IT tops LatAm deal flow in 2016

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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: IT sector leads dealmaking in 2016

Transactions in Brazil’s IT sector led dealmaking in 2016 with volume up 17% over the previous year, according to TTR data (www.TTRecord.com).

The number of cross-border deals in the space led by international buyers fell slightly, meanwhile, from 82 in 2015 to 68 in 2016. As in 2015, North American bidders demonstrated the strongest appetite for Brazilian firms from among the pool of foreign investors targeting the space.

MEXICO: IT deal volume up 23%

Dealmaking in Mexico’s IT space was up 23% in 2016 over the previous year, according to TTR data (www.TTRecord.com).

The number of transactions led by foreign buyers fell slightly from 13 in 2015 to 11 in 2016, meanwhile. The largest deal in the space in 2016 was the USD 55m capital injection in e-commerce company Linio.

Rankings / League Tables

Latin America Ranking – 2016*

Financial Advisory by number

Banco Itaú BBA leads TTR’s Latin America financial advisory ranking for 2016 with 46 deal mandates for the year on transactions worth a combined USD 32.1bn. Itaú’s 2016 performance represents a 13% dip in deal volume and a 55% spike in aggregate value compared to its 53 mandates on deals worth a combined USD 20.7bn in 2015, when it also led the chart. Banco Bradesco BBI climbed from third in 2015 to take second place in 2016 region-wide, its volume up 67% from 21 to 35 deals, the aggregate value of those transactions up 145% from USD 12.3bn to USD 30bn. Banco BTG Pactual was bumped from second in 2015 to third in 2016, meanwhile, its deal volume down 18% from 40 to 33, its aggregate value down 4% from USD 15.5bn to USD 14.9bn. BAML grew its deal volume 186% to place fourth while the aggregate value of its transactions climbed 1,494% to USD 22bn after not placing among the top 10 regionally for full year 2015. Banco Santander fell one place in the chart to take fifth despite increasing volume 50% from 12 to 18 and upping aggregate value 25% from USD 8bn to USD 10bn between the two twelve-month periods. Lazard, in sixth with 14 deals worth a combined 1.6bn, did not place among the top 10 regionally in 2015, nor did Citigroup, in seventh with 13 mandates on deals together worth USD 8.3bn, nor JPMorgan, in eighth with 12 worth USD 14bn combined. BBVA fell three positions to take ninth, despite adding one deal to its count and the aggregate value of it deals increasing 205% from USD 1.4bn to USD 4.3bn. BNP Paribas, in tenth, also with 12 mandates for the year in the region, was not among the top 10 financial advisors in Latin America in 2015.

Latin America Ranking* – 2016
Legal Advisory by number

Baker & McKenzie leads TTR’s Latin America legal advisory ranking for 2016 with 29 mandates on deals together worth USD 3.2bn, representing a 12% drop in volume and a 50% increase in aggregate value compared to its performance the previous year, when it also led the chart. White & Case follows in second, its deal count up by two to 15, the aggregate value of its transactions up 158% from USD 1.3bn to USD 3.5bn relative to its 2015 performance when it placed third. Clifford Chance also climbed one position in the chart to take third, its 14 deals worth a combined USD 9bn, representing a 56% increase in volume and a 6% increase in aggregate value compared to its nine together worth USD 8.5bn in 2015. Jones Day fell two positions from second to take fourth, its deal volume down by 10 to 14, its aggregate value down 61% from USD 2.8bn to USD 1bn. Linklaters is up three positions in the ranking from eighth to fifth, its deal count nearly doubling from seven to 13, the combined value of its transactions up nearly 4,000% from USD 233m to USD 9.3bn. Cleary Gottlieb Steen & Hamilton also advised on 13 deals in 2016, in its case worth a combined USD 4.9bn, after not placing among the top 10 legal advisors in Latin America in 2015. Skadden, Arps, Slate, Meagher & Flom, ranked seventh, advised on nine deals in 2016, the same volume as in 2015, while the aggregate value of its transactions increased 372% from USD 1.2bn to USD 5.6bn. Shearman & Sterling fell three positions to take eighth, its deal volume remaining constant, its aggregate value up 109% from USD 1.2bn to USD 2.6bn. Simpson Thacher & Bartlett is up one place in the chart in ninth after adding three deals to its count in 2015 while its aggregate deal value fell 2% from USD 6.4bn to USD 6.2bn. Hogan Lovells, in tenth with seven deals worth a combined 6.6bn, was not among the top 10 in 2015.

