TTR Deal Tracker
www.TTRecord.com

LATIN AMERICA

TTR Deal Tracker is a monthly alert that identifies M&A trends and provides YTD rankings of the leading financial and legal advisors in Latin America.

BRAZIL: VCs boost funding for tech startups

Venture capital funds boosted their investments in Brazilian technology startups as 2016 got under way, with an 80% increase in the number of such transactions YTD compared to January 2015, according to TTR data. The total sum directed at technology companies has grown by more than 1,000%, meanwhile, with USD 64m invested so far this year compared to USD 5m in January 2015.

MEXICO: Real Estate asset deals on the rise

The number of transactions in Mexico’s real estate sector jumped from one in January 2015 to four YTD, a 300% increase, according to TTR data. Three quarters of the country’s real estate transactions this year have been asset trades.

Rankings / League Tables

Latin America Ranking – 2016

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA leads TTR’s Latin America financial advisory ranking for January 2016 with three transactions YTD together worth USD 724m, representing a 50% decline in deal volume and a 230% increase in aggregate value compared to its six mandates worth USD 219m for the same month in 2015, when it also led the pack. BBVA is off to a great start with two deals under its belt worth USD 3.92bn combined after not placing among the top 10 financial advisors regionally in January 2015. Banco BTG Pactual holds firm to its third place ranking of January 2015 with two deals in both periods, worth USD 171m in aggregate then compared to 506m in the first month of 2016, a 196% jump. Ártica Investimentos follows in fourth, also with two deals, in its case both worth an undisclosed consideration. Deutsche Bank, JPMorgan, Morgan Stanley and Lazard follow, in fifth, sixth, seventh and eighth, respectively, none of the four having ranked among the top 10 in January 2015. BR Partners, in ninth, advised on one deal in January this year, as it did in the same month a year prior when it ranked seventh. Cobaltum Partners brings up the rear, also with one deal under its belt YTD, after not placing among the top 10 for any month in 2015.

Legal Advisory – Year to Date (YTD)

Baker & McKenzie leads TTR’s Latin America legal advisory ranking for January 2016 with two deals together worth USD 24m, up in volume from one advisory mandate in the same month a year prior, then worth USD 98m. Jones Day is close behind, also with two deals, in its case both of an undisclosed consideration. Of the other firms in the chart, only Gunderson Dettmer and Hogan Lovells were among the top 10 in January 2015 when they occupied the same sixth and seventh place positions, respectively.

Brazil Ranking – 2016

Financial Advisory – Year to Date (YTD)

Banco BTG Pactual leads TTR’s Brazil financial advisory ranking for January 2016, up from third place in the corresponding month of 2015, with two transactions thus far this year together worth USD 506m compared to two a year ago worth USD 171m. Banco Itaú BBA is tied for first, having advised the counterparty on the same two transactions in January. Itaú led the chart with six deals in January 2015 worth USD 219m combined. BR Partners climbed one position in the ranking relative to January 2015, advising on one deal in both periods, this year of an undisclosed value, last year worth USD 75m. Ártica Investimentos also advised on one deal in January of an undisclosed consideration to tie for third place, after not appearing among the top 10 in the ranking at the close of January 2015.

Legal Advisory – Year to Date (YTD)

Souza Cescon Advogados leads TTR’s legal advisory ranking for January 2016 with two deals together worth USD 196m. The firm ranked second for the corresponding period in 2015, when it’d advised on four transactions together worth USD 158m. Pinheiro Neto Advogados ranks second, also with two advisory mandates in January, up from sixth in January 2015 when it’d advised on three deals together worth USD 16m. Lobo & de Rizzo Advogados ranks third, also with two deals under its belt YTD worth USD 5m combined, after not appearing among the top 10 in January 2015. Koury Lopes Advogados ranks fourth, up from ninth a year ago, advising on two transactions in both periods of undisclosed values. TozziniFreire Advogados, in fifth, was not among the top 10 a year ago, nor was Duarte Garcia, Caselli Guimarães e Terra Advogados, ranked sixth. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados ranks seventh, with one deal YTD worth USD 310m, down from its leading position in January 2015 when it’d advised on six deals together worth USD 243m. PMKA Advogados, in eighth, was not among the top 10 for the corresponding period in  2015, nor was Ulhôa Canto, Rezende e Guerra, in ninth. Barbosa, Müssnich, Aragão, in tenth, lost one deal relative to its performance in the first month of 2015, while the USD 196m value of its sole transaction YTD compares favorably with its two deals valued at USD 8m in aggregate a year ago.

Mexico Ranking – 2016

Financial Advisory – Year to Date (YTD)

The four firms in TTR’s Mexico financial advisory ranking for January 2016 all advised on the same transaction and are thus tied neck and neck. None of the four ranked among the top firms for the corresponding period in 2015 when Barclays Bank led the chart.

Legal Advisory – Year to Date (YTD)

Galicia Abogados shares the lead with Santamarina y Steta Abogados in TTR’s Mexico legal advisory ranking for January 2016, both having advised counterparties of the same transaction. Galicia ranked third in the chart a year ago when it’d also advised on one transaction, then worth USD 2.5bn. Neither Baker & McKenzie nor Echanove y Asociados, ranked third and fourth, respectively, were among the top 10 for the corresponding period a year ago.