenzie 19,604 26 2

8 11 Linklaters 29,227 23 3

9 13 Allen & Overy 16,658 21 8


11 14 Gomez-Acebo & Pombo Abogados 414 18 5

12 12 Perez-Llorca 7,890 17 2

13 5 DLA Piper 2,948 17 -13



Spain by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 5 Linklaters 29,227 23 2.8%


3 39 Baker & McKenzie 19,604 26 483.5%

4 3 Uria Menendez 19,578 53 -50.1%

5 63 Herbert Smith Freehills 18,439 7 2,527%

6 9 Allen & Overy 16,658 21 2.4%

7 12 Garrigues 15,976 53 13.3%

8 26 White & Case 15,380 7 98.6%


10 2 Clifford Chance 13,157 21 -69.6%

11 16 Slaughter and May 11,382 5 -15.2%


13 35 Deloitte Legal 9,246 34 147.9%

14 4 KPMG Abogados 8,551 31 -74.4%

15 - De Brauw Blackstone Westbroek 8,427 3 -


Europe

23

Italy by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Chiomenti Studio Legale 17,206 54 8

2 2 Gianni, Origoni, Grippo, Cappelli & Partners 22,032 53 13

3 3 NCTM Studio Legale 1,772 36 6

4 5 BonelliErede 13,023 30 5

5 7 Pedersoli e Associati 14,910 27 3

6 6 d'Urso Gatti Pavesi Bianchi Studio Legale Associato 6,031 24 0

7 11 Legance Avvocati Associati 4,975 23 5

8 4 DLA Piper 1,376 23 -6

9 8 Gattai Minoli Agostinelli & Partners 7,009 19 -3

10 13 Linklaters 8,818 18 4

11 23 Freshfields Bruckhaus Deringer 22,098 17 9

12 17 Latham & Watkins 11,413 16 5

13 16 Studio Legale Lombardi Molinari Segni 7,284 16 5


15 22 Jones Day 11,722 15 7

Italy by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 60 Freshfields Bruckhaus Deringer 22,098 17 1,820%

2 16 Gianni, Origoni, Grippo, Cappelli & Partners 22,032 53 153.1%

3 12 Allen & Overy 21,000 12 89.9%

4 14 Chiomenti Studio Legale 17,206 54 67.8%


6 44 Pedersoli e Associati 14,910 27 647.0%



9 4 BonelliErede 13,023 30 -12.8%

10 19 Jones Day 11,722 15 70%

11 39 Latham & Watkins 11,413 16 363.6%

12 - Stikeman Elliott 10,615 3 -

13 73 Paul Weiss Rifkind Wharton & Garrison 9,170 3 2,227%

14 2 Linklaters 8,818 18 -51.1%

15 - Gleiss Lutz 8,305 4 -

Nordics by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Mannheimer Swartling 13,775 55 -31

2 2 Vinge 15,249 54 -28

3 7 Hannes Snellman 4,663 52 1

4 4 Bech-Bruun 2,185 50 -5

5 3 Schjodt 1,751 48 -21

6 8 Gorrissen Federspiel 10,866 45 -2

7 5 Wiersholm 3,430 45 -8

8 14 Advokatfirman Lindahl 434 39 -1

9 15 Accura 5,878 38 -1

10 9 Roschier 24,530 37 -9

11 6 Kromann Reumert 6,416 36 -16

12 11 Plesner 6,070 36 -8

13 10 Thommessen 5,817 36 -9

14 17 White & Case 12,095 34 -2

15 16 Selmer 955 33 -5

Nordics by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 4 Roschier 24,530 37 19.3%

2 14 Latham & Watkins 21,722 15 130.4%


4 2 Vinge 15,249 54 -36.2%

5 1 Mannheimer Swartling 13,775 55 -49.6%

6 62 Dittmar & Indrenius 13,210 11 904.6%



9 48 Avance Attorneys 12,494 16 532.3%


11 264 Fangda Partners 12,182 2 -

12= 263Egorov, Puginsky, Afanasiev & Partners 12,182 1 -

12= 15 Sullivan & Cromwell 12,182 1 33.2%

14 9 White & Case 12,095 34 -5.2%

15 6 Clifford Chance 11,285 18 -23.9%


Europe

24

Denmark by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Bech-Bruun 2,185 48 -6

2 4 Gorrissen Federspiel 10,648 42 0

3 5 Accura 5,878 37 2

4 2 Kromann Reumert 6,416 35 -17

5 3 Plesner 5,822 33 -11

6 9 LETT Law Firm 354 28 11

7 6 Ronne & Lundgren 1,507 26 0

8 7 Bruun & Hjejle 609 22 -3

9 8 Moalem Weitemeyer Bendtsen 2,366 18 -2

10 24 Horten Law Firm 316 13 9

11 23 Advokatfirman Lindahl KB 112 6 2


13 38 Latham & Watkins 2,288 5 3

14 26 Vinge 392 5 1

15 13 Mannheimer Swartling 369 5 -2

Denmark by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 2 Gorrissen Federspiel 10,648 42 21.5%

