global and regional m&a: q1 2016€¦ · global m&a is re-balancing towards a sustainable...
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Global and regional M&A: Q1 2016Including league tables of legal advisors
Africa & Middle East
Japan
Asia-Pacific
US
Europe
Global
M&A League tables
Criteria
C & S America
PE league tables
2
Regional M&A comparison
9.3
$
Inbound $115.9bn 46.3%Outbound $47.5bn 5.7%
$55.9bn 30.0%
US $241.5bn, -33.0% vs. Q1 2015
Inbound $6.2bn 1.5%Outbound $1.3bn 85.6%Consumer $2.4bn 701.5%
Africa & Middle East$8.9bn, -1.1% vs. Q1 2015
Pharma, Medical & Biotech
Inbound $862m 76.8%Outbound $8.8bn 77.1%
$6.5bn -
Japan$14.8bn, +62.6% vs. Q1 2015
Inbound $124.7bn 27.1%Outbound $82.3bn 87.0%Industrials & Chemicals
$23.2bn 33.8%
Asia-Pacific$132.1bn, -34.1% vs. Q1 2015
(excl. Japan)
* The % value on the map indicates market share in global M&A
Inbound $102.7bn 5.4%Outbound $51.1bn 20.2%Industrials& Chemicals
$72.6bn 126.5%
Europe$174.6bn, -2.6% vs. Q1 2015
Cross-border $310.6bn 12.4%
Industrials &Chemicals
$144.7bn 70.7%
Global M&A$597.4bn, -24.0% vs. Q1 2015
Pharma,Medical &Biotech
Inbound $8.1bn 65.6%Outbound $8.9bn 5,148%Energy,Mining &Utilities
$5.5bn 413.1%
C & S America$10.1bn, -10.9% vs. Q1 2015
$241.5bn
$bn
$14.8bn
$132.1bn
40.4%
22.1%
2.5%
$10.1bn 1.7%
$174.6bn 29.2%
$8.9bn 1.1%
Global and regional M&A: Q1 2016 www.mergermarket.com
3
Global
Global and regional M&A: Q1 2016 www.mergermarket.com
u After a record year for M&A in 2015, 16.2% higher than 2007’s previous peak, there has been a cooling down period at the start of 2016. Global M&A is re-balancing towards a sustainable level with Q1 2016 amounting to US$ 597.4bn. Following a significant drop from the previous three quarters that all posted more than US$ 1tn, it was the lowest first-quarter value in two years, down 24% from Q1 2015.
u China has scaled up its search for foreign targets with its outbound activity accounting for a 26.3% share of total cross-border deals during Q1 2016, a steep increase considering no full year has ever surpassed 7.6%. China’s outbound M&A amounted to US$ 81.7bn in the first quarter, already a record annual total. The country attempted its second largest US outbound acquisition in history when Anbang Insurance offered to buy Strategic Hotels and Resorts for US$ 6.5bn. In another deal, China National Chemical Corporation made the largest deal of Q1 when it acquired Switzerland-based Syngenta for US$ 45.9bn. And in yet another transaction, Tianjin Tianhai Investment bought US-based Ingram Micro for US$ 6.1bn.
u The mega-deal frenzy that started in 2014 is winding down as companies look towards less sizeable deals. During Q1 2016, there were eight mega-deals (>US$10bn) valued at US$ 158.5bn, down from 13 worth US$ 259.4bn in Q1 2015, but still the second highest Q1 value since 2009 (seven worth US$ 209.8bn). The average deal size for global transactions in the first three months reached US$ 367m, down from the highest average deal size for any year during 2015 (US$ 463.3bn).
u A substantial difference this year is the decreasing M&A value in the US (US$ 241.2bn) and Asia-Pacific (US$ 132.0bn), both down more than 30% after both areas saw a record breaking tally during 2015. Meanwhile in Europe (US$ 174.6bn), the region has attracted a lot of Chinese interest this year which is keeping activity on par with 2015 with just a 2.6% decrease compared to Q1 2015.
Private Equity
Cross-border: $310.6bn
Q1 2016: $597.4bn
Q1 2016vs.Q1 2015
Mega-dealsEight$158.5bn
Lowest valued quarter since Q3 2014 ($22.4bn)
China outbound$81.7bn
UK inbound121 deals$33.0bn
US inbound192 deals$115bn
Private equitybuyouts and exits: $121bn
Private equitybuyouts:$55.2bn
Private equity exits: $74.4bn
Lowest quarterly share since 18.5% in Q3 2013
Down more than 49% compared to Q2, Q3 and Q4 2015
Third quarterly increase,only 17.6% away from record annual total
Lowest valued quarter since Q1 2014
Drop following a record 62 deals worth $1.8tn during 2015
First quarter since 2013 to post sub $90bn-worth of deals
vs. Q4 2015
29.7%
Chinese bidders account for almost 1/4 of inbound deal value ($25.1bn)
Decrease after Q2-Q4posted more than $1tn-worth of deals
Q1 2016vs.Q4 2015
20.3%share of Q1 value
24.0%
57.0%
-5 deals-38.9%
vs. Q4 2015
129.6%
vs. Q4 2015
78.7%
vs. Q4 2015
42.6%
vs. Q1 2015
15.3%
vs. Q1 2015
Energy, Mining & Utilitie
Other
Technology
Financial Services
Consumer
Pharma, Medical & Biotech
sIndustrials & Chemicals
$206.6bn$165.7bn
$39.1bn
$137.0bn$42.0bn
$71.9bn$50.7bn
$62.6bn$55.2bn
$87.7bn$76.2bn
$96.0bn$85.5bn
$84.8bn$144.7bn 24.2%
14.3%
12.8%
9.3%
8.5%
7.0%
6.2%
17.7%
10.8%
12.2%
11.2%
8.0%
9.2%
17.4%
5.0%
26.3%
* % indicates market share
Sector breakdown Q1 2016 vs Q1 2015
Business Services$36.8bn
2014
2013
2012
2011
2010
2009
2008
2007
2015
2016
Value of deals (US$bn)Quarterly M&A activity Q2 Q3 Q4Q1
800.7 1,279.9 852.0 734.4
593.3 678.2 684.9 458.8
420.8 396.4 327.6 570.3
460.9 432.9 492.9 712.8
464.3 565.7 522.8 757.2
446.8 559.3 645.0 572.9
567.1 962.9 855.3 906.3
613.4 585.8 599.3 478.2
785.6
597.4
1,050.7 1,034.1 1,389.8
Total 3,667.1
Total 2,415.1
Total 1,715.1
Total 2,099.5
Total 2,276.7
Total 2,310.1
Total 2,224.1
Total 3,291.6
Total 4,260.2
Total 597.4
4
Global
Global and regional M&A: Q1 2016 www.mergermarket.com
League table by valueRank Company name Q1 2016 Q1 2015 Regional ranking comparison
Q12016
Q12015
Value (US$bn)
Deal Count
Value (US$bn)
% Value change Europe US Asia-
Pacific JapanAfrica & Middle
East
1 12 White & Case 150.5 60 77.1 95.2% 1 3 3 8 2
2 11 Simpson Thacher & Bartlett 117.7 29 78.3 50.3% 4 6 4 2 -
3 7 Cravath, Swaine & Moore 108.0 17 100.7 7.2% 2 8 7 - -
4 2 Skadden Arps Slate Meagher & Flom 106.1 44 158.3 -33.0% 6 1 21 - 83
5 8 Kirkland & Ellis 94.6 73 99.4 -4.9% 15 2 64 26 5
6 3 Davis Polk & Wardwell 85.9 27 135.6 -36.7% 7 14 2 19 32
7 4 Freshfields Bruckhaus Deringer 81.2 36 124.8 -34.9% 3 9 18 20 19
8 36 Jones Day 80.1 85 26.9 197.7% 16 4 41 - -
9 1 Sullivan & Cromwell 74.6 28 166.3 -55.2% 19 5 25 3 6=
10 15 Clifford Chance 61.2 53 63.1 -3.1% 5 41 6 32 18
11 82 Fangda Partners 57.3 6 7.0 713.0% 9 35 1 - -
12 121 Arthur Cox 52.3 4 3.6 1373.3% 8 7 - - -
13 6 Cleary Gottlieb Steen & Hamilton 51.6 7 104.9 -50.8% 13 37 5 - -
14 42 Fried Frank Harris Shriver & Jacobson 48.7 9 21.9 122.6% 18 10 - - -
15 272 Baer & Karrer 48.5 5 0.5 9026.4% 10 143 8= - -
16 97 Homburger 48.1 6 5.7 743.2% 11 - 8= - 47
17 201 Gleiss Lutz 46.5 7 1.4 3278.8% 12 134 8= 31 -
18 27 Osler, Hoskin & Harcourt 45.1 15 39.3 14.6% 75 16 13= - 27
19 22 Slaughter and May 42.9 11 41.4 3.7% 14 13 130 - -
20 33 Ropes & Gray 40.8 17 29.4 38.8% 17 11 172 - -
Sector key
Industrials & Chemicals Pharma, Medical, Biotech Financial Services
Top dealsDeal
value(US$bn)
Ann.date
Bidder company
Biddercountry
Targetcompany
Target country
Target sector
Seller company
45.9 03-Mar China National Chemical Corporation China Syngenta AG Switzerland
35.2 11-Jan Shire Plc Republic of Ireland Baxalta Inc USA
16.2 25-Jan Johnson Controls Inc USA Tyco International plc Republic of Ireland
14.9 16-Mar Deutsche Boerse AG Germany London Stock Exchange (LSE) Plc UK
12.3 09-Feb Apollo Global Management LLC USA The ADT Corporation USA
5
Europe
u European M&A has slowed following a post-crisis high reached in 2015, with Q4 2015 posting the second highest quarterly value on Mergermarket record (1,673 deals, US$ 468.4bn). Although Q1 2016 was unable to keep up this momentum, 1,303 announced deals worth US$ 174.6bn represent a mere 2.6% decrease by value compared to Q1 2015 (1,576 deals, US$ 179.2bn).
u In a bid to expand its geographical footprint and against a backdrop of a slowing economic growth, China has driven European targeted M&A activity this quarter. Q1 2016 saw China’s largest outbound acquisition on record – ChemChina’s US$ 45.9bn bid for Swiss agrochemicals manufacturer Syngenta. As a result, Q1 deal value targeting the Industrials & Chemicals sector (US$ 48.3bn) overtook 2015’s total (US$ 10.5bn) by 361.4%.
u UK Inbound M&A may potentially suffer due to the impending referendum determining whether the UK will remain in the EU. As a result, there is a lack of confidence among foreign investors looking at the UK. Concerns voiced surrounding a potential "Brexit" include the relocation of local business, sterling volatility and a loss of vital EU trade links. Following a record 2015 for UK inbound activity by deal count, 121 deals worth US$ 33.0bn were announced in Q1 2016 representing a 38.5% drop by value compared to Q1 2015 (162 deals, US$ 53.6bn).
u In contrast to the large cross-border deals seen in 2015, domestic European tie-ups have fuelled activity within the Pharma, Medical and Biotech (PMB) sector during Q1, as companies seek to cut costs and forge synergies in a competitive market. Of the 82 deals worth US$ 15.5bn targeting the region’s PMB sector, US$ 12.4bn (80.3%) involved a European bidder, up from 30.7% in 2015 and its highest annual share since 2012 (81%).
Global and regional M&A: Q1 2016 www.mergermarket.com
Other
Industrials & Chemicals
Pharma, Medical & Biotech
Energy, Mining & Utilities
Telecommunications
$53.8bn$21.5bn
$6.4bn
$39.0bn$8.7bn
$ 11.0bn
$11.8bn$13.6bn
$15.5bn
$19.8bn$21.8bn
$32.0bn$72.6bn 41.6%
12.5%
8.9%
7.8%
6.3%
5.7%
5.0%
12.3%
17.9%
11.0%
3.6%
6.6%
6.8%
2.4%
21.8%
30.0%
* % indicates market share
$10.0bn
Sector breakdown Q1 2016 vs Q1 2015
Financial Services
Business Services
$12.2bn
Construction$4.2bn
2014
2013
2012
2011
2010
2009
2008
2007
2015
2016
Value of deals (US$bn)Quarterly M&A activity Q2 Q3 Q4Q1
265.6 583.1 384.0 286.6
296.0 203.2 287.6 217.2
122.6 77.8 79.1 188.4
127.6 114.8 152.2 243.3
136.2 199.0 148.0 158.3
178.5 309.2 199.7 210.5
171.9 187.8 112.0 251.1
179.2
174.6
263.8 183.6 468.4
184.5 243.4 167.0 134.5
Total 1,519.3
Total 1,003.9
Total 467.8
Total 637.8
Total 729.4
Total 722.8
Total 641.4
Total 897.8
Total 1,095.0
Total 174.6
China inbound
Q1 2016: $174.6bn
Q1 2016vs.Q1 2015
Share in Global M&A
Q1 2016vs. Q4 2015
Overtaking all annual records, with just five active years on record
China inbound27 deals$50.3bn
Switzerland4 deals$45.9bn
Industrials& Chemicals11 deals$48.3bn
Down from 39.3% in 2015, the highest annual share on record
UK inbound121 deals$33.0bn
Share in European activity
US into UK54 deals$13.8bn
Lowest quarterly deal value since Q3 2014
Up from 2015, the highest annual value on record (US$ 29.4bn)
Down from Q4 2015 (US$ 468.4bn), the second highest quarter on record
2.6%
Up compared to 2015, overtaking all annual totals on record
29.2%
61.2%
17.7%
UK activity
Lowest quarterly value since Q4 2013 (US$ 158.3bn)
62.7%
71.7%
141.7%
Up from 25.7% in 2015, and highest annual share since 2012 (31.3%)
4.6x
38.5%
vs. FY 2015
vs. FY 2015
22.2%
13 dealssince2001
vs. Q1 2015
vs. Q1 2015
Down from Q1 and Q4, but overtakes Q2 & Q3 values
6
Europe
Global and regional M&A: Q1 2016 www.mergermarket.com
Sector key
Industrials Pharma Financial Services Real Estate
League table by valueRank Company name Q1 2016 Q1 2015
Q12016
Q12015
Value (US$m)
Deal Count
Value (US$m)
% Value change
1 2 White & Case 102,138 41 42,991 137.6%
2 23 Cravath, Swaine & Moore 92,352 4 10,827 753.0%
3 1 Freshfields Bruckhaus Deringer 68,468 29 68,194 0.4%
4 13 Simpson Thacher & Bartlett 63,806 9 22,742 180.6%
5 4 Clifford Chance 60,042 47 39,451 52.2%
6 5 Skadden Arps Slate Meagher & Flom 58,283 18 38,662 51%
7 10 Davis Polk & Wardwell 56,052 8 24,251 131.1%
8 63 Arthur Cox 52,301 4 3,550 1,373%
9 95 Fangda Partners 49,721 4 1,695 2,833%
10 163 Baer & Karrer 48,461 5 531 9,026%
11 43 Homburger 48,128 6 5,708 743.2%
12 109 Gleiss Lutz 46,492 7 1,376 3,279%
13 6 Cleary Gottlieb Steen & Hamilton 46,031 3 35,789 28.6%
14 8 Slaughter and May 42,758 10 28,576 49.6%
15 54 Kirkland & Ellis 39,428 15 4,694 740.0%
16 20 Jones Day 37,588 30 11,673 222.0%
17 146 Ropes & Gray 37,019 4 695 5,227%
18 44 Fried Frank Harris Shriver & Jacobson 35,550 3 5,428 554.9%
19 11 Sullivan & Cromwell 25,997 8 23,392 11.1%
20 3 Linklaters 25,252 35 40,065 -37.0%
Top dealsDeal
value(US$bn)
Ann.date
Bidder company
Biddercountry
Targetcompany
Target country
Target sector
Seller company
45.9 03-Feb China National Chemical Corporation China Syngenta AG Switzerland
16.2 25-Jan Johnson Controls Inc US Tyco International plcRepublic of
Ireland
14.8 16-Mar Deutsche Boerse AG Germany London Stock Exchange plc UK
9.9 10-Feb Mylan NV UK Meda AB Sweden
7.4 04-Mar Inversora Carso SA de CV MexicoFomento de Construcciones
y Contratas SA (63.4% Stake)
Spain
Lead strategic partner: Strategic partners: Media partner:
CMS_LawTax_CMYK_over100.eps
Visit the website for more details: events.mergermarket.com/corporate2016
EUROPEAN CORPORATE M&A FORUM 2016
JULY 7 2016 INTERCONTINENTAL HOTEL, LONDON
8
US
Global and regional M&A: Q1 2016 www.mergermarket.com
Other
Technology
Industrials & Chemicals
Consumer
Pharma, Medical & Biotech
Energy, Mining & Utilities
23.1%
20.0%
17.7%
10.0%
7.2%
5.3%
5.3%
11.4%
22.1%
11.1%
8.7%
9.8%
5.8%
20.0%
2.5%
19.9%
* % indicates market share
Sector breakdown Q1 2016 vs Q1 2015
Business Services
Real Estate
$71.9bn$27.6bn
$72.3bn$12.8bn
$21.0bn$17.3bn
$35.4bn$24.1bn
$31.5bn$42.8bn
$40.1bn$48.2bn
$79.9bn$55.9bn
$12.8bn$9.2bn
2014
2013
2012
2011
2010
2009
2008
2007
2015
2016
Value of deals (US$bn)Quarterly M&A activity Q2 Q3 Q4Q1
352.2 502.6 258.3 229.7
146.2 268.1 264.4
199.2 186.5 98.7 205.8
148.2 181.0 155.4 245.9
179.9 176.7 316.3 230.5
218.4 389.2 420.4 383.5
128.8 190.3 235.7 315.9
361.3
241.5
463.6 608.8 532.9
248.7 187.9 208.0 192.0
78.7
Total 1,342.7
Total 757.4
Total 690.3
Total 729.5
Total 836.6
Total 870.7
Total 903.5
Total 1,411.5
Total 1,966.7
Total 241.5
Private equity
Race against China
Q1 2016: $241.5bn
Q1 2016vs.Q1 2015
Q1 2016 share in global M&A
China overtakes US outbound value in Q1 2016
USoutbound$47.5bn
US vs. Chinaoutboundvalue
Private equity buyouts$31.3bn
Private equity exits$36.3bn
Total private equity share in US M&A
Q1 2016 down from Q3/Q4 2015, but on par with Q1/Q2 2015
Lowest quarterly value since Q1 2013
Lowest valued quarter since Q1 2014
Down from 46.2% during the record year of 2015
Highest quarterly share since Q1 2014, driven by increased buyout activity
vs. Q1 2015
33.3%
A significant drop after every quarter in 2015 posted +$360bn
Q1 2016vs.Q4 2015
33.0%
54.6%
vs. Q4 2015
131.0%
vs. Q4 2015
81.1%
40.5%
vs. Q1 2015
7.6%
Chinaoutbound$82.1bn
-42.2%
Average price paid for foreign target
US valuedown
26.4%
$452.5mUS average
$1.4bnChina average
vs
u Following a record year for M&A in 2015, deal activity in the US showed signs of cooling in the first quarter of the year. The country recorded 1,007 deals worth a total of US$ 241.5bn, down 33% compared to Q1 2015’s 1,250 deals worth US$ 361.3bn, and down 54.6% compared to Q4 2015’s 1,281 worth US$ 532.9bn.
