Tecnologia e Internet lideram o mercado transacional 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: Tecnologia e Internet lideram o mercado transacional em 2016

O número de transações envolvendo empresas que atuam nos segmentos de Tecnologia e Internet foi destaque  entre janeiro e dezembro de 2016. O setor se consolidou como o mais ativo do ano, com um aumento de 17,4%, se comparado ao mesmo período de 2015, de acordo com os dados do TTR (www.TTRecord.com).

O ano de 2016 também foi marcado pela retração nestes setores de transações envolvendo a aquisição de empresas brasileiras por parte de estrangeiras. Foram 68 operações frente a 82 registradas em 2015.  Tal como ocorreu no ano anterior, as empresas estadunidenses foram as que mais investiram em negócios brasileiros em 2016.

Rankings / League Tables

Brasil Ranking – 2016

Assessoria Financeira – 2016
Por valor total de transações

O pódio do último ranking TTR de valor de 2016 se manteve no azul. Os três primeiros colocados apresentaram valores muito superiores aos líderes da tabela em 2015. O primeiro colocado, Banco Bradesco BBI, subiu cinco posições e alcançou crescimento de 154%, aproximadamente 61 milhões de dólares a mais que o ano anterior. Na sequência, o Banco Itaú BBA ficou em segundo lugar com o aumento de 21% e o Bank of America ganha destaque com 1118% de incremento.

O BTG Pactual manteve a mesma posição do ano anterior ainda que com redução de 36% no volume de 2016. A britânica J.P. Morgan Chase International Holdings reduziu em 25% o valor acumulado em transações. A Rothschild, em sexto, cresceu 12%.

O Banco Santander, que não figurava no ranking de 2015, conquistou o sétimo lugar mesmo com 15% de redução. As estadunidenses Morgan Stanley e Goldman Sachs também decresceram em 36% e 67%, respectivamente. Fecha a tabela a suíça UBS, que cresceu 218%.

Assessoria Financeira – 2016
Por número total de transações

Oito bancos e assessores financeiros fecharam o ano de 2016 com aumento no número de transações. Sob esta perspectiva, o mercado de M&A brasileiro conclui o período com retomada de crescimento e otimismo em relação a 2017.

O último ranking TTR de volume do ano é liderado pelo Banco Itaú BBA, que se manteve no topo mesmo com redução de 19% comparado a 2015. O segundo colocado, Banco Bradesco BBI, apresentou aumento de 75% em volume de um ano ao outro. Já o BTG Pactual desceu uma posição no pódio com a redução de 17%, mas fechou o período com a medalha de bronze e 24 transações.

O estadunidense Bank of America, que não estava no ranking de 2015, apresentou uma evolução de 220% e conquistou a quarta posição. Em quinto lugar, a Cypress Associates teve o maior crescimento do período, 450%. Na sequência, a Vinci Partners manteve a posição do ano anterior, com aumento de 11%. O BR Partners desceu duas colocações na tabela, mas manteve o número de transações.

A J.P. Morgan Chase International Holdings e o francês BNP Paribas não figuraram no ranking de 2015, mas com o crescimento de 75% e 100%, respectivamente, ganharam espaço na tabela de 2016. Em décimo lugar está a francesa Rothschild, que decresceu 17% e uma posição.

Assessoria Jurídica – 2016
Por valor total de transações

O escritório destaque em 2016 no ranking TTR de valores é Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados, que encerrou o ano com um crescimento de 104% e duas posições acima em relação a 2015. Na sequência, Pinheiro Neto Advogados manteve a segunda posição conquistada também no ano anterior, entretanto com uma redução de 12%. Em terceiro lugar, o Veirano Advogados, que não estava no ranking de 2015, se destaca com crescimento de 584%.

Lefosse Advogados subiu duas posições na tabela com 72% de aumento no valor de suas transações. TozziniFreire Advogados apresentou o maior crescimento do ano 890%, e ficou com a quinta posição. Em sexto lugar está Souza, Cescon, Barrieu & Flesch Advogados com incremento de 20% e uma posição abaixo na tabela.

