TTR Deal Tracker
www.TTRecord.com

LATIN AMERICA

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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

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COLOMBIA: Real estate dealmaking picks up steam

Transaction volume in Colombia’s real estate segment jumped 75% in the first eight months of 2016 over the same period last year, according to TTR data (www.TTRecord.com).
Foreign buyers have demonstrated increased appetite for real estate assets, leading three transactions YTD compared to just one for the same eight months in 2015.

Rankings / League Tables

Latin America Ranking – 2016*

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA maintains a comfortable lead in TTR’s Latin America financial advisory ranking by deal volume and aggregate value at the close of August, with 27 advisory mandates under its belt worth a combined USD 15.6bn, the same number of transactions it advised on in the first eight months of 2015 when it also led the top 10. Its aggregate deal value is up 8% from USD 14.5bn a year ago, meanwhile. Banco Bradesco BBI climbed from sixth place a year ago to take second, its deal volume growing 250% from six to 21, the aggregate value of those transactions up 37% from USD 9.1bn to USD 12.5bn. BTG Pactual fell from second at the close of August 2015 to third a year later, its deal volume down 25% from 16 to 12, the aggregate value of its deals down 39% from USD 9.5bn to USD 5.8bn. Citigroup, in fourth with 11 deals under its belt YTD, was not among the top 10 financial advisors in the region a year ago. Banco Santander slipped from third place at the close of August 2015 to fifth, despite increasing deal volume by 38% from eight to 11 transactions and growing aggregate deal value 43% from USD 5.3bn to USD 7.5bn. BAML climbed from ninth a year ago to sixth, increasing deal count from four to 10, the combined value of its deals jumping from USD 777m to USD 12.2bn. BNP Paribas, in seventh, was not among the top 10 a year ago, nor was Morgan Stanley, in eighth. BBVA fell from fifth a year ago to ninth, despite maintaining the same deal volume and virtually the same aggregate value between the two eight-month periods. Vinci Partners brings up the rear in tenth, also with seven mandates YTD, after not appearing on the chart a year ago.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking at the close of August with 17 mandates worth a combined USD 2.5bn, representing a 23% decline in deal volume and an 81% increase in aggregate value relative to its 22 transactions together worth USD 1.4bn at the close of August 2015, when it also led the chart. Jones Day follows in second, as it did a year ago, its deal volume down from 17, its aggregate deal value down 89% from USD 2.5bn. Cleary Gottlieb Steen & Hamilton ranks third with 10 deals, followed by Linklaters in fourth with nine, neither having appeared among the top 10 for the first eight months of 2015. Clifford Chance, in fifth, and White & Case, in sixth, have also advised on nine transactions in the region YTD, the former falling from fourth in the chart a year ago when it’d advised on five deals worth USD 8.3bn, the latter down from fifth at the close of August 2015, when it’d also advised on five transactions, in its case worth USD 983m. Hogan Lovells, in seventh with six deals YTD, was absent from the chart a year ago and is tied by volume with Shearman & Sterling, which fell one position from seventh, despite having added one deal to its count of a year ago and increasing the aggregate value of its transactions by 65% from USD 724m. Chadbourne & Parke, in ninth with four deals YTD, was not among the top 10 a year ago. Skadden, Arps, Slate, Meagher & Flom brings up the rear with three deals together worth USD 2.7bn, down from five a year ago together worth USD 866m.

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

Banco Itaú BBA leads TTR’s Brazil financial advisory ranking at the close of August with 22 deal mandates YTD worth a combined USD 11.6bn, down by a single transaction from its 23 deals worth USD 14bn a year ago when it also led the chart. Banco Bradesco BBI rose from third to second place, up 250% by volume and 37% by aggregate value from its six transactions worth USD 9.1bn at the close of August 2015. Banco BTG Pactual fell from second to third despite having added one transaction to its count of a year ago. The aggregate value of BTG Pactual’s deals is down 45% from USD 8.4bn, meanwhile. BAML, in fourth, was not among the top 10 banks advising on M&A in Brazil in the first eight months of 2015, nor was Vinci Partners, in fifth, Banco Santander, in sixth, or Rothschild in seventh place. BR Partners ranks eighth, falling one position from seventh a year ago, despite having added one transaction to its deal count and increasing the combined value of its deals by 625% from USD 176m. Morgan Stanley, in ninth, and BNP Paribas, in tenth, were both absent from the top 10 ranking at the close of August 2015.

