UK buyers bullish on Brazil

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BRAZIL: UK buyer appetite grows

The number of acquisitions led by UK-based buyers in Bazil has grown by 36% YTD relative to the same period in 2014, according to TTR data (www.TTRecord.com). The relative share of Brazilian deals led by UK-based private equity firms has decreased over the same period, meanwhile, from 56% to mid-October, 2014 to 19% YTD in 2015.

Brazil-Graph-(GIF)-V2

MEXICO: Financial services transactions surge

Financial services deals have jumped 27% in volume and 436% by aggregate deal value in Mexico YTD compared to the same nine-and-a-half months of 2014, according to TTR data (www.TTRecord.com). A total of 27 deals in the space YTD with a combined value of USD 11.4bn compares to 22 in the corresponding period of 2014 worth USD 2.1bn in aggregate.

Mexico-Map (2)Mexico-Graph-(GIF)---

Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)

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Banco Itaú BBA continues to maintain a safe lead in TTR’s Latin America financial advisory ranking at mid-October, with 42 mandates YTD worth USD 19.9bn combined. A year ago Itaú led the chart with 55 transactions worth a combined USD 9bn. Banco BTG Pactual has advised on 31 deals YTD, the same number which put it in second-place at mid-October, 2014. By aggregate deal value BTG Pactual also ranks second, with USD 19.3bn in combined transactions YTD compared to USD 11.2bn for the same period in 2014. Banco Santander ranks third, as it did a year ago, with USD 11 deals worth a combined USD 9.7bn so far in 2015 compared to 15 together worth USD 3.9bn to mid-October, 2014. Banco Bradesco BBI rose one position from fifth at mid-October, 2014, when it’d advised on 12 deals worth a combined USD 5.1bn, to take fourth, with nine transactions worth USD 15.6bn in aggregate. BAML fell one spot, meanwhile, to take fifth place, with nine transactions worth a combined USD 6bn to mid-October, compared to 15 worth USD 10.1bn a year ago. BR Partners, in sixth place, also with nine deals under its belt YTD, was not among the top 10 in the first nine-and-a-half months of 2014, nor was BBVA, which ranks seventh with eight deals. PwC, JPMorgan and Rothschild, rounding out the top ten, were also absent from the top 10 at mid-October, 2014.

Legal Advisory – Year to Date (YTD)

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Jones Day leads the top 10 international law firms in TTR’s Latin America legal advisory ranking at mid-October, with 20 transaction mandates YTD on deals worth USD 2.5bn combined. The US firm ranked third a year ago, when it’d advised on 13 deals worth just under USD 2bn. Baker & McKenzie was bumped to second with its 12 deals worth USD 1.4bn combined, as a result of Jones Day’s rise to the top. Baker & McKenzie topped the chart in mid-October, 2014 with 26 deals worth USD 10bn combined. Clifford Chance ranks third by volume with its eight deals worth nearly USD 14bn, topping the chart by aggregate deal value after not appearing among the top 10 for the corresponding period in 2014. Skadden, Arps, Slate, Meagher & Flom, also with eight deals YTD in Latin America and also absent from the top 10 a year ago, bumped White & Case from fourth at mid-October, 2014 to fifth. White & Case had advised on 12 deals worth USD 6.9bn in the first nine-and-a-half months of 2014, compared to eight worth just USD 137m YTD, representing a 33% decline in volume and a 98% decline in aggregate deal value. Greenberg Traurig’s deals in the region have declined similarly, 42% by volume from 12 a year ago, and 87% by combined value, from USD 1.6bn, resulting in its fall from fifth to sixth place. Simpson Thacher & Bartlett has lost ground in deal volume but gained slightly by aggregate value; it ranked second in mid-October, 2014 with 15 deals worth USD 6.56bn, compared to six worth USD 6.63bn YTD. None of the trailing three firms in the chart, all of which also garnered six mandates in the region YTD, were among the top 10 at mid-October, 2014.

 

Brazil Ranking – 2015

Financial Advisory – Year to Date (YTD)

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Banco Itaú BBA continues to lead TTR’s Brazil financial advisory ranking at mid-October, as it did a year earlier. Deal volume is down 13% for Brazil’s top bank compared to its 45 transactions in 2014 to mid-October, but combined value is up 291% from USD 5bn a year ago to USD 19.8bn, putting it in the lead by aggregate value as well. Banco BTG Pactual follows, as it did a year ago, with 21 transactions worth USD 18.7bn, compared to 27 worth UD 10.1bn in mid-October last year. Banco Bradesco BBI ranks third, with nine deals together worth USD 15.6bn, up from fourth at this point last year when it’d advised on 12 deals worth USD 5.1bn in aggregate, representing a 25% decrease in volume and a 206% increase in aggregate value. BR Partners, in fourth, didn’t rank in the 10 leading banks in Brazil at mid-October, 2014. BAML, in fifth, rose from seventh a year ago, when it’d advised on six deals worth USD 555m. BAML’s deal volume is up 17% and its combined deal value up 967%. JPMorgan, in sixth by volume, didn’t place in the top 10 a year ago and now ranks third by aggregate value behind Itaú and BTG Pactual, with five deals together worth USD 18bn. Rothschild has also advised on five transactions YTD, as it had by mid-October, 2014, this year worth USD 12.9bn compared to USD 1bn then, representing a 1,135% leap in combined value. IGC Partners Assessoria Empresarial, Vinci Partners and Deloitte Global Services round out the top 10, with five mandates each YTD. None the trailing three were among the top 10 financial advisors in Brazil at mid-October, 2014.