u US outbound activity has been fast approached by China this year and its increasing level of foreign acquisitions despite the latter’s slowing economy. While the US has seen its total outbound value fall by 5.7% from Q1 2015, China’s outbound value has grown significantly in the same period by 348.8%. So far this year, China leads the US 73.1% by outbound value with 85 transactions worth US$ 82.1bn, versus the US’s 241 transactions worth US$ 47.5bn. Such a percentage could very well continue to increase as China strides toward larger transactions.
u Tax inversion targets, traditionally coming from the Pharma, Medical & Biotech sector, now appear to be shifting toward other sectors such as Industrials & Chemicals, in a bid to scale up to +$100bn conglomerates. US-based Johnson Control’s US$ 16.2bn bid for Ireland-based Tyco International was the top deal for that sector, and one which also looks set to benefit from Europe’s more favorable corporate tax rates as compared to those of the US. The Tyco/Johnson Controls transaction comprises 73.8% of Q1 total outbound value into targets in the Industrials & Chemicals sector (US$ 21.9bn).
u Private equity buyout activity struggled to compete against strategic buyers in 2015, demonstrated by the average price paid last year being just US$ 640.2m compared to a strategic company spending on average US$ 902.8m. However, to date in 2016, the average offer price by a buyout firm has increased slightly to US$ 626.3m, while the average value by strategics has decreased to US$ 607.5m. The following months could provide even more opportunities for buyout firms to secure targets.
9
US
Global and regional M&A: Q12016 www.mergermarket.com
Sector key
Chemicals Industrials Energy, Mining & Utilities
League table by valueRank Company name Q1 2016 Q1 2015
Q1 2016
Q1 2015
Value (US$m)
Deal Count
Value (US$m)
% Value change
1 3 Skadden Arps Slate Meagher & Flom 99,575 35 104,602 -4.8%
2 5 Kirkland & Ellis 94,083 69 97,556 -3.6%
3 9 White & Case 93,880 34 69,719 34.7%
4 35 Jones Day 77,023 72 19,339 298.3%
5 1 Sullivan & Cromwell 72,532 26 147,112 -50.7%
6 8 Simpson Thacher & Bartlett 70,628 23 70,131 0.7%
7 74 Arthur Cox 51,385 2 3,503 1,367%
8 4 Cravath, Swaine & Moore 50,876 14 98,991 -48.6%
9 31 Freshfields Bruckhaus Deringer 49,769 14 20,703 140.4%
10 29 Fried Frank Harris Shriver & Jacobson 48,702 9 21,727 124.2%
11 22 Ropes & Gray 40,837 17 29,415 38.8%
12 11 Weil Gotshal & Manges 38,501 18 62,877 -38.8%
13 40 Slaughter and May 35,613 4 17,340 105.4%
14 2 Davis Polk & Wardwell 35,217 20 127,618 -72.4%
15 12 Wachtell, Lipton, Rosen & Katz 33,423 13 62,123 -46.2%
16 17 Osler, Hoskin & Harcourt 24,305 7 37,277 -34.8%
17 7 Davies Ward Phillips & Vineberg 21,574 3 77,823 -72.3%
18 154 Bennett Jones 21,184 6 623 3,300%
19 18 Paul Weiss Rifkind Wharton & Garrison 19,304 24 36,547 -47.2%
20 105 A&L Goodbody 16,353 2 1,811 803.0%
Top dealsDeal
value(US$bn)
Ann.date
Bidder company
Biddercountry
Targetcompany
Target sector
Seller company
35.2 11-Jan Shire Plc USA Baxalta Inc.
12.3 16-Feb Apollo Global Management LLC USA The ADT Corporation
12.0 17-Mar Columbia Pipeline group USA TransCanada Corporation
11.3 09-Feb ITC Holdings Corporation USA Fortis
10.8 20-Mar The Valspar Corporation USA The Sherwin Williams
10
Central & South America
Global and regional M&A: Q1 2016 www.mergermarket.com
u Central and South America continued its downturn in M&A activity in the first quarter, following a particularly dismal 2015 when regional values plummeted to their lowest in a decade. Q1 2016 saw 99 transactions, the lowest volume since Q3 2009, worth a total of US$ 10.1bn, the lowest value since Q4 2005. Compared to Q4 2015, value fell 42.9% from 163 transactions worth US$ 17.6bn, and by 10.9% compared to Q1 2015’s 128 transactions worth US$ 11.3bn.
u Q1 saw a shift away from traditional heavyweight economies such as Brazil and Mexico toward Colombia, the region’s top country for M&A for the first time since Q3 2005. Given low activity overall, Colombia’s reign is largely due to a single deal in the energy sector, Canada-based Brookfield Renewable Energy Partners’ US$ 4.7bn acquisition of a 57.6% stake in Isagen, which comprised 46.4% of the region’s value. Brazil, in recent years riddled with corruption scandals, high unemployment and inflation, captured a 25.9% market share with 46 transactions worth US$ 2.6bn, on par with Q1 2015’s 68 transactions also worth US$ 2.6bn. Mexico’s activity fell to its lowest value since Q3 2010, dropping 91.9% from Q1 2015 to 12 deals worth US$ 547m.
u Inbound deals comprised 80.9% of regional M&A with 53 transactions worth US$8.2bn, the highest market share from foreign bidders since Q1 2004. Notably, Canada was responsible for most of the activity, having already surpassed all annual totals on record (since 2001) coming from that country at US$ 4.7bn. Canada was the bidder in four of the region’s nine energy transactions, the lowest volume for energy deals in the region since Q3 2005, which altogether were worth US$ 5.8bn, helping to boost Energy, Mining & Utilities (EMU) to top sector.
u Inbound activity into EMU rose 316.3% by deal value to six transactions worth US$ 5.2bn from Q4 2015, over ten times higher than Q1 2015’s four transactions worth US$ 432m. With staggeringly low oil prices still rocking the energy sector, foreign bidders appear to be showing an interest in Central and South America’s EMU targets, though with such few deals in the region, one large transaction such as the Brookfield/Isagen deal can make a relatively large impact.
2014
2013
2012
2011
2010
2009
2008
2007
2015
2016
Value of deals (US$bn)Quarterly M&A activity Q2 Q3 Q4Q1
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 28.9 45.0
17.8 21.4 23.1 25.4
24.8 39.9 38.0 28.5
21.8 47.1 16.5 32.4
11.3
10.1
12.5 23.5 17.6
40.4 18.3 46.0 28.7
Total 83.8
Total 102.1
Total 74.5
Total 166.9
Total 133.4
Total 117.7
Total 87.7
Total 131.2
Total 64.9
Total 10.1
Energy, Mining & Utilities
Other
Financial Services
Industrials & Chemicals
Consumer
$2,509m$467m
$417m$230m
$283m
$2,558m$378m
$712m$155m
$1,093m$268m
$1,075m$5,517m 54.8%
10.9%
7.1%
3.8%
2.3%
2.1%
4.6%
9.5%
2.4%
1.4%
22.6%
3.7%
35.7%
22.2%
* % indicates market share
$214m
Sector breakdown Q1 2016 vs Q1 2015
$4,038m
Telecommunications
Construction
Business Services
2.5%14.5%$1,459m
Cross-border and domestic
Top targets
Q1 2016: $10.1bn
Q1 2016vs.Q4 2015
Second quarterly decline, lowest quarterly value since Q4 2005
Colombia$5.5bn
Brazil$2.6bn
Chile$1.2bn
Inbound$8.1bn
Outbound$8.9bn
Domestic$1.9bn
Third lowest value in two years
Highest valued quarter in two years with just five deals
Highest valued quarter on record with eight more deals than Q4 2015
Lowest valued quarter since Q4 2005
Sixth lowest quarterly value on record, lowest since Q3 2004
vs. Q1 2015
70.1%
Volatile quarterly activity since the beginning of 2015, value higher than two quarters in 2015
Lowest valued Q1 since Q1 2005
Q1 2016vs.Q1 2015
43.0%
11.1%
vs. Q1 2015
+26x
vs. Q4 2015
73.0%
vs. Q4 2015
32.5%
vs. Q1 2015
65.6%
vs. Q4 2015
584.3%
3.7%Share in Americas M&A
On par with the 3.1% share during Q1 2015
11
Central & South America
Global and regional M&A: Q1 2016 www.mergermarket.com
Sector key
Financial Services Energy Industrials Construction
League table by valueRank Company name Q1 2016 Q1 2015
Q1 2016
Q1 2015
Value (US$m)
Deal Count
Value (US$m)
% Value change
1 78 Gomez-Pinzon Zuleta Abogados 4,841 2 7 69,057%
2= - Appleby 4,671 1 - -
2= 71 Philippi, Prietocarrizosa & Uria 4,671 1 15 31,040%
2= - Torys 4,671 1 - -
5 51 Demarest 1,505 2 60 2,408%
6 - Ontier Hermosilla & Gutierrez de la Roza 1,438 1 - -
7 18 Baker & McKenzie 1,418 6 393 261%
8= - Cravath, Swaine & Moore 1,340 1 - -
8= - Lenz & Staehelin 1,340 1 - -
8= - Schellenberg Wittmer 1,340 1 - -
8= 25 Skadden Arps Slate Meagher & Flom 1,340 1 230 482.6%
12= - Mundie e Advogados 1,132 1 - -
12= - Porto Lauand Advogados 1,132 1 - -
14= - Allen & Overy 1,035 1 - -
14= - Ashurst 1,035 1 - -
14= - Stikeman Elliott 1,035 1 - -
Top dealsDeal
value(US$bn)
Ann.date
Bidder company
Biddercountry
Targetcompany
Target country
Target sector
Seller company
4.7 13-Jan Brookfield Renewable Energy Partners LP Canada Isagen Colombia Government of Colombia
1.1 14-Mar DBTRANS S/A USA Servicos e Tecnologia de Pagamentos Brazil Group of investors
1.0 21-Jan Abertis Infraestructuras SA SpainSociedad Concesionaria
Autopista Central SA (50% Stake)
Chile Alberta Investment Management Corporation
538m 01-Mar Grupo de Inversiones Suramericana SA Colombia Sura Asset Management
(7.3% Stake) Colombia General Atlantic Cooperatief UA
497m 11-Jan Cubico Sustainable Investments Limited UK
Wind farms related to Casa dos Ventos Energias
RenovaveisBrazil Casa dos Ventos Energias
Renovaveis SA
12
Asia-Pacific(excl. Japan)
Global and regional M&A: Q1 2016 www.mergermarket.com
2014
2013
2012
2011
2010
2009
2008
2007
2015
2016
Value of deals (US$bn)Quarterly M&A activity Q2 Q3 Q4Q1
85.0 91.1 75.4 91.8
74.9 125.9 56.6 90.2
45.8 76.8 66.2 105.8
66.7 72.1 92.8 132.0
69.1 107.8 116.9 117.0
114.8 169.8 140.6 217.6
82.7 81.2 105.0 85.6
200.5
131.8
245.1 165.6 310.6
87.5 79.4 115.9 73.1
Total 343.4
Total 347.6
Total 294.7
Total 363.7
Total 356.0
Total 354.4
Total 410.8
Total 642.7
Total 921.8
Total 131.8
Other
Technology
Financial Services
Industrials & Chemicals
Consumer
$57.3bn$27.6bn
$16.9bn$11.4bn
$9.2bn
$20.4bn$9.6bn
$45.8bn$12.7bn
$17.4bn$23.2bn
$19.3bn$20.1bn
$14.2bn$20.4bn
15.5%
15.2%
9.6%
8.6%
7.3%
5.3%
20.9%
7.1%
9.6%
22.8%
8.4%
10.2%
4.6%
28.6%
* % indicates market share
Sector breakdown Q1 2016 vs Q1 2015
Real Estate
Pharma, Medical & Biotech
Transport
$7.0bn
8.7%
17.6%
China
Q1 2016: $131.8bn
Q1 2016vs.Q1 2015
Average deal size
Share in global activity
Highest annual value on record due to Syngenta deal
Outbound83 deals$81.7bn
China - Europe27 deals$50.3bn
Inbound68 deals$12.6bn
Lowest quarterly value since Q4 2004 ($3.6bn)
India outbound23 deals$2.2bn
As-Pacoutbound115 deals$82.3bn
Highest Q1 deal value since 2011 ($2.3bn)
Only 17.6% behind 2015’s annual total deal value ($99.1bn)
Down from $ 277.1m in 2015 due to a lack of mega-deals (> $10bn)
Highest share on record despite fall in deal value
34.2%
Highest Q1 deal value on record
$221.6m
455.1%
-27.6%
Cross-border activity
346.1%
54.3%
71.1%
16.3%
87.0%Highest Q1 deal value on record, also due to Syngenta deal
22.1%
Lowest quarterly deal value since Q1 2014 ($114.8bn)
vs. Q1 2015
vs. FY 2015
vs. Q1 2015
21.6%
As-Pac inbound108 deals$7.1bn
vs. Q1 2015
vs. Q1 2015
vs. Q1 2015
75.9%vs. Q1 2015
u In line with the global trend, Asia-Pacific (excl. Japan) has experienced a dip in M&A activity following a record 2015 (3,849 deals, US$ 921.8bn). During Q1 2016, 700 deals worth US$ 131.8bn targeting the region represented a 34.2% decrease by value compared to Q1 2015 (782 deals, US$ 200.5bn). The decrease follows a lull in Chinese domestic activity following a record 2015, with 271 deals worth US$ 69.9bn down 64.2% compared to Q4 2015 (509 deals, US$ 195.4bn), the highest quarterly value on record.
u Slowing economic growth is pushing Chinese firms to pursue deals overseas. During Q1 2016, China's outbound acquisitions (non As-Pac) reached US$ 71.6bn, accounting for 92.7% of Asia-Pacific’s total outbound deal value (US$ 82.3bn), up from 31.7% in 2015 and its highest annual share since 2009. Furthermore, China's outbound deal value is already at its peak, 54.1% higher than 2014 (US$ 49.4bn).
u Chinese bidders are expanding their influence within the US M&A market, posing an increased challenge to local bidders. The annual volume of Chinese outbound deals into the US has increased consistently since 2011, from 23 in 2013, to 47 in 2014 to 60 in 2015. To-date in 2016, 21 deals worth US$ 25.1bn have already more than doubled 2015’s total of US$ 11.5bn.
u In order to expand their global footprint, India-based companies have become more confident in making outbound M&A this year. With 23 deals worth US$ 2.2bn announced, Q1 2016 reached its highest Q1 deal value since 2011, a 455.1% value increase compared to Q1 2015 (US$ 390m, 19 deals). The largest outbound acquisition of the quarter was Indian Oil Corporation, Oil India and Bharat Petroleum’s US$ 1.3bn acquisition of a 29.9% stake in a Russian-based oil field owned by Rosneft.
u Following a record 2015, the Financial Services sector has experienced its strongest Q1 on record, with 58 deals worth US$ 20.4bn, up 43.7% by value compared to Q1 2015. This growth has been fuelled by domestic consolidation, with the top four Q1 deals targeting the sector involving an Asian bidder and target. As a result, domestic activity accounted for 93.5% of total sector value.
