Transações ganham impulso no setor químico

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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: Transações ganham impulso no setor químico

O volume de transações envolvendo empresas que atuam no setor químico ganhou impulso nos cinco primeiros meses de 2016, com um aumento de 38,5% no número de transações, se comparado com o mesmo período de 2015, segundo dados do TTR (www.TTRecord.com).
Os investidores internacionais continuam interessados nesse setor, onde foram registradas 13 transações de aquisição de empresas brasileiras por parte de empresas estrangeiras até agora em 2016, frente as cinco registradas no mesmo período de 2015.

Rankings / League Tables

Brasil Ranking – 2016

Assessoria Financeira – Year to Date (YTD)

O Banco BTG Pactual lidera o Ranking TTR de Assessores Financeiros, elaborado com dados de janeiro a maio de 2016, com oito mandatos e um valor agregado de USD 9,3bi, o que representa uma diminuição de 11% em volume e 63% em valor agregado se comparado ao mesmo período de 2015, onde esteve em segunda posição. O BTG Pactual destituiu o Banco Itaú BBA da sua posição de líder de um ano atrás graças apenas ao maior valor agregado em 2016 YTD, já que o banco rival também tem oito mandatos até agora em 2016, com um valor agregado de USD 6,3bi, o que representa uma redução de 50% no volume e de 85% no valor agregado de um ano atrás, quando liderou o ranking com 16 negócios no valor de USD 41bi. O Banco Bradesco BBI ocupa a terceira posição, com sete mandatos, frente aos cinco negócios assessorados um ano atrás. O BAML ocupa a quarta posição na tabela, também com quatro mandatos,  depois de não aparecer entre os top 10 no mesmo período de 2015. O BR Partners, em quinto, também assessorou quatro transações nos cinco meses de 2016, o mesmo volume que tinha registrado no final de Maio de 2015, entretanto registrou um aumento de 400% no valor agregado saltando de USD 895m para USD 4,5 bi. O Morgan Stanley segue em sexto com três mandatos no acumulado do ano, empatado em volume com o Vinci Partners que está em sétimo. O IGC Partners Assessoria Empresarial está em oitavo, a Magma está em nono e Ártica Investimentos em décimo. Destes últimos, apenas o IGC esteve classificado entre as top 10 de um ano atrás, quando tinha assessorado em quatro transações.

Assessoria Jurídica – Year to Date (YTD)

O Souza, Cescon, Barrieu & Flesch Advogados lidera ranking TTR de assessoria jurídica do Brasil no final de maio, com 24 mandatos no acumulado do ano com um valor agregado de USD 3,1bi. Há um ano atrás o escritório ocupou a terceira posição com 17 transações assessoradas com um valor total de USD 3,9bi. O Pinheiro Neto Advogados ocupa o segundo lugar com 21 mandatos nos primeiros cinco meses do ano com um valor total de USD 2,9bi, tendo subido desde a quinta posição no final de maio de 2015, quando assessorou 15 transações pelo valor total de USD 8,7bi. O Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados está em terceiro lugar com 19 mandatos no valor de  USD 1,6bi. O Machado, Meyer, Sendacz e Opice Advogados, que estava em primeiro lugar há um ano atrás, ocupa a quarta posição com 16 transações assessoradas com um valor agregado de USD 510m, o que representa uma queda de 11% em volume e uma queda de 96% em valor agregado. O TozziniFreire Advogados subiu uma posição em relação ao ano passado, ocupando agora a quinta posição com 16 transações cujo valor agregado é de USD 323m. O Barbosa, Müssnich, Aragão, na sexta posição, desceu duas posições em relação ao ano passado, tendo no acumulado do ano 14 mandatos com valor agregado de USD 909m, frente aos USD 8,6bi de um ano atrás. O Stoche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados está em sétimo, com 13 negócios no valor de USD 103m, colocando-o entre os Top 10, já que não estava entre eles há um ano atrás. O Lefosse Advogados, que está em oitavo, também esteve ausente do ranking de maio de 2015. O Demarest aparece em nona posição com 10 mandatos cujo valor agregado é de USD 675m, frente aos 11 mandatos no valor de USD 79m no total, um ano atrás. O Lobo & de Rizzo Advogados completa os top 10 com nove mandatos que em conjunto somam USD 286m, um aumento de 80% em volume e 129% em valor agregado em comparação com 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.