Legal Advisory – Year to Date (YTD)

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Pinheiro Neto Advogados leads TTR’s Brazil legal advisory ranking for the first nine-and-a-half months of 2014, with 42 mandates together worth USD 10.2bn compared to 51 deals worth USD 6.9bn combined a year ago. Pinheiro Neto has bumped Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados from the slight lead it held in mid-October, 2014, when both firms had advised on an equal number of deals. The second-ranked firm has increased the combined consideration of its deals by 56% to lead the chart by aggregate value of USD 16bn. Machado, Meyer, Sendacz e Opice Advogados climbed one position from fourth a year ago to take third, its deal volume falling by just one deal, or 2.7%, its aggregate deal value growing 365% from USD 2.8bn to USD 13bn. Veirano Advogados is up from sixth place a year ago to take fourth, with three more deals under its belt than it had in mid-October, 2014. Veirano’s combined deal value is up 276% from USD 1.5bn a year ago. Souza Cescon Advogados has climbed two positions to take fifth with 31 deals worth USD 6.6bn in aggregate, compared to 27 worth USD 11bn a year ago. Barbosa, Müssnich, Aragão has climbed from tenth at mid-October, 2014 to take sixth place, with 29 deal mandates YTD worth USD 10.6bn compared to 23 worth USD 5.2bn a year ago. Demarest has increased deal count from 24 to 28, while the firm’s aggregate value has fallen 11% from USD 2.1bn to 1.9bn, putting it in seventh compared to ninth a year ago. TozziniFreire Advogados, in eighth, ranked fifth a year ago, its deal count falling 23% from 30 transactions, the combined value of its deals falling 72% from 3.4bn. Pinheiro Guimarães Advogados, in ninth, didn’t rank among the top 10 a year ago. Koury Lopes Advogados, in tenth, advised on 28 deals together worth 2.7bn to mid-October, 2014 when it ranked seventh, compared to 18 worth USD 106m YTD.

Mexico Ranking – 2015

Financial Advisory – Year to Date (YTD)

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BBVA leads TTR’s Mexico financial advisory ranking at mid-October with twice as many deals under its belt as a year ago, when it also led the ranking. Spanish rival Santander follows in second, up from tenth a year ago, with four advisory mandates YTD compared to just one a year ago, this year worth USD 1.5bn in aggregate compared to USD 1.3bn then. Pablo Rión y Asociados, in third, has also advised on four deals YTD, after not appearing among the top 10 to mid-October, 2014. Evercore Partners, Alfaro Dávila y Ríos and Credit Suisse, in fourth, fifth and sixth, respectively, were all absent from the top 10 chart a year ago. Citigroup, in seventh, has two transactions to its name in Mexico, as it did a year ago, then worth USD 1.7bn in aggregate compared to USD 1.2bn YTD. Lazard and Vace Partners, in eighth and ninth place, respectively, were absent from the top 10 in mid-October, 2014. BAML, brings up the rear, also with two deals, the same number it had advised on in the first nine-and-a-half months of 2014 for which it ranked seventh, while aggregate value is down 86% for the US bank from USD 634m a year ago.

Legal Advisory – Year to Date (YTD)

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Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking at mid-October, 2015, as it did a year prior, when it’d advised on 21 transactions together worth USD 8.6bn. Deal volume is up 19% and aggregate value up 49% for the leading Mexican firm compared to its performance in the first nine-and-a-half months of 2014. Mijares, Angoitia, Cortés y Fuentes follows in second, as it did a year ago, with 17 deals worth USD 4.4bn compared to 13 worth just under USD 3bn by mid-October, 2014. Galicia Abogados climbed two places to rank third advising on 11 deals worth USD 5.3bn combined YTD, an 83% jump in deal volume and a 356% increase in combined deal value from mid-Oct, 2014, when the firm had advised on six deals together worth USD 1.2bn. Jones Day México, in fourth, has bumped White & Case México down a notch to fifth place in the ranking. Jones Day was not among the top 10 in the first nine-and-a-half months of 2014. White & Case is down by one deal compared to its volume at mid-October a year ago, while its aggregate deal value has fallen 83% from USD 686m to USD 113m. Nader Hayaux & Goebel Abogados and Santamarina y Steta Abogados, in sixth and seventh, respectively, have both clinched five deals YTD. Neither was among the top 10 a year ago. Basham Ringe y Correa, also with five transactions under its belt YTD, has climbed one position to take eighth by adding two deals to its volume of a year ago and increasing aggregate value to USD 1.4bn. Holland & Knight México fell two positions, meanwhile, despite maintaining the same number of transactions as it had advised on by mid-October, 2014, the combined value of its deals falling 78% from USD 2.3bn to USD 500m. Greenberg Traurig México retains the tenth place spot it held a year ago, despite doubling its deal mandates to four. The aggregate value of the firm’s deals fell 76% from USD 831m to USD 199m.

