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.

Transport & Logistics on the move in Brazil and Mexico

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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.

 

F&B deals surge in Brazil

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LATIN AMERICA

BRAZIL: Food and beverage deals spike

The number of food and beverage distribution deals in Brazil has increased by 143% YTD compared to the same period in 2014, according to TTR data (www.TTRecord.com). In both periods, transactions were mostly led by Brazilian buyers acquiring local peers.

Brazil--Map-(GIF)---Brazil-Graph-(GIF)-V2

 
COLOMBIA: Domestic firms demonstrate appetite for acquisitions abroad

Colombian buyers have been increasingly looking abroad for growth with 20 acquisitions of foreign targets YTD in 2015 compared to 13 in the same period of 2014, according to TTR data (www.TTRecord.com). Among the most popular target markets for Colombian buyers are Chile, Panama, Brazil, and the US, with three acquisitions in each country, and two in Mexico, YTD. Colombia-Graph-(GIF)-

Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)
1

 

Banco Itaú’s lead on Banco BTG Pactual at the top of TTR’s Latin America financial advisory ranking narrowed as July drew to a close, compared to the rivals’ relative positions in the chart a year ago. By volume of deals Itaú is down 28%, with 29 transactions YTD compared to 40 a year ago. The aggregate value of Itaú’s mandates has nearly tripled, however, from USD 6.8bn to USD 19bn. Banco BTG Pactual actually had greater aggregate value a year ago than the leading bank with its 23 deals worth USD 8.3bn. Its volume is now up 4% compared to the first seven months of 2014 with 24 transactions that rival Itaú’s in combined value at USD 18.5bn. At third, Credit Suisse Group climbed one spot to displace BAML by number of deals with 10 transactions together valued at USD 20.6bn to lead the chart by value. A year ago it had advised on nine deals worth USD 7.2bn putting it in fourth place. Banco Santander climbed two rungs to take fourth with nine deals worth USD 5.5bn compared to its nine deals worth USD 2.4bn a year ago, which had put it in sixth place. At fifth in the ranking, BAML has advised on eight transactions YTD worth USD 5.9bn compared to its 10 deals worth USD 4bn at this time last year, which had put it in third place. Bradesco slipped one spot from fifth to sixth place by volume, but more than doubled aggregate value with nine deals worth 4.2bn at the end of July 2014 and seven deals worth USD 9.2bn YTD in 2015. Goldman Sachs, at seventh, rose two positions from ninth a year ago and grew its combined deal value from USD 7.8bn to USD 9.2bn, despite advising on six transactions YTD rather than seven in the first seven months of 2014. Also with six deals under their belts, BBVA and PwC were both absent from the top-10 at this point in 2014. Deutsche Bank maintains the same place at the rear it held at the end of July, 2014, while more than tripling aggregate deal value from USD 5bn a year ago to USD 18.3bn YTD in 2015, despite declining volume from seven to five deals.

 

Legal Advisory – Year to Date (YTD)
2

 

Jones Day leads TTR’s Latin America legal advisory ranking YTD by a long shot, with 18 deals under its belt together worth USD 2.5bn. This compares to its third-place ranking a year ago when it’d advised on 10 deals worth USD 1.9bn combined, representing an 80% increase in deal flow and a 31% increase in aggregate value. Baker & McKenzie follows, with eight transactions together worth USD 1bn in the region. It fell from its number one position at this point last year when it’d advised on 20 deals worth USD 2.3bn. Akin Gump Strauss Hauer & Feld is at third place with six deals together worth USD 5bn, putting it in third place by combined value as well. Akin Gump was not among the top 50 at this stage in 2014. Holland & Knight, with six transactions worth USD 500m combined, ranks fourth, compared to its seventh place in the ranking a year ago when it’d advised on five deals together worth USD 3.1bn. Milbank, Tweed, Hadley & McCloy has advised on five deals YTD, together worth USD 5.6bn to put it in fifth place by volume and second place by aggregate value, a notch above Simpson Thacher & Bartlett, with five deals worth USD 3.1bn putting the firm in sixth place. Simpson Thacher ranked second for the first seven months of 2014 with 13 deals worth USD 6.4bn combined. White & Case has also advised on five transactions, worth a combined USD 983m, YTD, compared to 10 worth USD 1bn a year ago. Skadden, Arps, Slate, Meagher & Flom, at sixth in the chart and absent from the top-10 a year ago, has also had five advisory mandates YTD, together worth USD 766m, to close the first seven months of 2015 at eighth. Clifford Chance follows at ninth by volume with four deals under its belt, together worth USD 8.3bn, to put it in the lead by combined deal value. Sullivan & Cromwell brings up the rear with four deals worth USD 4.8bn in aggregate.