13
Asia-Pacific(excl. Japan)
Global and regional M&A: Q1 2016 www.mergermarket.com
Top dealsDeal
value(US$bn)
Ann.date
Bidder company
Biddercountry
Targetcompany
Target country
Target sector
Seller company
9.4 15-Mar Consortium for Asciano led by CPPIB GIP Canada Asciano Limited Australia
6.2 8-Feb Berli Jucker Public Co Ltd Thailand Big C Supercenter PCL Thailand Casino Guichard Perrachon SA
5.2 14-Mar China Overseas Land and Investment Ltd Hong Kong
CITIC Real Estate Group Co Ltd; and CITIC Pacific
LimitedChina CITIC Limited
4.9 25-Feb China Great Wall Computer Shenzhen Co Ltd China Greatwall Information
Industry Co Ltd China
4.3 23-Mar CRED Holding Co Ltd China Liaoning Zhongwang Group Co Ltd China - China Zhongwang Holdings
Limited
Sector key
Transport Consumer Real Estate Technology Industrials
League table by valueRank Company name Q1 2016 Q1 2015
Q1 2016
Q1 2015
Value (US$m)
Deal Count
Value (US$m)
% Value change
1 24 Fangda Partners 57,252 6 7,042 713.0%
2 27 Davis Polk & Wardwell 57,024 8 6,698 751.4%
3 153 White & Case 51,853 11 150 34,469%
4 48 Simpson Thacher & Bartlett 51,774 11 3,027 1,610%
5 10 Cleary Gottlieb Steen & Hamilton 49,518 3 21,323 132.2%
6 18 Clifford Chance 49,406 10 8,409 488%
7 93 Cravath, Swaine & Moore 46,416 2 750 6,089%
8= 242 Baer & Karrer 45,860 1 - -
8= 203 Gleiss Lutz 45,860 1 36 127,289%
8= 77 Homburger 45,860 1 1,188 3,760.3%
11 9 King & Wood Mallesons 36,237 26 24,757 46.4%
12 16 Gilbert + Tobin 17,256 7 11,559 49.3%
13= 31 Allens 17,088 2 6,486 163.5%
13= - Osler, Hoskin & Harcourt 17,088 2 - -
15 50 Haiwen & Partners 13,614 6 2,887 371.6%
16 4 Herbert Smith Freehills 12,235 19 46,198 -73.5%
17 - Torys 9,426 1 - -
18 1 Freshfields Bruckhaus Deringer 8,873 10 77,397 -88.5%
19 59 Zhong Lun Law Firm 7,667 19 1,954 292.4%
20 5 Stikeman Elliott 7,662 1 41,896 -81.7%
14
Japan
Global and regional M&A: Q1 2016 www.mergermarket.com
Sector breakdown
Cross-border activity
2016: $14.8bn
Highest Q1 value since 2008 ($17.3bn)
Down from highest Q4 since 2009 ($29.7bn)
Second annual increase, and highest share since 2012
Q1 2016vs.Q1 2015
Q1 2016 vs. Q4 2015
Share in Asia-Pacificactivity
Highest Q1 value since 2007 ($4.7bn)
Lowest quarterly deal value since Q2 2013 ($7.6bn)
Overtaking all annual deal values since 2007 ($10.1bn)
Industrials & Chemicals$4.1bn
Outbound $8.8bn
Pharma, Medical & Biotech$6.5bn
Lowest quarterly deal value since Q2 2015
Remains level with Q1 2014
Highest Q1 deal value since 2008 ($16.1bn)
Inbound $862m
Domestic$14.0bn
30.1%
11.2%
62.6%
43.1%
158.7%
43.1%
Consumer$1.5bn
121.5%
32.1%
77.1%
76.8%
vs. Q1 2015
vs. Q1 2015
vs. Q1 2015
vs. FY 2015
vs. Q1 2015
39.8%vs. Q1 2015
2014
2013
2012
2011
2010
2009
2008
2007
2015
2016
Value of deals (US$bn)Quarterly M&A activity Q2 Q3 Q4Q1
26.1 18.0 11.9 32.2
17.3 10.8 15.5 12.3
10.6 14.1 24.1 29.7
13.9 7.3 33.3 6.9
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
14.8
9.2 21.6 21.8
12.3 17.2 32.6 21.5
Total 88.2
Total 55.8
Total 78.5
Total 61.4
Total 83.7
Total 70.5
Total 35.4
Total 32.2
Total 61.8
Total 14.8
Other
Financial Services
Industrials & Chemicals
Consumer
$1,503m$m
$465m
$20m
$465m
$451m
$981m
$187m
$335m
$223m
$m$2,659m
$3,119m$4,058m
$m$6,500m 45.3%
28.3%
9.6%
6.8%
3.2%
3.1%
1.3%
2.3%
0.2%
34.2%
1.0%
11.4%
5.1%
29.2%
2.4%
16.5%
* % indicates market share
Sector breakdown Q1 2016 vs Q1 2015
Pharma, Medical & Biotech
Technology
$1,040m
$16.9bn$1,381m
Transport
$87m
Business Services
u Following a rebound in activity seen in H2 2015, Japanese M&A activity has experienced a strong first quarter with 101 deals worth US$ 14.8bn announced, the highest valued Q1 since 2008 (US$ 17.3bn). Activity was driven by the Pharma, Medical & Biotech (PMB) sector (seven deals, US$ 6.5bn), with Q1 value exceeding all annual totals since 2007 ($10.1bn). Total deal value was bolstered by the US$ 5.9bn acquisition of medical equipment manufacturer Toshiba Medical Systems by electronics company Canon.
u Domestic M&A was the engine behind Q1 activity, continuing the trend seen in the second half of 2015, where 164 deals worth US$ 35.5bn reached the highest H2 value since 2011 ($49.0bn). A total of 93 deals worth US$ 14.0bn were announced during the first quarter of 2016, a 158.7% increase by value compared to Q1 2015 (114 deals, US$ 5.4bn), with the top five highest valued deals of the quarter being domestic.
u Following an year for outbound M&A in 2015 with US$ 88.0bn-worth of deals reaching the second highest annual value on record (after $115.6bn for 2012), Japanese overseas activity is on the decline. Japan's outbound M&A has seen its second quarterly decrease, falling from US$ 22.4bn (Q3 2015), to US$ 10.5bn (Q4 2015), and down to US$ 8.8bn in Q1 2016. Q1 2016's deal value represents a significant 77.1% drop compared to Q1 2015's US$ 38.3bn, the second highest quarterly deal value on record.
u After a post crisis high seen in 2015, inbound activity so far in 2016 has fallen by value. During Q1, eight deals worth US$ 862m represent a 76.8% decrease compared to Q1 2015 (seven deals, US$ 3.7bn). However, government incentives currently being pushed forward by President Abe's cabinet, including the aim to cut corporation tax to under 30%, may cause a revival of inbound activity moving forward into 2016.
15
Japan
Global and regional M&A: Q1 2016 www.mergermarket.com
Top dealsDeal
value(US$m)
Ann.date
Bidder company
Biddercountry
Targetcompany
Target sector
Seller company
5,916 17-Mar Canon Inc Japan Toshiba Medical Systems Corporation Toshiba Corporation
3,259 29-Jan Toyota Motor Corporation Japan
Daihatsu Motor Company Ltd (48.8% Stake)
771 30-Mar Hitachi Transport System Ltd Japan Hitachi Transport System Ltd (29% Stake) Hitachi Ltd
584 30-Mar Midea Group Co Ltd China Sagawa Express Co Ltd (20% Stake) SG Holdings Co Ltd
519 11-Mar Development Bank of Japan Inc Japan Kinugawa Rubber Industrial Co Ltd
League table by valueRank Company name Q1 2016 Q1 2015
Q1 2016
Q1 2015
Value (US$m)
Deal Count
Value (US$m)
% Value change
1 3 Mori Hamada & Matsumoto 5,243 13 8,643 -39.3%
2 11 Simpson Thacher & Bartlett 4,679 4 3,106 50.6%
3 40 Sullivan & Cromwell 4,500 2 878 412.5%
4= - Irell & Manella 3,500 1 - -
4= 32 Latham & Watkins 3,500 1 1,333 162.6%
6 27 TMI Associates 3,486 3 1,696 105.5%
7 13 Shearman & Sterling 3,293 2 3,000 9.8%
8 44 White & Case 3,072 2 673 356%
9 118 Hogan Lovells International 3,066 2 - -
10 35 Baker & McKenzie 2,661 2 1,214 119.2%
11 2 Nishimura & Asahi 1,825 5 9,772 -81.3%
12= 108 DLA Piper 1,200 2 - -
12= 9 Morrison & Foerster 1,200 2 3,756 -68.1%
14 - Shook Lin & Bok Singapore 1,200 1 - -
15 56 Paul Weiss Rifkind Wharton & Garrison 1,179 2 332 255.1%
Sector key
Pharma, Medical & Biotech Industrials Transport
16
Africa & Middle East
Global and regional M&A: Q1 2016 www.mergermarket.com
u M&A activity targeting the Middle East and Africa region has been slow to gather momentum so far in 2016. The first quarter of the year saw 71 deals worth US$ 8.9bn, down by 48 deals compared to Q1 2015 (119 deals, US$ 9.0bn), despite deal value decreasing by just 1.2%. This lack of activity is reflected by the quarterly deal count dropping below 100 for the first time since Q1 2013.
u Currency volatility within South Africa, traditionally the driver of M&A within the region, has delayed regional activity during Q1 2016. With 15 deals worth US$ 940m announced during Q1, M&A activity experienced a 56.8% decrease by value compared to Q1 2015 (46 deals, US$ 2.2bn). Domestic worries have also affected outbound activity following an active 2015 (40 deals, US$ 9.4bn), with just eight deals worth US$ 311m marking the lowest quarterly deal value since Q1 2013 (US$ 112m).
u The region has felt the ramifications of the global drop in oil prices particularly acutely. So far in 2016, three deals worth just US$ 38m targeting the Energy, Mining & Utilities (EMU) sector mark the region's second lowest quarterly value following Q4 2001 (US$ 23m). This has been the first Q1 that EMU has dropped from the top of the sector league table in five years. Despite this historical lull, Mergermarket intelligence expects a pick up in activity within the oil and gas industry as distressed assets come to market.
u Exit activity has experienced a strong start to the year, signalling long term confidence in the region. The region experienced a strong 2015 for exit activity, where 53 deals worth US$ 4.7bn reached the highest exit count on record. To-date in 2016 this trend has continued, with 12 transactions worth US$ 1.4bn announced marking an 18.3% increase by value compared to Q1 2015 (US$ 1.2bn, 19 transactions).
2014
2013
2012
2011
2010
2009
2008
2007
2015
2016
Value of deals (US$bn)Quarterly M&A activity Q2 Q3 Q4Q1
19.9 12.6 20.9 34.8
13.0 12.9 11.4 14.6
5.5 4.0 15.6 7.9
25.4 8.0 8.2 12.8
12.3 21.6 13.7 15.5
7.2 18.6 9.1 24.3
8.9 13.5 10.5 20.7
9.0
8.9
9.4 8.8 19.8
19.8 6.6 11.5 7.3
Total 88.2
Total 52.0
Total 33.0
Total 54.4
Total 45.1
Total 53.6
Total 63.0
Total 59.3
Total 47.0
Total 8.9
Other
Industrials & Chemicals
Consumer
$5,928m
$114m
$226m
$449m
$456m
$226m
$1,554m
$296m
$221m
$437m
$111m
$2,321m 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%
* % indicates market share
$127m
Sector breakdown Q1 2016 vs Q1 2015
Pharma, Medical & Biotech
t
Technology$1,091m$1,173m
$792m
Telecommunications
Business Services
Media
Private Equity
Cross-border
Q1 2016: $8.9bn
First sub 100 quarterly deal count since Q1 2013
Second lowest average deal size since 2011
Down from US$ 19.8bn announced in Q4, a peak in activity during 2015
Q1 2016 vs. Q1 2015
Q1 2016 vs.Q4 2015
Average deal size
Exit activity$1.4bn12 deals
Outbound$1.3bn31 deals
Africa Inbound$2.5bn27 deals
Domestic$4.3bn32 deals
Buyout activity$637m13 deals
46.2%
$148.5$170.9m
55.0%
85.6%
18.3%
10.0%
22.6%
vs. Q1 2015
vs. Q4 2015
vs. Q1 2015
vs. Q1 2015
71 deals
7.4% vs. Q1 2015
Increase compared to Q1 2015, despite 12 fewer deals
Highest Q1 deal value since 2011 ($11.0bn)
Second consecutive quarterly value increase
Lowest quarterly deal value since Q2 2009
PE share of M&A activity
Third highest share on record
Highest Q1 deal value since 2011 ($2.1bn)
17
Africa & Middle East
Global and regional M&A: Q1 2016 www.mergermarket.com
Sector key
Construction Consumer Telecommunications Financial Services
League table by valueRank Company name Q1 2016 Q1 2015
Q1 2016
Q1 2015
Value (US$m)
Deal Count
Value (US$m)
% Value change
1 39 Gibson Dunn & Crutcher 1,531 6 405 278.0%
2 4 White & Case 1,227 5 2,500 -50.9%
3 102 Herbert Smith Freehills 1,226 3 - -
4 - Raved, Magriso, Benkel & Co 1,163 1 - -
5 26 Kirkland & Ellis 1,118 1 1,014 10.3%
6= 29 Shearman & Sterling 1,080 2 883 22.3%
6= - Sullivan & Cromwell 1,080 2 - -
8= - Accura 1,080 1 - -
8= - Gorrissen Federspiel 1,080 1 - -
8= - Thommessen 1,080 1 - -
11 - AZB & Partners 1,079 2 - -
12 47 Weil Gotshal & Manges 1,075 2 360 198.6%
13 38 Meitar Liquornik Geva Leshem Tal & Co 1,009 7 570 77.0%
14 12 Dechert 948 2 1,205 -21.3%
15 - IndusLaw 900 1 - -
16 101 Gornitzky & Co 837 1 - -
17 54 Herzog, Fox and Neeman 546 4 231 136.4%
18 23 Clifford Chance 535 4 1,026 -47.9%
19 57 Freshfields Bruckhaus Deringer 419 3 202 107.4%
20 94 Charles Russell Speechlys 340 1 - -
Top dealsDeal
value(US$m)
Ann.date
Bidder company
Biddercountry
Targetcompany
Target country
Target sector
Seller company
1,246 17-Mar LaFarge Maroc Morocco Holcim Maroc Morocco LaFargeHolcim Ltd
1,163 29-Jan Gindi Israel 2010 Ltd Israel Alon Holdings Blue Square Israel Ltd (72.7% Stake) Israel Alon Israel Oil Company Ltd
900 13-Jan Orange SA France Airtel Sierra Leone; and Airtel Burkina Faso Burkina Faso Bharti Airtel International
(Netherlands) BV
837 04-Feb Nestle SA Switzerland Osem Investment Ltd (36.3% Stake) Israel
494 01-Feb Saudi Telecom Company Saudi ArabiaKuwait Telecommunications
Company KSCP (25.8% Stake)
Kuwait
18
Global league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Global by deal countRank Company name Q1 2016
Q1 2016
Q1 2015
Value (US$m)
Deal Count
Count change
1 1 DLA Piper 10,507 92 -17
2 2 Jones Day 80,112 85 0
3 3 Kirkland & Ellis 94,562 73 0
4 9 White & Case 150,519 60 -1
5 6 Latham & Watkins 31,147 54 -10
6 12 Clifford Chance 61,150 53 3
7 5 CMS 2,650 46 -19
8 7 Skadden Arps Slate Meagher & Flom 106,089 44 -19
9 25 Morgan Lewis & Bockius 4,103 43 9
10 16 Hogan Lovells International 9,949 42 -2
11 8 Baker & McKenzie 11,152 41 -21
12 4 Allen & Overy 14,177 39 -34
13 13 King & Wood Mallesons 36,734 37 -13