Mining industry digs up more deals in Brazil

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BRAZIL: Mining industry digging up more deals

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

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Brazil-Graph-(GIF)-V2MEXICO: Appetite for Spain-based targets continues to grow

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

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Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)

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

Legal Advisory – Year to Date (YTD)

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

 

Brazil Ranking – 2015

Financial Advisory – Year to Date (YTD)

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

Legal Advisory – Year to Date (YTD)

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

Mexico Ranking – 2015

Financial Advisory – Year to Date (YTD)

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

Legal Advisory – Year to Date (YTD)

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

PE deals on the rise in Brazil

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BRAZIL: Private equity transactions on the rise

Private equity deals have increased unabated YTD in Brazil with an 18.64% jump in deal volume between January and mid-September, 2015, compared to the same period in 2014, according to TTR data (www.TTRecord.com). The total number of deals in which private equity funds deployed capital in Brazil grew from 51 to 56, while the number of exits increased from eight to 14.

1Brazil-Graph-(GIF)-V2

COLOMBIA: Retail and distribution take increasing share of total deal volume

Deal volume in Colombia’s retail and distribution sector has grown 100% YTD in 2015 while the aggregate value of deals in the space is up 1,780% compared to the same period in 2014, according to TTR data (www.TTRecord.com). A total of 10 transactions in the space in the first nine-and-a-half months of 2015 are worth USD 1.92bn combined. Among the most noteworthy of these is the USD 1.86bn acquisition of a stake in France-based Ségisor by Colombia’s largest retailer, Almacenes Éxito.

3Colombia-Graph-(GIF)

Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)

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Banco Itaú BBA continues to lead TTR’s Latin America financial advisory ranking at mid-September with 30 transactions under its belt YTD worth a combined USD 19.3bn. Deal volume is down 40% for the region’s top bank compared to its 50 deals for the same period in 2014, but aggregate value is up 128% compared to its USD 8.5bn in combined deals a year ago, when it also led the chart. Following in second, as it did a year ago, Banco BTG Pactual has advised on 25 transactions YTD, worth a combined USD 18.6bn, compared to 30 a year ago, together worth USD 11.2bn. Banco Santander, which has advised on 10 deals together worth USD 9.1bn YTD, is up two places to take third in the chart relative to this time last year when it’d advised on 12 deals worth USD 3bn. Banco Bradesco BBI holds the same fourth-place position it held in mid-September, 2014, with nine deals worth USD 15.5bn combined. A year ago it had advised on 12 deals worth USD 5.1bn. BAML, which has swapped ranking with Santander in the past 12 months, now holds fifth with nine deals together worth USD 6bn, down from 12 a year ago worth USD 10bn. BR Partners takes sixth, followed by BBVA in seventh and PwC in eighth. All three were absent from the regional top 10 in mid-September, 2014. Deutsche Bank holds to the ninth-place ranking it held a year ago, with five deals worth USD 18.5bn, compared to eight worth USD 10.8bn then. JPMorgan is in tenth, also with five deals, worth a competitive USD 18bn, putting it in fourth by aggregate value behind Deutsche, BTG Pactual and Itaú BBA.

Legal Advisory – Year to Date (YTD)

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Jones Day is up from fourth place a year ago to take a comfortable lead in TTR’s Latin America legal advisory ranking with 20 deals worth a combined USD 2.7bn YTD, representing a 67% increase in volume and a 37% increase in combined deal value compared to its 12 deals worth just under USD 2bn a year ago. Baker & McKenzie is down 48% by volume and 84% by aggregate value in second place with 12 deals worth USD 1.4bn, compared to 23 a year ago worth USD 8.8bn, when it held the top position in the regional ranking. Clifford Chance, absent from the top 10 a year ago, ranks third with seven mandates YTD worth USD 13.9bn combined, giving it a comfortable lead by aggregate value. Simpson Thacher & Bartlett fell two places in the ranking relative to its position at this time last year with six deals under is belt worth USD 6.6bn, compared to 13 a year ago worth USD 6.5bn. Akin Gump Strauss Hauer & Feld ranks fifth, also with six deal mandates YTD. Tied by deal volume with Simpson Thacher and Akin Gump are Shearman & Sterling, Skadden, Arps, Slate, Meagher & Flom and Holland & Knight, none of which have broken the USD 1bn mark in combined deal value YTD. Of the three firms, only Holland & Knight appeared in the top 10 ranking a year ago, when it brought up the rear with five deals together worth USD 3.1bn. Millbank, Tweed, Hadley & McCloy, in ninth, was absent from the top 10 a year ago, while Greenberg Traurig has fallen from fifth in mid-September, 2014 when it’d advised on 11 deals worth USD 1bn, to take tenth with five transactions a year later.

 

Brazil Ranking – 2015

Financial Advisory – Year to Date (YTD)

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Banco Itaú BBA has a healthy lead in TTR’s Brazil financial advisory ranking at mid-September, with nearly twice as many deals as its closest rival, Banco BTG Pactual, which also trailed the leading bank in the number two spot a year ago. Notwithstanding, both banks are down by deal volume in their home market, 30% in the case of the leader from 40 deals a year ago, and 38% in the case of the number two bank, from 26 at mid-September, 2014. They are both up significantly by aggregate value, meanwhile, 331% from 4.4bn and 78% from USD 10bn, respectively. Banco Bradesco BBI holds to its third-place ranking of a year ago, with its nine deals worth USD 15.5bn compared to 12 worth USD 5.1bn a year ago. BR Partners is up four places in the chart relative to this time last year to take fourth with eight transactions under its belt, worth USD 373m combined, compared to five worth USD 556m a year ago. BAML rose from ninth a year ago when it’d advised on five deals worth USD 482m to take fifth place a year later with seven deals together worth just under USD 6bn, a 400% increase in deal volume and a 1,140% increase in aggregate value. JPMorgan, in sixth, was absent from the top 10 a year ago, as was Rothschild, in seventh, PwC in eighth and Deutsche Bank in ninth. Banco Santander fell from fourth in the chart a year ago, when it’d advised on 11 deals in Brazil worth USD 2.6bn, to bring up the rear with four worth USD 7.3bn thus far in 2015.