Os escritórios Barbosa, Müssnich, Aragão e Machado, Meyer, Sendacz e Opice Advogados apresentaram redução no valor de 35% e 74%, respectivamente. Em nono lugar, Pinheiro Guimarães Advogados registrou aumento de 200%, seguido de Demarest Advogados, que também cresceu 139% em relação a 2015.

Assessoria Jurídica – 2016
Por número total de transações

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados é também o líder 2016 do ranking TTR de volume de transações, com crescimento de 20%. Igualmente vice-campeão, Pinheiro Neto Advogados conquista a segunda posição com decréscimo de 9%. O terceiro colocado, Machado, Meyer, Sendacz e Opice Advogados registrou aumento de 16%. O pódio de 2016 contabilizou mais transações que os três primeiros colocados do ano passado.

Em quarto lugar está o escritório Souza, Cescon, Barrieu & Flesch Advogados com 14% de crescimento. TozziniFreire Advogados conquistou a quinta posição com 32% de aumento. Barbosa, Müssnich, Aragão, Veirano Advogados e Demarest Advogados baixaram uma colocação cada no ranking com redução de 18%, 23%, e 24% respectivamente.

A tabela volta a ficar positiva nas duas últimas colocações, que não figuravam entre os dez em 2015. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados apresentou crescimento de 28% e Lefosse Advogados, 60%.

* 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 Brasil consideram apenas assessorias nas respectivas leis locais. Em todos os rankings são considerados apenas deals nos quais alguma empresa do respectivo país tenha sido target na transação.

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 dezembro) de 2015 para fazer as comparações dispostas acima.

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.

Setor de mineração atrai crescente interesse internacional

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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: Setor de mineração atrai crescente interesse internacional

O volume de transações na indústria de mineração brasileira cresceu 62,5% no primeiros seis meses de 2016 em relação ao mesmo período do ano passado, de acordo com os dados do TTR (www.TTRecord.com).

O investimento internacional no setor cresceu bastante entre os dois períodos, com dez transações lideradas por compradores estrangeiros no acumulado do ano em comparação com as três transações registradas nos primeiros seis meses de 2015.

Rankings / League Tables

Brasil Ranking – 2016

Assessoria Financeira – Year to Date (YTD)

O Banco Bradesco BBI lidera o ranking brasileiro de assessoria financeira com 12 mandatos nos primeiros seis meses de 2016, com um valor total de USD 2,8bi, o dobro do registrado um ano atrás quando esteve na terceira posição do ranking com seis mandatos e um valor total de USD 9,1bi. O Banco BTG Pactual ocupa a segunda posição no ranking do primeiro semestre de 2016, mesma posição que ocupou no mesmo período de 2015. Porém o valor combinado das transações sofreu uma redução de 70%. O Banco Itaú BBA, que ocupou a primeira posição um ano antes, ocupa a terceira posição com nove mandatos e valor agregado de USD 2bi. O Bank of America Merill Lynch, na quarta posição com cinco mandatos YTD, não esteve entre os 10 primeiros assessores em transações de M&A no primeiro semestre do ano passado. O BR Partners, em quinto, está empatado com o BAML em número de mandatos com um valor agregado de aproximadamente USD 1,3bi. O Vinci Partners, em sexto lugar, também assessorou cinco transações no primeiro semestre de 2016, depois de não ter  estado entre os 10 primeiros do ranking um ano atrás. O Morgan Stanley também não esteve entre os 10 primeiros há um ano atrás, assim como o BNP Paribas, Citigroup e Banco Santander, in sétimo, oitavo, nono e décimo respectivamente.

