Appetite Grows for Chilean Food Assets

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LATIN AMERICA

TTR Deal Tracker is a monthly email update identifying M&A trends in Latin America and compiling YTD rankings of leading financial and legal advisors

BRAZIL: Telecom dealmaking gains ground

Dealmaking in Brazil’s telecom sector inched ahead in the first nine months of 2016, with a 46% increase in transaction volume compared to the same period last year, according to TTR data (www.TTRecord.com).
Inbound deals in the sector were sparse in both periods, with just two of 13 transactions led by international buyers in the first nine months of 2015, and one of 19 by the close of September this year.

CHILE: Appetite grows for food industry

Transactions in Chile’s food and beverage industry rose 57% in the first nine months of 2016 over the same period in 2015, according to TTR data (www.TTRecord.com).
The participation of foreign buyers in the space was constant between both periods, though inbound deals fell relatively, with four of seven transactions led by international bidders to the close of 3Q15, compared to four of 11 to the close of 3Q16.

Rankings / League Tables

Latin America Ranking – 2016*

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA holds a comfortable lead in TTR’s Latin America financial advisory ranking at the close of 3Q16, with 28 transactions worth a combined USD 16bn. The region’s top bank is two deals behind by volume and 8% up by aggregate value on its nine-month performance to the close of 3Q15, when it also led the chart. Banco Bradesco BBI is up one position to take second place, its deal count up 140%, the combined value of its transactions leading the pack at USD 23bn. Banco BTG Pactual fell from second place a year ago to third, its mandates down 43% from 23 and aggregate deal value down 41% from USD 10.6bn. Banco Santander added four deals to its tally of eight a year ago to take fourth place, its aggregate value up 43% from USD 5.3bn to USD 7.5bn. Citigroup jumped 450% by volume and 440% by aggregate value to take fifth, after not placing among the top 10 investment banks in the region to the close of 3Q15. BAML is up one place to take sixth after adding four deals to its count of six a year ago and increasing aggregate value 882% to USD 12.2bn. BNP Paribas was absent from the top 10 ranking at the close of 3Q15 and now ranks seventh, tied with BAML by volume. BBVA is down two positions in eighth, despite adding two transactions to its count of a year ago and increasing aggregate deal value by 179%. Morgan Stanley, in ninth, and Vinci Partners, in tenth, were both absent from the regional top 10 chart a year ago.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking at the close of 3Q16 with 18 transactions worth a combined USD 2.5bn. Baker also led the chart at the close of 3Q15, when the firm had advised on 27 deals together worth USD 2bn in the first nine months of the year. Jones Day follows in second, as it did a year ago, though deal volume is down by a similar 32%; its aggregate value is down 58%. Clifford Chance ranks third by volume with 10 deals and leads by aggregate value of USD 8.5bn. Clifford Chance closed 3Q15 ranked fifth with six deals together worth a similar USD 8.4bn. Cleary Gottlieb Steen & Hamilton, in fourth, and White & Case, in fifth, have the same deal count. Cleary was not among the top 10 a year ago, while White & Case fell from third, despite increasing volume from seven to 10 and growing aggregate value from USD 1.2bn to USD 1.8bn. Linklaters, in sixth, and Hogan Lovells, in seventh, were both absent from the chart a year ago. Shearman & Sterling lost one deal compared to its tally of a year ago and fell four positions to take eighth. Simpson Thacher & Bartlett also lost a transaction on its tally of a year ago, but held on to its ninth place ranking, nonetheless, the combined value of its deals down 56%. Skadden, Arps, Slate, Meagher & Flom is down two transactions and three positions in the chart, to pull up the rear with four mandates on deals worth USD 2.7bn, a 207% jump in aggregate value from USD 866m a year ago.