Chemicals industry bucks trend of falling deal volume in Brazil

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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: Dealmaking in chemicals segment gains momentum

Dealmaking in the chemicals segment gained momentum in the first five months of 2016 with a 38.5% jump in transactions compared to the corresponding five-month period of 2015, according to TTR data (www.TTRecord.com).

International investors demonstrated continued interest in the space with six of 13 deals led by foreign buyers YTD versus five of eight in the first five months of 2015.

MEXICO: National food and beverage companies hungry for buys abroad

Mexican food and beverage companies are demonstrating strong appetite for targets at home and abroad with 10 deals in the first five months of 2016 compared to three in the corresponding five-month period last year, a 233% increase, according to TTR data (www.TTRecord.com).

The country’s acquisitive food and beverage groups are looking to the international market with unprecedented appetite, with eight of the 10 deals YTD targeting peers abroad whereas the three deals led by Mexican companies in the first five months of 2015 were all domestic.

Rankings / League Tables

Latin America Ranking – 2016*

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA leads TTR’s Latin America financial advisory ranking at the close of May with 10 transactions under its belt YTD worth a combined USD 15.1bn. Itaú remains at the top despite a 44% decline in volume and a 63% decrease in aggregate value compared to its performance in the first five months of 2015 when it also topped the chart after advising on 18 deals together worth USD 41.2bn. Banco BTG Pactual follows in second place with eight mandates at the end of May worth USD 9.3bn in aggregate. BTG Pactual’s deal volume fell 43%, its aggregate value 67% compared to the five months ending 31 May 2015 when it had advised on 14 deals together worth USD 28.3bn. Citigroup bucked the general trend increasing deal volume region-wide by 250% and aggregate value 249% by the close of May to place third with seven deals together worth USD 13.9bn. Citigroup did not appear among the top 10 in the regional chart a year ago. Banco Bradesco BBI tied Citi by deal volume placing fourth, maintaining its ranking of a year ago despite an 81% decline in aggregate transaction value from USD 27.6bn to USD 5.3bn. Morgan Stanley ranks fifth by volume at the close of May with six deal mandates YTD together worth USD 18.5bn, taking the lead by aggregate value. The US-based bank was not among the top 10 in the regional ranking a year ago, nor was BBVA, which ranks sixth, also with six mandates YTD, in its case worth USD 8bn combined. BAML is up one position compared to its ranking at the end of May 2015 to place seventh, having added one transaction to its tally of a year ago. The aggregate value of the transactions it’s advised on is up 488% from USD 2.4bn in the first five months of 2015 to USD 14bn YTD. BR Partners ranks eighth with four deals together worth USD 4.5bn. BR Partners didn’t place among the top 10 a year ago, nor did Ártica Investimentos, in ninth, also with four mandates YTD, in its case of undisclosed consideration. Goldman Sachs brings up the rear with three mandates YTD in Latin America, down one deal compared to its performance in the first five months of 2015 when it advised on four transactions to place seventh. Goldman’s deals are worth USD 18.3bn YTD putting it in second place by aggregate value.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking for the first five months of 2016 with eight mandates together worth USD 763m, notwithstanding a 33% decline in volume and a 67% drop in aggregate deal value compared to its 12 deals together worth USD 2.3bn of a year ago when it ranked second. Cleary Gottlieb Steen & Hamilton ranks second by volume with seven mandates on deals together worth USD 4.5bn after not placing among the top 10 in the first five months of 2015. Jones Day fell two positions to rank third, also with seven mandates YTD, in its case worth USD 646m combined. Jones Day led the chart a year ago when it had advised on 13 deals together worth USD 6.9bn by the close of May. Clifford Chance has advised on five deals YTD, the same volume it registered at the end of May 2015, falling one position in the chart to rank fourth as the aggregate value of its deals plummeted from USD 26.2bn to 6.9bn between the two periods. Linklaters ranks fifth, also with five mandates YTD, after not placing among the top 10 in the first five months of 2015. Chadbourne & Parke too was absent from the top 10 a year ago, now ranking sixth with four mandates worth a combined USD 1.8bn. Skadden, Arps, Slate, Meagher & Flom holds firm to its seventh-place ranking of a year ago, while aggregate value is up 293% from USD 2.6bn to USD 10.3bn between the two periods. Davis & Gilbert, in eighth, was not among the top 10 a year ago. The firm has also advised on three deals in the first five months of 2016, in its case worth a combined USD 1bn, placing it ahead of White & Case, also with three mandates. White & Case lost one deal relative to its four mandates in the first five months of 2015 when it ranked sixth, its aggregate deal value down 81% from USD 3.1bn to 596m. Norton Rose Fulbright ranks tenth after not appearing in the corresponding chart a year ago.