Assessoria Jurídica – Year to Date (YTD)

O Pinheiro Neto lidera o ranking TTR de assessoria jurídica para os primeiros seis meses de 2016, com 25 transações assessoradas e um valor total agregado de USD 4,4bi, representando um aumento de 14% no volume e uma redução de 53% no valor agregado. O Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados está empatado em número de transações com o Pinheiro Neto, porém com um valor total agregado de USD 2,3bi. O Souza, Cescon, Barrieu & Flesch Advogados está na terceira posição com 24 transactions YTD, que representa um aumento de 9% em relação ao mesmo período de 2015, porém com um valor agregado 22% menor. O TozziniFreire Advogados subiu duas posições no ranking em relação ao ano passado, com um aumento de 33% no volume, 20 transações, e 73% no valor total agregado, USD 1,3bi. O Machado, Meyer, Sendacz e Opice Advogados caiu da primeira posição há um ano atrás para a quinta posição, com uma redução de 13% no volume e de 95% no valor total agregado. O Barbosa, Müssnich, Aragão ocupa a sexta posição com 16 mandatos e valor total agregado de USD 1,3bi. O Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ocupa a sétima posição depois de não ter estado entre os dez primeiros no mesmo período do ano anterior. O Lefosse Advogados, em oitavo, também não esteve entre os dez primeiros há um ano atrás. O Veirano Advogados ocupa a nona posição com 12 transações e valor total de USD 140m, representando um redução de 8% em volume e 55% em valor total agregado. O Demarest Advogados está na décima posição com 11 transações e um valor agregado de USD 2,4bi.

* 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.

TTR Dealmaker Q&A – Alessandro Farkuh (Banco Bradesco BBI)

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TTR Dealmaker Q&A

January, 2016

J&F Investimentos acquires Camargo Corrêa´s 44% stake in Alpargatas 

USD 672m

Alessandro Farkuh 
Banco Bradesco BBI

On 23 December, J&F Investimentos closed the acquisition of a 44.12% stake in Brazil’s leading footwear manufacturer, Alpargatas, from Camargo Corrêa, a month to the day after the transaction was officially announced. Alessandro Farkuh, Head of Mergers & Acquisitions at Banco Bradesco BBI, led the investment banking team that advised the seller on its exit from the shoe business, which was unconditionally approved by Brazilian regulator, CADE.

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Q: How did Bradesco BBI land this mandate?

A: We have been advising Camargo Corrêa in several transactions. Bradesco BBI has been the investment bank of the CCSA group. As it regards Alpargatas, specifically, we have led every M&A transaction for them since 2012, including its 60% acquisition of Osklen, currently one of its most important brands, together with Havaianas. We advised the acquisition of 30% in 2012 and then, at the end of 2014, we helped Alpargatas exercise its option to acquire another 30% and consolidate the control of Osklen. We also helped them in the negotiation to renew the licensing agreement with Mizuno for 26 years, as announced in 2014. Finally, most recently we worked for them on two parallel fronts; on the one hand helping Camargo Corrêa to sell its controlling stake, and on the other hand working with Alpargatas to sell the businesses units related to its Topper and Rainha brands.

Q: What prompted this transaction?

A: Our client was seeking liquidity; that was the principles reason. The rationale behind putting Alpargatas in the street was purely an economic decision, to strengthen Camargo Corrêa’s financial position.

Q: Why was Alpargatas the chosen divestiture candidate?

A: Camargo Corrêa is a large portfolio manager. We see CCSA transforming itself, in essence, into an investor group which manages a portfolio of sizable investments. They have the power business, the cement business, the transport/concession business, textiles, very different business units that are not necessarily dependent on each other. At the middle of last year, Alpargatas was the most viable asset Camargo Corrêa had that could be sold. It didn’t depend on any third party or shareholder. It’s a company that’s been performing well for several years and profitable enough to justify a sizable amount of proceeds. Also, we were confident that announcing the sale of its Topper and Rainha brands, given those operations were not exactly aligned with the strategy of Havaianas, Osklen and Mizuno, would help to propel the sale process. In hindsight, I’m 100% sure they made the right decision.

Q: How was the transaction structured and presented to the market?

