TTR Deal Tracker
www.TTRecord.com

LATIN AMERICA

BRAZIL: Mining industry digging up more deals

Transactional activity in Brazil’s mining industry, including joint ventures and asset sales, has increased 62% YTD in 2015 compared to the first nine months of 2014, according to TTR data (www.TTRecord.com). Transactions led by international buyers are up by 50% with 14 such deals thus far in 2015 compared to six in the same period of 2014.

MEXICO: Appetite for Spain-based targets continues to grow

Mexican acquirers continue to place their bets on Spain, with 15 transactions targeting companies in the Iberian country YTD, worth a combined USD 908m, according to TTR Data (www.TTRecord.com). This represents a 50% increase in deal volume and a 95% increase in the combined value of acquisitions in Spain led by Mexican buyers, compared to the first nine months of 2014.

Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA leads TTR’s Latin America financial advisory ranking at the close of 3Q15 after advising on 39 transactions YTD worth a combined total of USD 19.9bn. Deal volume is down 25% while aggregate deal value is up 128% for the region’s top bank compared to its performance in the first three quarters of 2014 when it’d advised on 52 transactions worth a combined USD 8.7bn. Banco BTG Pactual follows in second with 26 deals worth USD 18.8bn in aggregate. It also placed second at the close of 3Q14 when it’d advised on 30 deals together worth USD 11.2bn, when it led by combined value. Banco Santander ranks third as it did a year ago, with 11 deals worth 9.7bn in total compared to 14 worth USD 3.6bn in the first three quarters of 2014. Banco Bradesco rose one position in the ranking to take fourth, switching places with BAML which placed fourth at the close of September, 2014, and now ranks fifth. The two banks are tied by deal volue with nine transactions apiece, Bradesco’s worth USD 15.5bn combined compared to BAML’s USD 6bn. A year ago the two banks had each advised on 12 deals, BAML’s then worth USD 10bn combined compared to Bradesco’s 5.1bn. BBVA, in sixth, didn’t place among the top ten financial advisors in Latin America in the first nine months of 2014, nor did BR Partners in seventh, PwC, in eighth, JPMorgan, in ninth, nor Rothschild, bringing up the rear in tenth place. JPMorgan ranks third regionally by aggregate deal value, with USD 18bn in combined deals YTD.

Legal Advisory – Year to Date (YTD)

Jones Day leads TTR’s Latin America legal advisory ranking at the close of 3Q15 by a long shot, with 21 mandates YTD in the region, worth a combined USD 2.7bn, up from fourth place a year ago when it’d advised on 12 deals together worth just under USD 2bn. Baker McKenzie has been bumped from first to second place, with 12 mandates YTD worth USD 1.4bn compared to 24 a year ago worth USD 9.6bn. Clifford Chance rose six places to take third by volume, relative to its position at the close of 3Q14, with seven transactions YTD worth USD 13.9bn in aggregate. The UK firm leads the ranking by aggregate value more than doubling the combined deal value of its closest rival. Skadden, Arps, Slate, Meagher & Flom, in fourth, was absent from the top 10 ranking a year ago. Simpson Thacher & Bartlett fell from second at the end of September, 2014, to take fifth a year later, owing to a 54% decline in deal volume from 13 to six transactions. Millbank, Tweed, Hadley & McCloy, in sixth, and Akin Gump Stauss Hauer & Feld, in seveth, did not rank in the regional top 10 for the first three quarters of 2014, nor did Shearman & Sterling in eighth, Holland & Knight in ninth, and Hogan Lovells in tenth.

 

Brazil Ranking – 2015

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA leads TTR’s Brazil financial advisory ranking at the close of September by volume and value, with 36 transactions under its belt together worth USD 19.7bn. Combined deal value is up 320% for Brazil’s top financial advisor, notwithstanding a 14% decline in deal flow. Banco BTG Pactual ranks second by volume and value, despite a 35% decline in advisory mandates compared to the same nine months of 2014, when it’d advised on 26 transactions together worth USD 10bn. The two leading banks in Brazil held the same rank a year ago. Banco Bradesco rose one place from fourth a year ago to take third, with nine transactions worth a combined USD 15.5bn YTD, compared to 12 worth USD 5.1bn at the close of September, 2014. BR Partners rose from eighth a year ago to place fourth at the close of 3Q15, increasing its deal volume by 60% from five to eight, notwithstanding a 33% decline in aggregate transaction value from USD 556m to USD 373m. BAML follows in fifth, with seven deals together worth USD 5.9bn, compared to five worth USD 482m a year ago when the US bank ranked ninth, representing a 40% bump in volume and a 1,131% increase in combined value. JPMorgan ranks seventh with five deals worth USD 18bn combined to rank third by aggregate value, after not placing among the top 10 in the first three quarters of 2014. Rothschild too was absent from the top 10 a year ago, and now ranks seventh, also with five deals, in its case worth USD 12.9bn. Vinci Partners fell from fifth to eighth for its five transactions YTD, compared to nine at this stage last year. PwC, in ninth, was absent from the top 10 financial advisors in Brazil a year ago, as was Deutsche Bank, in tenth.