Brazil Ranking* – 2016
Financial Advisory

Banco Itaú BBA leads TTR’s Brazil financial advisory ranking for 2016 with 37 mandates on deals worth a combined USD 24.6bn. Brazil’s top investment bank also led the chart in 2015 when it’d advised on 46 deals worth a combined 20bn, representing a 20% decline in volume and a 23% increase in aggregate value. Banco Bradesco BBI is up one place in the chart to take second, its volume increasing 75% from 20 to 35, its aggregate value up 145% from USD 12.3bn to USD 30bn. Banco BTG Pactual fell one place to take third, its volume down 17% from 29 to 24, its aggregate value down 37% from USD 14bn to USD 8.9bn. BAML ranks fourth with 16 deals worth a combined USD 15.9bn after not placing among the top 10 investment banks in Brazil for full year 2015. Cypress Associates, in fifth with 11 deals together worth USD 22m, was also absent from the top 10 in 2015. Vinci Partners ranks sixth, as it did in 2015, its deal count increasing by one, its aggregate value up 164% from USD 184m to USD 487m. BR Partners fell two positions in the chart to take seventh, its volume on par at nine, its aggregate value up 353% from USD 347m to USD 1.6bn. JPMorgan, in eighth with seven deals for the year worth a combined USD 9bn, was not among the top ten in 2015, nor was BNP Paribas in ninth with six deals together worth USD 712m. Rothschild fell one place in the chart to take tenth, its deal count falling by one, its aggregate value up 3% from USD 8.2bn to USD 8.5bn.

Brazil Ranking* – 2016
Legal Advisory

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados leads TTR’s Brazil legal advisory ranking for full year 2016 with 71 transactions worth a combined USD 25.6bn, representing a 20% increase in volume and a 99% jump in aggregate value from the 59 deals together worth USD 12.9bn in 2015 when it ranked second. Pinheiro Neto Advogados fell from its leadership position in 2015 to rank second, its volume down 9% from 67 to 61, its aggregate value down 7% from USD 20.4bn to USD 19bn. Machado, Meyer, Sendacz e Opice Advogados ranks third with 59 deals worth a combined USD 6bn, up 16% by volume, down 73% by aggregate value compared to its performance in 2015, when it also ranked third. Souza, Cescon, Barrieu & Flesch Advogados ranks fourth, as it did for full year 2015, its deal count up from 51 to 58, the combined value of its deals up 18% from USD 6.7bn to USD 7.9bn. TozziniFreire Advogados climbed three positions in the chart to take fifth, its volume up by 10 to 41, its aggregate value up by 867% from USD 875m to USD 8.5bn. Barbosa, Müssnich, Aragão is down one position in the chart in sixth, its deal count down from 45 to 37, its aggregate value down 39% from USD 11.8bn to USD 7.2bn. Veirano Advogados, in seventh, also fell one place in the chart, its volume down 23% from 43 to 33, its aggregate value up 647% from USD 1.5bn to USD 11.2bn. Demarest Advogados too is down one place in the ranking, its volume having declined 24% from 38 to 29 while the aggregate value of its deals rose 178% from USD 1.9bn to USD 5.4bn. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ranks ninth with 27 mandates in 2016 worth a combined 1.5bn, after not placing among the top 10 for full year 2015. Lefosse Advogados, in tenth with 24 deals together worth USD 8.7bn, was also absent from the top 10 in 2015.

Mexico Ranking* – 2016
Financial Advisory

BBVA leads TTR’s Mexico financial advisory ranking for full year 2016 with nine deals worth a combined USD 4.1bn, up from seven together worth USD 960m in 2015 when it also led the chart. Citigroup ranks second with four transactions worth a combined USD 4.5bn, leading the chart by aggregate value after not ranking among the top 10 for full year 2015. PC Capital ranks third, as it did the previous year, its deal count down by one to three. Deutsche Bank, in fourth with two deals in 2016, is tied by volume with JPMorgan, Morgan Stanley, Lazard, Credit Suisse Group, Alfaro, Dávila y Ríos and AZ Capital. Of the lot, only Lazard and Alfaro, Dávila y Ríos ranked among the top 10 in 2015, also with two transactions each. Lazard ranked sixth for full year 2015, its two deals amounting to USD 1bn combined, compared to USD 1.2bn in 2016, while Alfaro, Dávila y Ríos ranked fifth, its two transactions together worth USD 2.2bn, compared to USD 575m a year later.

