Brasil y México continúan liderando el mercado transaccional de América Latina

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Informe trimestral sobre el mercado transaccional latinoamericano

  • En los seis primeros meses del año se registran 938 transacciones por USD 48.935,07m
  • Argentina, Chile y Perú experimentan incrementos interanuales en número de operaciones

    Madrid, 18 de julio de 2016.– El mercado transaccional en América Latina, liderado por Brasil y México, ha registrado durante el primer semestre del año un total de 938 operaciones por un importe agregado de USD 48,935.07m, según el informe trimestral de TTR (www.TTRecord.com).

    Estos datos reflejan una disminución respecto al mismo período de 2015 del 0,11% en el número de operaciones y de un 19,17% en el importe de las mismas.

    Con respecto a la comparación entre países, podemos distinguir dos grupos: Por un lado, Brasil, México y Colombia, con 441, 137 y 73 operaciones respectivamente, han experimentado decrementos en el número de operaciones en relación al mismo período de 2015. En concreto, las reducciones han sido respectivamente del 7,16%, del 16,97% y del 17,98%.

    Por otro lado, Argentina, Chile y Perú, con 111, 110 y 79 operaciones, han experimentado incrementos del 42,31%, 32,53% y 68,09% en el número de operaciones.

    Pese a todo, en lo que va de año Brasil y México siguen siendo los dos países más destacados de América Latina, tanto por número de operaciones como por importe de las mismas.

    Segundo trimestre del año
    En el segundo trimestre del año los países latinoamericanos han registrado un total de 465 operaciones por un importe agregado de USD 21.618m. Estos datos reflejan un incremento del 0,87% en el número de operaciones respecto al segundo trimestre de 2015, y una disminución del 42,38% del importe de las mismas.
    De estas 465 operaciones, un total de 33 han sido operaciones de private equity y 40 han sido de venture capital.

    Ámbito cross-border
    En el segundo trimestre del año las compañías latinoamericanas han realizado ocho adquisiciones en Europa, siete en Norteamérica y una en Asia. Por su parte, han sido también las compañías europeas y norteamericanas las que han realizado más inversiones en América Latina, con un total de 59 y 53 transacciones respectivamente.

    Transacción destacada
    En el segundo trimestre de 2016, TTR ha seleccionado como transacción destacada la adquisición de las operaciones de RSA en América Latina por parte de Grupo Sura.
    La operación, que ha registrado un importe de aproximadamente USD 614,00 m, ha estado asesorada por la parte legal por Creel, García-Cuéllar, Aiza y Enríquez, Pérez Alati, Grondona, Benites, Arntsen & Martinez de Hoz, Demarest Advogados, Claro y Cía. Abogados, Posse Herrera Ruiz, Guyer & Regules, Allende & Brea Abogados, Cascione, Pulino, Boulos & Santos Advogados, Larraín Rencoret Lackington & Urzúa Abogados, Esguerra Asesores Jurídicos, Mijares, Angoitia, Cortés y Fuentes, Arcia Storace Fuentes Medina Abogados, Linklaters Brasil, Linklaters USA, Linklaters UK, Hogan Lovells Brasil, Hogan Lovells UK, Hogan Lovells US, y Hogan Lovells España. Por su parte, Lazard ha actuado como asesor financiero e Intralinks como Virtual Data Room.

    Ranking de asesores financieros y jurídicos
    El informe publica los rankings de asesoramiento financiero y jurídico del primer trimestre de 2016 de M&A y Mercado de Capitales, donde se informa de la actividad de las firmas destacadas por número de transacciones y por importe de las mismas.

    Entrevista con Hernández & Cía Abogados
    Diego Carrión, Partner en Hernández & Cía Abogados, ha comentado para TTR: “Se espera que muchas compañías brasileñas se desprendan de activos estratégicos en Perú vinculados a los sectores de infraestructura y proyectos”.

