TTR Deal Tracker
www.TTRecord.com
LATIN AMERICA
BRAZIL: Appetite grows among international investors for Brazilian consulting firms
International buyers have demonstrated strong appetite for Brazilian consulting, engineering and auditing firms in the first 11 months of 2015 with a 46% increase in transactions in the segment compared to the same period in 2014, according to TTR data (www.TTRecord.com). The appetite from international acquirers in the segment has grown 42%, meanwhile, with 37 deals YTD in 2015 led by foreign buyers compared to 26 for the corresponding period last year.
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MEXICO: Glass, ceramics, paper, plastics, wood and timber deals skyrocket
The number of inbound deals in the glass, ceramics, paper, plastics, wood and timber industry, including asset acquisitions and joint ventures, skyrocketed 700% in the first 11 months of 2015 compared to the same period last year, according to TTR data (www.TTRecord.com). US-based buyers dominated these transactions for the period.
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Rankings / League Tables
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Latin America Ranking – 2015
Financial Advisory – Year to Date (YTD)
Banco Itaú BBA leads TTR’s Latin America financial advisory ranking for the first 11 months of 2015 with 43 mandates on deals worth a combined USD 61.4bn. The leading investment bank in the region advised on 63 deals worth a combined 51.7bn in the January-to-November period in 2014, when it also led the chart, representing a 32% decline in deal volume and a 19% jump in aggregate value. Banco BTG Pactual continues to hold second place, as it did a year ago, with 34 deals worth USD 61.2bn in aggregate compared to 33 worth USD 34bn combined in the 11-month period ending a year ago. Banco Bradesco BBI rose two positions relative to its ranking at the close of November, 2014 to take third place with 20 deals YTD worth USD 55.8bn in aggregate, compared to 14 worth USD 14bn combined a year ago when it ranked fifth. BR Partners climbed from tenth a year ago to take fourth, advising on 12 deals together worth USD 5bn YTD compared to 10 worth USD 3.4bn at this time last year. Banco Santander switched places with Bradesco, falling from third to fifth in the chart as a result of deal volume falling 42% from 19 transactions in the first 11 months of 2014 to 11 in the January-to-November period this year, together worth USD 20bn then and USD 28.5bn YTD. BAML fell from fourth to sixth in the chart, meanwhile, with 16 deals to 30 November, 2014 worth USD 32.2bn combined and 10 worth USD 22.7bn YTD. BBVA, in seventh, and Vinci Partners, in eighth, were absent from the top 10 a year ago, as was PwC, in ninth, and Rothschild, bringing up the rear.
Legal Advisory – Year to Date (YTD)
Baker & McKenzie has risen to the top of TTR’s Latin America legal advisory ranking for the first 11 months of 2015 with 24 mandates on transactions worth a combined USD 6.1bn. Despite maintaining the lead it enjoyed a year ago, Baker’s deal volume has declined 14% and the aggregate value of its transactions has fallen 73%. Jones Day climbed two positions to take second place in the chart with 21 deals together worth USD 8.1bn, representing a 62% increase in deal volume and an 88% jump in the combined value of its mandates compared to its performance for the 11 months ending 30 November, 2014. Skadden, Arps, Slate, Meagher & Flom ranks third after not appearing among the top 10 for the corresponding period last year. Clifford Chance rose from eighth in the chart a year ago to take fourth, with eight deals in both periods, YTD worth USD 45.2bn compared to USD 59.1bn for the corresponding period ending a year ago. Greenberg Traurig holds to its fifth-place ranking despite deal volume declining 38% and the combined value of its transactions falling 83% relative to this time last year. White & Case fell from second a year ago to take sixth place in the chart, its deal volume falling 50% from 16 a year ago and the aggregate value of its transactions down 98%. Shearman & Sterling climbed from tenth a year ago to take seventh in the chart, despite a 13% decline in deal volume. Holland & Knight, in eighth, was not among the top 10 a year ago. Simpson Thacher & Bartlett fell from third to rank ninth, its deal volume declining 60% while the combined value of its transactions increased 49%. Linklaters fell from seventh to bring up the rear in tenth place owing to a 33% decline in deal value and a 23% fall in aggregate deal value.
Brazil Ranking – 2015
Financial Advisory – Year to Date (YTD)
Banco Itaú BBA leads TTR’s Brazil financial advisory ranking for the first 11 months of 2015 with 40 deal mandates under its belt worth a combined USD 61bn. It also led the chart for the 11 months ending a year ago when it’d advised on 52 deals together worth USD 16bn. Banco BTG Pactual follows in second, with 23 deals worth USD 59bn in aggregate compared to 29 together worth USD 32bn a year ago. Banco Bradesco BBI climbed one position in the chart relative to its performance to 30 November, 2014, to take third with 19 deals together worth USD 55.8bn. Bradesco advised on 14 deals worth USD 14bn combined in the first 11 months of 2014. BR Partners also climbed one position to take fourth with 10 deals together worth USD 5bn compared to 10 worth USD 3.4bn a year ago. Vinci Partners climbed from seventh a year ago to take fifth place in the chart, with 10 deals together worth USD 1.8bn YTD compared to nine worth USD 525m a year ago. BAML remains in sixth place where it stood a year ago, its deal volume having fallen 11% and its combined deal value increasing 126% from USD 9.9bn to USD 22.4bn. IGC partners Asseoria Empresarial, in seventh, was not among the top 10 for the first 11 months of 2014, nor was Rothschild, in eighth, JPMorgan, in ninth, nor Deutsche Bank, bringing up the rear.