Brazil Ranking* – 2016
Financial Advisory – Year to Date (YTD)


Banco BTG Pactual leads TTR’s Brazil financial advisory ranking at the close of May with eight mandates YTD worth a combined USD 9.3bn, down 11% by volume and 63% by aggregate value from its nine deals together worth USD 29.3bn in the first five months of 2015 when it ranked second. BTG Pactual ousted Banco Itaú BBA from its leading position of a year ago thanks only to its greater aggregate deal value, as the rival bank has also advised on eight deals thus far in 2016, in its case worth USD 6.3bn, representing a 50% decline in volume and an 85% drop in aggregate value from its tally a year ago when it led the chart with 16 deals worth a combined USD 41bn. Banco Bradesco BBI ranks third, as it did a year ago, with seven deals YTD compared to five then, the aggregate value of its transactions down 81% from USD 28bn. BAML ranks fourth in the chart, also with four deals under its belt, after not appearing among the top 10 a year ago. BR Partners, in fifth, also advised on four deals in the first five months of 2016, the same volume it had registered by the end of May 2015. The firm climbed from seventh place a year ago, meanwhile, and registered a 400% increase in aggregate deal value from USD 895m to USD 4.5bn. Morgan Stanley follows in sixth with three mandates YTD, tied by volume with Vinci Partners, in seventh, IGC Partners Assessoria Empresarial in eighth, Magma, in ninth and Ártica Investimentos, in tenth. Of these, only IGC ranked among the top 10 a year ago when it had advised on four deals of undisclosed consideration by the close of May to place eighth then as well.

Legal Advisory – Year to Date (YTD)


Souza, Cescon, Barrieu & Flesch Advogados leads TTR’s Brazil legal advisory ranking at the close of May with 24 mandates YTD worth a combined USD 3.1bn, up from third place a year ago when the firm had advised on 17 deals together worth USD 3.9bn. Pinheiro Neto Advogados ranks second with 21 mandates in the first five months of the year together worth USD 2.9bn, up from fifth at the close of May a year ago when it’d advised on 15 deals worth a combined USD 8.7bn to the close of May. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados is in third place with 19 mandates worth a combined USD 1.6bn, down one position from a year ago when it ranked second with 17 transactions under its belt together worth USD 8.6bn. Machado, Meyer, Sendacz e Opice Advogados is down from first place a year ago to rank fourth with 16 deals YTD worth USD 510m compared to 18 worth USD 11.6bn a year ago, representing an 11% dip in volume and a 96% drop in aggregate value. TozziniFreire Advogados is up one position from a year ago to place fifth, its 16 transactions worth USD 323m representing a 33% increase in volume and a 55% decline in combined deal value. Barbosa, Müssnich, Aragão, in sixth, is down two places in the YTD ranking, its 14 mandates worth USD 909m comparing to 16 worth USD 8.6bn of a year ago. Stoche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados is in seventh, the firm’s 13 deals worth USD 103m, placing it among the top 10 firms in Brazil whereas it was not to be found on the chart a year ago. Lefosse Advogados, in eighth, was also absent from the top 10 ranking at the close of May 2015. Demarest is down from seventh to take ninth with 10 deal mandates together worth USD 675m compared to 11 worth USD 79m in aggregate a year ago. Lobo & de Rizzo Advogados rounds out the top 10 with nine deals together worth USD 286m, up 80% by volume and 129% by aggregate value compared to a year ago when it didn’t rank among Brazil’s top 10 M&A firms.