    Para más información:
    Wagner Marques Rodrigues Research and Business Intelligence Director TTR – Transactional Track Record
    wagner.rodrigues@TTRrecord.com
    T (ES): +34 91 279 87 59
    M(ES): +34 620 628 150
    MADRID | SÃO PAULO | LISBOA

El número de operaciones del mercado transaccional de América Latina crece un 17% en mayo de 2016

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Informe mensual sobre el mercado transaccional latinoamericano

En el mes de mayo se han registrado 159 transacciones en la región
  • En el mes de mayo se han registrado 159 transacciones en la región
  • Argentina, Chile y Perú son los países que registran un aumento en el número de transacciones
  • A lo largo de 2016, el importe de operaciones private equity ha crecido un 13,94%

Madrid, 10 de junio de 2016.– El mercado transaccional de América Latina sigue una dinámica constante en el mes de mayo de 2016, con un total de 159 operaciones registradas, de las cuales 82 tienen un importe no confidencial que suman aproximadamente USD 9,543m. Esto supone un aumento del 17% en el número de operaciones con respecto al mes de mayo de 2015, según el informe mensual de TTR (www.TTRecord.com) en colaboración con ONTIER.

Aunque el número de operaciones en el mes de mayo ha ascendido en la región, el capital movilizado se ha reducido un 31% respecto al mes de mayo de 2015. De estas operaciones registradas en el mes, 136 son fusiones y adquisiciones, 9 transacciones de private equity y 14 de venture capital.

1Private Equity
En concreto, la actuación de los fondos de private equity se destacan en el informe, ya que a lo largo de 2016 se han llevado a cabo 70 transacciones, de las cuales 31 operaciones tienen un importe no confidencial que suman alrededor de USD 3,994.58m, y lo que supone un crecimiento interanual del 13,94%.
Ranking de operaciones por países
A lo largo del año, por número de operaciones, Brasil lidera el ranking con 363 operaciones, pero con una disminución del 5% en términos interanuales. Le sigue en el listado México, con 111 operaciones y con un decrecimiento del 13%. Por su parte, Chile conserva su tendencia alcista con 99 operaciones y con un aumento del 48%.

2

Como país destacado, Argentina desplaza a Colombia en el ranking y se resalta como el cuarto país más activo de la región, con 91 operaciones y un aumento del 44%. Por su parte, Colombia ha registrado 61 operaciones, lo cual representa un descenso del 22%, y le sigue Perú, con 58 operaciones y un aumento del 38%.

Ámbito cross-border
En el ámbito cross-border se destaca este mes el apetito inversor de las compañías extranjeras en América Latina, especialmente por parte de Europa, las cuales han llevado a cabo 29 operaciones en el mes, así como Norteamérica, con 24 operaciones. Por su parte, las compañías latinas han realizado 4 transacciones estratégicas en Europa, y 4 en Norteamérica.

Transacción destacada
En el mes de mayo de 2016, TTR ha seleccionado como transacción destacada la conclusión de la Oferta Pública de Adquisición (OPA) por un 30% adicional de Isagén (BVC:ISAGEN), en la que ha adquirido un 26% adicional en la colombiana. El importe de la transacción ha ascendido a USD 1.000m.
La transacción ha estado asesorada por la parte legal por Philippi Prietocarrizosa Ferrero Du & Uría de Colombia.

Para más información:
Wagner Rodrigues
TTR – Transactional Track Record
T (ES) +34 620 628 150
T (PT) +351 913 577 278
wagner.rodrigues@ttrecord.com
www.TTRecord.com

Technology leads deal flow in Brazil

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TTR-Deal-Tracker

TTR Deal Tracker
www.TTRecord.com

LATIN AMERICA

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

BRAZIL: Technology sector buoyant

Financial Services deals have increased by 100% YTD compared to the first two months of 2015, according to TTR data (www.TTRecord.com).

There were eight deals in the space in the first two months of 2015 compared to four in the corresponding period last year.

CHILE: Real Estate asset deals on the rise

Financial Services deals have increased by 100% YTD compared to the first two months of 2015, according to TTR data (www.TTRecord.com).

There were eight deals in the space in the first two months of 2015 compared to four in the corresponding period last year.

Rankings / League Tables

Latin America Ranking – 2016

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA leads TTR’s Latin America financial advisory ranking for the first two months of 2016 with six deals worth a combined USD 975m, the same number of transactions it advised on by the end of February 2015, when it also led the chart with six deals, then worth USD 219m in aggregate. Banco BTG Pactual follows in second with half as many transactions YTD, worth USD 716m, compared to two in the first two months of 2015 worth USD 171m. BBVA is tied for third with BR Partners, Ártica Investimentos and BNP Paribas, all with two advisory mandates in the first two months of the year and all of them absent from the top 10 in the corresponding period of 2015. BBVA nonetheless leads the chart by aggregate deal value, its two deals worth a combined USD 3.9bn. The last four positions in the ranking are shared by investment banks that advised on just one transaction to the end of February 2016, none of them having ranked among the top 10 for the first two months of 2015.Legal Advisory – Year to Date (YTD)

Baker & McKenzie shares its lead with Jones Day in TTR’s Latin America legal advisory ranking at the close of February, each with three transcations YTD. Baker & McKenzie also led the chart for the corresponding period in 2015, when Jones Day didn’t appear among the top 10. Davis & Gilbert, also absent from the top 10 a year ago, ranks third with two deals under its belt YTD. Fourth place by deal volume is shared by seven firms that have each advised on a sole transaction to the end of February, Allen & Overy and Ashurst with the greatest reported deal value of the lot at USD 1bn.