Legal Advisory – Year to Date (YTD)
Pinheiro Neto Advogados tops TTR’s Brazil legal advisory ranking for the first 11 months of the year with 60 transactions under its belt together worth USD 51.1bn, up from second place a year ago when it’d also advised on 60 transactions, then worth USD 25.4bn in aggregate for a 102% increase in combined deal value. Mattos Filho has fallen to second place as a result of Pinheiro Neto’s rise to the top, but remains close behind with 57 mandates YTD together worth USD 56.7bn putting it in the lead by aggregate deal value. A year ago it led by deal volume and combined value with 66 transactions together worth USD 43.4bn. Machado, Meyer, Sendacz e Opice Advogados, rose from fourth to third with its 41 mandates YTD together worth USD 42bn, compared to 42 a year ago worth USD 6.6bn. Veirano Advogados, is up two positions relative to its performance in the first 11 months of 2014 to take fourth with 38 deals together worth USD 18.5bn, representing a 185% increase in combined deal value compared to a year ago. Souza Cescon Advogados ranks fifth with 33 deals together worth USD 22bn, up from seventh a year ago when it’d advised on 32 deals together worth USD 26.3bn. Barbosa, Müssnich, Aragão ranks sixth, with 32 deals YTD together worth USD 32.7bn compared to 31 a year ago worth USD 25.6bn when it ranked eighth. Demarest Advogados climbed from tenth to take seventh, its deal volume increasing 7% while the aggregate value of its mandates fell 70% to USD 6.7bn. TozziniFreire Advogados fell three positions to rank eighth, its deal volume falling 28% and the combined value of its mandates down 80% YTD relative to the first 11 months of 2014. Pinheiro Guimarães Advogados ranks ninth with 25 deals thus far in 2015 together worth USD 23.6bn, its deal volume up 317% and aggregate deal value up 466% compared to a year ago when it didn’t rank among the top 10 firms in Brazil. Koury Lopes Advogados ceded its ninth place position of a year ago to Pinheiro Guimarães, its deal volume falling 39% and the combined value of its transactions down 94%, putting it in tenth place in the chart.
Mexico Ranking – 2015
Financial Advisory – Year to Date (YTD)
BBVA tops TTR’s Mexico financial advisory ranking for the first 11 months of 2015 with six transactions together worth USD 8.8bn. The leading investment bank in Mexico ranked third a year ago when it’d advised on three transactions in the country. Spanish rival Banco Santander ranks second with four deals worth USD 4.3bn in aggregate YTD compared to one for the corresponding period ending a year ago, worth USD 3bn, which had put it in tenth place. Pablo Rión y Asociados ranks third, also with four deals YTD, after not placing among the top 10 for the 11-month period ending a year ago. Citigroup, in fourth, climbed one position by adding one transaction to its performance of a year ago, advising on three deals YTD together worth USD 3.8bn compared to two a year ago worth USD 4bn. Evercore Partners ranks fifth, increasing deal volume from one and aggregate value 9,000% relative to a year ago when it didn’t place among the top 10. Alfaro, Dávila y Ríos, in sixth, was also absent from the top 10 a year ago, as was Credit Suisse Group, in seventh, Lazard, in eighth and Vace Partners in ninth, all of them advising on two transaction in Mexico YTD. BAML fell three positions to bring up the rear with its two mandates together worth USD 311m. For the 11-month period ending a year ago it’d advised on two deals worth USD 1.4bn combined.
Legal Advisory – Year to Date (YTD)
Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking for the first 11 months of 2015 with 26 deal mandates under its belt together worth USD 42.2bn. Mexico’s top law firm also led the chart a year ago, when it’d advised on 24 deals together worth USD 19.2bn for the corresponding period. Mijares, Angoitia, Cortés y Fuentes retains its second place ranking of a year ago, with 18 mandates this year together worth USD 13.8bn compared to 14 a year ago worth USD 7bn. Galicia Abogados rose two positions to take third place, its deal volume growing by 86% and its aggregate deal value up 413% compared to a year ago when it’d advised on seven deals in the first 11 months of the year together worth USD 2.7bn. Jones Day, in fourth, was not among the top 10 M&A firms in Mexico a year ago. Holland & Knight increased its deal count by one transaction and jumped two spots to rank fifth compared to a year ago with six deals together worth USD 1.7bn. White & Case, also with six deals YTD ranks sixth, down 33% by volume and 95% by aggregate value from its nine deals together worth USD 7.2bn a year ago when it ranked third. Nader Hayaux & Goebel Abogados, in seventh, is up one position relative to a year ago, advising on five deals in both periods while increasing aggregate deal value 8,000% from USD 313m to USD 25.5bn. Santamarina y Steta Abogados ranks eighth after not appearing in the top 10 ranking a year ago. Basham Ringe y Correa holds the same ninth place ranking it held for the first 11 months of 2014, despite adding one transaction to its deal count. Ritch Mueller fell six positions to bring up the rear, also with five deals. Ritch Mueller advised on eight transactions in the corresponding period of 2014, together worth USD 6.3bn.