Media booms in Brazil

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Deal Tracker
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LATIN AMERICA

BRAZIL: Media deals surge 200% in 1Q15

Media deals jumped 200% in 1Q15 compared to the same period last year. Of the nine deals in the space year-to-date, five were backed by private equity or venture funds.
Brazil--Map-(GIF)---

Brazil-Graph-(GIF) 
MEXICO:
Food and beverage on the upswing
Food and beverage transactions surged in the first three months of 2015 in Mexico. There were eight transactions, including announced and closed deals in 1Q15, compared to three in the same period of 2014. Among the most noteworthy in the space was the USD 408m acquisition of Tequila Don Julio by Diageo.Panama-Map-(GIF)Mexico-Graph-(GIF)

Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)
LATAM-Financial
Banco BTG Pactual rose from the number two position in the first three months of 2014 to top the chart in the Latin America financial advisory rankings for the corresponding period of 2015 by deal volume. Banco Itaú BBA fell to number three position from first while Banco Santander moved up from fourth to second place.
Legal Advisory – Year to Date (YTD)
LATAM-Legal
The top three legal advisors in Latin America in 1Q15 by deal volume were nowhere to be seen among the top 10 for the same period of 2014. Jones Day blew away the competition with eights deals, while Sullivan & Cromwell’s three deals far surpassed its peers by combined value. Paul, Weiss, Rifkind, Wharton and Garrison’s work on a single deal put the firm in the ranking at number nine, while Dechert brought up the rear with just one deal worth a respectable USD 1.23bn.

Brazil Ranking – 2015

Financial Advisory – Year to Date (YTD)
BRAZIL-Financial
Brazil’s Itaú BBA and BTG Pactual retained their number one and number two positions, respectively, in 1Q15 compared to the corresponding period in 2014 with fewer deals of far greater value. Bradesco knocked Santander out of the number three spot with three transactions worth a total of USD 8.97bn, putting it at the top by value. Rothschild, nowhere to be seen among the top 10 in the first three months of 2014 came in at number four, also with three deals, worth a combined USD 8.68bn.
Legal Advisory – Year to Date (YTD)

BRAZIL-Legal

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados and Demarest Advogados were neck and neck with 11 deals each in 1Q15 rising from fourth and eighth, respectively, in the first three months of 2014. Barbosa, Müsnich & Aragão Advogados had a strong quarter at the number six spot with five deals worth a combined USD 8.68bn to lead the ranking in Brazil by value after not appearing among the top 10 at this time of the year in 2014.

 

 

Mexico Ranking – 2015

Financial Advisory – Year to Date (YTD)

MEXICO-Financial

The leading financial advisors in Mexico in 1Q15 distinguished themselves from one another by deal value rather than volume, as they all reported a sole transaction for the period. The situation was similar in 1Q14, though with a different composition of advisors.
Legal Advisory – Year to Date (YTD)

 

MEXICO-Legal

Creel, García-Cuéllar, Aiza y Enríquez maintained its leading position among the top 10 legal advisors in Mexico in 1Q15 compared to the corresponding period in 2014. Galicia Abogados rose from the number four position in 1Q14 to take the number two spot in 1Q15, meanwhile, while Mijares, Angoitia, Cortés y Fuentes fell one position from second in 1Q14 to round out the top three in 1Q15.

Food deals spike in Brazil

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Deal Tracker
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LATIN AMERICA

BRAZIL: Uptick in food industry deals

Food industry transaction volume year-to-date in 2015 shot up 120% compared to the same period in 2014. Among the most noteworthy deals was the 50% acquisition of dairy products company Danubio by Vigor Alimentos for BRL 156.25m.
Acquisitions are brisk among Brazilian companies expanding abroad in the dairy industry, with two deals targeting Swiss producers and another a Colombian.
Brazil--Map-(GIF)---Brazil-Graph-(GIF)