Legal Advisory – Year to Date (YTD)

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Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados continues to hold a slim lead in TTR’s Brazil legal advisory ranking at mid-September, with 40 deals worth USD 16bn combined. A year ago, Mattos Filho also held the lead with 46 transactions together worth USD 8.8bn. Following closely in second, as it did a year ago, Pinheiro Neto Advogados has advised on 38 deals worth USD 10.1bn YTD, compared to 44 worth USD 6.8bn to mid-September last year. Machado, Meyer, Sendacz e Opice Advogados climbed one position in the ranking relative to a year ago, to take third, with 30 deals together worth USD 12.9bn, compared to 31 worth USD 2.2bn a year ago. Souza Cescon Advogados climbed two rungs to take fourth by deal volume, with 29 mandates on deals worth USD 6.6bn in aggregate, from 26 worth USD 11bn a year ago. Veirano Advogados climbed two positions relative to mid-September, 2014, to take fifth place. It has advised on 27 transactions YTD, worth a total of USD 5.8bn, compared to 25 for the corresponding period ending a year ago, together worth USD 1.5bn. Demarest Advogados also climbed two positions in the chart, in its case from eighth in mid-September, 2014 to sixth a year later, with 22 deals under its belt then, worth USD 2.1bn, and 26 worth US 1.9bn a year later. Barbosa, Müssnich, Aragão climbed three places from tenth a year ago, when it had 20 mandates under its belt together worth USD 4.9bn, to take seventh with 25 transactions worth USD 10.4bn. This represents a 25% increase in volume and a 113% increase in aggregate deal value. Pinheiro Guimarães Advodagos, in eighth, is up 300% by volume and 266% by aggregate value from this time last year with its 20 deals together worth USD 6.8bn. TozziniFreire Advogados fell four places over the same period to take ninth, down 29% by volume and 73% by aggregate deal value. KLA deals are down 41% by volume and 94% by aggregate value, resulting in its fall from ninth in mid-August, 2014 to tenth a year later.

Mexico Ranking – 2015

Financial Advisory – Year to Date (YTD)

5

TTR’s Mexico financial advisory ranking has changed little in recent months with sparse deal closings throughout the summer. BBVA leads the chart, as it did in mid-September, 2014, with four deals together worth USD 2bn, compared to three a year ago. Pablo Rión y Asociados ties by deal volume, its four deals worth a reported USD 81m. Banco Santander is up from tenth a year ago, when it had advised on one transaction in the first nine-and-a-half months of the year, to take third, with three deals worth USD 864m combined. Alfaro, Dávila y Ríos follows with two transactions together worth USD 2.2bn. Credit Suisse Group, in fifth, has also advised on two deals, in its case worth USD 1.3bn. Evercore Partners, Lazard and Vace Partners have two deals apiece under their belts as well. All three were absent from the top 10 a year ago, as was Pablo Rión, Alfaro, Dávila y Ríos and Credit Suisse. BAML, in ninth, has also advised on two deals YTD in Mexico, as it did for the corresponding period in 2014, when it ranked seventh. Deutsche Bank fell six positions in the chart relative to this time last year to bring up the rear with one transaction worth USD 2.5bn, putting it in the lead by aggregate value. In the first nine-and-a-half months of 2014 it advised on two deals worth USD 1.5bn combined placing fourth.

Legal Advisory – Year to Date (YTD)

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Creel, García-Cuéllar, Aiza y Enríquez continues to lead TTR’s Mexico legal advisory ranking at mid-September, as it did a year ago. The country’s top firm has advised on 21 transactions YTD worth a combined USD 6.8bn, compared to 20 a year ago together worth USD 8.6bn. Mijares, Angoitia, Cortés y Fuentes follows, as it did a year ago, with 16 transactions worth USD 3.8bn, which represents a 33% increase in volume and a 56% increase in aggregate value relative to its 12 deals worth USD 2.4bn for the nine-and-a-half months to mid-September, 2014. Galicia Abogados climbed two positions relative to its ranking at this time last year to take third, with 10 deals together worth USD 5.3bn, up 67% by volume and 356% by aggregate value from its six worth USD 1.2bn a year ago. Jones Day grew deal volume by 300% in the past 12 months in Mexico to rank fourth, after not placing among the top 10 in the first nine-and-a-half months of 2014. Nader Hayaux & Goebel Abogados, in fifth with five deals, leads the chart by aggregate deal value of USD 8.2bn. It too was absent from the top 10 a year ago. Basham Ringe y Correa climbed two positions to take sixth relative to this time last year, also with five deals, compared to three a year ago. Holland & Knight, holds to its seventh-place ranking of a year ago. The firm also advised on five deals YTD in Mexico, compared to four by mid-September, 2014, while aggregate deal value dropped 78% from USD 2.3bn to USD 500m over the same period. Santamarina y Steta Abogados, in eighth with four deals under its belt YTD, was absent from the top 10 a year ago also. Ritch Mueller fell six places from third a year ago to ninth, with three mandates YTD worth USD 204m compared to eight a year ago worth USD 2.8bn, representing a 63% drop in deal volume and a 93% drop in aggregate value. White & Case also fell six places, from fourth to tenth, as mandates declined 57% by volume and 88% by aggregate value, from seven worth USD 686m in mid-September, 2014, to three worth USD 83m a year later.