14 14 Freshfields Bruckhaus Deringer 81,246 36 -13
15 10 Linklaters 25,252 35 -21
Global by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 12 White & Case 150,519 60 95.2%
2 11 Simpson Thacher & Bartlett 117,710 29 50.3%
3 7 Cravath, Swaine & Moore 108,009 17 7.2%
4 2 Skadden Arps Slate Meagher & Flom 106,089 44 -33.0%
5 8 Kirkland & Ellis 94,562 73 -4.9%
6 3 Davis Polk & Wardwell 85,908 27 -36.7%
7 4 Freshfields Bruckhaus Deringer 81,246 36 -34.9%
8 36 Jones Day 80,112 85 197.7%
9 1 Sullivan & Cromwell 74,556 28 -55.2%
10 15 Clifford Chance 61,150 53 -3.1%
11 82 Fangda Partners 57,252 6 713.0%
12 121 Arthur Cox 52,301 4 1,373%
13 6 Cleary Gottlieb Steen & Hamilton 51,616 7 -50.8%
14 42 Fried Frank Harris Shriver & Jacobson 48,702 9 122.6%
15 271 Baer & Karrer 48,461 5 9,026%
19
Europe league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Europe by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 5 Clifford Chance 60,042 47 3
2 3 DLA Piper 2,754 47 -10
3 1 CMS 1,721 44 -20
4 6 White & Case 102,138 41 -1
5 4 Linklaters 25,252 35 -15
6 2 Allen & Overy 12,524 33 -27
7 9 Jones Day 37,588 30 -5
8 7 Freshfields Bruckhaus Deringer 68,468 29 -11
9 19 Dentons 1,210 27 7
10 8 Baker & McKenzie 5,700 26 -9
11 10 Latham & Watkins 20,955 24 -5
12 12 Hogan Lovells International 525 22 -4
13 13 Eversheds 972 19 -7
14 27 Skadden Arps Slate Meagher & Flom 58,283 18 1
15 105 McDermott Will & Emery 501 18 11
Europe by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 2 White & Case 102,138 41 137.6%
2 23 Cravath, Swaine & Moore 92,352 4 753.0%
3 1 Freshfields Bruckhaus Deringer 68,468 29 0.4%
4 13 Simpson Thacher & Bartlett 63,806 9 180.6%
5 4 Clifford Chance 60,042 47 52.2%
6 5 Skadden Arps Slate Meagher & Flom 58,283 18 51%
7 10 Davis Polk & Wardwell 56,052 8 131.1%
8 63 Arthur Cox 52,301 4 1,373%
9 95 Fangda Partners 49,721 4 2,833%
10 163 Baer & Karrer 48,461 5 9,026%
11 43 Homburger 48,128 6 743.2%
12 109 Gleiss Lutz 46,492 7 3,279%
13 6 Cleary Gottlieb Steen & Hamilton 46,031 3 28.6%
14 8 Slaughter and May 42,758 10 49.6%
15 54 Kirkland & Ellis 39,428 15 740%
20
Europe league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
UK by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 1 DLA Piper 1,084 22 -5
2 5 Linklaters 18,404 17 -2
3 2 Clifford Chance 8,497 17 -5
4 8 Pinsent Masons 102 16 -2
5 7 Eversheds 972 15 -3
6 4 Freshfields Bruckhaus Deringer 23,373 14 -6
7 27 White & Case 16,534 14 7
8 10 Squire Patton Boggs 839 13 -4
9 6 Travers Smith 1,149 11 -7
10 3 CMS 980 11 -11
11 15 Dentons 493 11 -1
12 22 Herbert Smith Freehills 15,783 10 1
13 13 Macfarlanes 98 9 -5
14 30 Gateley 92 9 2
15 18 Ashurst 2,258 8 -3
UK by deal valueRank Company name Q1 2016
Q12016
Q1 2015
Value (US$m)
Deal Count
Value change
1 1 Freshfields Bruckhaus Deringer 23,373 14 -58.4%
2 4 Linklaters 18,404 17 -18.1%
3 2 White & Case 16,534 14 -40.4%
4 8 Herbert Smith Freehills 15,783 10 -13%
5 20 Latham & Watkins 15,140 5 140.4%
6 258 NautaDutilh 9,977 3 -
7 - Stibbe 9,963 3 -
8 277 Vinge 9,933 4 -
9 251 Mannheimer Swartling 9,933 2 -
10= - Cadwalader, Wickersham & Taft 9,933 1 -
10= 93 Cravath, Swaine & Moore 9,933 1 4,056%
12 15 Davis Polk & Wardwell 9,176 4 -19.1%
13 5 Clifford Chance 8,497 17 -61.2%
14 32 Sullivan & Cromwell 7,781 4 234.8%
15 42 Weil Gotshal & Manges 6,714 6 316.5%
Ireland by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 5 Matheson 184 6 2
2 2 Arthur Cox 52,301 4 -3
3 1 A&L Goodbody 17,075 4 -6
4 3 William Fry 32 4 -3
5 7 Skadden Arps Slate Meagher & Flom 52,280 3 0
6 - Freshfields Bruckhaus Deringer 35,699 2 -
7 16 Morgan Lewis & Bockius 90 2 0
8 4 McCann FitzGerald 25 2 -3
9 - Eugene F Collins 17 2 -
10 - Choate Hall & Stewart 15 2 -
11 65 Squire Patton Boggs - 2 1
12= - Cravath, Swaine & Moore 35,219 1 -
12= 28 Fried Frank Harris Shriver & Jacobson 35,219 1 0
12= - Jones Day 35,219 1 -
12= 18 Kirkland & Ellis 35,219 1 -1
12= 62 Ropes & Gray 35,219 1 0
12= 14 Slaughter and May 35,219 1 -1
12= 10 White & Case 35,219 1 -2
Ireland by deal valueRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Value change
1 8 Arthur Cox 52,301 4 1,373%
2 1 Skadden Arps Slate Meagher & Flom 52,280 3 396.1%
3 - Freshfields Bruckhaus Deringer 35,699 2 -
4= - Cravath, Swaine & Moore 35,219 1 -
4= 5 Fried Frank Harris Shriver & Jacobson 35,219 1 610%
4= - Jones Day 35,219 1 -
4= 12 Kirkland & Ellis 35,219 1 1,355%
4= 62 Ropes & Gray 35,219 1 -
4= 2 Slaughter and May 35,219 1 296%
4= 9 White & Case 35,219 1 998.9%
11 3 A&L Goodbody 17,075 4 193.3%
12= - Simpson Thacher & Bartlett 16,166 1 -
12= 24 Sullivan & Cromwell 16,166 1 1,756%
12= 14 Wachtell, Lipton, Rosen & Katz 16,166 1 602.9%
15 4 Davis Polk & Wardwell 895 1 -82.9%
21
Europe league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Germanic by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 1 CMS 620 16 -16
2 6 DLA Piper 1,410 15 2
3 10 White & Case 46,326 14 4
4 3 Clifford Chance 49,441 13 -2
5 2 Freshfields Bruckhaus Deringer 17,611 12 -4
6 11 Hengeler Mueller 3,674 11 1
7 7 Allen & Overy 1,255 10 -1
8 21 Hogan Lovells International 321 9 2
9 39 McDermott Will & Emery 216 9 5
10 18 Heuking Kuhn Luer Wojtek 107 9 2
11 9 Luther - 8 -3
12 16 Latham & Watkins 15,480 7 -1
13 14 Linklaters 15,087 7 -2
14 28 Lenz & Staehelin 2,574 7 2
15 77 P+P Poellath + Partners 2,076 7 5
Germanic by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 3 Clifford Chance 49,441 13 149.4%
2 67 Baer & Karrer 48,461 5 9,026%
3 7 Homburger 48,128 6 743%
4 9 Davis Polk & Wardwell 47,290 3 824.9%
5 15 Cravath, Swaine & Moore 47,200 2 1,093%
6 190 Fangda Partners 46,862 2 -
7 36 Gleiss Lutz 46,492 6 3,279%
8 20 White & Case 46,326 14 1,285%
9 28 Simpson Thacher & Bartlett 45,860 2 1,429%
10 1 Cleary Gottlieb Steen & Hamilton 45,860 1 107%
11 2 Freshfields Bruckhaus Deringer 17,611 12 -19.6%
12 11 Latham & Watkins 15,480 7 214.4%
13 - Herbert Smith Freehills 15,258 6 -
14 34 Linklaters 15,087 7 683.3%
15 37 Hengeler Mueller 3,674 11 189.7%
Germany by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 1 CMS 620 13 -15
2 8 DLA Piper 717 12 3
3 7 Hengeler Mueller 3,674 11 2
4 16 White & Case 256 11 5
5 5 Clifford Chance 3,428 10 -1
6 3 Freshfields Bruckhaus Deringer 17,152 9 -3
7 13 Allen & Overy 1,255 9 3
8 12 Heuking Kuhn Luer Wojtek 107 9 2
9 15 Hogan Lovells International 321 8 2
10 49 McDermott Will & Emery 216 8 6
11 6 Luther - 8 -3
12 9 Linklaters 15,087 7 -1
13 14 Latham & Watkins 15,352 6 0
14 45 P+P Poellath + Partners 1,586 6 4
15 4 Noerr 465 6 -6
Germany by deal valueRank Company name Q1 2016
Q12016
Q1 2015
Value (US$m)
Deal Count
Value change
1 1 Freshfields Bruckhaus Deringer 17,152 9 -18.5%
2 23 Latham & Watkins 15,352 6 1,989%
3 - Herbert Smith Freehills 15,258 5 -
4 10 Linklaters 15,087 7 686.6%
5 13 Hengeler Mueller 3,674 11 189.7%
6 3 Clifford Chance 3,428 10 -76.7%
7 150 Mayer Brown 1,644 3 -
8 56 P+P Poellath + Partners 1,586 6 1,355%
9 47 Milbank Tweed Hadley & McCloy 1,488 4 579.5%
10 12 Allen & Overy 1,255 9 -3.1%
11 - Greenberg Traurig 1,249 2 -
12 15 Jones Day 1,145 5 10.0%
13 - Wachtell, Lipton, Rosen & Katz 1,100 1 -
14= 125 Fangda Partners 1,002 1 -
14= - Zhong Lun Law Firm 1,002 1 -
22
Europe league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
France by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 1 Gide Loyrette Nouel 307 14 1
2 11 DLA Piper 473 13 6
3 3 CMS - 12 2
4 15 Latham & Watkins 1,653 11 5
5 9 Jones Day 671 9 2
6 6 Fidal - 9 0
7 16 Linklaters 4,240 8 2
8 63 Lamartine Conseil - 8 6
9 10 Clifford Chance 475 7 0
10 32 Skadden Arps Slate Meagher & Flom 3,630 6 3
11 2 De Pardieu Brocas Maffei 3,233 6 -6
12 8 Weil Gotshal & Manges 907 6 -2
13 4 Allen & Overy 469 6 -3
14 21 Dentons 178 6 1
15 7 White & Case 3,611 5 -3
France by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 21 Linklaters 4,240 8 528.1%
2 2 Darrois Villey Maillot Brochier 3,957 2 -26.4%
3 60 Skadden Arps Slate Meagher & Flom 3,630 6 5,161%
4 99 Bredin Prat 3,618 3 -
5 9 White & Case 3,611 5 62.4%
6 22 De Pardieu Brocas Maffei 3,233 6 430.9%
7 - Weerawong, Chinnavat & Peangpanor 2,271 1 -
8 8 Latham & Watkins 1,653 11 -27.4%
9 110 Freshfields Bruckhaus Deringer 1,314 5 -
10 - Milbank Tweed Hadley & McCloy 1,242 2 -
11 157 Hengeler Mueller 1,242 1 -
12 15 Weil Gotshal & Manges 907 6 -45.2%
13= - AZB & Partners 900 1 -
13= 31 Dechert 900 1 123.9%
13= 11 Herbert Smith Freehills 900 1 -56.9%
13= - IndusLaw 900 1 -
Benelux by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 1 Allen & Overy 7,529 17 -2
2 2 Loyens & Loeff 7,216 12 -4
3 9 Stibbe 2,439 11 4
4 17 NautaDutilh 7,184 10 6
5 12 CMS 687 10 4
6 5 DLA Piper 562 10 1
7 7 White & Case 271 8 1
8 6 Baker & McKenzie 161 6 -3
9= 23 Jones Day - 6 3
9= 11 Van Doorne - 6 0
11 10 Linklaters 519 5 -2
12 3 Clifford Chance 309 5 -5
13 19 Lexence 7 5 1
14 8 Freshfields Bruckhaus Deringer 7,357 4 -3
15 4 De Brauw Blackstone Westbroek 1,990 4 -5
Benelux by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 8 Allen & Overy 7,529 17 -14.9%
2 14 Freshfields Bruckhaus Deringer 7,357 4 71.3%
3 15 Loyens & Loeff 7,216 12 78.4%
4 95 NautaDutilh 7,184 10 34,110%
5 37 Slaughter and May 6,977 1 1,216%
6 16 Stibbe 2,439 11 -23.6%
7 1 De Brauw Blackstone Westbroek 1,990 4 -90.4%
8= - Nishimura & Asahi 1,179 1 -
8= 17 Paul Weiss Rifkind Wharton & Garrison 1,179 1 -58.7%
8= 5 Simpson Thacher & Bartlett 1,179 1 -93%
11 - Grandall Law Firm 1,102 1 -
12 - AZB & Partners 1,061 1 -
13 84 CMS 687 10 2,190%
14 30 DLA Piper 562 10 -26.2%
15= - ALRUD 532 1 -
15= - Garrigues 532 1 -
15= - Oh-Ebashi LPC & Partners 532 1 -
15= - Werksmans 532 1 -
23
Europe league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Iberia by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 - Clifford Chance 2,048 11 -
2 4 Cuatrecasas, Goncalves Pereira 297 8 -1
3 1 Garrigues 62 7 -6
4 12 King & Wood Mallesons 376 5 1
5 2 Uria Menendez 95 5 -6
6 7 PwC legal 884 4 -4
7 3 Linklaters 581 4 -5
8 9 Allen & Overy 1,601 3 -3
9 26 Ashurst 1,091 3 1
10 17 DLA Piper 557 3 0
11 - CMS 262 3 -
12 - Araoz & Rueda 16 3 -
13 - Torys 870 2 -
14 11 Latham & Watkins 542 2 -2
15 13 Bird & Bird 100 2 -2
Iberia by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 - Clifford Chance 2,048 11 -
2 9 Allen & Overy 1,601 3 -69.3%
3 - Ontier Hermosilla & Gutierrez de la Roza 1,438 1 -
4 56 Ashurst 1,091 3 15,486%
5 75 Stikeman Elliott 1,035 1 -
6 30 PwC legal 884 4 275%
7 - Torys 870 2 -
8 1 Linklaters 581 4 -97.1%
9 24 DLA Piper 557 3 -6%
10 6 Latham & Watkins 542 2 -91.9%
11 18 King & Wood Mallesons 376 5 -80.4%
12 25 Cuatrecasas, Goncalves Pereira 297 8 -43.0%
13 - CMS 262 3 -
14= - DJV Abogados 224 1 -
14= 2 Herbert Smith Freehills 224 1 -98.7%
Spain by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 - Clifford Chance 2,048 11 -
2 4 Cuatrecasas, Goncalves Pereira 202 7 -1
3 12 King & Wood Mallesons 376 5 1
4 1 Garrigues 56 5 -8
5 7 PwC legal 884 4 -4
6 3 Linklaters 581 4 -5
7 2 Uria Menendez 27 4 -7
8 9 Allen & Overy 1,601 3 -3
9 25 Ashurst 1,091 3 1
10 17 DLA Piper 557 3 0
11 - Araoz & Rueda 16 3 -
12 - Torys 870 2 -
13 11 Latham & Watkins 542 2 -2
14 - CMS 262 2 -
15 13 Bird & Bird 100 2 -2
Spain by deal valueRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Value change
1 - Clifford Chance 2,048 11 -
2 9 Allen & Overy 1,601 3 -69.3%
3 - Ontier Hermosilla & Gutierrez de la Roza 1,438 1 -
4 53 Ashurst 1,091 3 15,486%
5 70 Stikeman Elliott 1,035 1 -
6 29 PwC legal 884 4 274.6%
7 - Torys 870 2 -
8 1 Linklaters 581 4 -97.1%
9 24 DLA Piper 557 3 -6%
10 6 Latham & Watkins 542 2 -91.9%
11 18 King & Wood Mallesons 376 5 -80.4%
12 - CMS 262 2 -
13= - DJV Abogados 224 1 -
13= 2 Herbert Smith Freehills 224 1 -98.7%
15 26 Cuatrecasas, Goncalves Pereira 202 7 -47.9%
24
Europe league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Italy by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 1 Gianni, Origoni, Grippo, Cappelli & Partners 1,453 10 -7
2 4 Nctm Studio Legale 329 10 0
3 2 Chiomenti Studio Legale 731 8 -4
4 7 Gatti Pavesi Bianchi 4,602 7 0
5 27 Gattai Minoli Agostinelli & Partners 1,379 6 4
6 5 Pedersoli e Associati 951 5 -2
7 3 BonelliErede 199 5 -6
8 35 Roedl & Partner 95 5 3
9 26 Studio Legale Lombardi Molinari Segni 3,518 4 2
10 10 Linklaters 1,202 4 -1
11 96 CMS 170 4 3
12 12 DLA Piper 32 4 -1
13 - Studio Legale Accinni, Cartolano ed Associati 813 3 -
14 - Crowe Horwath International 241 3 -
15 11 Pirola Pennuto Zei & Associati 218 3 -2
Italy by deal valueRank Company name Q1 2016