Mexico Ranking* – 2016

Financial Advisory – Year to Date (YTD)

BBVA leads TTR’s Mexico financial advisory ranking at the close of May with four advisory mandates YTD worth a combined USD 8bn, up from third place a year ago when it’d advised on half as many deals worth just under USD 2bn combined. Citigroup is up from sixth place a year ago to take second in the chart, its deal volume having tripled and the aggregate value of its transactions up 164% from USD 3.5bn. JPMorgan and Morgan Stanley, in third and fourth place, respectively, each advised on two deals in the first five months of 2016, neither having placed among the top 10 for their advisory work in Mexico by the close of May 2015. Goldman Sachs, in fifth, Deutsche Bank, in sixth, PC Capital in seventh, Evercore Partners in eighth, Fredericks Michael & Co. in ninth and RIóN M&A, in tenth are tied by volume with a single transaction on their records in the first five months of the year. Of the lot, only RIóN M&A and Evercore Partners placed among the top 10 a year ago, RIóN M&A then in second with three deals together worth USD 247m and Evercore in fourth with two deals worth USD 1.9bn.

BBVA leads TTR’s Mexico financial advisory ranking at the close of May with four advisory mandates YTD worth a combined USD 8bn, up from third place a year ago when it’d advised on half as many deals worth just under USD 2bn combined. Citigroup is up from sixth place a year ago to take second in the chart, its deal volume having tripled and the aggregate value of its transactions up 164% from USD 3.5bn. JPMorgan and Morgan Stanley, in third and fourth place, respectively, each advised on two deals in the first five months of 2016, neither having placed among the top 10 for their advisory work in Mexico by the close of May 2015. Goldman Sachs, in fifth, Deutsche Bank, in sixth, PC Capital in seventh, Evercore Partners in eighth, Fredericks Michael & Co. in ninth and RIóN M&A, in tenth are tied by volume with a single transaction on their records in the first five months of the year. Of the lot, only RIóN M&A and Evercore Partners placed among the top 10 a year ago, RIóN M&A then in second with three deals together worth USD 247m and Evercore in fourth with two deals worth USD 1.9bn.

* 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.

Aumenta o volume de transações no setor de Agronegócio

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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: Agronegócio, terreno fértil para transações

O número de transações no segmento de Agronegócio registrou um aumento de 143% nos quatro primeiros meses de 2016, segundo os dados do TTR (www.TTRecord.com).

O número das aquisições de participações em empresas brasileiras por empresas estrangeiras neste setor sofreu uma redução, com uma transação registrada, frente as quatro registradas em 2015. Pórem neste período em 2015 este tipo de transação representou 60% do total de transações.

Rankings / League Tables

Brasil Ranking – 2016

Assessoria Financeira – Year to Date (YTD)

Os três principais bancos Itaú BBA, BTG Pactual e Bradesco BBI estão em primeira, segunda e terceira posição, respectivamente, no ranking TTR de assessoria financeira para os quatro primeiros meses de 2016. Todos eles apresentaram um redução no valor total, 71%, 83% e 91% respectivamente. A BR Partners está na quarta posição do ranking, depois de não ter estado entre os dez primeiros no ranking para o mesmo período de 2015. A Vinci Partners subiu da sétima para a quinta posição, com o mesmo número de transações que foram registradas no mesmo período do ano anterior, porém o valor total agregado saltou de USD 22m para USD 282m. A Ártica Investimentos, o BAML, a Moelis & Company e o Citigroup estão na sexta, sétima, oitava e nona posição, respectivamente, sendo que nenhum deles esteve entre os dez primeiros em 2015. A IGC Partners Assessoria Empresarial desceu cinco posições no ranking, com uma redução de 50% no número de transações.

Assessoria Jurídica – Year to Date (YTD)

O Souza Cescon Advogados lidera o ranking TTR de assessoria jurídica, elaborado com os dados relativos aos quatro primeiros meses de 2016, com 18 transações cujo valor total é de USD 2,1bi. O que representa um aumento de 64% no número de transações e uma redução de 42% no valor total, em relação ao mesmo período do ano anterior, quando assessorou 11 transações cujo valor total foi de USD 3,6bi. O Pinheiro Neto Advogados subiu da sexta para a segunda posição do ranking, ao assessorar 17 transações que somam USD 1,72bi, valor 538% maior do que o registrado no mesmo período de 2015. O escritório Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados desceu uma posição no ranking, passando a terceiro, mesmo tendo aumentando o número de transações. O valor total sofreu redução de 85%, que foi de USD 7,8bi em 2015. O escritório TozziniFreire Advogados subiu duas posições, passando a quarto no ranking. O número de transações aumentou 67%, passando a 15, enquanto que o valor total sofreu redução de 44%, passando a USD 322m. O escritório Machado, Meyer, Sendacz e Opice Advogados, desceu da primeira para a quarta posição, tendo uma transação a menos, se comparado ao mesmo período de 2015 e uma redução de 84% no valor total, que nestes quatro primeiros meses de 2016. O valor total das transações assessoradas é de USD 504m. O Barbosa, Müssnich, Aragão desceu da terceira para a sexta posição, com 12 transações que tiveram um valor total agregado de USD 597m, valor 92% menor do que o que foi registrado no mesmo período de 2015.O Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados está na sétima posição do ranking, o Lefosse Advogados em oitavo e o Lobo & de Rizzo em nona posição. Nenhum dos três escritórios esteve entre os dez primeiros no ranking do mesmo período de 2015. O Demarest Advogados está na décima posição com oito transações assessoradas que somam USD 248 milhões, valor 214% maior, do que no ano anterior.

