Brazilian renewable assets back in vogue

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LATIN AMERICA

BRAZIL: Foreign investors boost renewable energy investments

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

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

CHILE: Financial services deals double in 2015

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

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

Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Full year Rankings

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

Legal Advisory – Full year Rankings

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

Brazil Ranking – 2015

Financial Advisory – Full year Rankings

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

Legal Advisory – Full year Rankings


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

Mexico Ranking – 2015

Financial Advisory – Full year Rankings

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

Legal Advisory – Full year Rankings

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

Manufacturing deals surge in Mexico

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LATIN AMERICA

BRAZIL: Appetite grows among international investors for Brazilian consulting firms

International buyers have demonstrated strong appetite for Brazilian consulting, engineering and auditing firms in the first 11 months of 2015 with a 46% increase in transactions in the segment compared to the same period in 2014, according to TTR data (www.TTRecord.com). The appetite from international acquirers in the segment has grown 42%, meanwhile, with 37 deals YTD in 2015 led by foreign buyers compared to 26 for the corresponding period last year.

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MEXICO: Glass, ceramics, paper, plastics, wood and timber deals skyrocket

The number of inbound deals in the glass, ceramics, paper, plastics, wood and timber industry, including asset acquisitions and joint ventures, skyrocketed 700% in the first 11 months of 2015 compared to the same period last year, according to TTR data (www.TTRecord.com). US-based buyers dominated these transactions for the period.

Mexico-Map (2)

Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA leads TTR’s Latin America financial advisory ranking for the first 11 months of 2015 with 43 mandates on deals worth a combined USD 61.4bn. The leading investment bank in the region advised on 63 deals worth a combined 51.7bn in the January-to-November period in 2014, when it also led the chart, representing a 32% decline in deal volume and a 19% jump in aggregate value. Banco BTG Pactual continues to hold second place, as it did a year ago, with 34 deals worth USD 61.2bn in aggregate compared to 33 worth USD 34bn combined in the 11-month period ending a year ago. Banco Bradesco BBI rose two positions relative to its ranking at the close of November, 2014 to take third place with 20 deals YTD worth USD 55.8bn in aggregate, compared to 14 worth USD 14bn combined a year ago when it ranked fifth. BR Partners climbed from tenth a year ago to take fourth, advising on 12 deals together worth USD 5bn YTD compared to 10 worth USD 3.4bn at this time last year. Banco Santander switched places with Bradesco, falling from third to fifth in the chart as a result of deal volume falling 42% from 19 transactions in the first 11 months of 2014 to 11 in the January-to-November period this year, together worth USD 20bn then and USD 28.5bn YTD. BAML fell from fourth to sixth in the chart, meanwhile, with 16 deals to 30 November, 2014 worth USD 32.2bn combined and 10 worth USD 22.7bn YTD. BBVA, in seventh, and Vinci Partners, in eighth, were absent from the top 10 a year ago, as was PwC, in ninth, and Rothschild, bringing up the rear.

Legal Advisory – Year to Date (YTD)


Baker & McKenzie has risen to the top of TTR’s Latin America legal advisory ranking for the first 11 months of 2015 with 24 mandates on transactions worth a combined USD 6.1bn. Despite maintaining the lead it enjoyed a year ago, Baker’s deal volume has declined 14% and the aggregate value of its transactions has fallen 73%. Jones Day climbed two positions to take second place in the chart with 21 deals together worth USD 8.1bn, representing a 62% increase in deal volume and an 88% jump in the combined value of its mandates compared to its performance for the 11 months ending 30 November, 2014. Skadden, Arps, Slate, Meagher & Flom ranks third after not appearing among the top 10 for the corresponding period last year. Clifford Chance rose from eighth in the chart a year ago to take fourth, with eight deals in both periods, YTD worth USD 45.2bn compared to USD 59.1bn for the corresponding period ending a year ago. Greenberg Traurig holds to its fifth-place ranking despite deal volume declining 38% and the combined value of its transactions falling 83% relative to this time last year. White & Case fell from second a year ago to take sixth place in the chart, its deal volume falling 50% from 16 a year ago and the aggregate value of its transactions down 98%. Shearman & Sterling climbed from tenth a year ago to take seventh in the chart, despite a 13% decline in deal volume. Holland & Knight, in eighth, was not among the top 10 a year ago. Simpson Thacher & Bartlett fell from third to rank ninth, its deal volume declining 60% while the combined value of its transactions increased 49%. Linklaters fell from seventh to bring up the rear in tenth place owing to a 33% decline in deal value and a 23% fall in aggregate deal value.

 

Brazil Ranking – 2015

Financial Advisory – Year to Date (YTD)


Banco Itaú BBA leads TTR’s Brazil financial advisory ranking for the first 11 months of 2015 with 40 deal mandates under its belt worth a combined USD 61bn. It also led the chart for the 11 months ending a year ago when it’d advised on 52 deals together worth USD 16bn. Banco BTG Pactual follows in second, with 23 deals worth USD 59bn in aggregate compared to 29 together worth USD 32bn a year ago. Banco Bradesco BBI climbed one position in the chart relative to its performance to 30 November, 2014, to take third with 19 deals together worth USD 55.8bn. Bradesco advised on 14 deals worth USD 14bn combined in the first 11 months of 2014. BR Partners also climbed one position to take fourth with 10 deals together worth USD 5bn compared to 10 worth USD 3.4bn a year ago. Vinci Partners climbed from seventh a year ago to take fifth place in the chart, with 10 deals together worth USD 1.8bn YTD compared to nine worth USD 525m a year ago. BAML remains in sixth place where it stood a year ago, its deal volume having fallen 11% and its combined deal value increasing 126% from USD 9.9bn to USD 22.4bn. IGC partners Asseoria Empresarial, in seventh, was not among the top 10 for the first 11 months of 2014, nor was Rothschild, in eighth, JPMorgan, in ninth, nor Deutsche Bank, bringing up the rear.

