Engineering & Consulting Deals up 100% in Colombia

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LATIN AMERICA

TTR Deal Tracker is a monthly email update identifying M&A trends in Latin America and compiling YTD rankings of leading financial and legal advisors

BRAZIL: Tech industry gains ground

Transaction volume in Brazil’s tech industry grew 35% in the first 10 months of 2016 compared to the same period last year, according to TTR data (www.TTRecord.com).

The share of deals led by international buyers declined, meanwhile, from 24% to the close of October 2015 to 17% in the corresponding period this year.

The largest transaction YTD in the sector was the USD 1.26bn acquisition of Serviços e Tecnologia de Pagamentos (STP) by CCR.

COLOMBIA: Engineering and consulting deals up 100%

M&A among engineering and consulting firms in Colombia jumped 100% in the first 10 months of 2016 over the same period last year, according to TTR data (www.TTRecord.com).

The number of cross-border deals led by international firms targeting Colombian peers grew from four in the first 10 months of 2015 to six in the same 10-month period this year, meanwhile.

Among the inbound cross-border deals YTD was the USD 18m complete takeover of Laboratorios Contecon Urbar by Switzerland-based SGS Group.

Rankings / League Tables

Latin America Ranking – 2016*

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA and Banco BTG Pactual are tied neck and neck by deal volume in TTR’s Latin America financial advisory ranking at the close of October, with 30 deal mandates apiece YTD, the former ahead only by aggregate deal value of USD 16.3bn compared to USD 12.1bn for its top rival. Itaú held a more comfortable lead a year ago when it had advised on 40 transactions to the close of October, compared to BTG Pactual’s 27. Both have seen declines in aggregate value between the corresponding 10-month periods, Itaú down 8% from USD 17.8bn, BTG Pactual also down about 8% from USD 13.1bn. Banco Bradesco BBI follows in third with 26 deals YTD, up from 14 a year ago when it held the same place in the chart. The combined value of Bradesco’s deals grew by nearly 118% from USD 10.7bn to USD 23.3bn, meanwhile, putting it in the lead by aggregate value. Banco Santander gained one position in the ranking to take fourth with 21 transactions, up from fifth a year ago when it had advised on nine deals in the first 10 months of the year. Santander grew its aggregate deal value by 33%, meanwhile from USD 7.7bn to USD 10.3bn between the two periods. BAML jumped from tenth to fifth in the chart, increasing deal volume from seven to 11 and growing the combined value of its transactions from USD 1.4bn to USD 13.2bn. Citigroup, in sixth, also with 11 mandates YTD, was not among the top 10 financial advisors in Latin America a year ago, nor was BNP Paribas, also with 11 deals, ranked seventh. JPMorgan, in eighth, was also absent from the top 10 ranking a year ago, as was Morgan Stanley, in ninth, and Credit Suisse Group, pulling up the rear in tenth.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking at the close of October with 22 transactions together worth USD 2.6bn, representing a 27% decline in volume and a 22% increase in aggregate value relative to its 30 mandates on transactions worth a combined USD 2bn in the first 10 months of 2015. Clifford Chance gained six positions in the chart to take second with 13 mandates in the region YTD, more than double its six of a year ago, while the combined value of its deals is up 8% to USD 9bn. Jones Day fell one position in the chart to take third, its deal volume down from 19 a year ago to 13, the combined value of its deals down 76% from USD 2.7bn to USD 654m. White & Case also slipped one position in the ranking, despite adding two transactions to its tally, placing fourth with 12 mandates YTD. The firm’s aggregate value is up 127%, meanwhile, from USD 1.2bn to USD 2.8bn between the two 10-month periods. Linklaters, in fifth, was not among the top 10 law firms advising on M&A in Latin America to the close of October 2015, nor was Clearly Gottlieb Steen & Hamilton, in sixth, Hogan Lovells in seventh or Norton Rose Fulbright, in eighth. Skadden, Arps, Slate, Meagher & Flom fell from fourth to take ninth, it’s deal volume down by three transactions, its aggregate value up 389% from USD 988m to USD 4.8bn. Shearman & Sterling lost one transaction from its tally of a year ago, falling from fifth to tenth to close October 2016 with six deals, the combined value of its transactions up 32% from USD 1.1bn to USD 1.5bn.

Brazil Ranking* – 2016
Financial Advisory – Year to Date (YTD)

Banco Bradesco BBI leads TTR’s Brazil financial advisory ranking at the close of October with 26 mandates YTD, nearly double the 14 of a year ago that had put it in third place. Brazil’s leading investment bank has grown the aggregate value of its transactions by 118%, meanwhile, from USD 10.7bn to USD 23.3bn between the two 10-month periods. Banco Itaú BBA fell from its lead a year ago to take second, its deal count down from 35 to 24, the combined value of its deals down 31% from USD 17.2bn to USD 11.9bn. Banco BTG Pactual fell from second to third, meanwhile, despite an increase in deal count form 19 to 22, while its aggregate value slipped 46% from USD 11.8bn to USD 6.4bn. BAML, in fourth, was not among the top 10 investment banks advising in Brazil in the first 10 months of 2015. Vinci Partners fell one position in the chart to take fifth, its tally down by one, its aggregate value up from USD 184m to USD 487m. Cypress Associates, in sixth, was absent from the top 10 ranking a year ago, as was Banco Santander, in seventh. BR Partners is down by two deals and one place in the chart, notwithstanding its 341% increase in aggregate value from USD 347m to USD 1.5bn. Rothschild, in ninth with five deals, fell one position in the chart despite maintaining its deal count and growing aggregate value by 4% from USD 8.1bn to USD 8.5bn. BNP Paribas, in tenth with an equal number of mandates, was not among the leading 10 banks advising on M&A in Brazil at the close of October 2015.Legal Advisory – Year to Date (YTD)


Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados leads TTR’s Brazil legal advisory ranking at the close of October by volume and value, with 55 mandates, up from 44 a year ago when it ranked second. Brazil’s top M&A firm grew its aggregate deal value by 25% between the two 10-month periods, from USD 10.7bn to USD 21.5bn, meanwhile. Souza, Cescon, Barrieu & Fleisch Advogados jumped from fourth to second in the chart, its deal count up from 37 to 46, the combined value of its transactions down 21% from USD 5.8bn to USD 4.6bn. Machado, Meyer, Sendacz e Opice Advogados ranks third, as it did a year ago, after adding nine transactions to its count of 37 to close October 2016 with 46 advisory mandates too. The third-ranked firm’s aggregate deal value fell 73%, meanwhile, from USD 12.8bn to USD 3.4bn. Pinheiro Neto Advogados lost six deals from its tally of a year ago, falling from its leading position in the chart to place fourth, notwithstanding a 61% increase in aggregate deal value from USD 10.7bn to USD 17.2bn. TozziniFreire Advogados climbed from eighth to fifth, increasing deal count from 24 to 38 and increasing the combined value of its deals from USD 798m to USD 5.9bn. Barbosa, Müssnich, Aragão fell one position to take sixth, its deal count down by 10 from 35 to 25, its aggregate value down 38% from USD 9.3bn to USD 5.8bn. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ranks seventh, also with 25 mandates YTD, after not placing among the top 10 M&A firms to the close of October 2015. Demarest Advogados is down one place in the chart to take eighth, its deal count lower by two, its aggregate value up from USD 261m to USD 4.4bn. Lefosse Advogados, in ninth, was absent from the top 10 at the close of October a year ago, while Derraik & Menezes Advogados holds the same tenth ranking, its tally up by one transaction, its aggregate value down 76% from USD 71m to USD 17m.

Mexico Ranking* – 2016

Financial Advisory – Year to Date (YTD)

BBVA leads TTR’s Mexico financial advisory ranking at the close of October with six mandates, up from four a year ago when it also led the chart. The Spanish bank’s aggregate deal value is up 282%, meanwhile, from USD 869m to USD 3.3bn. Citigroup, in second with four mandates YTD together worth USD 4.5bn, is up from a sole transaction a year ago worth USD 1.2bn when it ranked ninth. Deutsche Bank, in third, did not place among the top 10 investment banks advising in Mexico to the close of October 2015, nor did JPMorgan in fourth, or Morgan Stanley, in fifth. Lazard too was absent from the top 10 a year ago, now in sixth ahead of seventh-ranked Credit Suisse, which also failed to make the chart in the corresponding 10-month period last year. Alfaro, Dávila y Ríos fell from fifth to eighth, despite maintaining the same tally of two, its aggregate value down 73% from USD 2.2bn to USD 575m. RIóN M&A ranks ninth compared to third a year ago, its tally down by one transaction. Goldman Sachs ranks tenth, its sole transaction in Mexico YTD worth USD 2.3bn. Goldman didn’t place among the top 10 a year ago.

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking at the close of October, as it did a year ago, despite losing two transactions on its total for the first 10 months of 2015 and a 74% dip in aggregate value from USD 13bn to USD 3.4bn. Galicia Abogados is up by one deal and one position in the chart to take second, the combined value of its transactions increasing 61% between the two 10-month periods from USD 2.8bn to USD 4.5bn. Mijares, Angoitia, Cortés y Fuentes slid from second a year ago to third, its tally down from 15 to eight, its aggregate deal value down 23% from USD 2.4bn to USD 1.8bn. White & Case México holds onto the same fourth-place ranking it held a year ago, despite losing one transaction in its tally and a 21% decline in aggregate value from USD 1.2bn to USD 973m. Jones Day México is up one place in the chart after maintaining its deal count of seven between the two 10-month periods, while its aggregate value fell 73% from USD 2.2bn to USD 584m. Ritch, Mueller, Heather y Nicolau, in sixth, was not among the top 10 M&A firms advising in Mexico a year ago, nor was Santamarina y Steta Abogados, in seventh, González Calvillo Abogados in eighth or Von Wobeser y Sierra, in ninth. Basham Ringe y Correa is down by three deals and two positions in the chart to bring up the rear, its aggregate value down 93% from USD 1.4bn to USD 91m.

* TTR Rankings are generated with transactions announced or closed in 2016 year-to-date. The ranking includes sales and acquisitions of shares and of assets, creation of joint ventures, and Private Equity/Venture Capital investments. The legal advisor rankings for Brazil and Mexico take into consideration advisory services regarding domestic laws. All rankings only include deals where a company of the respective country was the target of the transaction. In the case of LATAM, it would be a Latin American country. The LATAM ranking does not specify the origin of the advisory law, so the filter only considers firms from the UK/US.

In case of a draw, the adopted criteria will be the following: if the draw is due to number of transactions, the total deal value prevails; if it is due to deal value, the number of transactions prevail. When a draw of both number of transactions and deal value occurs, the same position will be retained and the deals will be arranged alphabetically.