Agribusiness deal volume up in Brazil

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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: Agribusiness fertile ground for deals

Agribusiness transactions have shot up 143% in the first four months of 2016 relative to the corresponding period in 2015, according to TTR data (www.TTRecord.com).

The number of international buyers in the space fell in relative and real terms, however, from four of seven in the first four months of 2015 to one of 17 YTD.

MEXICO: Healthcare deal volume triples

Heathcare, hygiene and cosmetics deal volume has increased 200% in the first four months of 2016 compared to the same period in 2015, according to TTR data (www.TTRecord.com).

International bidders have demonstrated appetite for the space this year, with three of nine transactions led by overseas investors whereas none of the three deals in the corresponding period of 2015 were cross-border.

Rankings / League Tables

Latin America Ranking – 2016

Financial Advisory – Year to Date (YTD)

Brazil’s Banco Itaú BBA holds its position at the top of TTR’s Latin America financial advisory ranking at the close of April with nine mandates YTD worth a combined USD 3.7bn, a 40% decline by volume and a 19% dip in aggregate value compared to its performance in the first four months of 2015 when it’d advised on 15 deals together worth USD 4.6bn. Banco BTG Pactual follows close behind with six mandates in the first four months of 2016 on deals worth a combined USD 1.3bn, representing a 33% decline in volume and an 83% fall in aggregate value relative to its nine mandates on deals worth USD 7.9bn in aggregate in the first four months of 2015, when it also placed second in the chart. Citigroup ranks third with five deals worth USD 2.4bn in aggregate after not placing among the top 10 of the regional ranking at the close of April 2015. BBVA jumped two positions to take fourth, also with five deals YTD, in its case worth USD 1.9bn, compared to four worth USD 1.3bn a year ago when it ranked sixth. Banco Bradesco BBI ranks fifth, also with five mandates YTD, the same volume as at the close of April 2015, the aggregate value of its deals dropping 91% meanwhile from USD 9.1bn to USD 806m. BR Partners ranks sixth with four advisory mandates YTD worth USD 1.1bn combined, and Ártica Investimentos seventh, also with four deals under its belt. Neither placed among the top 10 at the close of April 2015, nor did BAML, in eighth, Vinci Partners in ninth nor Goldman Sachs, in tenth.

Cleary Gottlieb Steen & Hamilton leads TTR’s Latin America legal advisory ranking at the close of April with nine advisory mandates YTD on deals worth a combined USD 1.2bn. The top international firm in the region was not among the leading 10 at the close of April 2015. Baker & McKenzie is tied by volume but lags far behind by aggregate value, the combined consideration of its deals worth USD 194m, a 97% decline from the USD 795m its 11 deals were together worth a year ago when it also ranked second. Jones Day fell to third from first with five mandates YTD together worth USD 70m compared to 13 worth USD 2.3bn in the first four months of 2015. Clifford Chance climbed one position to take fourth, though its deal volume remained constant. Skadden, Arps, Slate, Meagher & Flom ranks fifth, with three advisory mandates YTD, tied by volume with Davis & Gilbert, Linklaters, White & Case and Latham & Watkins, of which only White & Case placed among the top 10 in the first four months of 2015 when it advised on four deals together worth USD 983m to take fourth in the chart. Simpson Thacher & Bartlett brings up the rear, advising on two deals YTD after not appearing among the top 10 for the four-month period ending a year ago.