A: Alpargatas was extremely well organized and 100% professionalized. We were conducting the transaction at Camargo Corrêa’s level and putting a lot of energy to minimize any interference on the company’s day-to-day operation. We were there organizing the information to support a truly competitive process. Due to market rumors, our client decided to formalize the transaction through a stock exchange announcement in August and confirmed we were helping; once that happened we needed to expand access to an even larger number of interested parties. The transaction attracted several large financial and strategic investors, with local and global operations. As in any relevant transaction similar to this one, at the end of the day we had some guys with a lot more focus on the process than others. We saw strategic buyers trying to join forces with financial investors; global companies and global funds with widely different profiles. The one that was most agile, that understood our concerns and how we were trying to speed up the process, ended up acquiring the company.

Q: How would you describe the pool of suitors?

A: Havaianas is a global brand. It’s one of the very few brands that can be recognized anywhere in the world. It has operations in all continents. When you talk about selling Havaianas and all the other brands of Alpargatas’ portfolio, every group focused on luxury consumer products globally, Americans, Europeans, the most important players related to consumer products, demonstrated interest. We were being extremely selective to make sure everybody who came into the process had the conditions to write the check we sought and to assess the asset quickly. Considering the fact that it was almost a BRL 3bn transaction, it required a lot of energy from the interested parties to justify putting that amount of money in Brazil, to minimize execution risks, and to make sure they were doing the right transaction based on the right terms, so you had a lot of groups coming together to form consortia.

Q: How did you avoid selling the asset on the cheap in a down market?

A: This is a true example of where despite all the uncertainties and concern about Brazil, if you apply the right pressure in the process, define the right tactics of negotiation and base the rationale of the transaction on the right elements, you can maximize value and accelerate speed of execution. We obtained an extremely reasonable premium, comparing the announced BRL 12.85 share price, with the unaffected price per share of Alpargatas (as of August/2015). The whole concept we brought to investors was related to a company that was performing very well on top of the Brazilian contribution to revenues. It’s a global brand and most of its potential is related to its international expansion. The main idea was to try to take some advantage of the Brazilian situation, where the currency was increasing some attractiveness assuming the price per share in US dollars, and on the other hand to maximize the valuation of the company based on the potential to expand its operation in regions where there is still significant growth potential. If you look at Alpargatas, though it has an Asian presence, it’s not yet where it could be, same goes for the US, it’s not yet consolidated. Brazil still represented the largest contribution to sales in 2015. This is exactly the opportunity. The valuation wasn’t only based on the past performance of Alpargatas. Considering how aggressive the profile of the new controlling shareholder could be, the ratio of domestic versus international sales could be changed quickly.

Q: Why was J&F Investimentos the best buyer for the asset?

A: J&F is extremely aggressive and extremely competent in terms of doing sizable transactions like this one. J&F was at the same level as anybody else in the process, we considered them global investors. They were the ones that really understood how important it was to close the transaction with great speed and at the same time, indicated an attractive price that balanced the final elements for our client. But apart from the economics of the deal, their ability to meet the speed and agree with the very specific conditions we demanded to increase certainty of closing made J&F the right choice; it was clear to them that once we announced the transactions we couldn’t go anywhere but the closing. They were fast, and highly intelligent to translate our requests and support a very efficient negotiation process. We announced the transaction in less than two weeks after receiving the bids which is a testament to how aggressive we were and how competent J&F was.

Q: What factors were most important in selecting the winning bidder?

A: There were two main variables for us: first the price and second how long it would take for our client to receive the cash. If it takes three months longer to receive the proceeds of the deal, over time with interest rates as they are, it would not be the same for Camargo Corrêa. We were basing the process on these two elements, speed and pricing, and J&F was the most efficient player in balancing those two elements.

Q: How was it closed within such a short timeframe from the announcement date?