2 5 Kromann Reumert 6,416 35 15.1%

3 8 Accura 5,878 37 92%

4 14 Plesner 5,822 33 137.1%

5 37 Clifford Chance 4,920 5 1,091%


7 20 Moalem Weitemeyer Bendtsen 2,366 18 37.0%

8 40 Latham & Watkins 2,288 5 480.7%

9 1 Bech-Bruun 2,185 48 -75.4%

10 26 Ronne & Lundgren 1,507 26 37.1%

11 - Skadden Arps Slate Meagher & Flom 1,350 3 -

12= - Conyers Dill & Pearman 1,350 1 -

12= 32 Cravath, Swaine & Moore 1,350 1 149%

12= - Harney Westwood & Riegels 1,350 1 -

15 19 Hengeler Mueller 872 2 -50.2%

Norway by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Schjodt 375 44 -20

2 2 Wiersholm 2,630 41 -8

3 3 Thommessen 5,817 35 -10

4 6 Selmer 898 32 -4

5 5 Wikborg Rein & Co 2,193 29 -12

6 4 BA-HR 6,831 28 -13

7 9 Advokatfirmaet Simonsen Vogt Wiig 194 18 3

8 8 Arntzen de Besche 3,928 17 2

9 14 Roschier 2,252 11 2

10 10 Advokatfirmaet Haavind 236 11 -3

11 59 Aabo-Evensen & Co 67 11 9

12 7 Kluge Advokatfirma 757 9 -10

13 54 Plesner 1,247 7 5

14 32 Accura 598 7 4

15 12 Vinge 626 6 -5

Norway by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 1 BA-HR 6,831 28 -51.1%

2 2 Thommessen 5,817 35 -51.4%

3 10 Arntzen de Besche 3,928 17 -21%


5 4 Wiersholm 2,630 41 -70.4%

6 - Michelet & Co 2,375 3 -

7 53 Roschier 2,252 11 727.9%

8 5 Wikborg Rein & Co 2,193 29 -74.2%

9 33 Seward & Kissel 2,142 1 141.2%

10 7 Linklaters 1,675 2 -73.0%

11 43 Baker & McKenzie 1,497 3 237.9%

12= 61 Kirkland & Ellis 1,497 1 718.0%

12= - Torys 1,497 1 -

14 77 Plesner 1,247 7 2,253%

15 68 DLA Piper 1,216 4 880.6%


Europe

25

Sweden by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Mannheimer Swartling 13,775 54 -26

2 2 Vinge 15,249 53 -27

3 3 Advokatfirman Lindahl 434 37 -1


5 6 Wistrand 1,171 26 0

6 9 Cederquist 1,410 24 5

7 5 Gernandt & Danielsson 4,149 21 -6

8 8 Roschier 2,424 21 2

9 19 Setterwalls 417 21 9

10 7 White & Case 2,898 18 -4

11 26 Selmer 548 16 7

12 12 Schjodt 1,507 15 -1

13 10 Delphi 1,409 14 -4

14 16 Linklaters 8,624 12 -2

15 11 Wiersholm 1,171 12 -4

Sweden by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 2 Vinge 15,249 53 -35.9%

2 1 Mannheimer Swartling 13,775 54 -45.0%

3 115 Weil Gotshal & Manges 12,182 5 24,264%

4 3 Linklaters 8,624 12 -43.5%

5 10 Latham & Watkins 7,252 8 11.1%


7 59 Kirkland & Ellis 6,305 2 2,288%


9 177 Deloitte Legal 5,899 2 -

10 43 Plesner 4,286 8 758.9%

11 11 Gernandt & Danielsson 4,149 21 -21.8%

12 6 Clifford Chance 3,963 8 -57.5%

13 15 Accura 3,833 11 -2.1%

14 14 Gorrissen Federspiel 3,666 8 -14.8%

15 - Torys 3,497 1 -

Finland by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change


2 3 Krogerus 431 25 -3

3 4 Castren & Snellman 233 25 1

4 2 Roschier 22,439 20 -8

5 7 Avance Attorneys 12,437 14 3

6 5 Borenius Attorneys 110 14 -9

7 6 Bird & Bird 180 12 -2

8 9 Dittmar & Indrenius 12,400 9 1

9 8 White & Case 6,852 8 0

10 12 Vinge 7,291 7 2

11 14 Mannheimer Swartling 6,994 4 0

12 35 Merilampi Attorneys 86 4 2

13 41 Advokatfirman Lindahl 19 4 2


15 - Wistrand 952 3 -

Finland by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 2 Roschier 22,439 20 199.3%

2 86 Skadden Arps Slate Meagher & Flom 16,425 2 -


4 58 Dittmar & Indrenius 12,400 9 -

5= 75 Egorov, Puginsky, Afanasiev & Partners 12,182 1 -

5= - Fangda Partners 12,182 1 -

5= 11 Latham & Watkins 12,182 1 680.9%

5= - Stikeman Elliott 12,182 1 -

5= - Sullivan & Cromwell 12,182 1 -

5= - Wachtell, Lipton, Rosen & Katz 12,182 1 -

11 7 Vinge 7,291 7 188.8%

12 4 Mannheimer Swartling 6,994 4 66.0%

13 63 Linklaters 6,994 1 -

14 5 White & Case 6,852 8 113.1%

15 - Paul Weiss Rifkind Wharton & Garrison 4,680 2 -


Europe

26

Turkey by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 YukselKarkinKucuk Law Firm 1,873 20 -7