Financial Services Dealmaking Brisk in Chile

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Forecast of global M&A activity through Q4 2015

BRAZIL: North American appetite for deals on the rise

Acquisitions by North America buyers increased by around 6% between January and August, 2015, compared to the same period in 2014, according to TTR data ( www.TTRecord.com). The growing appetite for Brazilian assets reverses a downward trend seen between the first eight months of 2013 and the corresponding period in 2014

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CHILE: Financial services transactions brisk

Financial services transactions grew 40% in the first eight months of 2015 to 21 deals compared to 15 in the same period in 2014, according to TTR data ( www.TTRecord.com). Cross-border financial services deals are up 150% over the same period.

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Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)

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Banco Itaú BBA leads TTR’s Latin America financial advisory ranking at the close of August after advising on 30 transactions worth nearly USD 19.2bn combined. Brazil’s leading bank also led the ranking for the first eight months of 2014, when it’d advised on 47 deals together worth USD 8bn. Banco BTG Pactual follows in second place, as it did a year ago, with 25 transactions under its belt, together worth USD 18.5bn, compared to 27 deals worth USD 10.3bn in the first eight months of 2014. In third place by deal volume, Banco Bradesco BBI closed nine deals by the end of August, worth just under USD 15.6bn in aggregate, up from fifth for the same period in 2014 when it’d closed 10 deals worth USD 4.7bn. BAML and Santander are tied with Bradesco by deal volume, falling into fourth and fifth place, weighted by combined deal value of USD 6bn and USD 5.5bn, respectively. BAML fell from third place in the ranking at this point last year, and Santander from fourth, when both banks had advised on 11 deals. BBVA, in sixth place, and PwC in seventh, have both advised on seven transactions YTD, BR Partners six and Deutsche Bank and JPMorgan five apiece. Of the trailing five in the chart, only Deutsche Bank was among the top 10 in the first eight months of 2014.

Legal Advisory – Year to Date (YTD)

6Legal Advisory – Year to Date (YTD)

Jones Day dominates the international firms in TTR’s Latin America legal advisory ranking at the close of August after advising on 19 transactions YTD together worth USD 2.5bn. The top firm climbed from third for the corresponding period last year, when it’d advised on 12 deals worth USD 1.9bn. Baker & McKenzie fell from first at this time last year to close August in second place with 11 transactions YTD worth nearly USD 1.4bn combined. Clifford Chance places third by volume, but first in value terms by a long shot, with seven deals worth USD 13.9bn combined. Clifford was not among the top-10 firms by deal volume in the first eights months of 2014. Simpson Thacher & Bartlett placed fourth, with six deals together worth USD 6.6bn, falling from second a year ago when it had advised on 13 deals worth USD 6.5bn combined. Following, also with six deals in their hats, are Akin Gump Strauss Hauer & Feld, alongside Skadden, Arps, Slate, Meagher & Flom, and Holland & Knight, of which only the first firm broke the USD 1bn mark, advising on deals worth USD 5bn in aggregate. Milbank, Tweed, Hadley & McCloy follows in eighth for its five deals worth USD 5.6bn combined. Shearman & Sterling takes ninth, also with five deals, and Sullivan & Cromwell brings up the rear with four deals worth nearly USD 4.8bn in aggregate. ç

Brazil Ranking – 2015

Financial Advisory – Year to Date (YTD)

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Banco Itaú BBA dominates TTR’s Brazil financial advisory ranking at the close of August, with 28 deals worth a combined USD 19bn, leading its peers as it did a year ago when the bank had advised on 37 transactions worth just shy of USD 4bn. BTG Pactual follows in second, with 16 advisory mandates YTD, together worth USD 17.9bn. At the close of August, 2014, BTG Pactual had advised on 23 transactions worth USD 9.3bn and also ranked second. Banco Bradesco BBI climbed from fourth a year ago to close August ranked third, despite a slight decline in deal flow from 11 to nine transactions. Fewer deals were worth more, however: USD 15.6bn YTD in 2015 compared to USD 4.7bn in the first eight months of 2014. BAML placed fourth in the Brazil chart, with seven deals worth USD 6bn in total, ahead of BR Partners, with six deals worth USD 292m. JPMorgan, Rothschild and PwC each have advised on five transactions in Brazil, worth USD 18bn, 12.9bn and USD 60m, respectively. Neither BAML, JPMorgan nor Rothschild placed among the top 10 by the close of August, 2014. PwC climbed two rungs from its tenth-place position at this point last year when its four transactions were together worth USD 834m. Deutsche Bank and Deloitte Global Services have advised on four deals each, YTD, worth USD 15.8bn combined in the case of the former, and USD 138m in the latter. Deutsche Bank and Deloitte too were absent from the top 10 at the close of August, 2014.