Mexico Ranking* – 2016
Legal Advisory

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking for full year 2016 with 25 mandates on deals worth a combined USD 3.7bn, representing a 7% decline in volume and a 74% drop in aggregate value compared to its 27 transactions together worth USD 14bn in 2015, when it also topped the chart. Galicia Abogados is up one position in second with 14 deals worth a combined USD 4.5bn, on par by volume and up 57% by aggregate value compared to its performance for full year 2015, when it ranked third. White & Case México climbed one position in the chart to third, despite a slight decline in volume from 11 to nine transactions and a 26% drop in aggregate value from USD 1.3bn to USD 973m. Ritch, Mueller, Heather y Nicolau, in fourth with eight deals worth a combined USD 2bn, was not among the top 10 for full year 2015. Mijares, Angoitia, Cortés y Fuentes ranks fifth, also with eight advisory mandates in 2016, down from 15 in 2015 when it ranked second, while the firm’s aggregate deal value dipped 23% from USD 2.4bn to USD 1.8bn. Jones Day México is down one position in the chart in sixth, its deal count down by two to eight, its aggregate value down 55% from USD 2.2bn to USD 1bn. Santamarina y Steta Abogados, absent from the top 10 ranking for 2015, advised on six transactions in 2016 to place seventh, its deals together worth USD 2bn. González Calvillo Abogados, in eighth, is tied by volume with Von Wobeser y Sierra, the former’s five worth USD 1.8bn combined, the latter’s together worth USD 1.2bn. Neither firm was among the top 10 for 2015. Baker & McKenzie México fell four positions to bring up the rear with four transactions in 2016, half the volume of the previous year, while its aggregate value increased 86% from USD 366m to USD 680m.

* 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.

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.

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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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.

El capital movilizado en el mercado transaccional de América Latina crece un 7% hasta abril de 2016

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América Latina

Informe mensual sobre el mercado transaccional latinoamericano

  • En el mes de abril se han registrado 129 transacciones en la región
  • 55 operaciones registradas en el mes alcanzan un importe de USD 5,931m
  • Argentina y Chile son los países que registran un aumento en el capital movilizado
  • El importe de operaciones private equity ha crecido un 104% hasta abril

Madrid, 17 de mayo de 2016.- El mercado transaccional de América Latina sigue una dinámica positiva a lo largo del año, con un total de 585 fusiones y adquisiciones registradas, de las cuales 243 operaciones tienen un importe no confidencial que suman aproximadamente USD 31,323m hasta el mes de abril de 2016. Esto supone un aumento del 7% del capital movilizado con respecto al mismo periodo del año anterior, según el informe mensual de abril de TTR (www.TTRecord.com) en colaboración con ONTIER e Intralinks.

Aunque el valor del capital movilizado a lo largo del año ha ascendido en la región, el número de operaciones en el mes de abril se ha reducido en un 15%, con un total de 129 transacciones. De estas operaciones registradas en el mes de abril, 109 son fusiones y adquisiciones, 9 transacciones de private equity y 11 de venture capital.

Private Equity
En concreto, el segmento de private equity se destaca en el informe, ya que a lo largo de 2016 se han llevado a cabo 57 transacciones, de las cuales 25 operaciones tienen un importe no confidencial que suman alrededor de USD 2,480.10m, y lo que supone un crecimiento interanual del 104%.

Ranking de operaciones por países
A lo largo del año, por número de operaciones, Brasil lidera el ranking con 267 operaciones, pero con una disminución del 17% en términos interanuales y le sigue en el listado México, con 78 operaciones y con un decrecimiento del 22%. Por su parte, Chile conserva su tendencia alcista con 72 operaciones y con un aumento del 38%, lo cual desplaza a Colombia en el ranking, con 63 operaciones y con una disminución del 13%.

Aunque en los últimos lugares, pero con una tendencia positiva en la región, Argentina ha registrado 49 operaciones, lo cual representa un aumento del 29%, a diferencia de la tendencia de Perú, con 44 operaciones y con un decrecimiento del 59% interanual.

Ámbito cross-border
En el ámbito cross-border se destaca el apetito inversor de las compañías latinoamericanas en el exterior, especialmente en Europa, donde se han llevado a cabo 13 operaciones en el mes, así como en Norteamérica, con 8 operaciones. Por su parte, las compañías que más han realizado transacciones estratégicas en América Latina proceden de Europa, con 65 operaciones, Norteamérica (64), Asia (16) y Oceanía (6).

Transacción destacada
En el mes de abril de 2016, TTR ha seleccionado como transacción destacada la conclusión de la fusión de CorpBanca – Banco Itaú Chile, que ha sido anunciada en 2014.

En concreto, CorpBanca ha emitido 172.048.565.857 acciones, que representan 33,58% de la entidad. Estas acciones han sido suscritas por los accionistas de Banco Itaú Chile.

La transacción ha estado asesorada por la parte legal por Wachtell, Lipton, Rosen & Katz, Claro y Cía. Abogados, Brigard & Urrutia Abogados, Simpson Thacher & Bartlett US y Posse Herrera Ruiz; y por la parte financiera, ha estado asesorada por McKinsey & Company, Accenture, Banco Itaú BBA, Morgan Stanley, Bank of America Merrill Lynch, Goldman Sachs y Credit Suisse Brasil.