Brazil Ranking – 2016

Financial Advisory – Year to Date (YTD)


Banco Itaú BBA leads TTR’s Brazil financial advisory ranking by transaction volume with five deals YTD worth a combined USD 757m.Itaú is down one deal compared to its performance in the first two months of 2015, but up 245% by aggregate value from its six deals together worth USD 219m a year ago. Banco BTG Pactual follows in second with three deals together worth USD 716m. BTG Pactual ranked third at the close of February, 2015 when it’d advised on two deals worth USD 171m. BR Partners has advised on two transactions YTD worth USD 951m in aggregate, putting the firm in third place, up from seventh at the close of February 2015 when it’d advised on a sole transaction in the first two months of the year. Seven firms share fourth by volume with one deal each YTD, BAML sitting on top of the group with the greatest transaction value, which it shares with BR Partners. Of these, only IGC Partners Assessoria Empresarial was among the top 10 at the close of February 2015, when it placed fifth with two deals of undisclosed consideration.

Legal Advisory – Year to Date (YTD)


Souza Cescon Advogados leads TTR’s Brazil legal advisory ranking at the close of February with seven transactions YTD worth a combined USD 1.7bn, up from seventh place a year ago when the firm had advised on five deals together worth USD 8m. TozziniFreire Advogados ranks second with six deals worth a combined USD 322m YTD after not having ranked among Brazil’s top 10 firms for the first two months of 2015. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ranks third, advising on five transaction in the first two months of 2016 worth USD 231m in aggregate. It too was absent from the top 10 a year ago. Pinheiro Neto Advogados, also with five mandates YTD, is down by one deal from its performance a year ago. Lefosse Advogados, in fifth, has advised on four deals in the first two months of the year, worth USD 472m combined. Lefosse did not place among the top 10 at the end of February 2015. Machado, Meyer, Sendacz e Opice Advogados ranks sixth, also with four advisory mandates YTD,  down from second a year ago when it’d advised on seven transactions in the first two months of the year. The firm’s aggregate deal value is up by 39% from USD 163m a year ago. Koury Lopes Advogados added one deal and climbed three positions in the ranking from tenth a year ago to place seventh. Pinheiro Guimarães Advogados lost two transactions compared to its performance in the first two months of 2015, falling from fifth to ninth in the ranking as a result, its aggregate deal value up by 12% from USD 188m a year ago. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados fell from first in the chart at the close of February 2015 to tenth with two mandates YTD compared to nine for the corresponding period last year, its aggregate deal value jumping by 280% to USD 352m from USD 93m a year ago, nonetheless.

Mexico Ranking – 2016

Financial Advisory – Year to Date (YTD)

BBVA, Deutsche Bank, JPMorgan and Morgan Stanley all participated in the same transaction in Mexico that closed at the end of January, placing the four banks at the top of TTR’s Mexico financial advisory ranking for the first two months of the year. PwC follows in fifth place, also with a sole transaction under its belt, in its case of undisclosed consideration.Legal Advisory – Year to Date (YTD)

Santamaria y Steta Abogados leads TTR’s Mexico legal advisory ranking at the close of February with three advisory mandates YTD. The firm was not among the top 10 at the close of February 2015. Galicia Abogados follows in second, up from third a year ago, with one deal in both corresponding two-month periods. The remaining firms in the chart have also advised on a sole deal YTD, Ritch Mueller being the only among them to have ranked among the top 10 a year ago when it held the same seventh place position.