Legal Advisory – Year to Date (YTD)

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The competition couldn’t get any fiercer in TTR’s Brazil legal advisory ranking between Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados and Pinheiro Neto Advogados, each with 37 mandates under their belts, together worth USD 16bn and USD 10bn, respectively. The relative positions were much the same between Brazil’s top two firms at the close of August, 2014 when Mattos Filho had advised on 43 deals and its rival 40, worth USD 8.6bn and USD 6.5bn, respectively. Machado, Meyer, Sendacz e Opice Advogados inched up to third from fourth at this point last year, meanwhile, with 29 mandates YTD worth USD 12.9bn, compared to 31 worth USD 2.2bn a year ago, a 475% jump in combined deal value notwithstanding a 6% drop in volume. Souza, Cescon Advogados inched up from sixth a year ago when it’d advised on 24 deals worth USD 11bn to close August in fourth place with 26 deals under its belt worth USD 6.6bn combined. Barbosa, Müssnich, Aragão climbed from ninth to fifth with 24 transactions worth USD 10.3bn YTD compared to 19 worth USD 4.9bn in the eight-month period that ended 31 August, 2014. Demarest is up 5% by deal volume, enough to climb the chart from eighth to sixth, after advising on 21 deals worth just under USD 1.3bn in aggregate. The firm’s combined deal value fell 40%, however, compared to its 20 deals worth USD 2.1bn a year ago. Veirano has retained the seventh-place position it held at the close of August, 2014, with 19 mandates YTD worth USD 5.6bn combined. Also with 19 deals under its belt, TozziniFreire Advogados fell three spots from fifth to eighth. It’d advised on 27 deals in the eight-month period ending 31 August, 2014, representing a 30% decline in deal volume, while combined deal value declined 73% from USD 3.4bn then to USD 917m YTD in 2015. Pinheiro Guimarães Advogados appears at ninth, with 16 transactions worth USD 6.2bn in aggregate. The firm wasn’t among the top-10 in Brazil at the close of August, 2014. Koury Lopes Advogados brings up the rear, as it did a year ago, with 13 deals worth USD 106m combined compared to 16 worth USD 1.4bn at the end of August, 2014, representing a 19% decline in volume and a 92% drop in aggregate value.

Mexico Ranking – 2015

Financial Advisory – Year to Date (YTD)

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BBVA and Pablo Rión y Asociados are neck and neck at the top of TTR’s Mexico financial advisory ranking, in first and second place with four transactions apiece, together worth USD 2bn and USD 81m, respectively, insomuch as deal values have been disclosed. BBVA doubled its deal volume compared to its position a year ago when it placed sixth in the chart. Spanish rival Banco Santander holds third place in the chart, with three transactions together worth USD 864m, compared to one worth USD 1.3bn a year ago when it placed tenth. The fourth-to-eighth place investment banks advised on two transactions each, led by Alfaro, Dávila y Ríos whose pair of transactions is worth USD 2.2bn. Deutsche Bank and Citigroup hold the ninth- and tenth-place positions, with deals valued at USD 2.5bn and USD 1.2bn, respectively. Citigroup placed second and Deutsche Bank third in the corresponding period of 2014, with two deals worth USD 1.7bn together in the case of the former, and two worth USD 1.5bn in the latter.

Legal Advisory – Year to Date (YTD)

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Creel, García-Cuéllar, Aiza y Enríquez have a comfortable lead in TTR’s Mexico legal advisory ranking, as the firm did in the first eight months of 2014. Creel leads despite a 10% decline in deal volume to 18 transactions YTD worth USD 6.2bn combined, and a 28% drop in aggregate value relative to its 20 deals worth USD 8.6bn at the close of August, 2014. Mijares, Angoitia, Cortés y Fuentes holds firm to second place in the ranking, with 13 deals together worth USD 3.1bn compared to the 12 worth USD 2.4bn that garnered it second place a year ago. Galicia Abogados rose three rungs from sixth to take third with 10 deals together worth USD 5.3bn compared to half that number worth 1bn at the close of August, 2014. Jones Day holds fourth place in the chart by deal volume with eight transactions and second by combined value of USD 5.3bn. The US-based firm didn’t place among the top 10 law firms practicing in Mexico in the first eight months of 2014. Nader Hayaux & Goebel Abogados, in fifth, and Holland & Knight, in sixth, have advised on five deals each YTD in 2015, the former leading the chart by combined deal value of USD 8.2bn, the latter lagging in the distance with USD 500m worth of transactions, in aggregate. Holland & Knight rose one spot in the ranking relative to its position at the end of August, 2014, while Nader Hayaux was not among the top 10 a year ago. Santamarina y Steta Abogados, at seventh, advised on four deals in the first eight months of the year, together worth USD 2.8bn, and is tied by volume with Basham Ringe y Correa, also with four transactions, in its case worth USD 1.3bn. Basham also ranked in eighth place for the January-August period in 2014. Ritch Mueller fell precipitously, from third to ninth with three deals YTD worth USD 204m, compared to eight a year ago worth USD 2.8bn, representing a 62.5% decline in volume and a 93% decline in aggregate value. White & Case, also with three transactions under its belt YTD, has met with a similar 50% decline in deal volume and an 88% decline in combined deal value to USD 83m, relative to its performance in the first eight months of 2014, when it’d advised on six deals together worth USD 686m.

Transport & Logistics on the move in Brazil and Mexico

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LATIN AMERICA

BRAZIL: Transport, aviation and logistics dynamic in 2015

The transport and logistics sector is among the most dynamic in Brazil for the January to August period in 2015, with a 25% increase in transactional activity relative to the same period in 2014, according to TTR data (www.TTRecord.com). The number of international firms acquiring equity in Brazilian counterparts is considerable in both periods.