Financial Advisory – Year to Date (YTD)


Brazil’s top three banks, Banco Itaú BBA, Banco BTG Pactual and Banco Bradesco BBI hold to their first-, second- and third-place positions of a year ago in TTR’s Brazil financial advisory ranking at the close of April 2016. All three faced a heavy decline in aggregate deal value, which fell 71%, 83% and 91%, respectively, though only Itaú’s deal volume declined as that of its peers remained constant. BR Partners ranks fourth after not appearing among the top 10 for the first four months of 2015. Vinci Partners climbed from seventh to fifth, its deal volume remaining constant in each four-month period while the aggregate value of its three deals grew from USD 22m to USD 282m. Ártica Investimentos, BAML, Moelis & Company and Citigroup, in sixth, seventh, eighth and ninth, respectively, were not among the top 10 at the close of April 2015. IGC Partners Assessoria Empresarial fell five positions to bring up the rear, its deal volume cut in half.

Legal Advisory – Year to Date (YTD)


Souza Cescon Advogados leads TTR’s Brazil legal advisory ranking for the first four months of 2016 with 18 deals together worth USD 2.1bn, representing a 64% increase in volume and a 42% decline in aggregate value relative to its 11 deals worth a combined USD 3.6bn a year ago when it ranked fourth. Pinheiro Neto Advogados follows in second, up from sixth a year ago, its deal volume growing 70% from 10, its aggregate deal value up 538% from USD 271m. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados lost one position in the chart to rank third, despite growing volume by two deals. Its aggregate deal value fell 85% from USD 7.8bn, meanwhile. TozziniFreire Advogados climbed two positions in the ranking to take fourth, its deal volume up 67% from nine and its aggregate deal value down 44% from USD 570m. Machado, Meyer, Sendacz e Opice Advogados fell from first to fifth as it lost one transaction compared to its performance in the first four months of 2015 and aggregate deal value dipped 84% from USD 3.2bn. Barbosa, Müssnich, Aragão fell from third to sixth in the chart, despite adding one deal to its count of a year ago. The combined value of its deals dropped 92% from USD 7.8bn in the first four months of 2015. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ranks seventh, Lefosse Advogados eighth and Lobo & de Rizzo Advogados ninth, none of the three having appeared among the top 10 by the close of April 2015. Demarest Advogados brings up the rear, its volume down by one, the aggregate value of its deals up 214% from USD 79m a year ago when it ranked eighth.

Mexico Ranking – 2016

Financial Advisory – Year to Date (YTD)

Citigroup leads TTR’s Mexico financial advisory ranking for the first four months of 2016 with three mandates worth a combined USD 2.4bn, up from one deal worth USD 1.2bn for the corresponding period ending a year ago when it ranked fifth. BBVA is tied by volume, its three deals worth USD 1.9bn. BBVA advised on the same number of transactions by the close of April 2015, its three deals then worth USD 1.3bn. Of the remaining financial advisors in the chart, only Rión M&A appeared among the top 10 for the corresponding period ending a year ago, when it had also advised on a single deal.

Galicia Abogados leads TTR’s Mexico legal advisory ranking for the first four months of the year with five mandates on deals worth a combined USD 2.4bn, the same volume as in the corresponding period ending a year ago when it ranked fourth. Its aggregate value is down by 12% from USD 2.7bn. Ritch Mueller follows in second with four deals worth a combined USD 82m. The firm did not place among the top 10 in the first four months of 2015. Santamarina y Steta Abogados ranks third, having added one transaction to its tally of a year ago and growing aggregate value by 746% from USD 227m. Creel, García-Cuéllar, Aiza y Enríquez, in fourth, fell from first place a year ago, its volume down 79% from 14 and its aggregate value down 93% from USD 3.6bn. Geenberg Traurig México ranks fifth after not appearing among the top 10 in the first four months of 2015. Robles Miaja Abogados, in sixth, Haynes Boone México, in seventh, Garrigues México in eighth, and Aziz & Kaye Abogados, in ninth, were also absent from the top 10 a year ago. Baker & McKenzie México lost two deals and fell one position in the chart to bring up the rear, its aggregate deal value declining slightly from USD 30m.

Pharma deals surge by 117% in Brazil

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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: Pharma deals more than double

The number of transactions in Brazil’s pharmaceutical industry grew by 117% in 1Q16 over the same quarter last year, according to TTR data (www.TTRecord.com).