 

Brazil Ranking – 2015

Financial Advisory – Year to Date (YTD)
3

 

Banco Itaú BBA has a comfortable lead at the top of TTR’s Brazil financial advisory ranking at the start of August with 27 transactions together worth USD 18.9bn, with more than six times the combined value of its 32 transactions at this point in 2014. BTG rivals at second place by volume with just about USD 1bn less in combined deal value at USD 17.8bn for its 15 transactions. A year ago its 19 advisory mandates worth USD 7.3bn had also put it in second place by number of deals. Credit Suisse climbed two positions to take third in the ranking compared to its performance through 31 July, 2014, with nine deals together worth USD 20.6bn, putting it in the lead by value. Banco Bradesco BBI slipped one position to fourth compared to its run in 2014, with seven transactions together worth USD 9.2bn. BAML, in fifth, has advised on six transactions YTD in 2015 together worth USD 5.9bn. Goldman Sachs takes sixth place, with with five deals worth USD 9.2bn in aggregate. Deutsche Bank, at seventh, JPMorgan, at eighth, BR Partners in ninth, and Deloitte, in the tenth-place position, have all advised on four deals thus far in 2015. Deutsche Bank ranks fourth by combined value of USD 15.8bn, followed by JPMorgan with USD 12.9bn worth of combined deals. Both were absent from the top-10 in the first seven months of 2014, as was Goldman Sachs and BR Partners.

 

Legal Advisory – Year to Date (YTD)
4

 

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados has overtaken Pinheiro Neto Advogados to lead TTR’s Brazil legal advisory ranking YTD in 2015 with 30 advisory mandates on deals worth USD 14.6bn combined giving it the lead also by aggregate value. It swapped positions with Pinheiro, which advised on 29 deals together worth USD 10bn for second place. At this time last year Pinheiro led with 34 advisory mandates worth USD 5.9bn combined, compared to Mattos Filho’s 31 deals worth USD 7.4bn combined. Machado, Meyer, Sendacz e Opice Advogados rose one spot in the ranking compared to the first seven months of 2014 to place third with 25 transactions worth USD 12.6bn combined, putting it about USD 2bn behind Mattos Filho by aggregate value. Barbosa, Müsnich, Aragão follows in fourth with its 19 deals together worth USD 9.8bn, compared to 14 worth USD 3.9bn at this time of year in 2014, which had put it at ninth place among the leading 10 firms. Souza Cescon Advogados is in fifth place with 18 deals worth USD 4.3bn, compared to its sixth place position at the end of July, 2014 when it had advised on 19 deals worth USD 10.3bn combined. Demarest Advogados climbed two positions in the ranking compared to last year to take sixth with 16 advisory mandates on transactions together worth USD 1.2bn. TozziniFreire Advogados has fallen two positions to seventh relative to its deal volume at this stage of 2014 with 16 advisory mandates on deals worth USD 917m combined YTD compared to 24 worth USD 3.3bn in the corresponding period of 2014. Veirano Advogados fell one position to eighth-place with 14 deals worth USD 5.4bn YTD compared to its 19 worth USD 987m at the end of July, 2014. Koury Lopes Advogados climbed one spot to ninth-place position by the end of July with 12 deals worth USD 92m this year compared to 13 worth USD 1.2bn last year when it’d placed tenth. Lefosse Advogados now brings up the rear with nine transactions together worth USD 5.1bn YTD. Lefosse did not place among the top-10 in the corresponding period of 2014.

 

 

Mexico Ranking – 2015

Financial Advisory – Year to Date (YTD)
5

 

Pablo Rión y Asociados climbed to the top of TTR’s Mexico financial advisory ranking by the end of July with four transactions worth USD 81m in aggregate. Spain’s Banco Santander follows in second with three deals worth USD 864m combined, up from ninth place at the end of July, 2014 when it’d advised on one transaction worth USD 1.3bn. BBVA, at third, has also advised on three deals YTD, together worth USD 672m. Alfaro, Dávila y Ríos ranks fourth with two transactions worth USD 2.2bn. Evercore Partners and Vace Partners also have two deals apiece under their belts at fifth and sixth place positions, respectively, with USD 648m and USD 480m in combined deals, respectively. BAML also advised on two deals YTD, as it did in 1H14, worth USD 88m this year compared to USD 634m a year ago, putting it in seventh place by weighted volume. Deutsche Bank, at eighth, Citigroup at ninth, and Moelis & Company at tenth, have each advised on one deal YTD in 2015, in the case of Deutsche Bank, worth USD 2.5bn, putting it in the lead by aggregate value. Citigroup also advised on one transaction in the corresponding period of 2014, worth USD 1.7bn then, compared to this year’s worth USD 1.2bn.