Q 1 2016
Q12015
Value (US$m)
Deal Count
Value change
1 27 Gatti Pavesi Bianchi 4,602 7 205.2%
2 19 Studio Legale Lombardi Molinari Segni 3,518 4 -6.6%
3 - Studio Marchetti 3,518 1 -
4 1 Gianni, Origoni, Grippo, Cappelli & Partners 1,453 10 -90.0%
5 28 Gattai Minoli Agostinelli & Partners 1,379 6 -7.9%
6 13 Linklaters 1,202 4 -69.9%
7 8 Pedersoli e Associati 951 5 -87%
8 - Studio Legale Accinni, Cartolano ed Associati 813 3 -
9 7 Chiomenti Studio Legale 731 8 -90.7%
10= - Axten 724 1 -
10= - Brandford-Griffith Baverez Cotty 724 1 -
10= - Darrois Villey Maillot Brochier 724 1 -
10= - Fidufrance 724 1 -
14 2 Clifford Chance 702 2 -93.5%
15 26 Skadden Arps Slate Meagher & Flom 395 2 -74.9%
Nordics by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 1 Vinge 11,980 16 -4
2 3 Schjodt 1,471 13 -5
3 7 Gorrissen Federspiel 1,291 12 1
4 12 Hannes Snellman 753 11 2
5 14 Wiersholm 113 10 1
6 21 Wikborg Rein & Co 750 9 2
7 2 Mannheimer Swartling 10,095 8 -10
8 16 Thommessen 3,299 8 0
9 6 Plesner 1,925 8 -4
10 10 Ronne & Lundgren 993 8 -2
11 4 Bech-Bruun 272 8 -7
12 5 Kromann Reumert 58 8 -5
13 11 Wistrand 52 8 -1
14 13 Roschier 745 7 -2
15 28 DLA Piper 648 7 2
Nordics by deal valueRank Company name Q1 2016
Q12016
Q1 2015
Value (US$m)
Deal Count
Value change
1 2 Vinge 11,980 16 42.0%
2 13 White & Case 10,563 5 2,143%
3 1 Mannheimer Swartling 10,095 8 2.4%
4= - Cadwalader, Wickersham & Taft 9,933 1 -
4= - Cravath, Swaine & Moore 9,933 1 -
4= - NautaDutilh 9,933 1 -
4= - Stibbe 9,933 1 -
8 39 Thommessen 3,299 8 3,199%
9 30 Clifford Chance 2,819 5 1,153%
10 - Kirkland & Ellis 2,121 2 -
11 - P+P Poellath + Partners 2,066 2 -
12 - Mayer Brown 2,059 4 -
13 15 Plesner 1,925 8 321.2%
14 38 Allen & Overy 1,818 2 1,700%
15 119 Latham & Watkins 1,800 2 -
25
Europe league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Denmark by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 3 Gorrissen Federspiel 1,291 11 1
2 5 Ronne & Lundgren 993 8 -2
3 1 Bech-Bruun 272 8 -5
4 2 Kromann Reumert 58 8 -4
5 4 Plesner 125 7 -3
6 7 LETT Law Firm - 7 2
7 12 Moalem Weitemeyer Bendtsen - 6 3
8 8 Bruun & Hjejle 993 5 1
9 6 Accura 1,113 4 -5
10 - Thommessen 1,080 2 -
11 - Watson, Farley & Williams 993 2 -
12 29 Delacour 138 2 1
13 10 CMS 125 2 -1
14 - Heuking Kuhn Luer Wojtek 107 2 -
15 - Baker & McKenzie 72 2 -
Denmark by deal valueRank Company name Q1 2016
Q12016
Q1 2015
Value (US$m)
Deal Count
Value change
1 2 Gorrissen Federspiel 1,291 11 -73.9%
2 4 Accura 1,113 4 228.3%
3 - Thommessen 1,080 2 -
4= - Gibson Dunn & Crutcher 1,080 1 -
4= 39 Shearman & Sterling 1,080 1 -
4= - Sullivan & Cromwell 1,080 1 -
7 16 Ronne & Lundgren 993 8 -
8 6 Bruun & Hjejle 993 5 467.4%
9 - Watson, Farley & Williams 993 2 -
10 - Clifford Chance 993 1 -
11 3 Bech-Bruun 272 8 -41.4%
12= - Arnold & Porter 185 1 -
12= - Foley & Lardner 185 1 -
14 29 Delacour 138 2 -
15 5 Plesner 125 7 -40.2%
Norway by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 1 Schjodt 1,471 13 -3
2 5 Wikborg Rein & Co 750 9 2
3 3 Wiersholm 113 9 1
4 2 Selmer 605 7 -3
5 4 Thommessen 2,219 6 -1
6 12 Vinge 539 4 2
7 15 BA-HR 290 4 2
8 - Advokatfirmaet CLP 490 3 -
9= 18 Advokatfirman Lindahl 7 3 1
9= 17 CMS 7 3 1
11 16 Kyllingstad Kleveland Advokatfirma - 3 1
12 8 Roschier 342 2 -2
13 - Hannes Snellman 322 2 -
14 20 Mannheimer Swartling 162 2 0
15= - Freshfields Bruckhaus Deringer - 2 -
15= 11 Kluge Advokatfirma - 2 -1
15= - Werksmans - 2 -
Norway by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 17 Thommessen 2,219 6 2,119%
2 27 Schjodt 1,471 13 4,645%
3= 32 Advokatfirmaet Simonsen Vogt Wiig 1,259 1 -
3= - Fangda Partners 1,259 1 -
3= - Michelet & Co 1,259 1 -
6 18 Wikborg Rein & Co 750 9 657.6%
7 10 Selmer 605 7 144.0%
8 7 Vinge 539 4 84.0%
9 - Dentons 539 1 -
10 - Advokatfirmaet CLP 490 3 -
11= 13 DLA Piper 490 1 117.8%
11= - Kellerhals Carrard 490 1 -
11= - P+P Poellath + Partners 490 1 -
14 6 Roschier 342 2 16.7%
15 - Gunderson Dettmer Stough Villeneuve Franklin & Hachigian 342 1 -
26
Europe league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Sweden by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 1 Vinge 11,980 15 -5
2 2 Mannheimer Swartling 10,095 8 -10
3 3 Wistrand 52 8 -1
4 7 Advokatfirman Lindahl 40 7 1
5 8 Hannes Snellman 30 6 0
6 33 DLA Piper 147 5 3
7 4 Roschier 117 5 -3
8 20 Setterwalls 34 5 2
9 32 Gorrissen Federspiel 140 4 2
10 56 Advokatfirman Torngren Magnell 22 4 3
11 22 White & Case 9,942 3 0
12 13 Plesner 1,916 3 -1
13 - Clifford Chance 1,594 3 -
14 11 Delphi 291 3 -2
15 5 Gernandt & Danielsson 176 3 -3
Sweden by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 2 Vinge 11,980 15 42.0%
2 1 Mannheimer Swartling 10,095 8 2.4%
3 35 White & Case 9,942 3 55,133%
4= - Cadwalader, Wickersham & Taft 9,933 1 -
4= - Cravath, Swaine & Moore 9,933 1 -
4= - NautaDutilh 9,933 1 -
4= - Stibbe 9,933 1 -
8 11 Plesner 1,916 3 344.5%
9 47 Allen & Overy 1,818 2 -
10= - Kirkland & Ellis 1,800 1 -
10= - Latham & Watkins 1,800 1 -
10= - Ropes & Gray 1,800 1 -
13 - Mayer Brown 1,644 2 -
14 - Clifford Chance 1,594 3 -
15 - P+P Poellath + Partners 1,576 1 -
Finland by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 4 Castren & Snellman 54 6 1
2 2 Hannes Snellman 723 5 -1
3 3 Borenius Attorneys 195 5 -1
4 8 Krogerus 712 3 0
5 6 Roschier 628 2 -2
6 1 Avance Attorneys 402 2 -5
7 11 White & Case 330 2 0
8 47 Wiersholm 15 2 1
9 - Ellex - 2 -
10 - Blake, Cassels & Graydon 712 1 -
11 15 Merilampi Attorneys 402 1 -1
12= - Covington & Burling 321 1 -
12= - Davis Polk & Wardwell 321 1 -
12= - Fried Frank Harris Shriver & Jacobson 321 1 -
12= 21 Jones Day 321 1 0
12= - Kirkland & Ellis 321 1 -
Finland by deal valueRank Company name Q1 2016
Q12016
Q1 2015
Value (US$m)
Deal Count
Value change
1 10 Hannes Snellman 723 5 81.7%
2 24 Krogerus 712 3 2,058%
3 - Blake, Cassels & Graydon 712 1 -
4 13 Roschier 628 2 137.9%
5 2 Avance Attorneys 402 2 -94.3%
6 28 Merilampi Attorneys 402 1 -
7 11 White & Case 330 2 -17.1%
8= - Covington & Burling 321 1 -
8= - Davis Polk & Wardwell 321 1 -
8= - Fried Frank Harris Shriver & Jacobson 321 1 -
8= 12 Jones Day 321 1 -19.3%
8= - Kirkland & Ellis 321 1 -
13 45 Thommessen 307 1 -
14 18 Borenius Attorneys 195 5 219.7%
15= - Norton Rose Fulbright 113 1 -
15= 22 Weil Gotshal & Manges 113 1 98.2%
27
Europe league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Turkey by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 20 Caliskan & Kizilyel - 2 1
2 - Clifford Chance 196 1 -
3= - BonelliErede 54 1 -
3= - Linklaters 54 1 -
3= - Studio Legale Perone & Salvatori 54 1 -
6 3 Balcioglu Selcuk Akman Keki 5 1 -3
7= - ErsoyBilgehan - 1 -
7= 4 Kolcuoglu Demirkan Kocakli Attorneys at Law - 1 -3
7= - Meitar Liquornik Geva Leshem Tal & Co - 1 -
7= 27 Paksoy Attorneys at Law - 1 0
7= - Taboglu & Demirhan - 1 -
Turkey by deal valueRank Company name Q1 2016
Q12016
Q1 2015
Value (US$m)
Deal Count
Value change
1 - Clifford Chance 196 1 -
2= - BonelliErede 54 1 -
2= - Linklaters 54 1 -
2= - Studio Legale Perone & Salvatori 54 1 -
5 14 Balcioglu Selcuk Akman Keki 5 1 -
6 20 Caliskan & Kizilyel - 2 -
7= - ErsoyBilgehan - 1 -
7= 15 Kolcuoglu Demirkan Kocakli Attorneys at Law - 1 -
7= - Meitar Liquornik Geva Leshem Tal & Co - 1 -
7= 27 Paksoy Attorneys at Law - 1 -
7= - Taboglu & Demirhan - 1 -
CEE by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 - Ellex 135 6 -
2 12 Dentons 56 6 3
3 15 Clifford Chance 311 5 3
4 18 SORAINEN 33 5 3
5 6 Linklaters 1,599 4 -2
6 7 Weil Gotshal & Manges 486 4 -1
7 3 Schoenherr Rechtsanwaelte 127 4 -4
8 2 CMS - 4 -6
9 79 Norton Rose Fulbright 237 3 2
10 - Cobalt 146 3 -
11 4 Allen & Overy 108 3 -4
12 88 Wolf Theiss 62 3 2
13 66 Hogan Lovells International 33 3 2
14 57 Tark Grunte Sutkiene 22 3 2
15= 13 Baker & McKenzie - 3 0
15= 9 Domanski Zakrzewski Palinka (DZP) - 3 -1
15= - Goltsblat BLP - 3 -
15= 5 Havel, Holasek & Partners - 3 -4
15= 11 Kocian Solc Balastik - 3 0
CEE by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 1 Linklaters 1,599 4 -49.9%
2 7 Latham & Watkins 1,280 1 -15.7%
3 - Greenberg Traurig 505 2 -
4 2 Weil Gotshal & Manges 486 4 -81.2%
5 6 Clifford Chance 311 5 -79.5%
6= - Avellum Partners 307 1 -
6= 12 Skadden Arps Slate Meagher & Flom 307 1 -79.2%
8 - Travers Smith 265 2 -
9 79 Norton Rose Fulbright 237 3 -
10 - Cobalt 146 3 -
11 - Ellex 135 6 -
12 35 DLA Piper 134 1 143.6%
13 29 Akin Gump Strauss Hauer & Feld 133 2 -11%
14 - Morgan Lewis & Bockius 133 1 -
15 46 Schoenherr Rechtsanwaelte 127 4 1,055%
28
Europe league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Poland by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 2 Weil Gotshal & Manges 486 4 0
2 7 Clifford Chance 311 3 2
3 3 Domanski Zakrzewski Palinka (DZP) - 3 -1
4 - Greenberg Traurig 505 2 -
5 33 Norton Rose Fulbright 113 2 1
6= 24 Squire Patton Boggs 62 2 1
6= - Wolf Theiss 62 2 -
8 5 Dentons 56 2 0
9= - Hogan Lovells International 8 2 -
9= 17 Soltysinski Kawecki & Szlezak 8 2 1
11= - Gessel, Koziorowski - 2 -
11= 11 White & Case - 2 1
13 - Travers Smith 265 1 -
14 6 Allen & Overy 108 1 -1
15= - Field Fisher Waterhouse 35 1 -
15= - Stratulat Albulescu 35 1 -
Poland by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 - Greenberg Traurig 505 2 -
2 1 Weil Gotshal & Manges 486 4 -74.1%
3 3 Clifford Chance 311 3 -79.5%
4 - Travers Smith 265 1 -
5 33 Norton Rose Fulbright 113 2 -
6 10 Allen & Overy 108 1 44.0%
7= 24 Squire Patton Boggs 62 2 933.3%
7= - Wolf Theiss 62 2 -
9 7 Dentons 56 2 -92.8%
10= - Field Fisher Waterhouse 35 1 -
10= - Stratulat Albulescu 35 1 -
12 9 Linklaters 12 1 -94.8%
13= - Ellex 11 1 -
13= - Jeantet Associes 11 1 -
13= 12 SORAINEN 11 1 -85.3%
Russia by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 - Goltsblat BLP - 3 -
2 6 Linklaters 1,280 2 1
3 10 Akin Gump Strauss Hauer & Feld 133 2 1
4 - Hogan Lovells International 25 2 -
5 - Dentons - 2 -
6 - Latham & Watkins 1,280 1 -
7 - Morgan Lewis & Bockius 133 1 -
8 - Ashurst 35 1 -
9= - Azevedo Sette Advogados 25 1 -
9= - Cassels Brock & Blackwell 25 1 -
Russia by deal valueRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Value change
1 3 Linklaters 1,280 2 -13.2%
2 - Latham & Watkins 1,280 1 -
3 7 Akin Gump Strauss Hauer & Feld 133 2 -11.3%
4 - Morgan Lewis & Bockius 133 1 -
5 - Ashurst 35 1 -
6 - Hogan Lovells International 25 2 -
7= - Azevedo Sette Advogados 25 1 -
7= - Cassels Brock & Blackwell 25 1 -
9 - Goltsblat BLP - 3 -
10 - Dentons - 2 -
29
Americas league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Americas by deal countRank Company name Q1 2016
Q1 2016
Q1 2015
Value (US$m)
Deal Count
Count change
1 2 Jones Day 77,988 77 13
2 1 Kirkland & Ellis 94,083 70 1
3 3 DLA Piper 6,361 55 -2
4 5 Latham & Watkins 14,754 42 -7
5 19 Morgan Lewis & Bockius 3,733 38 11
6 4 Skadden Arps Slate Meagher & Flom 100,915 36 -15
7 13 White & Case 94,140 36 5
8 34 O'Melveny & Myers 15,478 28 6
9 11 Sullivan & Cromwell 72,532 26 -7
10 26 Paul Weiss Rifkind Wharton & Garrison 19,304 24 1
11 22 Simpson Thacher & Bartlett 70,628 23 -1
12 21 Gibson Dunn & Crutcher 13,009 23 -2
13 18 Hogan Lovells International 9,209 22 -5
14 20 Norton Rose Fulbright 4,243 22 -5
15 12 Cooley 2,590 22 -11
Americas by deal valueRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Value change
1 3 Skadden Arps Slate Meagher & Flom 100,915 36 -8.7%
2 9 White & Case 94,140 36 34.7%
3 5 Kirkland & Ellis 94,083 70 -3.6%
4 37 Jones Day 77,988 77 302.1%
5 1 Sullivan & Cromwell 72,532 26 -52.4%
6 8 Simpson Thacher & Bartlett 70,628 23 -6.3%
7 4 Cravath, Swaine & Moore 52,216 15 -48.2%
8 81 Arthur Cox 51,385 2 1,367%
9 30 Freshfields Bruckhaus Deringer 51,043 16 135.3%
10 29 Fried Frank Harris Shriver & Jacobson 48,702 9 124.2%
11 22 Ropes & Gray 40,837 17 38.8%
12 10 Weil Gotshal & Manges 38,701 19 -42.1%
13 16 Osler, Hoskin & Harcourt 37,391 14 -4.9%
14 31 Slaughter and May 35,661 5 67.7%
15 2 Davis Polk & Wardwell 35,217 20 -72.4%
US by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 2 Jones Day 77,023 72 10
2 1 Kirkland & Ellis 94,083 69 0
3 3 DLA Piper 5,837 50 -3
4 4 Latham & Watkins 14,754 41 -8
5 16 Morgan Lewis & Bockius 3,726 37 11
6 5 Skadden Arps Slate Meagher & Flom 99,575 35 -11
7 13 White & Case 93,880 34 6
8 28 O'Melveny & Myers 15,478 28 6
9 11 Sullivan & Cromwell 72,532 26 -5
10 25 Paul Weiss Rifkind Wharton & Garrison 19,304 24 2
11 20 Simpson Thacher & Bartlett 70,628 23 0
12 21 Gibson Dunn & Crutcher 13,009 23 0
13 10 Cooley 2,590 22 -11
14 14 Davis Polk & Wardwell 35,217 20 -7