El mercado transaccional latinoamericano cierra enero con operaciones por importe de USD 8,991m

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Informe mensual sobre el mercado transaccional latinoamericano

  • En enero de 2016 se han registrado 118 operaciones por USD 8,991m          
  •  Brasil, Chile y México son los países más destacados del mes
  •  Las empresas europeas son las más activas en adquisiciones cross-border en Latinoamérica

Madrid, 25 de febrero de 2016.- El mercado transaccional latinoamericano ha registrado en el mes de enero de 2016 un importe agregado por fusiones y adquisiciones de USD 8,991m, lo que supone un incremento del 0,41 % respecto al importe registrado en el mismo mes de 2015, según el nuevo informe mensual de TTR (www.TTRecord.com) en colaboración con ONTIER e Intralinks.

Este incremento del importe de las operaciones se ha producido pese a que el número de fusiones y adquisiciones registradas en el primer mes de 2016 ha sido de 118, frente a las 159 de enero de 2015.

Por países, los más destacados del mes son Brasil, con 52 operaciones y USD 2,711.30m de capital movilizado; Chile, con 18 operaciones y USD 1,464.82m, y México, con 22 operaciones por importe de USD 3,502.63m.

En términos cross-border, las empresas europeas se han situado como las más activas en adquisiciones en Latinoamérica, con un total de 16 operaciones, seguidas de cerca por las empresas norteamericanas, que han protagonizado 14 transacciones. Por su parte, las empresas latinoamericanas han realizado tres adquisiciones en Europa y dos adquisiciones en Norteamérica.

Private equity y venture capital

Durante enero de 2016 se han registrado en Latinoamérica un total de 10 transacciones de private equity por importe de USD 1,314.57m.

En el segmento de venture capital, por su parte, se han contabilizado 12 operaciones por importe de USD 67,26m.

Transacción destacada

En enero de 2016, TTR ha seleccionado como transacción destacada la adquisición por parte de Brookfield Asset Management del 57.61% de Isagén al Gobierno de Colombia. La operación, que ha registrado un importe de aproximadamente USD 2.000m, ha estado asesorada por la parte legal por Philippi, Prietocarrizosa & Uría, y en la parte financiera por BBVA Corporate Finance.

Para más información:

Daniel Hernández

TTR – Transactional Track Record

T (ES) +34 91 279 87 59

daniel.hernandez@ttrecord.com

www.TTRecord.com

Brazilian renewable assets back in vogue

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TTR-Deal-Tracker

TTR Deal Tracker
www.TTRecord.com

LATIN AMERICA

BRAZIL: Foreign investors boost renewable energy investments

The number of transactions in Brazil’s renewable energy segment grew by 16% in 2015 compared to the previous year, according to TTR data (www.TTRecord.com).

The participation of foreign investors in the renewables industry jumped by 89%, meanwhile, with 17 deals led by international buyers in 2015 compared to nine the previous year.

CHILE: Financial services deals double in 2015

The volume of financial services deals in Chile more than doubled in 2015 compared to the previous year, with a 122% increase according to TTR data (www.TTRecord.com).

The number of financial services deals led by international investors jumped by 200%, meanwhile, with 15 such transactions in 2015 compared to  five in 2014.

Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Full year Rankings

Banco Itaú BBA leads TTR’s Latin America financial advisory ranking for the full year of 2015 with 65 transactions together worth USD 27.4bn, a 4% decline in deal volume and a 23% increase in combined deal value compared to 2014, when it advised on 68 deals together worth USD 22.2bn. Banco BTG Pactual follows in second place, as it did in 2014, with 49 transactions worth a combined USD 17.5bn, representing a 29% increase in deal count and a 17% increase in combined deal value relative to its performance the previous year when it advised on 38 deals, together worth USD 15bn. Banco Bradesco BBI climbed one position relative to its 2014 performance to take third place with 26 transactions worth a combined USD 18.7bn compared to 17 worth USD 6.7bn in 2014, representing a 53% jump in volume and a 179% increase in aggregate value. Banco Santander fell from third in 2014 to fourth in 2015, meanwhile, closing 13 deals worth a combined USD 8.7bn in 2015 compared to 19 worth USD 8.3bn in 2014, a 32% decline in deal volume and a 5% increase in aggregate value. BBVA, in fifth, also with 13 deals in 2015 region-wide, in its case worth USD 3.3bn, was not among the top 10 financial advisors in the region in 2014. BR Partners climbed from its tenth place ranking in 2014 to take sixth for the 12 months ending 31 December 2014, with 12 transactions under its belt together worth just over 1.3bn compared to 11 worth just under USD 1.4bn the previous year. BAML fell from fifth in the 2014 chart to seventh in the 2015 ranking, its deal volume down 38% from 16 transactions to 10, its aggregate value falling 78% from USD 13.6bn to USD 3bn. Vinci Partners ranks eighth, PwC ninth and IGC Partners Assessoria Empresarial tenth in the 2015 chart, none of the three having placed among the top 10 in 2014.