 

Legal Advisory – Year to Date (YTD)

 

6
Creel, García-Cuéllar, Aiza y Enríquez maintains a solid lead over Mijares, Angoitia, Cortés y Fuentes, with 17 transactions worth USD 2.7bn combined, compared to its closest rival’s 10 deals together worth USD 1.8bn in TTR’s Mexico legal advisory ranking for the first seven months of 2015. Creel remains at number one despite dropping one deal by volume and 68% by aggregate value compared to its 18 deals worth USD 8.6bn at this time of the year in 2014. Galicia Abogados climbed four positions from its seventh place in the ranking at this point last year to take third with nine deals together worth USD 5.3bn. At this stage of 2014 Galicia had advised on four deals together worth USD 1bn. Jones Day México was not among the top 10 at the end of July in 2014 and now ranks fourth, with eight deals together worth USD 2.2bn. Holland & Knight follows with five deals worth USD 500m, compared to its four worth USD 2.3bn at the end of July, 2014, which had put it in sixth place. Santamarina y Steta Abogados holds sixth place, with four transactions worth USD 2.8bn combined. The firm was not among the top 10 in the first seven months of 2014. White & Case has also advised on four deals, but falls behind Santamarina in the chart owing to its lower combined value of USD 983m. By the end of July, 2014 it had advised on six transactions together worth USD 686m. Nader Hayaux & Goebel Abogados, in eighth, Basham, Ringe y Correa, in ninth and Ritch Mueller, bringing up the rear, have advised on three transactions each YTD, Nader’s worth USD 3.3bn combined, Basham’s USD 1.3bn and Ritch Mueller’s USD 204m. Neither Nader, Basham nor Ritch were among the top 10 in the first seven months of 2014.

 

Venture deals skyrocket in Mexico

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Deal Tracker
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LATIN AMERICA

BRAZIL: Pharma deals on the upswing

Transactions involving pharmaceutical companies are on the rise in Brazil, with a 66.7% jump in deal volume in the January-May, 2015 period compared with the same five months in 2014. International investors have increased their share of deals in the segment, meanwhile, with 70% of acquisitions year-to-date led by foreign buyers compared to 50% between January and May, 2014.

Brazil--Map-(GIF)---brazil

 
MEXICO: Venture capital investment grows

Investment led by venture capital firms has grown by a whopping 685.2% in the first five months of 2015 compared to the same period in 2014, according to TTR data. The combined value of venture capital transactions between January and the end of May this year was USD 34.63m compared to USD 4.41m for the same period of 2014.

Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)

 

Banco BTG Pactual leads TTR’s Latin America financial advisory ranking by deal volume for the first five months of 2015, up from its second-place position at the same time last year, with 12 transactions worth just over USD 10bn combined. Banco Santander follows with nine transactions worth nearly USD 6bn, compared to its seven deals worth USD 657m at the end of May, 2014. The top two nudged last year’s leader, Banco Itaú BBA, to third place in the ranking, with its eight deals worth a combined USD 5.2bn. Banco Bradesco comes in at a solid fourth in the five-month ranking, advising on five deals worth more than USD 9bn, up from the number six spot with USD 3.55bn in transactions at this point last year. Pulling up the rear of the top-10 at the end of May, Deutsche Bank’s three deals are worth USD 10bn in aggregate, putting it only slightly behind the leading bank in Latin America by combined value. The German bank fell five spots in the ranking by volume, only to more than double its combined deal value from its six transactions worth a respectable USD 3.6bn at the close of May, 2014.

 

Legal Advisory – Year to Date (YTD)

 

Jones Day holds a wide lead in TTR’s Latin America legal advisory ranking with 15 deals worth a combined USD 2.4bn, nearly doubling its eight deals at the end of May last year, which had put it in second place behind Baker & McKenzie. Baker & McKenzie then had 15 deals worth USD 1.7bn; now it has advised on five worth USD 653m. Baker & McKenzie is tied with Holland & Knight in second place by volume, the latter falling to third only on account of the firm’s lower combined deal value of USD 295m. Sullivan & Cromwell, fourth in the chart by volume with four deals, leads by combined value of USD 4.78bn. Sullivan was absent from the top-10 at this point in 2014, as was Holland & Knight.