15 18 Hogan Lovells International 9,184 20 -4
US by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 3 Skadden Arps Slate Meagher & Flom 99,575 35 -4.8%
2 5 Kirkland & Ellis 94,083 69 -3.6%
3 9 White & Case 93,880 34 34.7%
4 35 Jones Day 77,023 72 298.3%
5 1 Sullivan & Cromwell 72,532 26 -50.7%
6 8 Simpson Thacher & Bartlett 70,628 23 0.7%
7 74 Arthur Cox 51,385 2 1,367%
8 4 Cravath, Swaine & Moore 50,876 14 -48.6%
9 31 Freshfields Bruckhaus Deringer 49,769 14 140.4%
10 29 Fried Frank Harris Shriver & Jacobson 48,702 9 124.2%
11 22 Ropes & Gray 40,837 17 38.8%
12 11 Weil Gotshal & Manges 38,501 18 -38.8%
13 40 Slaughter and May 35,613 4 105.4%
14 2 Davis Polk & Wardwell 35,217 20 -72.4%
15 12 Wachtell, Lipton, Rosen & Katz 33,423 13 -46.2%
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31
Americas league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
US North East by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 5 Jones Day 10,975 40 19
2 1 Kirkland & Ellis 14,874 31 -9
3 16 Morgan Lewis & Bockius 2,560 28 16
4 4 DLA Piper 1,828 26 4
5 8 Latham & Watkins 5,359 20 1
6 11 Paul Weiss Rifkind Wharton & Garrison 17,683 19 5
7 6 Skadden Arps Slate Meagher & Flom 9,747 17 -3
8 22 White & Case 17,216 16 6
9 9 Sullivan & Cromwell 16,846 14 -4
10 15 Simpson Thacher & Bartlett 17,029 13 1
11 14 Cravath, Swaine & Moore 14,569 12 0
12 51 O'Melveny & Myers 14,505 12 7
13 45 Willkie Farr & Gallagher 1,341 11 5
14 12 Dechert 899 11 -3
15 10 Davis Polk & Wardwell 11,334 9 -7
US North East by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 8 Paul Weiss Rifkind Wharton & Garrison 17,683 19 -49.5%
2 11 White & Case 17,216 16 -31.9%
3 10 Simpson Thacher & Bartlett 17,029 13 -42.2%
4 2 Sullivan & Cromwell 16,846 14 -79.8%
5 3 Kirkland & Ellis 14,874 31 -82.0%
6 5 Cravath, Swaine & Moore 14,569 12 -80.5%
7 63 O'Melveny & Myers 14,505 12 876.8%
8 1 Davis Polk & Wardwell 11,334 9 -87.1%
9 53 Jones Day 10,975 40 348.1%
10 7 Skadden Arps Slate Meagher & Flom 9,747 17 -76.6%
11 33 Freshfields Bruckhaus Deringer 8,748 8 40.3%
12 26 Sidley Austin 8,580 6 10.1%
13 36 Wilson Sonsini Goodrich & Rosati 8,569 7 66.0%
14 32 Cleary Gottlieb Steen & Hamilton 5,585 4 -14.6%
15 18 King & Wood Mallesons 5,400 1 -70.6%
US Mid West by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 1 Kirkland & Ellis 71,794 32 -5
2 2 Jones Day 69,715 26 8
3 3 Skadden Arps Slate Meagher & Flom 71,547 13 -4
4 24 DLA Piper 959 11 5
5 49 McDermott Will & Emery 289 11 8
6 9 Latham & Watkins 1,810 9 -2
7 64 Morgan Lewis & Bockius 595 9 7
8 6 Ropes & Gray 38,092 7 -6
9 4 Sidley Austin 987 7 -10
10 58 Locke Lord 459 7 4
11 25 Cravath, Swaine & Moore 48,108 6 1
12 27 White & Case 47,274 6 1
13 34 Simpson Thacher & Bartlett 32,507 6 2
14 7 Weil Gotshal & Manges 10,838 6 -6
15 5 Goodwin Procter 1,266 6 -8
US Mid West by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 3 Kirkland & Ellis 71,794 32 -4.2%
2 11 Skadden Arps Slate Meagher & Flom 71,547 13 141.1%
3 36 Jones Day 69,715 26 2,132%
4 46 Arthur Cox 51,385 2 2,134%
5 5 Cravath, Swaine & Moore 48,108 6 -20.8%
6 8 White & Case 47,274 6 42.0%
7 74 Fried Frank Harris Shriver & Jacobson 38,557 2 7,611%
8 13 Ropes & Gray 38,092 7 48.1%
9 68 Freshfields Bruckhaus Deringer 37,378 4 5,240%
10 - Slaughter and May 35,219 1 -
11 29 Simpson Thacher & Bartlett 32,507 6 285.5%
12 10 Wachtell, Lipton, Rosen & Katz 30,342 5 -1.2%
13 2 Sullivan & Cromwell 22,424 4 -71.9%
14 48 A&L Goodbody 16,166 1 879.8%
15 1 Davis Polk & Wardwell 11,615 4 -88.4%
32
Americas league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
US South by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 4 Kirkland & Ellis 19,567 36 16
2 3 DLA Piper 2,692 23 2
3 1 Jones Day 1,215 20 -10
4 27 White & Case 40,779 16 7
5 2 Latham & Watkins 3,573 15 -6
6 30 Locke Lord 8,814 12 3
7 11 Vinson & Elkins 5,416 12 -1
8 13 Norton Rose Fulbright 2,863 11 -2
9 16 Sullivan & Cromwell 36,881 10 -2
10 50 Gibson Dunn & Crutcher 9,077 10 5
11 9 Cooley 1,764 10 -4
12 8 Greenberg Traurig 710 10 -4
13 72 O'Melveny & Myers 13,797 9 6
14 20 Hogan Lovells International 8,060 9 -3
15 17 King & Spalding 4,313 9 -3
US South by deal valueRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Value change
1 10 White & Case 40,779 16 99.8%
2 3 Sullivan & Cromwell 36,881 10 0.8%
3 2 Simpson Thacher & Bartlett 33,977 7 -40.8%
4 1 Skadden Arps Slate Meagher & Flom 24,797 8 -62.4%
5 91 Bennett Jones 20,338 3 4,076%
6 26 Kirkland & Ellis 19,567 36 107.7%
7 61 Paul Weiss Rifkind Wharton & Garrison 14,617 7 681.2%
8 63 O'Melveny & Myers 13,797 9 794.2%
9 4 Weil Gotshal & Manges 12,439 7 -64.7%
10 14 Osler, Hoskin & Harcourt 12,413 4 -30.3%
11 32 Blake, Cassels & Graydon 12,287 3 81.0%
12 146 Mayer Brown 12,040 2 13,278%
13 93 Stikeman Elliott 10,306 4 2,232%
14 169 Freshfields Bruckhaus Deringer 9,590 3 23,290%
15 38 Fried Frank Harris Shriver & Jacobson 9,351 2 76.7%
US West by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 4 Kirkland & Ellis 15,303 23 -1
2 5 Latham & Watkins 10,029 21 0
3 11 Morgan Lewis & Bockius 1,536 18 2
4 8 O'Melveny & Myers 1,201 18 0
5 6 DLA Piper 4,259 17 -3
6 2 Cooley 2,104 17 -8
7 21 Gibson Dunn & Crutcher 2,006 16 6
8 3 Wilson Sonsini Goodrich & Rosati 6,534 15 -9
9 15 Jones Day 4,640 14 0
10 1 Fenwick & West 3,373 13 -20
11 19 Sullivan & Cromwell 17,592 11 1
12 17 Davis Polk & Wardwell 16,745 10 -1
13 10 Skadden Arps Slate Meagher & Flom 3,389 10 -7
14 37 Hogan Lovells International - 9 3
15 9 Weil Gotshal & Manges 12,452 8 -9
US West by deal valueRank Company name Q1 2016
Q12016
Q1 2015
Value (US$m)
Deal Count
Value change
1 8 Sullivan & Cromwell 17,592 11 -10.9%
2 1 Davis Polk & Wardwell 16,745 10 -59.6%
3 12 Kirkland & Ellis 15,303 23 48.0%
4 6 Weil Gotshal & Manges 12,452 8 -48.0%
5 3 Latham & Watkins 10,029 21 -67.1%
6 4 Wilson Sonsini Goodrich & Rosati 6,534 15 -76.4%
7 63 Haiwen & Partners 6,464 2 886.9%
8 66 Debevoise & Plimpton 6,181 3 1,014%
9 90 McGuireWoods 6,074 1 2,109%
10 150 Fangda Partners 6,068 1 12,036%
11 14 Simpson Thacher & Bartlett 5,265 5 -45.2%
12 33 Jones Day 4,640 14 173.7%
13 31 DLA Piper 4,259 17 79.4%
14 20 Shearman & Sterling 3,910 7 -43.4%
15 - Irell & Manella 3,900 3 -
33
Americas league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Canada by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 1 Stikeman Elliott 12,581 18 -14
2 4 Blake, Cassels & Graydon 19,428 15 0
3 2 Osler, Hoskin & Harcourt 37,383 12 -5
4 3 McCarthy Tetrault 2,852 10 -7
5 7 Torys 15,846 8 -4
6 52 Dentons 3,944 8 6
7 57 Miller Thomson 176 8 6
8 31 White & Case 27,650 7 4
9 - Jones Day 12,760 7 -
10 6 Norton Rose Fulbright 2,476 7 -6
11 - Simpson Thacher & Bartlett 32,634 6 -
12 11 Bennett Jones 20,981 6 -1
13 24 Morgan Lewis & Bockius 602 6 3
14 19 Skadden Arps Slate Meagher & Flom 26,942 5 1
15 15 Davies Ward Phillips & Vineberg 24,709 5 -1
Canada by deal valueRank Company name Q1 2016
Q12016
Q1 2015
Value (US$m)
Deal Count
Value change
1 1 Osler, Hoskin & Harcourt 37,383 12 47.4%
2 - Simpson Thacher & Bartlett 32,634 6 -
3 65 White & Case 27,650 7 5,637%
4 3 Skadden Arps Slate Meagher & Flom 26,942 5 60.3%
5 47 Davies Ward Phillips & Vineberg 24,709 5 2,627%
6 52 Bennett Jones 20,981 6 2,661%
7 20 Blake, Cassels & Graydon 19,428 15 539.7%
8 8 Torys 15,846 8 40%
9 - Jones Day 12,760 7 -
10 16 Stikeman Elliott 12,581 18 148.2%
11 2 Sullivan & Cromwell 12,185 4 -49%
12 38 Kirkland & Ellis 12,100 5 868%
13 83 Mayer Brown 12,040 1 8,932%
14 45 Weil Gotshal & Manges 11,053 3 1,082%
15 - Gilbert + Tobin 9,433 2 -
C&S America by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 1 Baker & McKenzie 1,418 6 -2
2 3 Pinheiro Neto Advogados 554 6 -1
3 6 Souza, Cescon, Barrieu & Flesch Advogados 477 6 1
4 11 Tozzini Freire Teixeira e Silva Advogados 238 5 1
5 4 Jones Day 70 5 0
6 34 Brigard & Urrutia 238 4 2
7 19 Galicia Abogados 43 4 2
8 2 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 312 3 -4
9 5 Machado Meyer Sendacz e Opice 229 3 -2
10 25 Veirano Advogados 202 3 1
11 60 Lefosse Advogados 165 3 2
12 18 Azevedo Sette Advogados 61 3 0
13 24 Lobo & de Rizzo Advogados - 3 1
14 37 Gomez-Pinzon Zuleta Abogados 4,841 2 0
15 7 Demarest 1,505 2 -3
C&S America by deal valueRank Company name Q1 2016
Q12016
Q1 2015
Value (US$m)
Deal Count
Value change
1 78 Gomez-Pinzon Zuleta Abogados 4,841 2 69,057%
2= - Appleby 4,671 1 -
2= 71 Philippi, Prietocarrizosa & Uria 4,671 1 31,040%
2= - Torys 4,671 1 -
5 51 Demarest 1,505 2 2,408%
6 - Ontier Hermosilla & Gutierrez de la Roza 1,438 1 -
7 18 Baker & McKenzie 1,418 6 261%
8= - Cravath, Swaine & Moore 1,340 1 -
8= - Lenz & Staehelin 1,340 1 -
8= - Schellenberg Wittmer 1,340 1 -
8= 25 Skadden Arps Slate Meagher & Flom 1,340 1 482.6%
12= - Mundie e Advogados 1,132 1 -
12= - Porto Lauand Advogados 1,132 1 -
14= - Allen & Overy 1,035 1 -
14= - Ashurst 1,035 1 -
14= - Stikeman Elliott 1,035 1 -
34
Asia-Pacific league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Asia-Pacific(excl. Japan) by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 1 King & Wood Mallesons 36,237 26 -1
2 2 Herbert Smith Freehills 12,235 19 -2
3 25 Zhong Lun Law Firm 7,667 19 10
4 31 Khaitan & Co 934 15 7
5 24 Grandall Law Firm 5,391 14 5
6 11 Kim & Chang 4,232 14 2
7 60 White & Case 51,853 11 6
8 53 Simpson Thacher & Bartlett 51,774 11 6
9 32 Clifford Chance 49,406 10 3
10 13 Freshfields Bruckhaus Deringer 8,873 10 -1
11 8 DLA Piper 4,194 10 -6
12 4 Baker & McKenzie 3,902 10 -9
13 35 Jones Day 3,034 10 3
14 101 AllBright Law Offices 2,541 10 8
15 3 AZB & Partners 2,066 10 -11
Asia-Pacific(excl. Japan) by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 24 Fangda Partners 57,252 6 713.0%
2 27 Davis Polk & Wardwell 57,024 8 751.4%
3 153 White & Case 51,853 11 34,469%
4 48 Simpson Thacher & Bartlett 51,774 11 1,610%
5 10 Cleary Gottlieb Steen & Hamilton 49,518 3 132.2%
6 18 Clifford Chance 49,406 10 488%
7 93 Cravath, Swaine & Moore 46,416 2 6,089%
8= 242 Baer & Karrer 45,860 1 -
8= 203 Gleiss Lutz 45,860 1 127,289%
8= 77 Homburger 45,860 1 3,760%
11 9 King & Wood Mallesons 36,237 26 46.4%
12 16 Gilbert + Tobin 17,256 7 49.3%
13= 31 Allens 17,088 2 163.5%
13= - Osler, Hoskin & Harcourt 17,088 2 -
15 50 Haiwen & Partners 13,614 6 371.6%
35
Asia-Pacific league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Asia (excl. Australasia & Japan) by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 3 King & Wood Mallesons 18,642 20 5
2 19 Zhong Lun Law Firm 7,667 19 10
3 24 Khaitan & Co 934 15 7
4 18 Grandall Law Firm 5,391 14 5
5 8 Kim & Chang 4,232 14 2
6 29 Clifford Chance 49,406 10 4
7 81 AllBright Law Offices 2,541 10 8
8 1 AZB & Partners 2,066 10 -11
9 49 White & Case 51,853 9 4
10 41 Simpson Thacher & Bartlett 51,674 9 4
11 25 DLA Piper 4,066 9 2
12 5 Baker & McKenzie 3,825 9 -5
13 51 Davis Polk & Wardwell 57,024 8 4
14 10 Freshfields Bruckhaus Deringer 8,121 8 -3
15 20 Bae Kim & Lee 3,682 8 -1
Australasia by deal countRank Company name Q1 2016
Q12016
Q1 2015
Value (US$m)
Deal Count
Count change
1 2 Herbert Smith Freehills 11,180 15 1
2 3 King & Wood Mallesons 18,574 8 -6
3 4 Gilbert + Tobin 17,256 7 -2
4 13 Norton Rose Fulbright 258 5 0
5 1 MinterEllison 243 5 -11
6 16 Thomson Geer 113 5 1
7 33 Jones Day 2,786 4 2
8= 5 Allens 17,088 2 -7
8= - Osler, Hoskin & Harcourt 17,088 2 -
10 11 Johnson Winter & Slattery 1,658 2 -4
11 7 DLA Piper 883 2 -7
12 - Freshfields Bruckhaus Deringer 752 2 -
13 - Linklaters 499 2 -
14 - O'Melveny & Myers 492 2 -
15 23 Chapman Tripp 304 2 -1
Australasia by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 2 King & Wood Mallesons 18,574 8 29.9%
2 3 Gilbert + Tobin 17,256 7 49.3%
3= 10 Allens 17,088 2 163.5%
3= - Osler, Hoskin & Harcourt 17,088 2 -
5 1 Herbert Smith Freehills 11,180 15 -57.8%
6 - Torys 9,426 1 -
7 19 Stikeman Elliott 7,662 1 469.2%
8 56 Jones Day 2,786 4 11,044%
9 35 Johnson Winter & Slattery 1,658 2 650.2%
10 31 DLA Piper 883 2 78.0%
11= - Conyers Dill & Pearman 755 1 -
11= - Grandway Law Offices 755 1 -
13 - Freshfields Bruckhaus Deringer 752 2 -
14 - Linklaters 499 2 -
15 - O'Melveny & Myers 492 2 -
Asia (excl. Australasia & Japan) by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 17 Fangda Partners 57,252 6 713.0%
2 19 Davis Polk & Wardwell 57,024 8 751.4%
3 129 White & Case 51,853 9 34,469%
4 38 Simpson Thacher & Bartlett 51,674 9 1,607%
5 13 Cleary Gottlieb Steen & Hamilton 49,518 3 396%
6 14 Clifford Chance 49,406 10 489.7%
7 77 Cravath, Swaine & Moore 46,416 2 6,089%