Setor de telecomunicações ganha força em 2016

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BRASIL

 O TTR Deal Tracker Brasil é um email mensal que contém tendências do mercado transacional  brasileiro, além de incluir um ranking  Year to Date (YTD) dos principais assessores jurídicos e financeiros.

BRASIL: Indústria de moda e têxtil acelera consolidação

As transações no setor de telecomunicações do Brasil dispararam nos primeiros nove meses de 2016, e apresentaram um aumento de 46% em relação ao mesmo período do ano anterior, segundo informações do TTR (www.TTRecord.com).
Sob outra perspectiva, as aquisições de participações por empresas estrangeiras neste setor foram pouco representativas. Até setembro de 2016, apenas uma transação, entre 19, foi liderada por compradores internacionais, enquanto no mesmo período do ano passado foram duas, do total de 13 operações. A maior transação do setor neste período foi a aquisição, realizada pela Telxius Torres Brasil, de ativos de telefonia móvel por um valor total de USD 210m.

Rankings / League Tables

Brasil Ranking – 2016

Assessoria Financeira – Year to Date (YTD)
Por valor total de transações

O Banco Bradesco BBI lidera o ranking TTR de Assessoria Financeira do Brasil, no final do terceiro trimestre de 2016, com quase US$12bi de diferença para o segundo colocado, o que representa um aumento de valor em 122%**. O Banco Itaú BBA apresenta queda de 19% em valor e cai para o segundo lugar no ranking, com US$ 11bi. Com diferença de US$ 1,601, o terceiro colocado, Bank of America, cresceu 125% e obteve US$10bi. Decolam também no ranking de valores os bancos europeus Rothschild e Santander. O primeiro cresceu 25% e apresentou US$8,4bi e o segundo deu um salto de 250%, com valor estimado em US$5,7bi. Os quatro últimos colocados no ranking encolheram siginificativamente na comparação com o mesmo período de 2015. O ranking de valores contempla as instituições Morgan Stanley, J.P. Morgan Chase International e Goldman Sachs, que não figuram no ranking de volume.

Assessoria Financeira – Year to Date (YTD)
Por número total de transações

No ranking que privilegia o número de transações, os bancos Bradesco BBI e Itaú BBA seguem liderando, com 24 e 22 transações, respectivamente. Para o Bradesco, o volume representa um aumento de 140% e um salto de duas posições, já que figurava em terceiro colocado em 2015. Já o Itaú teve seu volume reduzido em 15%. No encerramento do terceiro trimestre de 2015, o Itaú liderava a tabela com vantagem de 11 transações para o Banco BTG Pactual e 16 transações a mais do que o Bradesco. O volume do BTG caiu de 15 para a 11, colocando-o em terceiro lugar. O Bank of America mais do que duplicou suas transações no Brasil, passando de 14º na tabela para quarto, com nove transações. O Banco Santander, que em 2015 não estava na tabela dos 10 bancos mais ativos, ocupa neste ano o quinto lugar, com sete transações. O Vinci Partners não alcançou estar no ranking de valores, mas está empatado com o Santander em número de transações, com valor de US$ 455m. O BR Partners é o último colocado no ranking de valores, mas ocupa o sétimo lugar com seis transações. O Rothschild conquistou uma transação e uma posição a mais em relação ao ano passado, alcançando o oitavo lugar. A Magma, em nono e a Cypress Associates, em décimo, não estão no ranking de valores, mas equiparam-se com cinco transações cada. A Magma obteve US$ 33m, enquanto a Cypress atingiu US$ 3m.

Assessoria Jurídica – Year to Date (YTD)
Por valor total de transações

O escritório Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados lidera o ranking TTR de Assessoria Jurídica do Brasil até ao fim do terceiro trimestre de 2016, com US$ 21bi.  O escritório subiu da segunda posição de um ano atrás, quando tinha 40 transações e valor de US$ 11bi. O escritório Pinheiro Neto Advogados destaca-se na segunda posição do ranking com US$ 17bi, porém na comparação com o mesmo período do ano passado, há um decréscimo de 11%. O Lefosse Advogados figura-se em terceiro colocado, com um aumento de 111% em relação ao ano anterior, US$ 7bi. Os escritórios Barbosa, Müssnich, Aragão, Veirano Advogados e Pinheiro Guimarães Advogados ocupam a terceira, quarta e quinta posição respectivamente com valores totais entre US$ 5,3bi e US$ 5,6bi. Os escritórios Souza, Cescon, Barrieu & Flesch e TozziniFreire Advogados, que ocupam a oitava e nova posição no ranking, respectivamente, com valores aproximados em US$ 3bi. O Demarest Advogados em última posição no ranking, não esteve entres os 10 primeiros no ranking do ano passado.