 
PANAMA:
Colombian buyers step up acquisitions in Panama
Colombian acquirers increased their exposure to the Panamanian market making the Central American logistics hub a focus for buys in early 2015. Of a total of nine cross-border acquisitions launched by buyers from Colombia between January and mid-March, three had Panama-based targets, yielding a combined transaction value of some USD 372m, compared to only one deal in the isthmus with an undisclosed value in the corresponding period of 2014.Panama-Map-(GIF)Panama-Graph-(GIF)--

Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)
Latam-Financial(1)
Brazil’s BTG Pactual leads the regional financial advisory rankings in Latin America by volume with a total of five deals YTD worth USD 8bn. Bradesco trails the top three advisors by volume but surpasses all by deal value with three deals worth a combined USD 9.38bn. By this time last year it also had also advised on three deals, though worth only USD 623.39m. Spain’s Banco Santander rose from sixth in the corresponding period of 2014 to take the number two spot by volume, while Itaú BBA fell from number one in 2014 to third in mid-March 2015 with four deals worth a respectable USD 4bn.
Legal Advisory – Year to Date (YTD)
 Latam-Legal(1)
Sullivan and Cromwell leads the YTD Latin America legal advisory ranking by value with three deals worth nearly USD 4.8bn, while Jones Day maintains the lead regionally by volume with six deals worth a combined USD 2bn. Jones Day rose from the number six spot in the corresponding January to mid-March period of 2014. Sullivan didn’t even appear among the top-10 for the corresponding period of 2014, but two hefty acquisitions for client AT&T sent the firm to the top by mid-March, 2015. Baker McKenzie rose from the number 10 spot in the corresponding period of 2014 to the number three position meanwhile, with three deals worth USD 373m YTD.

Brazil Ranking – 2015

Financial Advisory – Year to Date (YTD)
Brazil-Financial(1)
BTG Pactual leads the Brazilian financial advisory ranking YTD, having bumped last year’s leader at mid-March Itau BBA to number two spot. Bradesco rose from fifth by number of deals to number three spot while increasing the combined value of its deals 15-fold to a whopping 9.38bn. An appearance by Rothschild among the top ten at the number five spot with just two deals valued at a combined USD 7.83bn is nothing to scoff at.
Legal Advisory – Year to Date (YTD)
Brazil-Legal(1)

 

Demarest Advogados has had a great year so far, rising from sixth by mid-March 2014 to lead the ranking by volume, followed by Mattos Filho, whose nine deals valued at USD 7.9bn position it at number two by number of deals. Barbosa, Müssnich & Aragão at fifth by volume was absent from the top 10 at this point in 2014, and can now boast YTD transactions worth USD 9bn to lead its peers by combined deal value.

 

 

Mexico Ranking – 2015

Financial Advisory – Year to Date (YTD)
Mexico-Financial(1)

 

The financial ranking YTD in Mexico is characterized by few deals to set the advisors apart. As a result, Citigroup’s top position is shared with Moelis & Company in the same way it shared its lead in 2014 at mid-March with Centerview Partners. BBVA and Santander similarly share the number three and number four slots having advised on the same transaction, happily, nonetheless, as neither appeared in the top 10 ranking for the corresponding period of 2014.
Legal Advisory – Year to Date (YTD)

Mexico-Legal(1)

Creel, García-Cuéllar, Aiza y Enríquez can boast about holding its top ranking YTD compared to the same period in 2014, though in 2015 the USD 2.48bn combined value of its five transactions blows away its performance of 1Q14 when the value of its five deals didn’t hit USD 100m. At number two, Galicia has everything to celebrate with its combined transaction value of USD 5.2bn for three deals. Mijares, Angoitia, Cortés y Fuentes fell a spot to number three but grew its combined deal value slightly over the same period of 2014 to USD 1.52bn.

Mexican Big-ticket deals take larger share of M&A market in early 2015

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Deal Tracker
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LATIN AMERICA

MEXICO: Big-ticket deals take larger share of M&A market in early 2015

Big-ticket deals valued at more than USD 500m have taken a larger share of the transactional market year-to-date in 2015. Six closed and announced transactions in January added up to total deal value of USD 9.53bn, compared to only four deals exceeding the USD 500m threshold totalling USD 3.78bn in the January-February period of 2014.