2 6 Balcioglu Selcuk Akman Keki 700 11 5

3 3 Baker & McKenzie 178 10 -2

4 2 Herguner Bilgen Ozeke 708 9 -4

5 4 White & Case 2,695 8 1

6 9 Yegin Ciftci Attorney Partnership (YCAP) 3,469 7 2

7 17 Kolcuoglu Demirkan Kocakli Attorneys at Law - 7 5

8 5 Paksoy Attorneys at Law 111 6 -1

9 18 Caliskan & Kizilyel 59 5 3

10 7 Allen & Overy 673 4 -1

11 11 Gen & Temizer Ozer 230 4 0

12 - Egemenoglu Law Firm 40 4 -

13 25 Verdi Law Firm 3,147 3 2

14 - Stibbe 973 3 -

15 15 Clifford Chance 427 3 1

Turkey by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 15 Yegin Ciftci Attorney Partnership (YCAP) 3,469 7 465.9%

2 9 Verdi Law Firm 3,147 3 26.0%


4 - Sullivan & Cromwell 2,992 1 -

5 2 White & Case 2,695 8 -35.0%

6 1 YukselKarkinKucuk Law Firm 1,873 20 -63.8%

7 - Stibbe 973 3 -

8 - Gide Loyrette Nouel 811 2 -

9 27 Herguner Bilgen Ozeke 708 9 162.2%

10 26 Balcioglu Selcuk Akman Keki 700 11 134.9%

11 10 Allen & Overy 673 4 -48.8%

12= - ATOZ 589 1 -

12= - Field Fisher Waterhouse 589 1 -

12= 58 Gleiss Lutz 589 1 -

12= - GLNS Rechtsanwaelte Steuerberater Partnerschaft 589 1 -

12= - King & Spalding 589 1 -

12= - Loyens & Loeff 589 1 -

12= - Paul Weiss Rifkind Wharton & Garrison 589 1 -

CEE by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 2 CMS 1,755 37 9

2 1 White & Case 6,893 36 -3

3 17 Havel, Holasek & Partners 72 23 12

4 5 Allen & Overy 2,915 21 -1

5 29 Domanski Zakrzewski Palinka (DZP) 2,483 20 14

6 14 Baker & McKenzie 1,615 20 8

7 16 Wolf Theiss 2,345 19 8

8 10 Herbert Smith Freehills 7,531 18 2

9 9 Dentons 2,946 18 1

10 8 Schoenherr Rechtsanwaelte 953 18 0

11 13 Linklaters 5,165 17 2


13 7 DLA Piper 362 17 -1

14 6 SORAINEN 221 15 -6


CEE by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change



3 93 Dechert 7,090 5 14,985%

4 1 White & Case 6,893 36 -53.6%

5 5 Linklaters 5,165 17 18.3%

6 2 Clifford Chance 4,343 13 -21.0%


8 7 Dentons 2,946 18 -15.6%

9 19 Allen & Overy 2,915 21 167.9%

10 - Vinson & Elkins 2,867 3 -

11 78 Domanski Zakrzewski Palinka (DZP) 2,483 20 2,541%

12 35 Latham & Watkins 2,425 5 328.4%

13 28 Wolf Theiss 2,345 19 204%


15 - Maples and Calder 1,974 2 -


Europe

27

Poland by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 8 Domanski Zakrzewski Palinka (DZP) 2,483 20 14