Assessoria Jurídica – Year to Date (YTD)
Por número total de transações

No ranking por volume de transações o escritóro Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados lidera com um total de 50 transações, o que representa uma aumento de 25% em relação ao ano passado. O Machado, Meyer, Sendacz e Opice Advogados sobe de terceiro para segundo lugar, somando 11 transações à contagem de 31 que tinha no mesmo período de 2015. O valor das suas operações caiu em 79%, passando de US$12,6bi para US$ 2,7bi. O Pinheiro Neto Advogados passa do primeiro para o terceiro lugar na contagem de transações. O Souza, Cescon, Barrieu & Flesch Advogados classifica-se em quarto lugar, como no ano passado, com 35 transações. No ano passado também ocupava a mesma posição no ranking, entretanto com 29 transações e US$ 5,5bi. O TozziniFreire Advogados passa a ser o quinto colocado com 35 transações, enquanto no ano passado era o nono colocado com 20 transações. O Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados conquista o sexto lugar, enquanto em 2015 não figurou no ranking. O Barbosa, Müssnich, Aragão com quarto quatro transações a menos em relação a 2015, cai uma posição na tabela, fechando o terceiro trimestre de 2016 em sétimo lugar, com 21 transações no valor de US$ 5.7bi. O Demarest Advogados e o Lefosse Advogados se igualam em volume de transações, 19. O Veirano Advogados deslizou da quinta posição, no final do terceiro trimestre de 2015, para o décimo lugar, o seu volume de transações cai de 26 para 17 e o valor cresce de US$ 799m para US$ 5,7bi.

* Os Rankings TTR deste report são elaborados com transações anunciadas e/ou concluídas em 2016 Year to date. Estão incluídas transações de investimento e desinvestimento de Private Equity / Venture Capital, compra/venda de ativos e formação de Joint Ventures. Os Rankings de assessores jurídicos do México e do Brasil consideram apenas assessorias nas respectivas leis locais. Em todos os rankings são considerados apenas deals onde alguma empresa do respectivo país tenha sido target na transação, no caso do ranking LATAM, algum país latinoameircano. No ranking LATAM não há especificação sobre a lei da assessoria, além disso o filtro considera apenas firmas de UK/US.

Em caso de empate o critério de desempate é: empate por número de transações, se desempata com o valor total; empate por valor total, se desempata por número de transações. E quando exista um empate em número e valor, será mantida a mesma posição e a ordem será alfabética.

** Leva-se em conta o mesmo período do ano (do começo de janeiro ao fim de setembro) de 2015 para fazer as comparações dispostas acima.

Appetite Grows for Chilean Food Assets

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LATIN AMERICA

TTR Deal Tracker is a monthly email update identifying M&A trends in Latin America and compiling YTD rankings of leading financial and legal advisors

BRAZIL: Telecom dealmaking gains ground

Dealmaking in Brazil’s telecom sector inched ahead in the first nine months of 2016, with a 46% increase in transaction volume compared to the same period last year, according to TTR data (www.TTRecord.com).
Inbound deals in the sector were sparse in both periods, with just two of 13 transactions led by international buyers in the first nine months of 2015, and one of 19 by the close of September this year.

CHILE: Appetite grows for food industry

Transactions in Chile’s food and beverage industry rose 57% in the first nine months of 2016 over the same period in 2015, according to TTR data (www.TTRecord.com).
The participation of foreign buyers in the space was constant between both periods, though inbound deals fell relatively, with four of seven transactions led by international bidders to the close of 3Q15, compared to four of 11 to the close of 3Q16.

Rankings / League Tables

Latin America Ranking – 2016*

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA holds a comfortable lead in TTR’s Latin America financial advisory ranking at the close of 3Q16, with 28 transactions worth a combined USD 16bn. The region’s top bank is two deals behind by volume and 8% up by aggregate value on its nine-month performance to the close of 3Q15, when it also led the chart. Banco Bradesco BBI is up one position to take second place, its deal count up 140%, the combined value of its transactions leading the pack at USD 23bn. Banco BTG Pactual fell from second place a year ago to third, its mandates down 43% from 23 and aggregate deal value down 41% from USD 10.6bn. Banco Santander added four deals to its tally of eight a year ago to take fourth place, its aggregate value up 43% from USD 5.3bn to USD 7.5bn. Citigroup jumped 450% by volume and 440% by aggregate value to take fifth, after not placing among the top 10 investment banks in the region to the close of 3Q15. BAML is up one place to take sixth after adding four deals to its count of six a year ago and increasing aggregate value 882% to USD 12.2bn. BNP Paribas was absent from the top 10 ranking at the close of 3Q15 and now ranks seventh, tied with BAML by volume. BBVA is down two positions in eighth, despite adding two transactions to its count of a year ago and increasing aggregate deal value by 179%. Morgan Stanley, in ninth, and Vinci Partners, in tenth, were both absent from the regional top 10 chart a year ago.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking at the close of 3Q16 with 18 transactions worth a combined USD 2.5bn. Baker also led the chart at the close of 3Q15, when the firm had advised on 27 deals together worth USD 2bn in the first nine months of the year. Jones Day follows in second, as it did a year ago, though deal volume is down by a similar 32%; its aggregate value is down 58%. Clifford Chance ranks third by volume with 10 deals and leads by aggregate value of USD 8.5bn. Clifford Chance closed 3Q15 ranked fifth with six deals together worth a similar USD 8.4bn. Cleary Gottlieb Steen & Hamilton, in fourth, and White & Case, in fifth, have the same deal count. Cleary was not among the top 10 a year ago, while White & Case fell from third, despite increasing volume from seven to 10 and growing aggregate value from USD 1.2bn to USD 1.8bn. Linklaters, in sixth, and Hogan Lovells, in seventh, were both absent from the chart a year ago. Shearman & Sterling lost one deal compared to its tally of a year ago and fell four positions to take eighth. Simpson Thacher & Bartlett also lost a transaction on its tally of a year ago, but held on to its ninth place ranking, nonetheless, the combined value of its deals down 56%. Skadden, Arps, Slate, Meagher & Flom is down two transactions and three positions in the chart, to pull up the rear with four mandates on deals worth USD 2.7bn, a 207% jump in aggregate value from USD 866m a year ago.