 

Brazil Ranking – 2015

Financial Advisory – Year to Date (YTD)

 

With Brazilian banks dominating the leading positions of TTR’s Latin America financial advisory chart, the corresponding Brazil ranking looks much the same in the top slots. BTG Pactual, which leads in Brazil by deal volume and aggregate value with eight transactions worth USD 9.8bn, has overtaken Banco Itaú, and thus swapped positions with its rival, compared to this time last year. Banco Santander has fallen to eighth with three deals worth just under USD 4bn, relinquishing its third place position at this time last year to Banco Bradesco BBI, which has advised on five deals worth more than USD 9bn YTD in 2015. Bank of America Merrill Lynch is jostling with the local heavyweights at fourth with five deals worth USD 1.85bn after not placing among the top-10 in the January-May period of 2014. PwC has advanced from eighth at the end of May last year, to place fifth advising on four deals worth USD 60.24m combined in the first five months of 2015. The trailing five in the top-10 chart all had three deals under their belts, and were accordingly weighted by aggregate deal value, a battle easily won by Rothschild and its USD 8.67bn in combined transactions.

 

Legal Advisory – Year to Date (YTD)

 

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados leads the pack of law firms vying for supremacy in TTR’s Brazil legal advisory ranking at the close of May, 2015, with 18 deals worth an impressive 11bn. Mattos Filho had advised on 17 deals with combined value of USD 6.24bn in January-to-May, 2014. Demarest ranks second with 16 transactions together worth USD 2.43bn, up from eighth in the corresponding period last year when it had advised on 11 deals worth USD 1.53bn. Machado, Meyer, Sendacz e Opice Advogados rounds out the top-three with 15 deals worth USD 3.34bn combined, up from sixth at this time last year when it’d advised on 13 transactions worth USD 748m. Barbosa Müsnich Aragão wasn’t among the top-10 firms ranked by deal volume at the end of May last year, and now ranks fourth with 13 transactions worth USD 10.5bn. At fifth, Souza, Cescon, Barrieu & Flesch Advogados also advised on 13 deals, worth a combined USD 4.3bn, slightly outdone by Lefosse Advogados by value, which ranked tenth by volume with five deals worth USD 4.78bn in aggregate.

 

 

Mexico Ranking – 2015

Financial Advisory – Year to Date (YTD)

 

Banco Santander inched to the top of TTR’s Mexico financial advisory ranking at the close of May, advising on three transactions worth a combined USD 864m in the first five months of the year. Pablo Rión y Asociados tied the leader by deal volume with its three deals worth USD 34m combined. Pablo Rión is followed by BBVA, with two transactions worth USD 672m. Vace Partners also advised on two transactions, worth a combined USD 480m. None of the top-four firms by deal volume were among the top-10 ranking for the corresponding period in 2014. At fifth by volume, Deutsche Bank leads the pack by deal value with its sole transaction worth USD 2.55bn. At the close of May, 2014, Deutsche Bank ranked seventh with a single transaction under its belt in Mexico, worth USD 143m.

 

Legal Advisory – Year to Date (YTD)

Creel, García-Cuéllar, Aiza y Enríquez holds a comfortable lead at the top of TTR’s Mexico legal advisory ranking at the close of May, having advised on 13 transactions worth a combined USD 2.7bn. It also topped the chart at the close of May, 2014, when it had advised on 11 deals worth USD 815m for the first five months of the year. Galicia Abogados rose from seventh with two deals worth USD 750m, to second, with eight transactions worth a combined USD 5.32bn, over the same period, bumping Mijares, Angoitia, Cortés y Fuentes, to the number three slot from second in the January to May period last year, with eight deals, worth USD 1.71bn. Jones Day México follows in fourth place with six deals worth USD 2.17bn, ahead of Holland & Knight Mexico, with four transactions worth a combined USD 295m. Neither Jones Day nor Holland & Night placed among the top 10 for the first five months of 2014. Galicia leads the top-10 by combined deal value, followed by Nader Hayaux & Goebel Abogados, ranked sixth by volume with its three deals worth USD 3.34bn, and Santamarina y Steta Abogados, with three deals worth a combined USD 2.77bn.