3 3 CMS 796 14 5

4 18 Gessel, Koziorowski 29 10 7


6 10 Allen & Overy 642 7 3

7 5 Dentons 788 6 -2

8 4 White & Case 583 5 -3

9 56 Norton Rose Fulbright 263 5 4

10 7 Linklaters 244 5 -1

11 19 Greenberg Traurig 169 5 3

12 20 WKB Wiercinski, Kwiecinski, Baehr 69 5 3

13 12 Baker & McKenzie 33 5 1

14 54 Latham & Watkins 2,425 4 3

15 27 Soltysinski Kawecki & Szlezak 459 4 3

Poland by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change



3 25 Domanski Zakrzewski Palinka (DZP) 2,483 20 2,542%

4 54 Latham & Watkins 2,425 4 -

5 - Loyens & Loeff 1,518 2 -

6 - Orrick Herrington & Sutcliffe 1,518 1 -

7 24 CMS 796 14 672.8%

8 15 Dentons 788 6 310.4%

9 7 Allen & Overy 642 7 26.4%

10 1 White & Case 583 5 -73%

11 23 Soltysinski Kawecki & Szlezak 459 4 270.2%

12 - Studio Legale Lombardi Molinari Segni 432 1 -

13 - Chiomenti Studio Legale 430 1 -

14= - NautaDutilh 298 1 -

14= 60 Uria Menendez 298 1 -

Russia by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change


2 2 White & Case 2,178 13 -2

3 10 Linklaters 2,174 8 3

4 3 DLA Piper 65 6 -2

5 22 Norton Rose Fulbright 7,744 4 1

6 4 Skadden Arps Slate Meagher & Flom 1,974 4 -3

7 16 Cleary Gottlieb Steen & Hamilton 1,803 4 0

8 14 Baker & McKenzie 318 4 0

9 47 Jones Day 48 4 3


11 12 Dentons 1,300 3 -2

12 18 Morgan Lewis & Bockius 363 3 -1

13 13 Hogan Lovells International 175 3 -2

14 63 Dechert 7,005 2 1


Russia by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change



3 61 Dechert 7,005 2 24,918%


5 1 White & Case 2,178 13 -76.7%

6 5 Linklaters 2,174 8 -40.6%




10 - Baer & Karrer 1,744 1 -

11 29 Allen & Overy 1,547 2 259.8%

12 - Appleby 1,474 1 -

13 12 Dentons 1,300 3 28.2%

14 - Shardul Amarchand Mangaldas & Co 1,300 1 -

15 4 Akin Gump Strauss Hauer & Feld 1,237 2 -66.7%


Americas

28

Americas by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 372,364 358 20

2 3 Jones Day 197,918 266 -23

3 2 Latham & Watkins 709,220 264 -38

4 4 DLA Piper 111,388 254 -7


6 9 White & Case 633,210 169 12



9 17 Goodwin Procter 42,989 138 21

10 10 Baker & McKenzie 137,212 132 -24

11 8 Morgan Lewis & Bockius 255,939 130 -35


13 22 Sullivan & Cromwell 498,030 122 11


15 27 Sidley Austin 209,306 120 20

Americas by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change


2 4 Latham & Watkins 709,220 264 74.7%



5 8 White & Case 633,210 169 73.3%








13 12 Kirkland & Ellis 372,364 358 65.7%


15 30 Clifford Chance 291,414 86 139.9%

US by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 372,364 356 21

2 2 Latham & Watkins 708,299 262 -31

3 3 Jones Day 193,608 257 -20

4 4 DLA Piper 110,176 241 1


6 9 White & Case 627,235 152 10




10 23 Sidley Austin 207,304 117 19



13 13 Cooley 24,907 115 -10


15 19 Davis Polk & Wardwell 410,783 113 10

US by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change


2 4 Latham & Watkins 708,299 262 76.8%



5 8 White & Case 627,235 152 85.6%








13 12 Kirkland & Ellis 372,364 356 66.3%


15 33 Clifford Chance 268,245 71 190.2%


Americas

29

US *buyouts by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 18,745 114 1

2 6 Ropes & Gray 21,400 44 17

3 2 Latham & Watkins 16,007 29 -14

4 5 Jones Day 2,739 28 -1


6 17 DLA Piper 1,928 23 10

7 10 Paul Weiss Rifkind Wharton & Garrison 17,098 22 4

8 8 Goodwin Procter 1,924 21 -1

9 11 Winston & Strawn 294 21 3



12 16 Willkie Farr & Gallagher 705 15 2

13 14 McDermott Will & Emery 196 15 1

14 23 Sidley Austin 9,483 14 4

15 4 O'Melveny & Myers 792 14 -19

US *buyouts by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change


2 6 Ropes & Gray 21,400 44 159.3%

3 1 Kirkland & Ellis 18,745 114 -47.3%

4 16 Paul Weiss Rifkind Wharton & Garrison 17,098 22 289.5%


6 25 Stibbe 16,925 3 526.9%

7 2 Latham & Watkins 16,007 29 -33.8%

8 60 White & Case 15,445 12 3,761%

9 22 Vinson & Elkins 15,305 5 329.0%

10 127 Baker Botts 13,000 4 -

11 131 Brown Rudnick 12,500 2 -

12 110 Alston & Bird 9,900 4 -

13 27 Sidley Austin 9,483 14 297.4%

14 83 Covington & Burling 8,200 2 5,367%

15 - Arthur Cox 8,000 2 -

Canada by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change


2 6 Osler, Hoskin & Harcourt 102,283 91 37

3 2 McCarthy Tetrault 61,399 76 -39

4 3 Blake, Cassels & Graydon 40,891 67 -13

5 10 Borden Ladner Gervais 3,685 43 9

6 5 Norton Rose Fulbright 48,055 42 -21

7 7 Torys 47,300 41 -9

8 8 Davies Ward Phillips & Vineberg 11,952 41 2

9 4 Gowling Lafleur Henderson 4,656 40 -29

10 9 Fasken Martineau Dumoulin 8,472 33 -5

11 15 Dentons 27,951 27 3

12 12 Bennett Jones 5,930 27 -1

13 13 Cassels Brock & Blackwell 7,606 25 -1

14 20 Kirkland & Ellis 7,067 24 5

15 14 DLA Piper 3,402 24 -1

Canada by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 3 Osler, Hoskin & Harcourt 102,283 91 12.5%

2 14 McCarthy Tetrault 61,399 76 157.3%


4 6 Norton Rose Fulbright 48,055 42 25.6%

5 9 Torys 47,300 41 59.2%

6 2 Blake, Cassels & Graydon 40,891 67 -56.6%


8 50 Davis Polk & Wardwell 35,100 11 901%


10 8 Stikeman Elliott 28,411 139 -14.5%

11 33 Dentons 27,951 27 323%

12 47 Cadwalader, Wickersham & Taft 27,464 2 528.6%


14 19 White & Case 24,585 13 29.6%

15 53 Willkie Farr & Gallagher 21,707 12 601.4%

*Based on advisors to bidder on buyout deals only with the target dominant geography being US


Americas

30

US North East by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 273,641 209 26

2 3 Latham & Watkins 449,186 123 -11

3 2 Jones Day 104,635 113 -33


5 7 DLA Piper 95,770 97 14



8 11 White & Case 431,577 78 8



11 6 Paul Weiss Rifkind Wharton & Garrison 139,059 71 -17



14 39 Wachtell, Lipton, Rosen & Katz 457,923 62 33


US North East by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change




4 8 Latham & Watkins 449,186 123 299.9%

5 3 White & Case 431,577 78 174.8%




9 75 Davies Ward Phillips & Vineberg 312,785 17 4,110%


11 13 Kirkland & Ellis 273,641 209 224.2%



14 19 Clifford Chance 236,049 38 370.6%


US Mid West by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 130,942 134 11