Brazil Ranking* – 2016
Financial Advisory – Year to Date (YTD)


Banco Bradesco BBI tops TTR’s Brazil financial advisory ranking at the close of 3Q16, one deal ahead of Banco Itaú BBA. With 24 mandates YTD, Bradesco is up 140% by volume, 122% by value on its performance for the nine-month period ending a year ago, when it ranked third. Itaú has slipped to second in the ranking, its volume down 15%, the combined value of its deals down 19%. At the close of 3Q15, Itaú led Banco BTG Pactual by 11 transactions and Bradesco by 16. BTG’s volume is down from 15 to 11, placing it in third, its aggregate value down 50% from 26 deals a year ago. BAML more than doubled its mandates in Brazil, climbing from tenth to fourth in the chart, its nine deals worth USD 10bn in aggregate compared to USD 1.2bn a year ago. Banco Santander ranks fifth with seven deals worth a combined USD 5.7bn, not having placed among Brazil’s top-10 financial advisors a year ago. Vinci Partners, in sixth, was also absent from the ranking at the close of 3Q15, and is now tied with Santander by volume, its seven deals together worth USD 455m.
BR Partners, in seventh, maintained its deal count of a year ago while falling two positions in the chart, the value of its six deals YTD worth USD 1.5bn compared to USD 256m in the first nine months of 2015. Rochschild is up by one deal and one place in the chart on its performance of a year ago, placing eighth with five mandates on transactions together worth USD 8.4bn, compared to four worth USD 7.7bn at the close of 3Q15. Magma, in ninth, and Cypress Associates, in tenth, were both absent from the top 10 a year and also have five deal mandates apiece at the close of 3Q16, together worth USD 33m and USD 3m, respectively.

Legal Advisory – Year to Date (YTD)


Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados leads TTR’s Brazil legal advisory ranking to the close of 3Q16, with a whopping 50 mandates YTD on transactions worth nearly USD 21bn combined. The leading transactional law firm in Brazil has climbed from second a year ago, when it had 10 fewer deals worth just under USD 11bn in aggregate. Machado, Meyer, Sendacz e Opice Advogados climbed from third a year ago to take second place, adding 11 deals to its count of 31 at the close of 3Q15. The combined value of its transactions fell 79% from a chart-leading USD 12.6bn to USD 2.7bn, meanwhile. Pinheiro Neto Advogados fell from first to third by deal count and places second among the top 10 by aggregate value, with USD 17.2bn in combined deals. Souza, Cescon, Barrieu & Flesch Advogados holds on to its fourth-place ranking of a year ago, with 35 deals worth USD 3.4bn combined, compared to 29 together worth USD 5.5bn at the close of 3Q15. TozziniFreire Advogados is up four positions from ninth a year ago to take fifth in the chart at the close of September. TozziniFreire increased its tally from 20 at the close of 3Q15 to 35 a year later, and bumped aggregate value up from USD 798m to USD 3.4bn. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ranks sixth, after not placing among the top 10 M&A firms in Brazil in the first nine months of 2015. Barbosa, Müssnich, Aragão lost four deals from its tally of a year ago and fell one position in the chart to take seventh, closing 3Q16 with 21 mandates on transactions together worth USD 5.7bn, compared to 25 together worth USD 9.1bn to the close of September 2015. Not among the top-10 a year ago, Lefosse Advogados closes the quarter in eighth, with 19 mandates on deals together worth USD 7.7bn. Demarest Advogados is tied with Lefosse by deal volume, but follows in ninth for its lesser aggregate transaction value of USD 2.7bn. Veirano Advogados slid from fifth at the close of 3Q15 to tenth a year later, its deal volume falling from 26 to 17 while the combined value of its deals grew from USD 799m to USD 5.7bn.

Mexico Ranking* – 2016

Financial Advisory – Year to Date (YTD)

BBVA tops TTR’s Mexico financial advisory ranking at the close of September with seven deals together worth USD 3.3bn, up from four worth USD 869m a year ago, when it also led the chart.Citigroup climbed from eighth a year ago to runner-up, with four transactions YTD worth a combined USD 4.5bn, leading the top 10 by aggregate value. Deutsche Bank ranks third with two mandates at the close of 3Q16, tied by deal count with JPMorgan, in fourth, Morgan Stanley, in fifth, Lazard, in sixth, Credit Suisse Group, in seventh, and RIóN M&A, in eighth. Of the lot, only RIóN placed among the top 10 a year ago, when it ranked third. Goldman Sachs, in ninth, and PC Capital, in tenth, have advised on one transaction each in Mexico, YTD; both were absent from the top 10 chart a year ago.

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking at the close of September, with 18 mandates on deals worth a combined USD 3.3bn. The leading firm’s deal count compares with 21 together worth USD 13bn in the nine-month period ending a year ago, when it also stood at the top. Galicia Abogados added two deals to its tally to take second place with 12 mandates on transactions together worth USD 4.5bn. Mijares, Angoitia, Cortés y Fuentes slipped from second place a year ago, to third, its seven deals worth USD 1.8bn at the close of 3Q16, compared to 15 together worth 2.4bn at the close of 3Q15. Jones Day México is tied with Mijares by volume, with the same seven deals as a year ago. Ritch, Mueller, Heather y Nicolau, in fifth, was not among the top 10 a year ago, its six deals YTD together worth USD 1.8bn. White & Case México climbed two places in the chart to take sixth, despite static deal count and a 26% drop in aggregate value between the two periods. Santamarina y Steta Abogados, in seventh with five mandates YTD, and González Calvillo Abogados, in eighth with four, were both absent from the top 10 a year ago, as was Von Wobeser y Sierra, in ninth with four deals too. Basham Ringe y Correa slipped from seventh a year ago, to tenth, its deal count halved from six to three, its aggregate value down 93% from USD 1.4bn to USD 91m.