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Brazil-Graph


MEXICO: Transport, aviation and logistics dealmaking keeps pace with Brazil

Dealmaking in the transport, aviation and logistics segment has skyrocketed in Mexico in the first seven-and-a-half months of 2015, with 11 deals in the sector together worth USD 286m, according to TTR data (www.TTRecord.com). This represents a 266.6% increase in deal volume and a 535.5% increase in aggregate value relative to the corresponding period in 2014. Mexico-Graph

Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)
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Banco Itaú BBA holds its lead by deal volume in TTR’s Latin America financial advisory ranking at mid-August, with 30 transactions worth nearly USD 19.2bn in aggregate. Its deal volume is down 33% compared to the first seven-and-a-half months of 2014, but it has almost tripled the combined value of its mandates. Banco BTG Pactual has advised on 25 transactions worth USD 18.5bn YTD, maintaining its second-place position in the ranking with one more deal under its belt compared to mid-August, 2014 and a 110% increase in the combined transaction value of its mandates. Banco Bradesco climbed two positions to take third in the chart relative to the comparable period in 2014, with nine transactions worth nearly USD 15.6bn, compared to 10 deals together worth nearly USD 4.7bn a year ago, when it placed fifth. Banco Santander follows, also with nine deals under its belt, in its case worth USD 5.5bn, to maintain the same fourth-place position it held in mid-August, 2014. BAML fell two spots from its third-place position at this point last year to take fifth, having advised on eight transactions together worth USD 5.9bn YTD compared to 11 worth USD 9.8bn a year ago. Spain’s BBVA, in sixth, has advised on seven deals worth USD 2.3bn in aggregate, YTD. It wasn’t among the top 10 a year ago. Nor was PwC, in seventh place with six deals together worth USD 415m, nor BR Partners, in eighth, also with six deals, worth USD 292m combined. Deutsche Bank fell one position to ninth, with five deals together worth USD 18.3bn, compared to eight worth USD 10.8bn a year ago. JPMorgan has knocked Citigroup, last year’s trailing bank at mid-August, from the top 10, to take up the rear with five deals worth USD 18.1bn combined.

 

Legal Advisory – Year to Date (YTD)
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Jones Day maintains its safe lead in TTR’s Latin America legal advisory ranking at mid-August, with 18 advisory mandates under its belt, worth USD 2.5bn in aggregate. The firm climbed from fourth place in mid-August, 2014, when it’d advised on 11 deals worth USD 1.9bn combined. This more than doubles the deal volume of Baker & McKenzie, the number two firm in the chart, which has advised on eight transactions worth USD 1bn YTD, compared to 23 worth USD 8.8bn a year ago when it led the ranking. At third with seven deals together worth nearly USD 14bn, Clifford Chance wasn’t among the top 10 in mid-August, 2014 and today leads aggregate deal value by a long shot. Akin Gump Strauss Hauer & Feld, the fourth-ranked firm, was also absent from the top-10 at this point in 2014. This year it has advised on six deals worth USD 5bn thus far. Skadden, Arps, Slate, Meagher & Flom holds the fifth position with six deals worth USD 766m, a 100% increase in deal volume and a 130% increase in combined value compared to its performance to mid-August, 2014, when it too did not place among the top 10. Also with six mandates YTD, Holland & Knight rose from last in the top 10 to sixth, by adding just one transaction, despite an 84% decline in combined deal value from USD 3.1bn to USD 500m. Milbank, Tweed, Hadley & McCloy was also absent from the 10 leading legal advisors in Latin America in mid-August, 2014, and now ranks seventh with five transactions under its belt, together worth USD 5.6bn. Simpson Thacher & Bartlett fell from second in mid-August, 2014, when it’d advised on 13 deals worth USD 6.5bn, to rank eighth YTD in 2015 with its five mandates worth USD 3.1bn. Sullivan & Cromwell didn’t place among the top 10 in the first seven-and-a-half months of 2014 and today ranks ninth with four deals worth nearly USD 4.8bn in aggregate. Another newcomer to the top 10, Sherman & Sterling, brings up the rear with four advisory mandates worth USD 569m.

 

Brazil Ranking – 2015

Financial Advisory – Year to Date (YTD)
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Banco Itaú BBA remains at the top of TTR’s Brazil financial advisory ranking at mid-August, the same position it held a year ago. It has advised on 28 transactions YTD together worth USD 19bn, compared to 35 in the January-to-mid-August period of 2014. This represents a 20% decline in advisory mandates and a 461% increase in the combined value of its deals. Banco BTG Pactual follows, with 16 transactions under its belt so far in 2015 compared to 20 in the corresponding period last year, representing a 20% decline in volume and a 130% increase in aggregate value. Banco Bradesco BBI rose one spot relative to last year to take third place with nine transactions worth nearly USD 15.6bn in total compared to its 10 deals worth just under USD 4.7bn a year ago. In Fourth, BAML has advised on six deals to tie by volume with the fifth-place investment bank, BR partners. It’s USD 5.8bn in combined deal value puts it far ahead of its closest rival’s USD 282m, meanwhile. BAML didn’t rank among the top 10 financial advisors in Brazil a year ago when BR Partners held the trailing position in the top 10 with four deals worth USD 487m in aggregate. JPMorgan, in sixth with five deals under its belt worth USD 18.1bn combined, representing a 400% increase in volume, was also absent from the top-10 a year ago, as was Deutsche Bank, ranked seventh with four deals together worth nearly USD 15.8bn. Rothschild climbed one spot to eighth with four deals worth almost USD 12.7bn, representing a 1,500% increase in deal value for the same number of transactions it’d advised on in the corresponding lapse of 2014. Deloitte and PwC hold the ninth and tenth positions, respectively, in the Brazil chart, also having advised on four deals. PwC placed eighth for the same period of 2014, also with four deals, then worth USD 834m compared to USD 60m YTD in 2015.