2 2 Jones Day 68,508 92 7


4 3 DLA Piper 3,793 58 -9

5 6 Sidley Austin 111,308 56 -1

6 5 Latham & Watkins 134,386 50 -9

7 16 Dorsey & Whitney 3,383 41 12

8 7 Baker & McKenzie 42,805 38 -12



11 19 Paul Hastings 16,114 32 5

12 30 Honigman Miller Schwartz & Cohn 2,632 32 11


14 22 Simpson Thacher & Bartlett 147,844 28 3

15 8 White & Case 142,517 28 -15

US Mid West by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change



3 1 Skadden Arps Slate Meagher & Flom 171,803 62 -21%



6 13 White & Case 142,517 28 142.2%


8 8 Latham & Watkins 134,386 50 80.7%

9 7 Kirkland & Ellis 130,942 134 69.1%



12 22 Sidley Austin 111,308 56 142.9%



15 97 McCarthy Tetrault 71,358 16 2,698%


Americas

31

US South by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 86,058 155 4

2 3 Jones Day 99,640 102 -9

3 2 Latham & Watkins 125,923 99 -15

4 4 DLA Piper 10,330 96 -7


6 22 King & Spalding 24,102 71 31

7 7 White & Case 159,129 64 -5

8 14 Greenberg Traurig 41,447 60 15


10 5 Vinson & Elkins 51,657 54 -43


12 15 Wachtell, Lipton, Rosen & Katz 183,883 50 6

13 33 Andrews Kurth 24,577 50 15



US South by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 17 Skadden Arps Slate Meagher & Flom 371,318 71 275%








9 8 White & Case 159,129 64 -11.1%


11 4 Latham & Watkins 125,923 99 -38.9%

12 10 Shearman & Sterling 125,547 30 -9.5%


14 30 Alston & Bird 110,308 40 108.2%

15 6 Jones Day 99,640 102 -49.5%

US West by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 3 Kirkland & Ellis 54,992 125 -2

2 1 Latham & Watkins 153,387 120 -22

3 4 Fenwick & West 22,357 93 -12

4 7 DLA Piper 13,491 90 -2


6 6 Wilson Sonsini Goodrich & Rosati 81,642 83 -11

7 5 Cooley 17,687 78 -17

8 8 Jones Day 44,857 70 -7




12 2 O'Melveny & Myers 8,408 59 -77

13 17 Gunderson Dettmer Stough Villeneuve Franklin & Hachigian 2,609 48 2


15 13 Gibson Dunn & Crutcher 68,406 45 -4

US West by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change


2 1 Latham & Watkins 153,387 120 27.0%






8 17 Wilson Sonsini Goodrich & Rosati 81,642 83 178.7%

9 2 Shearman & Sterling 81,017 44 -30.5%

10 4 Simpson Thacher & Bartlett 79,167 34 -29%


12 43 Baker & McKenzie 70,303 33 602.7%



15 13 Kirkland & Ellis 54,992 125 27.3%


Americas

32

C&S America by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 3 Pinheiro Neto Advogados 4,475 43 3

2 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 8,938 36 -10


4 6 Souza, Cescon, Barrieu & Flesch Advogados 4,531 25 2

5 2 Machado Meyer Sendacz e Opice 2,492 24 -18

6 4 Barbosa, Mussnich & Aragao 2,643 23 -10


8 9 Demarest 1,776 21 2

9 11 Tozzini Freire Teixeira e Silva Advogados 1,061 17 0

10 8 White & Case 3,856 16 -5

11 13 Creel, Garcia-Cuellar, Aiza y Enriquez 3,393 15 0

12 62 Azevedo Sette Advogados 164 15 10

13 18 Mijares Angoitia Cortes y Fuentes 4,477 14 2

14 12 Jones Day 2,173 13 -4

15 21 Rodrigo Elias & Medrano 954 13 2

C&S America by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 18 Skadden Arps Slate Meagher & Flom 9,011 21 -29%

2 15 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 8,938 36 35.5%


4 23 Lefosse Advogados 7,540 12 -13.2%

5 8 Linklaters 7,220 8 -67.4%

6 46 Pinheiro Guimaraes Advogados 5,810 9 79%

7 6 Souza, Cescon, Barrieu & Flesch Advogados 4,531 25 -80%

8 49 Mijares Angoitia Cortes y Fuentes 4,477 14 45%

9 7 Pinheiro Neto Advogados 4,475 43 -80.2%

10 2 White & Case 3,856 16 -88.0%

11 30 Baker & McKenzie 3,759 30 -47.9%

12 12 Simpson Thacher & Bartlett 3,561 9 -77%

13 29 Creel, Garcia-Cuellar, Aiza y Enriquez 3,393 15 -53.9%

14 61 Hogan Lovells International 3,261 7 41.8%


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Asia-Pacific

33

Asia-Pacific(excl. Japan) by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change



3 4 Kim & Chang 90,120 87 0

4 18 AZB & Partners 11,236 83 33

5 9 Grandall Law Firm 33,952 77 12

6 17 Zhong Lun Law Firm 51,685 73 20

7 3 Baker & McKenzie 28,847 72 -32


9 12 Fangda Partners 47,481 61 2

10 6 DLA Piper 10,486 61 -10


12 7 Lee & Ko 29,313 59 -10


14 10 Linklaters 114,403 55 -6

15 11 Minter Ellison 16,867 54 -6

Asia-Pacific(excl. Japan) by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change