8= 206 Baer & Karrer 45,860 1 -
8= 176 Gleiss Lutz 45,860 1 127,289%
8= 63 Homburger 45,860 1 3,760%
11 11 King & Wood Mallesons 18,642 20 64.5%
12 40 Haiwen & Partners 13,614 6 371.6%
13 1 Freshfields Bruckhaus Deringer 8,121 8 -89.5%
14 50 Zhong Lun Law Firm 7,667 19 292.4%
15 3 Skadden Arps Slate Meagher & Flom 7,567 7 -83.8%
36
Asia-Pacific league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Greater China by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 1 King & Wood Mallesons 18,642 20 5
2 7 Zhong Lun Law Firm 7,667 19 10
3 6 Grandall Law Firm 5,391 14 5
4 44 AllBright Law Offices 2,541 10 8
5 25 Simpson Thacher & Bartlett 51,674 9 5
6 22 Davis Polk & Wardwell 57,024 8 4
7 30 White & Case 51,853 7 3
8 8 Freshfields Bruckhaus Deringer 8,121 7 -1
9 17 Baker & McKenzie 3,772 7 2
10 12 Grandway Law Offices 3,272 7 -1
11 18 Tian Yuan Law Firm 1,851 7 2
12 4 Fangda Partners 57,252 6 -5
13 21 Clifford Chance 49,100 6 2
14 14 Haiwen & Partners 13,614 6 0
15 9 Skadden Arps Slate Meagher & Flom 7,537 6 -2
Greater China by deal valueRank Company name Q1 2016
Q12016
Q1 2015
Value (US$m)
Deal Count
Value change
1 16 Fangda Partners 57,252 6 713%
2 17 Davis Polk & Wardwell 57,024 8 751%
3 94 White & Case 51,853 7 34,469%
4 33 Simpson Thacher & Bartlett 51,674 9 1,669%
5 13 Cleary Gottlieb Steen & Hamilton 49,518 3 428.8%
6 14 Clifford Chance 49,100 6 488%
7 62 Cravath, Swaine & Moore 46,416 2 6,089%
8= 142 Baer & Karrer 45,860 1 -
8= 125 Gleiss Lutz 45,860 1 127,289%
8= 49 Homburger 45,860 1 3,760%
11 10 King & Wood Mallesons 18,642 20 64.5%
12 34 Haiwen & Partners 13,614 6 371.6%
13 1 Freshfields Bruckhaus Deringer 8,121 7 -89.4%
14 41 Zhong Lun Law Firm 7,667 19 292.4%
15 3 Skadden Arps Slate Meagher & Flom 7,537 6 -83.5%
India by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 4 Khaitan & Co 934 15 7
2 1 AZB & Partners 2,066 10 -11
3 52 Cyril Amarchand Mangaldas 3,200 7 6
4 14 Shardul Amarchand Mangaldas & Co 479 6 3
5 8 Trilegal 388 5 -1
6 66 Veritas Legal 85 4 3
7 7 J Sagar Associates 846 3 -3
8 13 Nishith Desai Associates 770 3 -1
9 - Shearman & Sterling 670 3 -
10 17 Economic Laws Practice (ELP) 117 3 0
11 35 Vaish Associates 2,460 2 1
12 34 Weil Gotshal & Manges 1,100 2 1
13 - Dechert 948 2 -
14 12 IndusLaw 900 2 -2
15 53 Allen & Overy 484 2 1
India by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 50 Cyril Amarchand Mangaldas 3,200 7 39,900%
2 9 Vaish Associates 2,460 2 192%
3 2 AZB & Partners 2,066 10 -9.1%
4= - Latham & Watkins 1,280 1 -
4= 6 Linklaters 1,280 1 44.5%
6 7 Weil Gotshal & Manges 1,100 2 25.3%
7 - Dechert 948 2 -
8 15 Khaitan & Co 934 15 100.4%
9 24 IndusLaw 900 2 302%
10 19 Herbert Smith Freehills 900 1 165.5%
11 12 J Sagar Associates 846 3 20.2%
12 34 Nishith Desai Associates 770 3 969.4%
13 - Shearman & Sterling 670 3 -
14 53 Allen & Overy 484 2 -
15 4 Shardul Amarchand Mangaldas & Co 479 6 -50.2%
37
Asia-Pacific league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
South Korea by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 1 Kim & Chang 4,232 14 2
2 4 Bae Kim & Lee 3,682 8 -1
3 2 Lee & Ko 4,998 7 -4
4 6 Yulchon 3,061 7 1
5 3 Shin & Kim 2,565 7 -4
6 5 Yoon & Yang 1,019 2 -5
7 18 Barun Law 66 2 1
8= - Nelson Mullins Riley & Scarborough 25 1 -
8= - Troutman Sanders 25 1 -
10 - Foley & Lardner 14 1 -
11 - Wilson Sonsini Goodrich & Rosati 10 1 -
12 - JIPYONG 8 1 -
South Korea by deal valueRank Company name Q1 2016
Q12016
Q1 2015
Value (US$m)
Deal Count
Value change
1 2 Lee & Ko 4,998 7 25.1%
2 3 Kim & Chang 4,232 14 6.2%
3 5 Bae Kim & Lee 3,682 8 122.6%
4 1 Yulchon 3,061 7 -40.4%
5 4 Shin & Kim 2,565 7 -15.2%
6 10 Yoon & Yang 1,019 2 442.0%
7 17 Barun Law 66 2 78.4%
8= - Nelson Mullins Riley & Scarborough 25 1 -
8= - Troutman Sanders 25 1 -
10 - Foley & Lardner 14 1 -
11 - Wilson Sonsini Goodrich & Rosati 10 1 -
12 - JIPYONG 8 1 -
Japan by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 1 Mori Hamada & Matsumoto 5,243 13 -14
2 3 Nagashima Ohno & Tsunematsu 501 9 -1
3 2 Nishimura & Asahi 1,825 5 -11
4 24 Simpson Thacher & Bartlett 4,679 4 2
5 10 Anderson Mori & Tomotsune 698 4 -1
6 27 TMI Associates 3,486 3 1
7 29 Sullivan & Cromwell 4,500 2 0
8 45 Shearman & Sterling 3,293 2 1
9 21 White & Case 3,072 2 -1
10 118 Hogan Lovells International 3,066 2 1
11 6 Baker & McKenzie 2,661 2 -6
12= 23 DLA Piper 1,200 2 -1
12= 5 Morrison & Foerster 1,200 2 -7
14 66 Paul Weiss Rifkind Wharton & Garrison 1,179 2 1
15 7 Allen & Overy 799 2 -4
Japan by deal valueRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Value change
1 3 Mori Hamada & Matsumoto 5,243 13 -39.3%
2 11 Simpson Thacher & Bartlett 4,679 4 50.6%
3 40 Sullivan & Cromwell 4,500 2 412.5%
4= - Irell & Manella 3,500 1 -
4= 32 Latham & Watkins 3,500 1 162.6%
6 27 TMI Associates 3,486 3 105.5%
7 13 Shearman & Sterling 3,293 2 9.8%
8 44 White & Case 3,072 2 356%
9 118 Hogan Lovells International 3,066 2 -
10 35 Baker & McKenzie 2,661 2 119.2%
11 2 Nishimura & Asahi 1,825 5 -81.3%
12= 108 DLA Piper 1,200 2 -
12= 9 Morrison & Foerster 1,200 2 -68.1%
14 - Shook Lin & Bok Singapore 1,200 1 -
15 56 Paul Weiss Rifkind Wharton & Garrison 1,179 2 255.1%
38
Asia-Pacific league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
South East Asia by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 5 Linklaters 4,373 4 0
2 6 Allen & Overy 1,323 4 0
3 10 Morgan Lewis & Bockius 633 4 1
4 12 Herbert Smith Freehills 155 4 1
5 2 Baker & McKenzie 525 3 -6
6 67 White & Case 396 3 2
7 3 WongPartnership 143 3 -2
8 48 DLA Piper 1,596 2 1
9 15 Shook Lin & Bok Singapore 1,200 2 0
10 4 Rajah & Tann 873 2 -2
11 1 Allen & Gledhill 645 2 -8
12 21 Clifford Chance 250 2 0
13 - Ashurst 224 2 -
14 7 AZB & Partners 154 2 -2
15 53 Khaitan & Co 77 2 1
South East Asia by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 16 Linklaters 4,373 4 1,021%
2 11 Weerawong, Chinnavat & Peangpanor 2,271 1 268.7%
3 48 DLA Piper 1,596 2 3,447%
4 18 Allen & Overy 1,323 4 291.4%
5 4 Shook Lin & Bok Singapore 1,200 2 -49%
6 - Morrison & Foerster 1,200 1 -
7 14 Rajah & Tann 873 2 61.7%
8= - Mori Hamada & Matsumoto 781 1 -
8= - PJS Law 781 1 -
10 1 Allen & Gledhill 645 2 -91.0%
11 19 Morgan Lewis & Bockius 633 4 91.2%
12 - TSMP Law Corporation 590 1 -
13 3 Baker & McKenzie 525 3 -82.1%
14 - Zul Rafique & Partners 472 1 -
15 67 White & Case 396 3 -
39
Africa & Middle East league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Africa & Middle East by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 9 Meitar Liquornik Geva Leshem Tal & Co 1,009 7 2
2 53 Gibson Dunn & Crutcher 1,531 6 5
3 1 Bowman Gilfillan Africa Group 55 6 -10
4 10 White & Case 1,227 5 1
5 2 Webber Wentzel 146 5 -9
6 20 Herzog, Fox and Neeman 546 4 1
7 7 Clifford Chance 535 4 -1
8 102 Herbert Smith Freehills 1,226 3 2
9 15 Freshfields Bruckhaus Deringer 419 3 -1
10 14 Norton Rose Fulbright 29 3 -1
11 22 Werksmans 9 3 0
12= 11 Shearman & Sterling 1,080 2 -2
12= - Sullivan & Cromwell 1,080 2 -
14 - AZB & Partners 1,079 2 -
15 60 Weil Gotshal & Manges 1,075 2 1
Africa & Middle East by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 39 Gibson Dunn & Crutcher 1,531 6 278.0%
2 4 White & Case 1,227 5 -50.9%
3 102 Herbert Smith Freehills 1,226 3 -
4 - Raved, Magriso, Benkel & Co 1,163 1 -
5 26 Kirkland & Ellis 1,118 1 10.3%
6= 29 Shearman & Sterling 1,080 2 22.3%
6= - Sullivan & Cromwell 1,080 2 -
8= - Accura 1,080 1 -
8= - Gorrissen Federspiel 1,080 1 -
8= - Thommessen 1,080 1 -
11 - AZB & Partners 1,079 2 -
12 47 Weil Gotshal & Manges 1,075 2 198.6%
13 38 Meitar Liquornik Geva Leshem Tal & Co 1,009 7 77.0%
14 12 Dechert 948 2 -21.3%
15 - IndusLaw 900 1 -
40
Private equity league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Global (buyouts+exits) by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 1 Kirkland & Ellis 12,030 33 -5
2 9 Latham & Watkins 6,649 21 5
3 2 DLA Piper 1,535 20 -11
4 5 Jones Day 633 19 -2
5 4 White & Case 5,252 15 -6
6 38 McDermott Will & Emery 386 15 8
7 17 Simpson Thacher & Bartlett 5,796 13 3
8 11 Allen & Overy 3,186 13 -1
9 25 Morgan Lewis & Bockius 2,321 12 3
10 34 King & Wood Mallesons 966 12 5
11 65 O'Melveny & Myers 13,169 10 6
12 13 Cooley 2,081 10 -3
13 33 Paul Weiss Rifkind Wharton & Garrison 14,792 9 2
14 6 Clifford Chance 7,340 9 -11
15 23 Wilson Sonsini Goodrich & Rosati 2,209 8 -1
Global (buyouts+exits) by deal valueRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Value change
1 14 Paul Weiss Rifkind Wharton & Garrison 14,792 9 127.8%
2 48 O'Melveny & Myers 13,169 10 855.0%
3 5 Kirkland & Ellis 12,030 33 -1.9%
4 7 Clifford Chance 7,340 9 -22.4%
5 4 Latham & Watkins 6,649 21 -50.8%
6 9 Simpson Thacher & Bartlett 5,796 13 -33.6%
7 19 White & Case 5,252 15 28.3%
8 2 Skadden Arps Slate Meagher & Flom 5,006 7 -70.1%
9 24 Allen & Overy 3,186 13 1.9%
10 8 Freshfields Bruckhaus Deringer 3,141 4 -64.5%
11 47 Baker & McKenzie 3,140 6 118.5%
12 122 Schulte Roth & Zabel 2,920 4 1,117%
13 - Pillsbury Winthrop Shaw Pittman 2,820 2 -
14 - Madden, Jiganti, Moore & Sinars 2,775 1 -
15 6 Ropes & Gray 2,435 6 -78.9%
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Global
US (buyouts+exits) by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 21 Paul Weiss Rifkind Wharton & Garrison 14,254 8 3,387%
2 24 O'Melveny & Myers 12,890 6 53, 608%
3 5 Kirkland & Ellis 11,710 29 -34.9%
4 6 Latham & Watkins 6,107 16 -
5 7 Simpson Thacher & Bartlett 4,345 6 -
6 2 Skadden Arps Slate Meagher & Flom 3,942 4 -41.7%
7 17 White & Case 3,335 4 -82.2%
8 54 Schulte Roth & Zabel 2,920 3 -
9 - Pillsbury Winthrop Shaw Pittman 2,820 2 -37.7%
10 - Madden, Jiganti, Moore & Sinars 2,775 1 16,600%
11 4 Ropes & Gray 2,435 6 -
12 16 Morgan Lewis & Bockius 2,321 11 -
13 1 Wilson Sonsini Goodrich & Rosati 2,209 7 332.9%
14 29 Cooley 1,831 8 -
15 120 Vinson & Elkins 1,821 3 -
US (buyouts+exits) by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 1 Kirkland & Ellis 11,710 29 -4
2 11 Latham & Watkins 6,107 16 9
3 14 Morgan Lewis & Bockius 2,321 11 3
4 47 Jones Day - 11 1
5 6 DLA Piper 968 10 -2
6 25 McDermott Will & Emery 70 9 6
7 35 Paul Weiss Rifkind Wharton & Garrison 14,254 8 4
8 12 Cooley 1,831 8 -3
9 10 Wilson Sonsini Goodrich & Rosati 2,209 7 -2
10 3 O'Melveny & Myers 12,890 6 3
11 18 Simpson Thacher & Bartlett 4,345 6 0
12 50 Ropes & Gray 2,435 6 -12
13 62 Gunderson Dettmer Stough Villeneuve Franklin & Hachigian 427 6 -3
14 2 Goodwin Procter 333 6 -11
15 42 Katten Muchin Rosenman 88 6 4
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being US
41
Private equity league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Europe (buyouts+exits) by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 6 Allen & Overy 668 9 -2
2 2 DLA Piper 364 9 -7
3 14 King & Wood Mallesons 140 9 2
4 1 Clifford Chance 7,000 8 -8
5 4 CMS 135 8 -5
6 216 Stibbe 2,409 7 6
7 3 White & Case 1,260 7 -6
8 17 Squire Patton Boggs 506 7 0
9 8 Eversheds 367 7 -3
10 16 Linklaters 157 7 0
11 5 Travers Smith 144 7 -5
12 10 Loyens & Loeff 54 7 -2
13 189 P+P Poellath + Partners 1,586 6 5
14 20 Vinge 1,412 6 0
15 93 Nctm Studio Legale 358 6 4
Europe (buyouts+exits) by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 1 Clifford Chance 7,000 8 -23.3%
2 2 Freshfields Bruckhaus Deringer 3,141 3 -61.8%
3 20 Baker & McKenzie 3,122 4 117.3%
4 216 Stibbe 2,409 7 -
5 142 Hengeler Mueller 2,244 2 -
6 62 Baer & Karrer 1,797 3 651.9%
7 189 P+P Poellath + Partners 1,586 6 -
8 59 Shearman & Sterling 1,559 3 499.6%
9 98 Vinge 1,412 6 3,038%
10 23 White & Case 1,260 7 4.2%
11 144 Simpson Thacher & Bartlett 1,179 3 -
12 174Gattai Minoli Agostinelli & Partners 1,165 4 -
13 105 Gorrissen Federspiel 1,116 5 3,388%
14 37 Gibson Dunn & Crutcher 1,080 1 40.6%
15 - AZB & Partners 1,061 1 -
Asia-Pac (buyouts+exits) by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 22 Bae Kim & Lee 2,257 5 4
2 1 AZB & Partners 489 5 -5
3 8 Kim & Chang 2,204 3 1
4 - King & Wood Mallesons 826 3 -
5 17 Allen & Overy 718 3 1
6 13 Simpson Thacher & Bartlett 272 3 1
7 47 O'Melveny & Myers 262 3 2
8 6 Khaitan & Co 259 3 0
9 20 Yulchon 611 2 1
10 - Cyril Amarchand Mangaldas 451 2 -
11 - Kirkland & Ellis 310 2 -
12 15 Trilegal 83 2 0
13 - Davis Polk & Wardwell 1,000 1 -
14 5 Shin & Kim 459 1 -2
15 30 Paul Hastings 213 1 0
Asia-Pac (buyouts+exits) by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 7 Bae Kim & Lee 2,257 5 139.9%
2 1 Kim & Chang 2,204 3 -38.6%
3 - Davis Polk & Wardwell 1,000 1 -
4 - King & Wood Mallesons 826 3 -
5 34 Allen & Overy 718 3 1,182%