A: It was extremely intense; as intense as the negotiation period between receiving bids and announcing the winner. Between 22 November and 23 December all resources were related to antitrust approval processes and final documentation. That previous two-to-three-week period immediately before the announcement took an immense amount of energy. I was pretty much dedicated with the rest of the group to this transaction. We were negotiating with the final interested parties 24×7, managing pressure from the process and the natural expectation of our client. It was a pretty engineered process, in-house and on everything related to the interested parties.

Q: Why was this an opportune time for Camargo Corrêa to exit?

A: It was absolutely a good time to sell. When we look back to last year, I doubt we could see similar competition for any other transaction in Brazil. We had the full attention of the bidders. Despite the Brazilian macro conditions, the high quality of Alpargatas could neutralize that situation; we could put it aside a little bit to execute the process. During most of the time we were negotiating the deal we had all the attention of the investors. We felt from the most engaged and interested parties, that they were seriously dedicated to that transaction. I believe the decision of seeking liquidity and pursuing the divestment by Camargo Corrêa, put the deal in a very good environment by being the biggest and most interesting transaction in the market. It was very intelligent timing to put the asset up for sale; our client had very strategic vision by accepting the recommendation to sell Alpargatas at that moment. It was the reference transaction for any sizeable investor in that industry looking to Brazil.

Q: What are the synergies for J&F Investimentos?

A: This was an opportunistic approach from J&F. They do invest in companies and opportunities that could be explored globally. I see them putting resources towards things that can be grown, like the protein, processed food, pulp and paper businesses and other ventures with great growth potential. From my perspective I can’t judge or make assessments based on any synergy, other than good economics based on what they can generate as returns in the near future.

Q: Is it an asset that unsuccessful strategic investors will continue to court?

A: Alpargatas was being approached by everybody for years. It was not new to Camargo Corrêa that a lot of people would be interested. I would bet that similar flow of interested parties will continue with J&F, but now you will have a different value reference. The price per share so far was not reflecting the true value of the company. I would assume people will continue approaching J&F as they had with Camargo Corrêa for years, but with a different mindset – knowing what they paid. I see J&F with a very aggressive and consistent plan of expansion, which was the true element for the pricing of the company. They will invest a lot of energy to bring Alpargatas to the next level. The company has great management, a beautiful legacy, a lot of know-how in doing what they do; all of that combined with the experience of J&F working abroad could be explosive. I do believe they will do a great job.

Q: Did the volume of shares acquired surpass the threshold requiring a public tender offer for the remaining shares?

A: It does on the common shares. J&F will need to launch a mandatory tender offer for the other common shares to fulfill its legal obligation.

Q: Which firms advised J&F on the deal?

A: None, it was handled internally. That is the way they do deals, they use their internal team. They are extremely competent and smart and have a distinct view of negotiation processes. I think that was one of the reasons J&F ended ahead of other bidders. The team involved in the deal was part of the decision-making process and, at the same time, responsible for conducting the front lines – they could rapidly pull together the relevant information for their assessment throughout the process.

Q: How does this transaction stand out from other deals you’ve led?

A: It’s a very special deal. It’s for sure one of my most relevant transactions so far; and it is not a matter of size or execution complexity. This transaction comes after a sequence of successful M&A transactions completed with Alpargatas in a window of about five years. I can’t recall in Brazilian M&A history a similar situation. To announce five or six M&A transactions and then be able to sell the company the way we did; from any angle it cannot be considered anything but a good transaction, and in a terrible macroeconomic situation, at that. The sale of the controlling stake of Alpargatas is a final piece of a long history in which I personally was involved, beginning with the acquisition of Osklen. Looking back and seeing the importance the other initiatives had in bringing this to reality makes this transaction even more special. Bradesco BBI was the partner management trusted to help them, and the trusted advisor responsible to translate those transactions into reality in the eyes of the shareholders. I was fortunate to be the person to lead all those initiatives. It is truly a win for Camargo Corrêa, for Alpargatas’ management, and obviously for Bradesco BBI to lead this deal in such a complex macroeconomic environment.

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