3 84 Commerce and Finance Law Offices 121,972 19 3,005%

4 3 Linklaters 114,403 55 16.0%


6 12 Kim & Chang 90,120 87 55%

7 10 King & Wood Mallesons 82,304 137 27.0%

8 67 Guantao Law Firm 76,928 7 1,422%


10 334 Woo Kwan Lee & Lo 75,151 2 62,008%


12 28 Latham & Watkins 60,062 33 263.3%

13 33 Zhong Lun Law Firm 51,685 73 291.4%

14 4 Allen & Gledhill 49,212 24 -47.9%

15 32 WongPartnership 48,121 28 260.1%

A-Pac (excl. Japan) *buyouts by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 4 Kim & Chang 5,521 18 3

2 1 Fangda Partners 16,627 16 -4

3 3 AZB & Partners 1,184 15 -2

4 45 Haiwen & Partners 10,682 12 10


6 51 Khaitan & Co 1,484 12 10

7 38 Trilegal 490 10 7

8 29 Kirkland & Ellis 11,938 9 5

9 21 Gilbert + Tobin 2,704 9 4

10 - Cyril Amarchand Mangaldas 931 9 -

11 31 Nishith Desai Associates 319 9 5


13 26 Shin & Kim 7,606 8 4

14 22 Yulchon 9,249 7 2

15 35 J Sagar Associates 515 6 3

A-Pac (excl. Japan) *buyouts by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 7 Fangda Partners 16,627 16 297.1%

2 36 Kirkland & Ellis 11,938 9 1,469%

3 50 Haiwen & Partners 10,682 12 2,443%

4 71 Yulchon 9,249 7 5,717%


6 29 Shin & Kim 7,606 8 608.9%


8 3 Kim & Chang 5,521 18 -18.8%

9 111 Norton Rose Fulbright 4,501 5 -


11 23 Wilson Sonsini Goodrich & Rosati 3,719 2 166.6%

12 6 King & Wood Mallesons 3,502 12 -17.2%

13 34 Conyers Dill & Pearman 3,319 2 310.8%

14 87 Sullivan & Cromwell 3,219 2 6,212%

15 51 Gilbert + Tobin 2,704 9 546.9%

*Based on advisors to bidder on buyout deals only with the target dominant geography being Asia-Pacific (excl. Japan)


Asia-Pacific

34

Asia (excl. Australasia & Japan) by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Kim & Chang 90,120 87 0


3 11 AZB & Partners 11,236 83 34




7 4 Lee & Ko 29,313 59 -10


9 2 Baker & McKenzie 28,078 57 -19

10 12 Linklaters 114,403 55 7


12 13 Bae Kim & Lee 39,557 53 5

13 26 Khaitan & Co 7,409 51 19

14 15 Shin & Kim 17,896 50 6

15 30 Dacheng Law Offices 33,159 45 17

Australasia by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change



3 3 Minter Ellison 16,856 52 -4

4 4 Allens 33,827 47 -8


6 5 Ashurst 20,858 39 -7

7 6 Gilbert + Tobin 20,043 39 -6

8 10 DLA Piper 1,053 31 4

9 12 Thomson Geer 484 23 -3

10 14 Chapman Tripp 1,923 21 -3

11 7 Baker & McKenzie 1,288 21 -17

12 11 Corrs Chambers Westgarth 4,135 20 -6

13 9 K&L Gates 1,566 17 -10


15 16 Allen & Overy 3,298 16 -3

Australasia by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change



3 2 Allens 33,827 47 4.9%

4 8 Ashurst 20,858 39 64.2%

5 6 Gilbert + Tobin 20,043 39 39.8%

6 4 Minter Ellison 16,856 52 -15.8%

7 25 Clayton Utz 15,055 12 296.3%

8 124 ENSafrica 11,520 3 12,991%

9= 57 Cleary Gottlieb Steen & Hamilton 11,340 1 893%

9= 20 Slaughter and May 11,340 1 115.7%

11 19 Johnson Winter & Slattery 9,937 11 86%

12 34 Osler, Hoskin & Harcourt LLP 9,458 2 240.8%

13 - Torys 9,388 1 -

14 16 Norton Rose Fulbright 8,132 45 29.3%

15 210 Nishimura & Asahi 8,022 2 -

Asia (excl. Australasia & Japan) by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 4 Freshfields Bruckhaus Deringer LLP 197,177 58 127.8%

2 17 Skadden Arps Slate Meagher & Flom LLP 150,219 54 608.6%


4 5 Linklaters 114,403 55 36.4%

5 11 Kim & Chang 90,120 87 55%

6 56 Guantao Law Firm 76,928 7 1,422%


8 310 Woo Kwan Lee & Lo 75,151 2 62,008%


10 31 Latham & Watkins 58,651 27 404.6%


12 27 Zhong Lun Law Firm 51,685 73 291.4%


14 3 Allen & Gledhill 49,212 24 -47.9%



Asia-Pacific

35

Greater China by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change







7 12 Dacheng Law Offices 33,159 45 17

8 19 Haiwen & Partners 38,154 41 20

9 16 Grandway Law Offices 10,562 41 16

10 21 Tian Yuan Law Firm 11,991 35 14

11 10 JunHe 29,940 33 2

12 6 Baker & McKenzie 24,217 33 -6

13 14 Linklaters 107,283 30 4

14 15 AllBright Law Offices 10,776 26 1

15 20 Kirkland & Ellis 30,412 25 4

Greater China by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 6 Freshfields Bruckhaus Deringer LLP 187,826 46 160.9%