Foreign investment in the space also grew in real terms with eight of 13 total acquisitions in Brazilian pharma companies in the first three months of 2016 led by overseas buyers compared to five of six in the corresponding period last year.

COLOMBIA: Inbound dealmaking on the rise

Acquisitions of Colombian companies by foreign bidders grew by 29% in 1Q16 compared to 1Q15, according to TTR data (www.TTRecord.com).

There were 17 inbound acquisitions between January and March 2015 compared to 22 in the corresponding period this year. Technology was the most sought after asset class for foreign buyers in 1Q16, meanwhile.

Rankings / League Tables

Latin America Ranking – 2016

Financial Advisory – Year to Date (YTD)

Banco Itaú leads TTR’s Latin America financial advisory ranking for the first three months of 2016 with nine transactions under its belt worth a combined USD 3.7bn, representing a 31% decline in volume and a 17% decline in aggregate deal value compared to its 13 deals together worth USD 4.4bn to the close of March 2015 when it also led the chart. Banco BTG Pactual ranks second, as it did a year ago, with six advisory mandates YTD together worth USD 1.3bn, compared to seven worth USD 7.6bn at the close of 1Q15, representing a 14% drop in volume and an 83% decline in aggregate value. Ártica Investimentos ranks third by volume with four transactions for the first three months of 2016 of undisclosed consideration. The firm did not rank among the top 10 by the close of 1Q15. BBVA ranks fourth with three deals together worth USD 1.9bn, tied with Banco Bradesco BBI by volume, which ranks fifth, its three deals worth USD 489m in aggregate. BBVA was not among the top 10 in 1Q15, while Bradesco fell from third for the corresponding period in 2015 when it advised on five deals worth USD 9.1bn, representing a 40% decline in volume and a 95% drop in combined deal value. Credit Suisse Group, Morgan Stanley, BAML, BR Partners and Vinci Partners have each advised on two transactions YTD and accordingly rank by relative aggregate value in the chart. Of the five, only Vinci Partners was among the top 10 a year ago when it advised on three deals together worth USD 22m to rank ninth.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking for the first three months of 2016 with six mandates YTD together worth USD 112m. It also led the chart a year ago when it’d advised on eight deals worth USD 511m combined, representing a 25% dip in volume and a 78% decline in aggregate value. Cleary Gottlieb Steen & Hamilton ranks second with five mandates YTD worth USD 810m combined. The US firm was not among the top 10 legal advisors in Latin America at the close of 1Q15. Jones Day fell one position in the ranking relative to its performance in the first three months of 2015 when it advised on six transactions to take second place. Its five deals YTD are worth USD 70m combined, representing a 68% decline in aggregate value from USD 219m. Clifford Chance added one deal to its performance of 1Q15 to climb from ninth to fourth in the chart with three mandates YTD worth a combined USD 575m. Davis & Gilbert, in fifth, also advised on three deals in 1Q16, in its case worth a combined USD 247m. The firm was not among the top 10 a year ago. Hogan Lovells, in sixth, Skadden, Arps, Slate, Meagher & Flom, in seventh, and Chadbourne & Parke, in eighth, have two deal mandates each in 1Q16. None of the three placed in the top 10 for the corresponding three-month period of 2015. Simpson Thacher & Bartlett, in ninth, and Wachtell, Lipton, Rosen & Katz, in tenth, were also absent from the top 10 at the close of 1Q15.

Financial Advisory – Year to Date (YTD)


Banco Itaú BBA leads TTR’s Brazil financial advisory ranking for the first three months of 2016 with seven advisory mandates together worth USD 1.3bn. Brazil’s top investment bank also led the chart a year ago when it’d advised on 11 deals together worth USD 4.2bn, representing a 36% decline by volume and a 70% drop in aggregate value. Banco BTG Pactual added one deal to its tally of a year ago to climb from third to second. Its six mandates YTD on deals worth a combined USD 1.3bn compare to five together worth USD 7.6bn a year ago. Banco Bradesco BBI fell from second to third in the ranking with three deals YTD worth USD 489m compared to five worth USD 9.1bn a year ago. Ártica Investimentos, in fourth, also advised on three transactions YTD, in its case of undisclosed consideration. Ártica was not among the top 10 financial advisors in Brazil at the close of 1Q15, nor was BR Partners, which ranks fifth with two mandates YTD on deals worth USD 951m combined. Vinci Partners, in sixth, also advised on two transactions in 1Q16, climbing from seventh place a year ago despite losing one madate relative to its three deals in the first three months of 2015. The combined value of Vinci’s deals jumped 1,187% from USD 22m in 1Q15 to USD 277m in 1Q16, meanwhile. Moelis & Company, in seventh, also advised on two transactions in Brazil in 1Q16, in its case worth a combined USD 247m. The US investment bank was not among the top 10 at the close of 1Q15. BAML, Banco de Portugal and Barclays Bank, in eighth, ninth and tenth, respectively, advised on one transaction each in Brazil for the first three months of 2016, none of the three having placed among the top 10 for the corresponding period in 2015.