* TTR Rankings are generated with transactions announced or closed in 2016 year-to-date. The ranking includes sales and acquisitions of shares and of assets, creation of joint ventures, and Private Equity/Venture Capital investments. The legal advisor rankings for Brazil and Mexico take into consideration advisory services regarding domestic laws. All rankings only include deals where a company of the respective country was the target of the transaction. In the case of LATAM, it would be a Latin American country. The LATAM ranking does not specify the origin of the advisory law, so the filter only considers firms from the UK/US.

In case of a draw, the adopted criteria will be the following: if the draw is due to number of transactions, the total deal value prevails; if it is due to deal value, the number of transactions prevail. When a draw of both number of transactions and deal value occurs, the same position will be retained and the deals will be arranged alphabetically.

Indústria de moda e têxtil acelera consolidação

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TTR-Deal-Tracker

TTR Deal Tracker
www.TTRecord.com

BRASIL

 O TTR Deal Tracker Brasil é um email mensal que contém tendências do mercado transacional  brasileiro, além de incluir um ranking  Year to Date (YTD) dos principais assessores jurídicos e financeiros.

BRASIL: Indústria de moda e têxtil acelera consolidação

No período de janeiro a agosto de 2016 o número de transações envolvendo empresas que atuam na indústria de moda e têxtil apresentou um aumento de 167%  se comparado ao mesmo período de 2015, segundo os dados do TTR (www.TTRecord.com). Apesar do aumento do número de transações ainda predominam transações onde apenas empresas brasileiras realizam aquisições, com seis transações registradas em 2016 YTD  e duas registradas no mesmo período de 2015.

Rankings / League Tables

Brasil Ranking – 2016

Assessoria Financeira – Year to Date (YTD)

O Banco Itaú BBA lidera o ranking TTR de assessoria financeira em 2016 Year to Date com 22 mandatos e um valor total de USD 11,6bi, apenas um mandato a menos quando liderou o mesmo ranking há um ano atrás com um valor total de USD 14bi. O Banco Bradesco BBI subiu da terceira posição de um ano atrás para a segunda posição com 21 mandatos e valor total de USD 12,5bi, o que representa aumento de 250% em volume e 37% em valor. O Banco BTG Pactual desceu da segunda posição que ocupou há um ano atrás para a teceira, com 11 mandatos e um valor total de USD 4,6bi. O Bank of America, em quarto, não esteve entre os dez primeiros do ranking no mesmo período de 2015, tal como Vinci Partners, em quinto, Banco Santander, em sexto, e Rothschild em sétimo. O BR Partners desceu da sétima posição ocupada há um ano atrás para a oitava, com 5 mandatos e um valor total de USD 1,3bi, valor 625% maior do que o ano anterior. O Morgan Stanley, em nono, e BNP Paribas, em décimo, não ocuparam as dez primeiras posições do ranking do mesmo período de 2015.

Assessoria Jurídica – Year to Date (YTD)

O Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados lidera o ranking TTR de assessoria jurídica com 34 transações e um valor total de USD 14,7bi, o que representa um aumento de 48% no volume e de 65% no valor total, se comparado ao ranking do mesmo período do ano passado, quando ocupou a quarta posição. O Machado, Meyer, Sendacz e Opice Advogados ocupa a segunda posição, a mesma do ano passado, porém com um aumento de 25 para 32 transações e um redução de 86% no valor, de USD 12,5bi para USD 1,8bi. O Pinheiro Neto Advogados ocupa a terceira posição, mesmo tendo mantido um volume de 31 transações, que garantiu a primeira posição no ranking de um ano atrás. O TozziniFreire Advogados subiu da oitava posição ocupada há um ano atrás para a quarta posição com um volume de 31 transações e um valor total de USD 1,8bi, o que representa um aumento de 122% no valor total. O Souza, Cescon, Barrieu & Flesch Advogados manteve a quinta posição, mesma ocupada há um ano atrás, mesmo tendo um aumento de 26% no volume, de 23 para 29 transações. O Barbosa, Müssnich, Aragão desceu três posições no ranking, passando a ocupar a sexta posição com 18 transações e valor total de USD 5,7bi, valor 38% menor do que o registrado há um ano atrás. O Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ocupa a sétima posição, não tendo estado entre os dez primeiros do ranking de um ano atrás. O Veirano Advogados ocupa a oitava posição, duas a menos em relação ao ranking do ano passado, com 17 transações e valor total de USD 5,7bi. O Demarest Advogados manteve a nona posição que ocupava no ranking do ano passado, desta vez com 17 transações e valor total de USD 2,4bi. O Lefosse Advogados ocupa a décima posição, depois de não ter estado entre os 10 primeiros do ranking há um ano atrás.