Legal Advisory – Full year Rankings

Baker & McKenzie leads TTR’s Latin America legal advisory ranking for 2015, as it did in 2014, despite its deal volume for the year falling 26% from 34 to 25 deals and the aggregate value of those transactions falling 82% from USD 10.5bn to USD 1.9bn. Jones Day ranks second with 21 deals under its belt in 2015 worth a combined USD 2.7bn, up 50% in deal volume and 37% by aggregate value from 14 transactions worth a combined USD 2bn in 2014, when it ranked fourth. Skadden, Arps, Slate, Meagher & Flom ranks third with 12 deals together worth USD 1.2bn, up 300% by volume and 253% by aggregate value compared to its performance in 2014, when it didn’t rank among the top 10 firms practicing in the region. White & Case fell from second in 2014 to fourth in 2015, its deal volume down 42% to 11 deals from 19 the previous year and aggregate deal value down 98% from USD 11bn to USD 228m. Clifford Chance added one deal to its performance of 2014 and climbed from eighth to fifth in the chart, notwithstanding the 39% drop in the aggregate value of its mandates from USD 24.6bn to USD 15.1bn. Greenberg Traurig fell from fifth in 2014 to sixth in 2015, its deal volume falling from 13 to eight, the aggregate value of its mandates down 87% from USD 1.6bn to 207m. Linklaters climbed from ninth to seventh in the chart, despite deal volume falling from nine to seven and its combined deal value falling 48% from USD 11.2bn to USD 5.9bn. Shearman & Sterling climbed two positions in the chart from tenth in 2014 to take eighth in 2015, also with seven deal mandates compared to nine the previous year, its aggregate deal value falling 29% from USD 1.9bn to USD 1.3bn. Holland & Knight, in ninth, was not among the top 10 firms in 2014, nor was Sullivan & Cromwell, bringing up the rear in tenth place.

Brazil Ranking – 2015

Financial Advisory – Full year Rankings

Banco Itaú BBA leads TTR’s Brazil financial advisory ranking for 2015 with 56 transactions worth a combined USD 26bn, just one deal behind its 2014 performance when it also led the chart. The leading bank’s aggregate deal value jumped 238% meanwhile, from USD 7.7bn in 2014. Banco BTG Pactual follows in second with 37 advisory mandates in 2015, up from 34 in 2014, when it also ranked second. BTG Pactual grew aggregate deal value by 17% from USD 14bn to USD 16.3bn between 2014 and 2015, meanwhile. Banco Bradesco BBI climbed one position relative to 2014 to take third place in the chart, its volume up 47% from 17 to 25 deals, the aggregate value of its transactions up 179% from USD 6.7bn to USD 18.7bn. BR Partners climbed from fifth to take fourth, despite advising on one deal less in 2015 than the previous year and a drop in its aggregate deal value from USD 1.4bn to USD 1.3bn. Vinci Partners, in fifth, advised on 10 deals in both 2014 and 2015, the aggregate value of those deals up 45% from USD 328m to USD 476m from one year to the next. BAML climbed from eighth to sixth, despite volume falling from nine to eight deals and the combined value of its transactions down 26% from USD 4bn to USD 3bn. IGC Partners Assessoria Empresarial, in seventh, also advised on eight deals in 2015, in its case worth USD 152m. IGC was not among the top 10 financial advisors in Brazil in 2014. Rothschild climbed from ninth to eighth despite advising on one deal less in 2015. Its aggregate deal value was up 188% from USD 4.6bn to USD 13.2bn. Banco Santander fell from third in 2014, when it advised on 34 deals in Brazil, to ninth in 2015, when it advised on six transactions, while the combined value of its transactions fell 20% from USD 7.8bn to USD 6.2bn. PwC brings up the rear in tenth place, also with six transactions, in its case worth USD 60m. PwC was not among the top 10 financial advisors in Brazil in 2014.