Legal Advisory – Year to Date (YTD)

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados leads TTR’s Brazil legal advisory ranking for the first eight months of 2016 with 34 transactions worth a combined USD 14.7bn, representing a 48% increase in deal volume and a 65% spike in the combined value of its deals compared to a year ago, when it ranked fourth with 23 deals together worth USD 8.9bn. Machado, Meyer, Sendacz e Opice Advogados holds firm to its second place ranking of a year ago, its deal count up from 25 to 32, the combined value of its deals down 86% from USD 12.5bn to USD 1.8bn. Pinheiro Neto Advogados fell from first a year ago to third in the chart while maintaining the same deal volume. The firm’s deals are together worth 3% less than a year ago when the combined value of its transactions totaled USD 9.5bn. TozziniFreire Advogados climbed from eighth a year ago to take fourth place, its deal volume up 94% from 16 to 31, the aggregate value of its deals up 122% from USD 798m to USD 1.8bn. Souza, Cescon, Barrieu & Flesch Advogados holds onto the same fifth place ranking it held a year ago, notwithstanding a 26% increase in deal volume from 23 to 29 and a 16% decline in its aggregate deal value from USD 4bn to USD 3.4bn. Barbosa, Müssnich, Aragão fell three places in the chart to take sixth, its deal volume down from 23 to 18, its aggregate value down 38% from USD 9.1bn to USD 5.7bn. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ranks seventh after not appearing among Brazil’s top 10 M&A firms a year ago. Veirano Advogados fell two positions in the ranking to take eighth as it lost two transactions relative to its deal count a year ago and increased aggregate deal value 1,300% from USD 408m to USD 5.7bn. Demarest Advogados held onto its ninth place ranking of a year ago while adding one deal to its count and increasing the combined value of its deals nearly 3,000% from USD 79m to USD 2.4bn. Lefosse Advogados brings up the rear in tenth place after not placing on the top 10 chart at the close of August 2015.

Mexico Ranking* – 2016

Financial Advisory – Year to Date (YTD)

BBVA leads TTR’s Mexico financial advisory ranking at the close of August, advising on five transactions YTD, the same deal volume of a year ago when it also led the chart, the aggregate value of its deals virtually unchanged between the two eight-month periods. Citigroup jumped five places to take second, adding three transactions to its count of a year ago and upping aggregate deal value 269% from its sole transaction worth USD 1.2bn to four worth USD 4.5bn combined. Deutsche Bank ranks third after not placing among the top 10 to the close of August 2015. JPMorgan, in fourth, was also absent from the top 10 chart a year ago, as was Morgan Stanley, in fifth, and Lazard, in sixth. RIóN M&A ranks seventh with two transactions YTD of undisclosed value, down from three a year ago. Goldman Sachs, in eighth, PC Capital, in ninth, and UBS, in tenth, were all absent from the top 10 at the close of August 2015.

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking for the first eight months of 2016 with 18 mandates together worth USD 3.3bn, the same deal volume it had for the corresponding period in 2015 when it also led the chart. The aggregate value of its deals fell 66% from USD 9.5bn a year ago, meanwhile. Galicia Abogados held on to its deal count of 10 of a year ago, climbing one place in the chart to take second, its aggregate deal value up 24% from USD 2.8bn to USD 3.4bn. Ritch, Mueller, Heather y Nicolau ranks third with five deals YTD after not placing among the top 10 legal advisors in Mexico in the first eight months of 2015. White & Case México added one transaction to its count of a year ago, climbing six places to take fourth, notwithstanding a 28% decline in aggregate value from USD 983m to USD 704m. Mijares, Angoitia, Cortés y Fuentes, also with five M&A mandates YTD, fell three places in the chart to take fifth, the combined value of its deals down 80% from USD 3.5bn at the close of August 2015. Jones Day México lost two deals relative to its count of a year ago and fell two places in the chart to take sixth, its aggregate deal value down 90% from USD 2.2bn. Santamarina y Steta Abogados, in seventh, and Von Wobeser y Sierra, in eighth, were both absent from the top 10 a year ago. Basham Ringe y Correa fell two places in the chart to take ninth, its deal count down by two, its aggregate deal value down 93% from USD 1.4bn at the close of August 2015. Robles Miaja Abogados brings up the rear in tenth with its two transactions after not placing among the top 10 M&A firms advising in Mexico in the first eight months of 2015.

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* 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.