4 4 Linklaters 107,283 30 39.3%

5 37 Guantao Law Firm 76,928 7 1,422%

6 211 Woo Kwan Lee & Lo 75,151 2 62,008%

7 17 Zhong Lun Law Firm 51,685 73 291%


9 12 Fangda Partners 47,481 61 104.3%



12 2 Haiwen & Partners 38,154 41 -64.1%

13 3 Grandall Law Firm 33,952 77 -56.5%

14 36 Dacheng Law Offices 33,159 45 541.0%

15 23 Herbert Smith Freehills 33,150 19 286%

India by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 AZB & Partners 11,191 82 33

2 5 Khaitan & Co 7,409 51 20

3 3 J Sagar Associates 3,827 37 -3

4 - Cyril Amarchand Mangaldas 5,344 33 -


6 6 Trilegal 1,976 29 13

7 4 Desai & Diwanji 850 26 -6

8 2 Amarchand & Mangaldas & Suresh A Shroff & Co 4,776 21 -24

9 15 BMR Legal 1,320 20 13

10 13 Nishith Desai Associates 2,052 18 11

11 7 Luthra & Luthra Law Offices 3,167 15 0

12 19 IndusLaw 1,481 14 9

13 9 P. H. Bathiya & Associates 1,037 14 1

14 25 HSA Advocates 30 11 7

15 21 S&R Associates 2,284 9 5

India by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 2 AZB & Partners 11,191 82 34.5%

2 8 Khaitan & Co 7,409 51 80%


4 - Cyril Amarchand Mangaldas 5,344 33 -

5 1 Amarchand & Mangaldas & Suresh A Shroff & Co 4,776 21 -75.8%

6 17 J Sagar Associates 3,827 37 77.3%

7 4 Luthra & Luthra Law Offices 3,167 15 -40.0%


9 20 Clifford Chance 2,568 3 66%


11 5 S&R Associates 2,284 9 -52.8%

12 34 Linklaters 2,234 8 331.3%

13 30 Nishith Desai Associates 2,052 18 219.6%

14 19 Trilegal 1,976 29 10.3%

15 - Talwar Thakore & Associates 1,581 5 -


Asia-Pacific

36

South East Asia by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Baker & McKenzie 4,394 24 -15

2 2 WongPartnership 47,324 23 -13

3 3 Allen & Gledhill 47,582 20 -13

4 8 Linklaters 4,917 17 2

5 6 Allen & Overy 3,636 16 -5

6 21 Shook Lin & Bok Singapore 8,362 11 4


8 47 AZB & Partners 866 11 7

9 12 Latham & Watkins 38,039 9 -1

10 5 Morgan Lewis & Bockius 702 9 -20


12 25 Sidley Austin 2,389 7 1


14 16 Rodyk & Davidson 815 7 -2

15 23 White & Case 921 6 -1

South East Asia by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 1 Allen & Gledhill 47,582 20 66.9%



4 9 Latham & Watkins 38,039 9 452.1%



7 42 Kim & Chang 33,900 3 1,763%

8 46 Paul Weiss Rifkind Wharton & Garrison 33,788 2 2,053%

9= - Fried Frank Harris Shriver & Jacobson 33,689 1 -

9= 10 Morrison & Foerster 33,689 1 435.1%

11 31 Shook Lin & Bok Singapore 8,362 11 262.0%

12 69 Willkie Farr & Gallagher 5,043 1 570.6%

13 7 Linklaters 4,917 17 -48.4%

14 19 Baker & McKenzie 4,394 24 -2.0%

15 3 Clifford Chance 4,380 11 -71.8%

South Korea by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Kim & Chang 56,220 85 0

2 2 Lee & Ko 28,952 58 -11

3 3 Bae Kim & Lee 39,557 53 5

4 4 Shin & Kim 17,896 50 6

5 5 Yulchon 17,139 35 0

6 6 Yoon & Yang 1,224 17 -5

7 7 Kim, Choi & Lim 1,083 14 -1

8 10 Hankyul Law Firm 218 9 2

9 8 JIPYONG 616 8 -1

10 12 Paul Hastings 2,315 5 1


12 - One Law Partners 234 4 -

13 27 Cleary Gottlieb Steen & Hamilton 7,540 3 1

14 44 Fenwick & West 1,130 3 2

15 36 Dechert 1,087 3 2

South Korea by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 1 Kim & Chang 56,220 85 -0.9%

2 3 Bae Kim & Lee 39,557 53 124.8%

3 2 Lee & Ko 28,952 58 8.3%

4 4 Shin & Kim 17,896 50 73.3%

5 - Herbert Smith Freehills 17,750 2 -

6 9 Yulchon 17,139 35 210.2%

7 70 Wachtell, Lipton, Rosen & Katz 11,321 1 35,278%

8 54 Cleary Gottlieb Steen & Hamilton 7,540 3 10,229%


10 - Sejul 3,872 1 -

11 24 Paul Hastings 2,315 5 49.3%

12 - Ropes & Gray 1,382 1 -

13 34 DLA Piper 1,230 2 234.2%

14 20 Yoon & Yang 1,224 17 -49.1%

15 12 Clifford Chance 1,140 4 -67.3%


Japan

37

Japan by deal countRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Mori Hamada & Matsumoto 32,650 90 5