 


BRAZIL:
Technology on a Roll
The volume of technology sector acquisitions in Brazil rose 150% in the first two months of 2015 compared to the same period last year.

Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)
BTG was ousted from its top spot in the Latin America financial advisory ranking by Banco Santander, which advised on five deals valued at USD 4.49bn in the first two months of 2015.
Legal Advisory – Year to Date (YTD)
 
A completely new set of US legal advisors comprised the top-10 ranking for the first two months of 2015 compared to the same period last year. Cleary Gottlieb Steen & Hamilton was the only legal advisor with a repeat appearance, falling from fifth to sixth in the top-10 ranking between the two periods.

Brazil Ranking – 2015

Financial Advisory – Year to Date (YTD)
BTG Pactual rose to the top of the financial advisory ranking in Brazil for the first two months of 2015, bumping Itau, which held the top position for the corresponding period of 2014, to second place. Spain’s Banco Santander rose from eighth to take the number three spot over the same period of 2014.
Legal Advisory – Year to Date (YTD)

 

Mattos Filho jumped from fourth in January-February, 2014 beating out the competition to take the leading position in the first two months of 2015 by advising on seven deals worth USD 3.92bn. For the same period in 2014 it advised on eight transactions worth USD 2.48bn.

 

 

Mexico Ranking – 2015

Financial Advisory – Year to Date (YTD)

 

Citigroup moved into the top financial advisory position with its sole USD 1.23bn transaction in the first two months of 2015. In the same period of 2014 it shared the top spot with Centerview partners, also with one deal valued at USD 1.68bn.

Legal Advisory – Year to Date (YTD)

Creel, Garcia-Cuéllar, Aiza y Enriquez rose from number two to top Mexico’s legal advisory ranking in the first two months of 2015, advising on four deals worth a combined USD 2.48bn. Galicia rose from the number four stop to take the number two position in the YTD ranking by number of deals, while topping the chart by value with a whopping USD 5.2bn combined deal value from three transactions.

México – El número de fusiones y adquisiciones aumentan en 2014 un 28.6% respecto al año anterior

Market-Report-Mexico-Fourth-Quarter

Informe anual sobre el mercado transaccional mexicano

  • En total en 2014 se han registrado 225 operaciones por importe de USD 30,103.61m
  • En el ámbito de private equity la actividad ha crecido un 49% respecto a 2013

Madrid, 22 de enero de 2014.- El año 2014 ha dejado un buen sabor de boca en el mercado transaccional mexicano y en total se han registrado 225 fusiones y adquisiciones, entre anunciadas y cerradas, lo que supone un aumento interanual del 28.6%, según el informe anual de TTR (www.TTRecord.com). En cuanto al volumen de inversión este año se ha situado en USD 30,103.61m, frente a los USD 43,831m de 2013, pero hay que recordar que el pasado año se produjo la transacción de compra de Grupo Modelo la cual sola tuvo un importe de USD 20,100m.

Por segmentos, el mercado alto ha registrado un ligero aumento en el número de operaciones pasando de las 16 de 2013 a las 18 de este año, lo que muestra un interés de las empresas en realizar transacciones de importes elevados. Tal es el caso de la compra por parte de la estadounidense PPG Industries de la mexicana Consorcio Comex por un importe de USD 2,300m.

En cuanto a los sectores más activos en 2014 destacan Tecnología e Internet, con 26 transacciones cada uno, seguido por el financiero y seguros con 23 y distribución y retail con 15. Una tendencia que se ha repetido mes a mes durante todo el año.

En el ámbito cross-border, las empresas británicas y estadounidenses han sido las que más adquisiciones han realizado en México; sin embargo, las compañías mexicanas han optado por Estados Unidos y España para llevar a cabo sus planes de internacionalización.

Las cifras positivas también se han repetido en el mercado de private equity y venture capital donde el número de operaciones en 2014 ha crecido casi un 49% respecto al año anterior. Entre las inversiones más destacadas se encuentra la compra por parte del private equity suizo Partners Group de una participación mayoritaria en el capital social de Fermaca, compañía gasística mexicana, por USD 750m.