* Os Rankings TTR deste report são elaborados com transações anunciadas e/ou concluídas em 2016 Year to date. Estão incluídas transações de investimento e desinvestimento de Private Equity / Venture Capital, compra/venda de ativos e formação de Joint Ventures. Os Rankings de assessores jurídicos do México e do Brasil consideram apenas assessorias nas respectivas leis locais. Em todos os rankings são considerados apenas deals onde alguma empresa do respectivo país tenha sido target na transação, no caso do ranking LATAM, algum país latinoameircano. No ranking LATAM não há especificação sobre a lei da assessoria, além disso o filtro considera apenas firmas de UK/US.

Em caso de empate o critério de desempate é: empate por número de transações, se desempata com o valor total; empate por valor total, se desempata por número de transações. E quando exista um empate em número e valor, será mantida a mesma posição e a ordem será alfabética.

Brazilian textiles and apparel in vogue

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TTR-Deal-Tracker

TTR Deal Tracker
www.TTRecord.com

LATIN AMERICA

TTR Deal Tracker is a monthly email update identifying M&A trends in Latin America and compiling YTD rankings of leading financial and legal advisors

BRAZIL: Fashion and textile industry consolidation accelerates

The number of transactions in Brazil’s fashion and textiles industry grew by 167% to the close of August 2016 compared to the same period in 2015, according to TTR data (www.TTRecord.com).
The uptick in deal flow in the space was led predominantly by Brazilian firms, with just two cross-border deals in the sector YTD compared to one for the same eight months last year.

COLOMBIA: Real estate dealmaking picks up steam

Transaction volume in Colombia’s real estate segment jumped 75% in the first eight months of 2016 over the same period last year, according to TTR data (www.TTRecord.com).
Foreign buyers have demonstrated increased appetite for real estate assets, leading three transactions YTD compared to just one for the same eight months in 2015.

Rankings / League Tables

Latin America Ranking – 2016*

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA maintains a comfortable lead in TTR’s Latin America financial advisory ranking by deal volume and aggregate value at the close of August, with 27 advisory mandates under its belt worth a combined USD 15.6bn, the same number of transactions it advised on in the first eight months of 2015 when it also led the top 10. Its aggregate deal value is up 8% from USD 14.5bn a year ago, meanwhile. Banco Bradesco BBI climbed from sixth place a year ago to take second, its deal volume growing 250% from six to 21, the aggregate value of those transactions up 37% from USD 9.1bn to USD 12.5bn. BTG Pactual fell from second at the close of August 2015 to third a year later, its deal volume down 25% from 16 to 12, the aggregate value of its deals down 39% from USD 9.5bn to USD 5.8bn. Citigroup, in fourth with 11 deals under its belt YTD, was not among the top 10 financial advisors in the region a year ago. Banco Santander slipped from third place at the close of August 2015 to fifth, despite increasing deal volume by 38% from eight to 11 transactions and growing aggregate deal value 43% from USD 5.3bn to USD 7.5bn. BAML climbed from ninth a year ago to sixth, increasing deal count from four to 10, the combined value of its deals jumping from USD 777m to USD 12.2bn. BNP Paribas, in seventh, was not among the top 10 a year ago, nor was Morgan Stanley, in eighth. BBVA fell from fifth a year ago to ninth, despite maintaining the same deal volume and virtually the same aggregate value between the two eight-month periods. Vinci Partners brings up the rear in tenth, also with seven mandates YTD, after not appearing on the chart a year ago.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking at the close of August with 17 mandates worth a combined USD 2.5bn, representing a 23% decline in deal volume and an 81% increase in aggregate value relative to its 22 transactions together worth USD 1.4bn at the close of August 2015, when it also led the chart. Jones Day follows in second, as it did a year ago, its deal volume down from 17, its aggregate deal value down 89% from USD 2.5bn. Cleary Gottlieb Steen & Hamilton ranks third with 10 deals, followed by Linklaters in fourth with nine, neither having appeared among the top 10 for the first eight months of 2015. Clifford Chance, in fifth, and White & Case, in sixth, have also advised on nine transactions in the region YTD, the former falling from fourth in the chart a year ago when it’d advised on five deals worth USD 8.3bn, the latter down from fifth at the close of August 2015, when it’d also advised on five transactions, in its case worth USD 983m. Hogan Lovells, in seventh with six deals YTD, was absent from the chart a year ago and is tied by volume with Shearman & Sterling, which fell one position from seventh, despite having added one deal to its count of a year ago and increasing the aggregate value of its transactions by 65% from USD 724m. Chadbourne & Parke, in ninth with four deals YTD, was not among the top 10 a year ago. Skadden, Arps, Slate, Meagher & Flom brings up the rear with three deals together worth USD 2.7bn, down from five a year ago together worth USD 866m.

Brazil Ranking* – 2016
Financial Advisory – Year to Date (YTD)


Banco Itaú BBA leads TTR’s Brazil financial advisory ranking at the close of August with 22 deal mandates YTD worth a combined USD 11.6bn, down by a single transaction from its 23 deals worth USD 14bn a year ago when it also led the chart. Banco Bradesco BBI rose from third to second place, up 250% by volume and 37% by aggregate value from its six transactions worth USD 9.1bn at the close of August 2015. Banco BTG Pactual fell from second to third despite having added one transaction to its count of a year ago. The aggregate value of BTG Pactual’s deals is down 45% from USD 8.4bn, meanwhile. BAML, in fourth, was not among the top 10 banks advising on M&A in Brazil in the first eight months of 2015, nor was Vinci Partners, in fifth, Banco Santander, in sixth, or Rothschild in seventh place. BR Partners ranks eighth, falling one position from seventh a year ago, despite having added one transaction to its deal count and increasing the combined value of its deals by 625% from USD 176m. Morgan Stanley, in ninth, and BNP Paribas, in tenth, were both absent from the top 10 ranking at the close of August 2015.