Legal Advisory – Year to Date (YTD)


Pinheiro Neto Advogados tops TTR’s Brazil legal advisory ranking for the first 11 months of the year with 60 transactions under its belt together worth USD 51.1bn, up from second place a year ago when it’d also advised on 60 transactions, then worth USD 25.4bn in aggregate for a 102% increase in combined deal value. Mattos Filho has fallen to second place as a result of Pinheiro Neto’s rise to the top, but remains close behind with 57 mandates YTD together worth USD 56.7bn putting it in the lead by aggregate deal value. A year ago it led by deal volume and combined value with 66 transactions together worth USD 43.4bn. Machado, Meyer, Sendacz e Opice Advogados, rose from fourth to third with its 41 mandates YTD together worth USD 42bn, compared to 42 a year ago worth USD 6.6bn. Veirano Advogados, is up two positions relative to its performance in the first 11 months of 2014 to take fourth with 38 deals together worth USD 18.5bn, representing a 185% increase in combined deal value compared to a year ago. Souza Cescon Advogados ranks fifth with 33 deals together worth USD 22bn, up from seventh a year ago when it’d advised on 32 deals together worth USD 26.3bn. Barbosa, Müssnich, Aragão ranks sixth, with 32 deals YTD together worth USD 32.7bn compared to 31 a year ago worth USD 25.6bn when it ranked eighth. Demarest Advogados climbed from tenth to take seventh, its deal volume increasing 7% while the aggregate value of its mandates fell 70% to USD 6.7bn. TozziniFreire Advogados fell three positions to rank eighth, its deal volume falling 28% and the combined value of its mandates down 80% YTD relative to the first 11 months of 2014. Pinheiro Guimarães Advogados ranks ninth with 25 deals thus far in 2015 together worth USD 23.6bn, its deal volume up 317% and aggregate deal value up 466% compared to a year ago when it didn’t rank among the top 10 firms in Brazil. Koury Lopes Advogados ceded its ninth place position of a year ago to Pinheiro Guimarães, its deal volume falling 39% and the combined value of its transactions down 94%, putting it in tenth place in the chart.

Mexico Ranking – 2015

Financial Advisory – Year to Date (YTD)

BBVA tops TTR’s Mexico financial advisory ranking for the first 11 months of 2015 with six transactions together worth USD 8.8bn. The leading investment bank in Mexico ranked third a year ago when it’d advised on three transactions in the country. Spanish rival Banco Santander ranks second with four deals worth USD 4.3bn in aggregate YTD compared to one for the corresponding period ending a year ago, worth USD 3bn, which had put it in tenth place. Pablo Rión y Asociados ranks third, also with four deals YTD, after not placing among the top 10 for the 11-month period ending a year ago. Citigroup, in fourth, climbed one position by adding one transaction to its performance of a year ago, advising on three deals YTD together worth USD 3.8bn compared to two a year ago worth USD 4bn. Evercore Partners ranks fifth, increasing deal volume from one and aggregate value 9,000% relative to a year ago when it didn’t place among the top 10. Alfaro, Dávila y Ríos, in sixth, was also absent from the top 10 a year ago, as was Credit Suisse Group, in seventh, Lazard, in eighth and Vace Partners in ninth, all of them advising on two transaction in Mexico YTD. BAML fell three positions to bring up the rear with its two mandates together worth USD 311m. For the 11-month period ending a year ago it’d advised on two deals worth USD 1.4bn combined.

Legal Advisory – Year to Date (YTD)

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking for the first 11 months of 2015 with 26 deal mandates under its belt together worth USD 42.2bn. Mexico’s top law firm also led the chart a year ago, when it’d advised on 24 deals together worth USD 19.2bn for the corresponding period. Mijares, Angoitia, Cortés y Fuentes retains its second place ranking of a year ago, with 18 mandates this year together worth USD 13.8bn compared to 14 a year ago worth USD 7bn. Galicia Abogados rose two positions to take third place, its deal volume growing by 86% and its aggregate deal value up 413% compared to a year ago when it’d advised on seven deals in the first 11 months of the year together worth USD 2.7bn. Jones Day, in fourth, was not among the top 10 M&A firms in Mexico a year ago. Holland & Knight increased its deal count by one transaction and jumped two spots to rank fifth compared to a year ago with six deals together worth USD 1.7bn. White & Case, also with six deals YTD ranks sixth, down 33% by volume and 95% by aggregate value from its nine deals together worth USD 7.2bn a year ago when it ranked third. Nader Hayaux & Goebel Abogados, in seventh, is up one position relative to a year ago, advising on five deals in both periods while increasing aggregate deal value 8,000% from USD 313m to USD 25.5bn. Santamarina y Steta Abogados ranks eighth after not appearing in the top 10 ranking a year ago. Basham Ringe y Correa holds the same ninth place ranking it held for the first 11 months of 2014, despite adding one transaction to its deal count. Ritch Mueller fell six positions to bring up the rear, also with five deals. Ritch Mueller advised on eight transactions in the corresponding period of 2014, together worth USD 6.3bn.