El mercado de capitales no ha alcanzado las cifras de 2013, sin embargo se han presenciado transacciones relevantes como la salida a bolsa de Fibra Prologis por USD 664,52m o la ampliación de capital realizada por City Express por USD 176m aproximadamente.

 

Perspectivas para 2015

Tras un año de crecimiento en el área de fusiones y adquisiciones, se espera que 2015 también traiga buenas noticias con la conclusión de operaciones que se han quedado en el tintero en 2014 y con la ratificación de las reformas realizadas por el Gobierno de México en ámbitos tan relevantes como la energía y las telecomunicaciones y que permitirán a inversores extranjeros desembarcar en el país latinoamericano.

Entrevista con Pablo Rión & Asociados

El partner de Pablo Rión & Asociados, Alexander von Griesheim, ha comentado para TTR: “Sin duda 2015 debería ser el año en que México encabece el mercado transaccional en América Latina. Creo que el pipeline actual así lo demuestra”.

Transacción destacada

En el cuarto trimestre de 2014, TTR ha seleccionado como transacción destacada la compra por parte de PPG Industries del 100% de Consorcio Comex por USD 2,300m. En la operación han participado como asesores legales White & Case México, Hogan Lovells US y Basham Ringe y Correa.

Ranking de asesores financieros y jurídicos

El informe publica los rankings de asesoramiento financiero y jurídico de 2014 de M&A, Private Equity y Mercado de capitales, donde se informa de la actividad de las firmas destacadas por número de transacciones y por importe de las mismas.

 

 

Para más información:

Leticia Garín

TTR – Transactional Track Record

Tlf. + 34 91 279 87 59

leticia.garin@ttrecord.com

www.TTRecord.com

 

TTR – Transactional Track Record es un servicio premium online de apoyo a las decisiones de inversores, empresarios y asesores. Incluye la mayor base de datos de transacciones del mercado hispano-portugués, así como el acceso a los detalles financieros de las empresas implicadas.

Mexico – First, second, Third and Fourth Quarter 2014

Annual Report Mexico

In 2014, the Mexican transactional market was particularly dynamic, with a total of 225 mergers and acquisitions, both announced and closed, which represents a 28.6% increase compared with the previous year. However, the investment volume generated was USD 30.10bn compared with USD 43.83bn in 2013, but, it is important to take into account that in 2013 we recorded the acquisition of Grupo Modelo, for USD 20.10bn.

Regarding market segments, there was a slight increase in the number of deals registered in the high-end market in deal size (>USD 500m), 16 deals in 2013 compared with 18 this year, which denotes an increasing interest in this type of deals. Highlights include the acquisition by US-based PPG Industries of Mexico-based Consorcio Comex, for USD 2,300m.

The most active sectors, in 2014, were technology and Internet, with 26 deals recorded each, followed by the financial and insurance (23), and distribution and retail (15). This tendency was repeated throughout the year.

In the cross-border sector, British and US-based companies were the most acquisitive in the Mexican market; however, Mexican companies chose United States and Spain to carry out their international investments.

Furthermore, the private equity and venture capital segments were also dynamic, with a 49% increase in the number of deals this year, compared with 2013. Highlights include the acquisition by Swiss private equity fund Partners Group of a majority stake in Fermaca, a Mexican gas company. The deal value was USD 750m.

The capital markets was less active in 2014 compared with the previous year. Nevertheless, several relevant deals were recorded, such as an IPO carried out by Fibra Prologis, for USD 664.52m. In addition, City Express carried out a capital increase for approximately USD 176m.

After a year of growth in the M&A transactional market, it is estimated that 2015 will be a positive year. Several deals that were not completed this year should be closed in 2015, and the legislation reforms carried out by the Mexican Government, in sectors such as energy and telecommunications, will enable foreign investment in Mexico.

 


Consorcio Comex  – Manufacturer of decorative and waterproofing paints.

 

Go to Report > http://www.ttrecord.com/en/publications/monthly-report-mexico/Mexico-First-second-Third-and-Fourth-Quarter-2014/1283/