 

Legal Advisory – Year to Date (YTD)
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It’s a heated battle for dominance in TTR’s Brazil legal advisory ranking at mid-August, with Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados maintaining a thin lead owing to the weighted value of the firm’s 36 deals together worth nearly USD 16bn, compared to competitor Pinheiro Neto Advogados’ 36 deals worth USD 10bn combined. Pinheiro Neto led by volume a year ago when it had advised on 38 transactions worth just under USD 6.5bn for Mattos Filho’s 35 worth some USD 7.5bn. Machado, Meyer, Sendacz e Opice Advogados maintains the third-place ranking it held a year ago with 26 deals together worth USD 12.6bn compared to 30 worth USD 2.2bn in mid-August, 2014. Barbosa, Müsnich, Aragão ranks fourth with 22 deals worth just under USD 10bn YTD, rising from eighth a year ago when it’d advised on 19 deals worth nearly USD 4.9bn combined for the corresponding period. Souza Cescon Advogados climbed two rungs from this time last year to take fifth with 22 transactions worth USD 5.6bn combined compared to 21 worth nearly USD 10.3bn a year ago, representing about a 5% increase in volume and a 45% decline in combined value. Demarest climbed from ninth to take sixth, with 19 deals worth just under USD 1.3bn compared to 19 worth USD 2bn a year ago. Veirano Advogados follows in seventh by volume, tied with TozziniFreire Advogados, in eighth, with USD 5.6bn and 917m in combined deal value, respectively, for their 17 advisory mandates. Veirano fell 26% in deal volume from sixth a year ago, TozziniFreire 19% from fifth a year ago. Koury Lopes Advogados climbed one spot to take ninth place compared to its tenth-place position a year ago, with 12 deals worth USD 92m today compared to 14 worth USD 1.4bn then. At the rear, Lefosse Advogados has advised on 10 deals YTD, worth USD 10.3bn. It didn’t place in the top 10 at mid-August, 2014.

 

 

Mexico Ranking – 2015

Financial Advisory – Year to Date (YTD)
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BBVA leads TTR’s Mexico financial advisory ranking at mid-August with four deals under its belt together worth just shy of USD 2bn. It rose from sixth a year ago, increasing deal volume by 100%. Pablo Rión y Asociados follows, also with four transactions YTD, together worth USD 81m, to the extent their values have been disclosed. Banco Santander ranks third, up from last place in the corresponding chart a year ago, with three transactions worth USD 864m in aggregate compared to one deal a year ago worth USD 1.3bn. Alfaro, Dávila y Ríos follows in fourth, with two deals under its belt, worth USD 2.1bn combined. Credit Suisse Group, Evercore Partners, Vace Partners and BAML have also advised on two transactions in Mexico YTD, and rank accordingly by relative combined transaction value. Of the financial advisors that have advised on two transactions YTD, only BAML made the top 10 in the corresponding period of 2014 when it’d also advised on two deals, then worth USD 634m compared to USD 88m today, representing an 86% decline in combined value. Deutsche Bank fell from third at mid-August 2014, to ninth for the corresponding period this year, advising on one deal worth USD 2.5bn compared to two last year worth nearly USD 1.8bn. Deutsche Bank ties the last place advisor in the top 10, Citigroup, which has also advised on one deal, in its case worth USD 1.2bn.

 

Legal Advisory – Year to Date (YTD)

 

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Creel, García-Cuéllar, Aiza y Enríquez holds a safe lead in TTR’s Mexico legal advisory ranking at mid-August with 17 deals together worth just under USD 2.7bn. The firm also led the chart a year ago when it’d advised on 20 deals worth nearly USD 8.6bn in aggregate. Mijares, Angoitia, Cortés y Fuentes has clinched the number two spot, as it did a year ago, with 11 deals worth USD 3.1bn, compared to 12 worth USD 2.4bn in mid-August, 2014. Galicia Abogados rose three rungs from sixth a year ago to take third, with nine deals together worth USD 5.3bn, compared to five worth USD 1bn for the corresponding period in 2014. Jones Day México, absent from the top 10 a year ago, ranks fourth, with eight advisory mandates YTD, worth some USD 2.2bn combined. Holland & Knight México, in fifth, has advised on five transactions thus far in 2015, worth USD 500m combined, compared to four in the corresponding period of 2014, worth nearly USD 2.3bn, when it’d placed seventh in the chart. Nader Hayaux & Goebel Abogados ranks sixth with its four deals worth nearly USD 4.7bn. The firm didn’t place among the top 10 at mid-August, 2014, nor did the seventh-place firm, Santamarina y Steta Abogados, also with four transactions under YTD, worth nearly USD 2.8bn. Basham Ringe y Correa holds firm to the eighth-place position it held in the chart in mid-August, 2014, with three deals worth a combined USD 1.3bn YTD, to tie by deal volume with the ninth- and tenth-placed firms, Ritch Mueller and White & Case. Both have also advised on three transactions so far this year, worth USD 204m and USD 83m, respectively. Ritch Mueller ranked third a year ago, when it’d advised on eight deals together worth USD 2.8bn, while White & Case then ranked fifth with six deals worth 686m combined.