6 2 Yulchon 611 2 -69.8%
7 12 AZB & Partners 489 5 -20.1%
8 20 Shin & Kim 459 1 77.9%
9 - Cyril Amarchand Mangaldas 451 2 -
10 - Kirkland & Ellis 310 2 -
11 16 Simpson Thacher & Bartlett 272 3 -11.1%
12 47 O'Melveny & Myers 262 3 5,140%
13 36 Khaitan & Co 259 3 600%
14 23 Paul Hastings 213 1 6.5%
15 - Weil Gotshal & Manges 200 1 -
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Europe
*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan)
42
Private equity league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Global buyouts by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 1 Kirkland & Ellis 4,152 23 -2
2 3 DLA Piper 1,535 16 -2
3 8 Latham & Watkins 2,365 14 5
4 4 Jones Day 5 11 -4
5 81 O'Melveny & Myers 13,169 8 6
6 70 King & Wood Mallesons 195 8 6
7 32 Paul Weiss Rifkind Wharton & Garrison 14,226 7 3
8 5 White & Case 3,544 7 -6
9 11 Simpson Thacher & Bartlett 1,845 7 -1
10 9 Allen & Overy 829 7 -2
11 28 McDermott Will & Emery 170 7 2
12 21 Paul Hastings 466 6 1
13 30 Eversheds 250 6 2
14 7 Weil Gotshal & Manges 733 5 -5
15 243 Taj, Societe d’avocats 385 5 4
Global buyouts by deal valueRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Value change
1 50 Paul Weiss Rifkind Wharton & Garrison 14,226 7 3,387%
2 108 O'Melveny & Myers 13,169 8 45,310%
3 3 Kirkland & Ellis 4,152 23 -32.8%
4 16 White & Case 3,544 7 111.1%
5 238Skadden Arps Slate Meagher & Flom 3,390 3 -
6 5 Latham & Watkins 2,365 14 -53.5%
7 7 Simpson Thacher & Bartlett 1,845 7 -38.5%
8 18 Kim & Chang 1,830 1 13.2%
9 1 Ropes & Gray 1,800 4 -83.5%
10 231 Plesner 1,800 1 -
11 172 Baer & Karrer 1,797 2 -
12 33 DLA Piper 1,535 16 93.6%
13 6 Clifford Chance 1,425 3 -58.4%
14 161 Vinge 1,412 4 -
15 138 Morgan Lewis & Bockius 1,336 4 16,600%
*Based on advisors to bidder on buyout deals with the target dominant geography being Global
US buyouts by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 17 Paul Weiss Rifkind Wharton & Garrison 14,226 7 316.4%
2 47 O'Melveny & Myers 12,890 4 2,429%
3 3 Kirkland & Ellis 3,832 19 13,505%
4 84 White & Case 3,335 3 808.8%
5 78 Skadden Arps Slate Meagher & Flom 3,300 2 66.5%
6 5 Latham & Watkins 2,365 10 2,050%
7 1 Ropes & Gray 1,800 4 -
8 - Plesner 1,800 1 429.6%
9 6 Simpson Thacher & Bartlett 1,745 4 -
10 50 Morgan Lewis & Bockius 1,336 4 -
11 - Morris Nichols Arsht & Tunnell 1,336 1 -
12 51 DLA Piper 968 9 -44.3%
13 28 Sidley Austin 935 2 -88.4%
14 76 Paul Hastings 466 5 -
15 53 Cooley 446 3 -
US buyouts by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 1 Kirkland & Ellis 3,832 19 -5
2 15 Latham & Watkins 2,365 10 7
3 20 DLA Piper 968 9 3
4 2 Jones Day - 8 -1
5 18 Paul Weiss Rifkind Wharton & Garrison 14,226 7 4
6 65 Paul Hastings 466 5 4
7 58 McDermott Will & Emery 70 5 2
8 30 O'Melveny & Myers 12,890 4 3
9 50 Ropes & Gray 1,800 4 -12
10 33 Simpson Thacher & Bartlett 1,745 4 -1
11 12 Morgan Lewis & Bockius 1,336 4 -2
12 - Katten Muchin Rosenman 88 4 -
13 75 White & Case 3,335 3 2
14 63 Cooley 446 3 0
15= - Finn Dixon & Herling - 3 -
15= 64 Gibson Dunn & Crutcher - 3 2
15= 7 Greenberg Traurig - 3 1
15= 3 Locke Lord - 3 1
*Based on advisors to bidder on buyout deals with the target dominant geography being US
43
Private equity league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Europe buyouts by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 33 King & Wood Mallesons 124 7 5
2 1 DLA Piper 364 6 -4
3 11 Eversheds 250 6 2
4 146 Taj, Societe d’avocats 385 5 4
5 7 Loyens & Loeff - 5 0
6 47 Vinge 1,412 4 2
7 133 Nctm Studio Legale 200 4 3
8 4 Allen & Overy 111 4 -4
9 8 Linklaters 29 4 -1
10= 15 CMS - 4 0
10= 5 Latham & Watkins - 4 -2
12 2 Clifford Chance 1,425 3 -6
13 115Gattai Minoli Agostinelli & Partners 1,165 3 2
14 10 Weil Gotshal & Manges 533 3 -1
15 3 White & Case 142 3 -6
Europe buyouts by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 94 Baer & Karrer 1,797 2 -
2 1 Clifford Chance 1,425 3 -57.2%
3 88 Vinge 1,412 4 -
4 81 Hengeler Mueller 1,242 1 -
5 115Gattai Minoli Agostinelli & Partners 1,165 3 -
6 12 Freshfields Bruckhaus Deringer 1,002 2 25.3%
7 - Zhong Lun Law Firm 1,002 1 -
8 4 Weil Gotshal & Manges 533 3 -62.8%
9 - Shearman & Sterling 479 2 -
10 146 Taj, Societe d’avocats 385 5 -
11 104 Bredin Prat 385 1 -
12 29 DLA Piper 364 6 38.9%
13 - Studio Legale Carbonetti 273 1 -
14 17 Eversheds 250 6 -52.5%
15 133 Nctm Studio Legale 200 4 -
Asia-Pac buyouts by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 1 AZB & Partners 307 4 -3
2 40 Allen & Overy 718 3 2
3 - Bae Kim & Lee 374 3 -
4 37 O'Melveny & Myers 262 3 2
5 12 Yulchon 611 2 1
6 - Kirkland & Ellis 310 2 -
7 3 Khaitan & Co 200 2 -1
8 22 Simpson Thacher & Bartlett 100 2 1
9 13 Kim & Chang 1,830 1 0
10 11 Shin & Kim 459 1 -1
11 - Cyril Amarchand Mangaldas 330 1 -
12 - Weil Gotshal & Manges 200 1 -
13 - Slaughter and May 191 1 -
14= 33 MinterEllison 100 1 0
14= - Orrick Herrington & Sutcliffe 100 1 -
Asia-Pac buyouts by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 2 Kim & Chang 1,830 1 13.2%
2 40 Allen & Overy 718 3 -
3 1 Yulchon 611 2 -69.8%
4 31 Shin & Kim 459 1 2,450%
5 - Bae Kim & Lee 374 3 -
6 - Cyril Amarchand Mangaldas 330 1 -
7 - Kirkland & Ellis 310 2 -
8 9 AZB & Partners 307 4 -46.1%
9 37 O'Melveny & Myers 262 3 5,140%
10 27 Khaitan & Co 200 2 440.5%
11 - Weil Gotshal & Manges 200 1 -
12 - Slaughter and May 191 1 -
13 16 Simpson Thacher & Bartlett 100 2 -50.0%
14= 33 MinterEllison 100 1 566.7%
14= - Orrick Herrington & Sutcliffe 100 1 -
14= - Shearman & Sterling 100 1 -
*Based on advisors to bidder on buyout deals with the target dominant geography being Europe
*Based on advisors to bidder on buyout deals with the target dominant geography being Asia-Pacific (excl. Japan)
44
Private equity league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Global exits by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 2 Kirkland & Ellis 7,878 10 -3
2 13 Wilson Sonsini Goodrich & Rosati 2,209 8 1
3 11 White & Case 1,708 8 0
4 55 Morgan Lewis & Bockius 985 8 6
5 18 Jones Day 628 8 2
6 82 McDermott Will & Emery 216 8 6
7 15 Latham & Watkins 4,284 7 0
8 4 Cooley 1,635 7 -3
9 9 Clifford Chance 5,915 6 -2
10 51 Simpson Thacher & Bartlett 3,951 6 4
11 19 Allen & Overy 2,357 6 1
12 5 Gunderson Dettmer Stough Villeneuve Franklin & Hachigian 427 6 -4
13 220 Stibbe 2,409 5 4
14 29 Squire Patton Boggs 429 5 1
15 14 Skadden Arps Slate Meagher & Flom 1,616 4 -3
Global exits by deal valueRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Value change
1 7 Kirkland & Ellis 7,878 10 29.3%
2 9 Clifford Chance 5,915 6 -1.9%
3 4 Latham & Watkins 4,284 7 -49.2%
4 10 Simpson Thacher & Bartlett 3,951 6 -31.0%
5 31 Baker & McKenzie 3,122 3 117.3%
6 - Madden, Jiganti, Moore & Sinars 2,775 1 -
7 - Schulte Roth & Zabel 2,700 2 -
8 - Pillsbury Winthrop Shaw Pittman 2,600 1 -
9 220 Stibbe 2,409 5 -
10 18 Allen & Overy 2,357 6 -11.7%
11 1 Wilson Sonsini Goodrich & Rosati 2,209 8 -88.0%
12 5 Freshfields Bruckhaus Deringer 2,139 1 -71.2%
13 51 Bae Kim & Lee 1,883 2 100.1%
14 21 White & Case 1,708 8 -29.2%
15 226 Vinson & Elkins 1,646 1 -
*Based on advisors to target/seller on exit deals with the target dominant geography being Global
US exits by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 6 Kirkland & Ellis 7,878 10 81.1%
2 5 Latham & Watkins 3,742 6 -14.7%
3 - Madden, Jiganti, Moore & Sinars 2,775 1 -
4 - Schulte Roth & Zabel 2,700 2 -
5 4 Simpson Thacher & Bartlett 2,600 2 -53.7%
6 - Pillsbury Winthrop Shaw Pittman 2,600 1 -
7 1 Wilson Sonsini Goodrich & Rosati 2,209 7 -88.0%
8 - Allen & Overy 1,800 1 -
9 79 Vinson & Elkins 1,646 1 -
10 22 Cooley 1,385 5 34.2%
11 26 Orrick Herrington & Sutcliffe 1,000 2 28.2%
12 11 Morgan Lewis & Bockius 985 7 -57.2%
13 - AllBright Law Offices 920 1 -
14 2 Skadden Arps Slate Meagher & Flom 642 2 -96.1%
15 30 Ropes & Gray 635 2 2.4%
US exits by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 50 Kirkland & Ellis 7,878 10 1
2 20 Wilson Sonsini Goodrich & Rosati 2,209 7 0
3 4 Morgan Lewis & Bockius 985 7 5
4 10 Latham & Watkins 3,742 6 2
5 2 Gunderson Dettmer Stough Villeneuve Franklin & Hachigian 427 6 -3
6 6 Cooley 1,385 5 -3
7 1 Goodwin Procter 288 4 -9
8 12 Fenwick & West 150 4 -4
9 - McDermott Will & Emery - 4 -
10 87 Alston & Bird 278 3 2
11= 15 Hogan Lovells International - 3 0
11= 53 Jones Day - 3 2
13 - Schulte Roth & Zabel 2,700 2 -
14 19 Simpson Thacher & Bartlett 2,600 2 1
15 17 Orrick Herrington & Sutcliffe 1,000 2 0
*Based on advisors to target/seller on exit deals with the target dominant geography being US
45
Private equity league tables
Global and regional M&A: Q1 2016 www.mergermarket.com
Europe exits by deal countRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Count change
1 4 Clifford Chance 5,575 5 -2
2 135 Stibbe 2,409 5 4
3 21 Allen & Overy 557 5 2
4 18 White & Case 1,118 4 0
5 14 Squire Patton Boggs 429 4 0
6 3 Travers Smith 144 4 -3
7 1 CMS 135 4 -5
8 8 Baker & McKenzie 3,122 3 -2
9 - P+P Poellath + Partners 1,576 3 -
10 9 Jones Day 178 3 -2
11 46 McDermott Will & Emery 142 3 1
12 32 Linklaters 128 3 1
13 72 Scotto & Associes 111 3 2
14 - Gateley Plc 51 3 -
15 26 Pinsent Masons 31 3 0
Europe exits by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 3 Clifford Chance 5,575 5 -3.9%
2 14 Baker & McKenzie 3,122 3 117.3%
3 135 Stibbe 2,409 5 -
4 1 Freshfields Bruckhaus Deringer 2,139 1 -71.2%
5 - P+P Poellath + Partners 1,576 3 -
6 - Simpson Thacher & Bartlett 1,179 2 -
7 97 White & Case 1,118 4 13,875%
8 95 Gorrissen Federspiel 1,080 2 8,208%
9= 29 Gibson Dunn & Crutcher 1,080 1 40.6%
9= 47 Shearman & Sterling 1,080 1 315.4%
11 - AZB & Partners 1,061 1 -
12= - Fangda Partners 1,002 1 -
12= - Hengeler Mueller 1,002 1 -
14 33 Skadden Arps Slate Meagher & Flom 974 2 105.9%
15 - A&L Goodbody 895 1 -
Asia-Pac exits by deal countRank Company name Q1 2016
Q1 2016
Q12015
Value (US$m)
Deal Count
Count change
1 7 Bae Kim & Lee 1,883 2 1
2 - King & Wood Mallesons 755 2 -
3 3 Kim & Chang 374 2 1
4 - Davis Polk & Wardwell 1,000 1 -
5 - Paul Hastings 213 1 -
6 - Wadia Ghandy & Co 195 1 -
7 2 AZB & Partners 182 1 -2
8 13 Simpson Thacher & Bartlett 172 1 0
9 - White & Case 140 1 -
10= - Cyril Amarchand Mangaldas 121 1 -
10= - Verus Advocates 121 1 -
Asia-Pac exits by deal valueRank Company name Q1 2016
Q12016
Q12015
Value (US$m)
Deal Count
Value change
1 5 Bae Kim & Lee 1,883 2 100.1%
2 - Davis Polk & Wardwell 1,000 1 -
3 - King & Wood Mallesons 755 2 -
4 1 Kim & Chang 374 2 -81.0%
5 - Paul Hastings 213 1 -
6 - Wadia Ghandy & Co 195 1 -
7 14 AZB & Partners 182 1 333.3%
8 12 Simpson Thacher & Bartlett 172 1 62.3%
9 - White & Case 140 1 -
10= - Cyril Amarchand Mangaldas 121 1 -
10= - Verus Advocates 121 1 -
*Based on advisors to target/seller on exit deals with the target dominant geography being Europe
*Based on advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan)
46
Criteria
PR contactsAmericas: Chrissy CarneyT: +1 646 378 3118
Asia: Su- Chin ZhangT: +852 2158 9706
EMEA: Luella AtabakiT: +44 20 3741 1124
Deal submission contactsEMEA Andrea Putaturo + 44 20 3741 1274
Asia John Capulong + 852 2158 9723
Americas Jason Loria + 1 646 378 3122
About MergermarketMergermarket is a mergers & acquisitions (M&A) intelligence service.
Mergermarket is part of The Mergermarket Group which has nearly 1000 employees worldwide and regional head offices in New York, London and Hong Kong.
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.
This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that Mergermarket is used by over 1500 of the world’s foremost advisory firms to assist in their origination process.
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 9am (GMT), 31-Mar-2016. Cut off date 30-Mar-2016. League tables correct as of 11am (GMT), 04-Apr-2016. Cut off date 31-Mar-2016.
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, seller, and includes lapsed and withdrawn bids. Private equity buyout tables based on legal advisors advising the bidder only on buyout deals and includes lapsed and withdrawn bids. Private equity exit tables based on legal advisors advising target/seller on exits and includes lapsed and withdrawn bids. Equal rankings are based on having both identical values and deal counts reported in one table.
Global cross-border: based on the dominant geography of the target and bidder company being based 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.
OutboundGlobal/US/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: Q1 2016 www.mergermarket.com