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 3Q15 with 40 transactions under its belt together worth USD 16bn, compared to 49 worth USD 10bn in aggregate a year ago, when it also led the chart. Pinheiro Neto Advogados is tied with the leader by volume, but ranks second on account of its USD 10.1bn in combined deals. The leading two firms held the same rank at the close of September, 2014. Machado, Meyer, Sendacz e Opice Advogados added one deal to its total of 31 a year ago and rose one place in the ranking to take third, its aggregate deal value increasing 476% from USD 2.2bn. Souza Cescon Advogados added four transactions to its tally at the end of September, 2014 to close 3Q15 with 31 transactions worth USD 6.6bn in total. Veirano Advogados rose two positions from seventh place a year ago to take fifth, increasing deal volume by 7% and aggregate value by 281%. Barbosa, Müssnich, Aragão climbed from tenth a year ago to take sixth place, increasing deal volumen by 33% and combined deal value by 107%. Demarest Advogados rose from ninth at the close of 3Q14 to seventh a year later, with 27 deals YTD compared to 23 at the close of September, 2014, notwithstanding an 11% decline in aggregate deal value. Pinheiro Guimarães Advogados, in eighth, did not place in the top 10 ranking at the close of 3Q14. TozziniFreire Advogados, in ninth, lost nine transactions compared to its performance a year ago, while the combined value of its deals fell by 73%. Derraik & Menezes Advogados appears for the first time in 2015 among the top 10 to bring up the rear with 14 deals together worth USD 62m. The firm did not rank among the top 10 in the first nine months of 2014.

Mexico Ranking – 2015

Financial Advisory – Year to Date (YTD)

BBVA leads the pack in TTR’s Mexico financial advisory ranking at the close of 3Q15, with five advisory mandates together worth USD 2.6bn. A year ago, when it’d advised on three transactions for the first nine months of 2014, it also topped the chart. Banco Santander climbed from tenth a year ago to take the number two spot, with four deals together worth USD 1.5bn YTD, compared to one in the first nine months of 2014 worth USD 1.3bn. Pablo Rión y Asociados didn’ t place among the top 10 financial advisors by the close of September, 2014, and is now tied by volume with Santander, but lags by the disclosed combined value of its four advisory mandates. Evercore Partners, in fourth, and Alfaro, Dávila y Ríos, in fifth, were also absent from the leading 10 financial advisors at the end of 3Q14. Of the trailing five firms in the top 10, only BAML, in ninth, and Deutsche Bank, in tenth, placed among the leading firms a year ago, when both had advised on two transactions. BAML’s combined deal value fell 86% while Deutsche Bank increased aggregate value by 73% over the same period.

Legal Advisory – Year to Date (YTD)

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking at the close of September with 22 mandates under its belt worth a combined USD 6.8bn. It also led the chart a year ago when it’d advised on 20 deals together worth USD 8.6bn. Mijares, Angoitia, Cortés y Fuentes follows in second, as it did a year ago, with 17 deals YTD compared to 13 in the first nine months of 2014, representing a 31% increase in deal volume and a 48% jump in aggregate value. Galicia Abogados rose two positions to place third in the chart, with 10 mandates YTD worth USD 5.3bn, compared to six a year ago worth USD 1.2bn. Jones Day ranks fourth after not placing among the top 10 last year at the close of 3Q14. Nader Hayaux & Goebel Abogados, in fifth, was also absent from the top 10 at the close of September, 2014, as was Santamarina y Steta Abogados, in sixth. Basham Ringe y Correa increased its deal count by two transactions to climb one position in the ranking compared to the first nine months of 2014, while boosting the combined value of its deals exponentially from USD 5m to USD 1.4bn. Holland & Knight gained one transaction relative to its performance in the first three quarters of 2014, but fell from seventh to eighth in the ranking nonetheless, its combined deal value falling by 78% to USD 500m from USD 2.3bn a year ago. Ritch Mueller’s deal count fell from eight in the first nine months of 2014 when it ranked third, to three YTD, putting the firm in ninth, while its aggregate deal value fell from USD 2.8bn to USD 204m. White & Case deal volume has declined from seven to three over the same period, putting it in tenth, while the aggregate value of its deals fell 88% from USD 686m to USD 83m.