Legal Advisory – Full year Rankings


Pinheiro Neto Advogados leads TTR’s Brazil legal advisory ranking for 2015 with 71 transactions worth a combined USD 17.2bn, compared to 72 in 2014 together worth USD 11.8bn. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados ranks second, as it did in 2014, with 63 deals together worth USD 13.6bn, an 11% decline in volume and a 26% drop in aggregate value relative to its 71 mandates worth USD 18.4bn combined in 2014. Machado, Meyer, Sendacz e Opice Advogados ranks third, as it did for 2014, its deal volume down from 56 transactions to 51, its aggregate deal value up 277% from USD 3.7bn to USD 14bn. Souza Cescon Advogados climbed from seventh in 2014 to take fourth in 2015, advising on 47 deals worth USD 8.3bn in aggregate, compared to 35 worth USD 11.5bn the previous year. Veirano Advogados ranks fifth, as it did in 2014, also with 47 deals in 2015, in its case worth a combined USD 1.7bn, representing a 45% decline in aggregate deal value from USD 3bn the previous year. Barbosa, Müssnich, Aragão ranks sixth with 38 transactions in 2015 together worth USD 11bn, compared to 34 the previous year worth USD 11.6bn when it ranked ninth. Demarest Advogados follows in seventh with 36 deals worth USD 2.8bn in aggregate, up from 34 worth USD 9.4bn combined in 2014, when it ranked tenth. TozziniFreire Advogados ranks eighth with 30 deals in 2015 worth USD 1.2bn combined, compared to 42 in 2014 worth USD 7.2bn, when it ranked sixth. Pinheiro Guimarães Advogados, in ninth, and Azevedo Sette Advogados, in tenth, were not among the top 10 M&A firms practicing in Brazil in 2014.

Mexico Ranking – 2015

Financial Advisory – Full year Rankings

BBVA leads TTR’s Mexico financial advisory ranking for 2015 with nine transactions worth a combined USD 2.9bn, compared to six worth USD 239m in 2014 when it also led the chart. Banco Santander follows in second with four deal mandates for the year worth USD 1.5bn combined, up from one in 2014 worth USD 1.3bn when it ranked tenth. Citigroup, in third, also advised on four deals in Mexico in 2015, in its case worth USD 1.3bn, up from two the previous year worth USD 1.7bn, when it ranked fifth. Pablo Rión y Asociados closed 2015 ranked fourth, also with four mandates for the year. Evercore Partners ranks fifth with three transactions and Alfaro, Dávila y Ríos sixth with two. Credit Suisse Group ranks seventh, advising on two deals for the year in Mexico, as did Lazard, ranked eighth, and Vace Partners, in ninth. BAML, in tenth, was the only firm below third place that appeared among the top 10 in 2014, when it ranked seventh for its two deals worth USD 634m combined.

Legal Advisory – Full year Rankings

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking for 2015, as it did in 2014, with 28 mandates worth a combined USD 13bn compared to 25 worth USD 9bn the previous year, a 12% increase in volume and a 46% increase in aggregate value. Mijares, Angoitia, Cortés y Fuentes follows in second, as it did in 2014, with 18 deals together worth USD 4.4bn, compared to 15 worth USD 3bn the previous year, representing a 20% increase in deal volume and a 48% jump in the combined value of its transactions. Galicia Abogados climbed from fifth to take third, advising on 12 deals together worth USD 2.8bn, compared to eight worth USD 1.2bn in 2014, a 50% upswing in volume and a 138% jump in combined value. White & Case México fell one position to take fourth, its deal volume down 18% from 11, its aggregate deal value down 94% from USD 3.2bn in 2014. Jones Day México takes fifth, advising on eight deals in 2015 worth a combined USD 2.2bn, after not appearing among the top 10 M&A firms practicing in the country in 2014. Basham Ringe y Correa climbed from tenth to take sixth, advising on six transactions worth a combined USD 1.4bn in 2015 compared to four in 2014 worth USD 2.3bn. Holland & Knight México added one deal to its performance the previous year and climbed one position in the chart to take seventh place, with six transactions together worth USD 547m. Its five deals in 2014 were worth USD 2.3bn combined. Ritch Mueller, in eighth, also advised on six deals in 2015, in its case worth a combined USD 286m, representing a 33% decline in volume and a 90% decline in aggregate value from nine the previous year worth USD 2.8bn, when it ranked fourth. Nader Hayaux & Goebel Abogados closed 2015 in ninth place with five deals together worth USD 8.2bn, compared to six worth USD 132m the previous year when it ranked seventh. Despite a modest drop in deal volume, the aggregate value of its transactions grew 6,000%. Santamarina y Steta Abogados, in tenth, rounds out the chart for 2015 after not placing among the top 10 firms practicing in Mexico in 2014.