2 2 Nishimura & Asahi 23,065 65 13

3 3 Nagashima Ohno & Tsunematsu 21,930 41 0

4 4 Anderson Mori & Tomotsune 7,939 35 13

5 6 Oh-Ebashi LPC & Partners 576 24 5

6 5 Baker & McKenzie 6,905 18 -3

7 7 Morrison & Foerster 9,207 17 -1

8 11 White & Case 4,811 14 2


10 8 TMI Associates 6,483 13 -4

11 16 Linklaters 11,610 12 2





Japan by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 3 Mori Hamada & Matsumoto 32,650 90 86.1%

2 1 Nishimura & Asahi 23,065 65 -25.2%

3 8 Nagashima Ohno & Tsunematsu 21,930 41 139.8%





8 32 Simpson Thacher & Bartlett 15,510 5 702%

9 29 Jones Day 12,142 6 386.3%

10 24 Linklaters 11,610 12 281.7%

11 23 Clifford Chance 10,898 12 241.3%


13 18 Morrison & Foerster 9,207 17 121.7%

14 33 Ashurst 8,892 7 373.7%

15 11 Anderson Mori & Tomotsune 7,939 35 26.8%



38

Africa & Middle East by deal count Rank Company name 2015

2015 2014 Value (US$m)

Deal Count

Count change

1 1 Webber Wentzel 14,857 50 7

2 2 Cliffe Dekker Hofmeyr 18,816 36 -4

3 6 Bowman Gilfillan Africa Group 1,958 33 4

4 5 ENSafrica 14,647 32 -5

5 4 Allen & Overy 9,044 28 -9



8 12 White & Case 8,808 19 4


10 17 Meitar Liquornik Geva Leshem Tal & Co 2,013 18 6


12 9 DLA Piper 1,841 17 -7

13 13 Herzog, Fox and Neeman 1,663 16 1

14 28 Naschitz Brandes Amir & Co 1,405 16 9

15 10 Linklaters 20,316 15 -5

Africa & Middle East by deal valueRank Company name 2015

2015 2014 Value (US$m)

Deal Count

Value change

1 21 Latham & Watkins 46,828 9 1,330%


3 47 Kirkland & Ellis 41,902 5 3,544%

4 123 Cleary Gottlieb Steen & Hamilton 41,795 5 22,492%

5 105 Weil Gotshal & Manges 41,528 4 14,838%


7 29 Debevoise & Plimpton 40,700 2 1,766%

8 - Davies Ward Phillips & Vineberg 40,536 2 -

9 178 De Brauw Blackstone Westbroek 40,500 2 69,728%

10 86 Tulchinsky Stern & Company 40,500 1 10,846%

11 1 Linklaters 20,316 15 1.5%

12 7 Cliffe Dekker Hofmeyr 18,816 36 97.7%

13 63 Cravath, Swaine & Moore 16,591 4 2,315%

14 12 Webber Wentzel 14,857 50 92.2%

15 14 ENSafrica 14,647 32 103.3%

39

Criteria

PR contactsAmericas: Chrissy CarneyT: +1 646 378 3118

Asia: Eloise ChuT: +852 2158 9710

EMEA: Luella AtabakiT: +44 20 3741 1124

Deal submission contactsEMEA: Zaynab DostT: +44 20 3741 1294

North America: Diana IsaacsT: +1 646 378 3149

C&S America Lissa CamposT: +1 212 686 6521

Asia-Pacific: John CapulongT: +852 2158 9723

About MergermarketMergermarket is a mergers & acquisitions (M&A) intelligence service.

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In any market, the life blood of advisors is deal flow. Mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets.

With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific, mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its Mergermarket.com platform and by real-time email alerts to subscribers.

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All data is based on transactions over US$ 5m and is based on Mergermarket’s M&A deals database. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if the value is greater than US$100m.

Full deal inclusion criteria can be found here.

M&A Trends and Top Deals correct as of 9.15am (GMT), 05-Jan-2016. Cut off date 31-Dec-2015. League tables correct as of 9am (GMT), 11-Jan-2016. Cut off date 31-Dec-2015.

Trend data: based on the dominant geography of the target and excludes lapsed and withdrawn bids. Sector trends based on the dominant sector of the target.

League tables: based on the dominant geography of the target, bidder, or seller, and includes lapsed and withdrawn bids. Private equity league tables based on legal advisors advising the bidder only on buyout deals based on dominant geography of target, and includes lapsed and withdrawn bids.

Global cross-border: based on the dominant geography of the target and bidder company being in different regions.

InboundGlobal/US/Japan: The dominant geography of the target is X, and the dominant geography of the bidder is any other country/region excluding X. Europe/Asia/Africa & Middle East: The dominant geography of the target is X, and the dominant geography of the bidder is any other region excluding X.

OutboundUS/Japan: The dominant geography of the bidder is X, and the dominant geography of the target is any other country excluding X. Europe/Asia/Africa & Middle East: The dominant geography of the bidder is X, and the dominant geography of the target is any other region excluding X.


Global and regional M&A: 2015 - Mattos Filho · (Pfizer/Allergan, Ab InBev/SABMiller). There were a...

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