Legal Advisory – Year to Date (YTD)


Souza Cescon Advogados leads TTR’s Brazil legal advisory ranking for the first three months of 2016 with 15 mandates worth a combined USD 2bn. Brazil’s top M&A firm YTD is up 36% by deal volume from third a year ago when it’d advised on 11 transactions worth a combined USD 3.6bn. TozziniFreire ranks second with 12 mandates YTD on deals worth a combined USD 322m, representing a 50% increase in volume and a 44% decline in aggregate value relative to its eight mandates on deals together worth USD 570m a year ago. Pinheiro Neto Advogados rose from seventh in 1Q15 to take third in 1Q16, increasing deal volume by two deals and aggregate transaction value by 461% from USD 271m to USD 1.5bn. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados slid two positions in the ranking to place fourth relative to 1Q15, its deal volume down by two transactions, its aggregate value down by 92% from USD 7.8bn. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ranks fifth, also with 10 mandates YTD, after not having placed among the top 10 in 1Q15. Machado, Meyer, Sendacz e Opice Advogados led the ranking at the close of 1Q15, but has since fallen to sixth place, its deal volume down 47% and aggregate transaction value down 85% from USD 3.2bn. Lefosse Advogados, in seventh, was not among the top 10 for the corresponding period in 2015. Barbosa, Müssnich, Aragão fell from fourth in 1Q15 to eighth in 1Q16, down in volume by just two deals but in aggregate value by 96% from USD 7.8bn. Derraik & Menezes Advogados ranks ninth with seven transactions, Lobo & de Rizzo tenth with six. Neither of the trailing two were among the top 10 for the first three months of 2015.

Mexico Ranking – 2016

Financial Advisory – Year to Date (YTD)

BBVA leads TTR’s Mexico financial advisory ranking for the first three months of 2016 with two mandates YTD worth a combined USD 1.9bn, compared to just one for the corresponding period in 2015 worth USD 72m, when it placed fifth. Deutsche Bank follows in second, tied with JPMorgan and Morgan Stanley, all three having advised on the same transaction worth USD 1.9bn. PwC ranks fourth, also having advised on one transaction YTD, in its case of undisclosed consideration.

Galicia Abogados leads TTR’s Mexico legal advisory ranking in 1Q16 with three mandates on deals worth a combined USD 2.4bn, up from ninth a year ago when its sole transaction was worth USD 2.5bn. Santamarina y Steta Abogados climbed from fifth at the close of 1Q15 to take second for the first three months of 2016, also with three mandates, in its case worth a combined USD 1.9bn. Creel, García-Cuéllar, Aiza y Enríquez fell from first at the close of 1Q15 to take third, its sole mandate YTD on a deal worth USD 260m. Haynes Boone México advised on the same deal to tie for third, though it appears in fourth in the chart. Aziz & Kaye Abogados ranks fifth, also with a single advisory mandate YTD, in its case worth USD 80m. The firm did not place among the top 10 in 1Q15. Baker & McKenzie México is down one deal and off 21% by aggregate value, but rose from eighth to sixth in the chart nonetheless between 1Q15 and 1Q16. Echanove y Asociados, in seventh, Heather & Heather Abogados, in eighth and Kuri Breña, Sánchez Ugarte y Aznar in ninth, each advised on one deal in 1Q16, the three of them having been absent from the top 10 for the corresponding three-month period in 2015. Mijares, Angoitia, Cortés y Fuentes, in tenth, fell from second place in 1Q15, its deal volume falling from six worth USD 1.3bn combined to one of undisclosed consideration.