Legal Advisory – Year to Date (YTD)


Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados leads TTR’s Brazil legal advisory ranking for the first eight months of 2016 with 34 transactions worth a combined USD 14.7bn, representing a 48% increase in deal volume and a 65% spike in the combined value of its deals compared to a year ago, when it ranked fourth with 23 deals together worth USD 8.9bn. Machado, Meyer, Sendacz e Opice Advogados holds firm to its second place ranking of a year ago, its deal count up from 25 to 32, the combined value of its deals down 86% from USD 12.5bn to USD 1.8bn. Pinheiro Neto Advogados fell from first a year ago to third in the chart while maintaining the same deal volume. The firm’s deals are together worth 3% less than a year ago when the combined value of its transactions totaled USD 9.5bn. TozziniFreire Advogados climbed from eighth a year ago to take fourth place, its deal volume up 94% from 16 to 31, the aggregate value of its deals up 122% from USD 798m to USD 1.8bn. Souza, Cescon, Barrieu & Flesch Advogados holds onto the same fifth place ranking it held a year ago, notwithstanding a 26% increase in deal volume from 23 to 29 and a 16% decline in its aggregate deal value from USD 4bn to USD 3.4bn. Barbosa, Müssnich, Aragão fell three places in the chart to take sixth, its deal volume down from 23 to 18, its aggregate value down 38% from USD 9.1bn to USD 5.7bn. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ranks seventh after not appearing among Brazil’s top 10 M&A firms a year ago. Veirano Advogados fell two positions in the ranking to take eighth as it lost two transactions relative to its deal count a year ago and increased aggregate deal value 1,300% from USD 408m to USD 5.7bn. Demarest Advogados held onto its ninth place ranking of a year ago while adding one deal to its count and increasing the combined value of its deals nearly 3,000% from USD 79m to USD 2.4bn. Lefosse Advogados brings up the rear in tenth place after not placing on the top 10 chart at the close of August 2015.

Mexico Ranking* – 2016

Financial Advisory – Year to Date (YTD)

BBVA leads TTR’s Mexico financial advisory ranking at the close of August, advising on five transactions YTD, the same deal volume of a year ago when it also led the chart, the aggregate value of its deals virtually unchanged between the two eight-month periods. Citigroup jumped five places to take second, adding three transactions to its count of a year ago and upping aggregate deal value 269% from its sole transaction worth USD 1.2bn to four worth USD 4.5bn combined. Deutsche Bank ranks third after not placing among the top 10 to the close of August 2015. JPMorgan, in fourth, was also absent from the top 10 chart a year ago, as was Morgan Stanley, in fifth, and Lazard, in sixth. RIóN M&A ranks seventh with two transactions YTD of undisclosed value, down from three a year ago. Goldman Sachs, in eighth, PC Capital, in ninth, and UBS, in tenth, were all absent from the top 10 at the close of August 2015.

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking for the first eight months of 2016 with 18 mandates together worth USD 3.3bn, the same deal volume it had for the corresponding period in 2015 when it also led the chart. The aggregate value of its deals fell 66% from USD 9.5bn a year ago, meanwhile. Galicia Abogados held on to its deal count of 10 of a year ago, climbing one place in the chart to take second, its aggregate deal value up 24% from USD 2.8bn to USD 3.4bn. Ritch, Mueller, Heather y Nicolau ranks third with five deals YTD after not placing among the top 10 legal advisors in Mexico in the first eight months of 2015. White & Case México added one transaction to its count of a year ago, climbing six places to take fourth, notwithstanding a 28% decline in aggregate value from USD 983m to USD 704m. Mijares, Angoitia, Cortés y Fuentes, also with five M&A mandates YTD, fell three places in the chart to take fifth, the combined value of its deals down 80% from USD 3.5bn at the close of August 2015. Jones Day México lost two deals relative to its count of a year ago and fell two places in the chart to take sixth, its aggregate deal value down 90% from USD 2.2bn. Santamarina y Steta Abogados, in seventh, and Von Wobeser y Sierra, in eighth, were both absent from the top 10 a year ago. Basham Ringe y Correa fell two places in the chart to take ninth, its deal count down by two, its aggregate deal value down 93% from USD 1.4bn at the close of August 2015. Robles Miaja Abogados brings up the rear in tenth with its two transactions after not placing among the top 10 M&A firms advising in Mexico in the first eight months of 2015.

* TTR Rankings are generated with transactions announced or closed in 2016 year-to-date. The ranking includes sales and acquisitions of shares and of assets, creation of joint ventures, and Private Equity/Venture Capital investments. The legal advisor rankings for Brazil and Mexico take into consideration advisory services regarding domestic laws. All rankings only include deals where a company of the respective country was the target of the transaction. In the case of LATAM, it would be a Latin American country. The LATAM ranking does not specify the origin of the advisory law, so the filter only considers firms from the UK/US.

In case of a draw, the adopted criteria will be the following: if the draw is due to number of transactions, the total deal value prevails; if it is due to deal value, the number of transactions prevail. When a draw of both number of transactions and deal value occurs, the same position will be retained and the deals will be arranged alphabetically.