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


Banco Bradesco BBI tops TTR’s Brazil financial advisory ranking at the close of 3Q16, one deal ahead of Banco Itaú BBA. With 24 mandates YTD, Bradesco is up 140% by volume, 122% by value on its performance for the nine-month period ending a year ago, when it ranked third. Itaú has slipped to second in the ranking, its volume down 15%, the combined value of its deals down 19%. At the close of 3Q15, Itaú led Banco BTG Pactual by 11 transactions and Bradesco by 16. BTG’s volume is down from 15 to 11, placing it in third, its aggregate value down 50% from 26 deals a year ago. BAML more than doubled its mandates in Brazil, climbing from tenth to fourth in the chart, its nine deals worth USD 10bn in aggregate compared to USD 1.2bn a year ago. Banco Santander ranks fifth with seven deals worth a combined USD 5.7bn, not having placed among Brazil’s top-10 financial advisors a year ago. Vinci Partners, in sixth, was also absent from the ranking at the close of 3Q15, and is now tied with Santander by volume, its seven deals together worth USD 455m.
BR Partners, in seventh, maintained its deal count of a year ago while falling two positions in the chart, the value of its six deals YTD worth USD 1.5bn compared to USD 256m in the first nine months of 2015. Rochschild is up by one deal and one place in the chart on its performance of a year ago, placing eighth with five mandates on transactions together worth USD 8.4bn, compared to four worth USD 7.7bn at the close of 3Q15. Magma, in ninth, and Cypress Associates, in tenth, were both absent from the top 10 a year and also have five deal mandates apiece at the close of 3Q16, together worth USD 33m and USD 3m, respectively.

Legal Advisory – Year to Date (YTD)


Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados leads TTR’s Brazil legal advisory ranking to the close of 3Q16, with a whopping 50 mandates YTD on transactions worth nearly USD 21bn combined. The leading transactional law firm in Brazil has climbed from second a year ago, when it had 10 fewer deals worth just under USD 11bn in aggregate. Machado, Meyer, Sendacz e Opice Advogados climbed from third a year ago to take second place, adding 11 deals to its count of 31 at the close of 3Q15. The combined value of its transactions fell 79% from a chart-leading USD 12.6bn to USD 2.7bn, meanwhile. Pinheiro Neto Advogados fell from first to third by deal count and places second among the top 10 by aggregate value, with USD 17.2bn in combined deals. Souza, Cescon, Barrieu & Flesch Advogados holds on to its fourth-place ranking of a year ago, with 35 deals worth USD 3.4bn combined, compared to 29 together worth USD 5.5bn at the close of 3Q15. TozziniFreire Advogados is up four positions from ninth a year ago to take fifth in the chart at the close of September. TozziniFreire increased its tally from 20 at the close of 3Q15 to 35 a year later, and bumped aggregate value up from USD 798m to USD 3.4bn. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ranks sixth, after not placing among the top 10 M&A firms in Brazil in the first nine months of 2015. Barbosa, Müssnich, Aragão lost four deals from its tally of a year ago and fell one position in the chart to take seventh, closing 3Q16 with 21 mandates on transactions together worth USD 5.7bn, compared to 25 together worth USD 9.1bn to the close of September 2015. Not among the top-10 a year ago, Lefosse Advogados closes the quarter in eighth, with 19 mandates on deals together worth USD 7.7bn. Demarest Advogados is tied with Lefosse by deal volume, but follows in ninth for its lesser aggregate transaction value of USD 2.7bn. Veirano Advogados slid from fifth at the close of 3Q15 to tenth a year later, its deal volume falling from 26 to 17 while the combined value of its deals grew from USD 799m to USD 5.7bn.

Mexico Ranking* – 2016

Financial Advisory – Year to Date (YTD)

BBVA tops TTR’s Mexico financial advisory ranking at the close of September with seven deals together worth USD 3.3bn, up from four worth USD 869m a year ago, when it also led the chart.Citigroup climbed from eighth a year ago to runner-up, with four transactions YTD worth a combined USD 4.5bn, leading the top 10 by aggregate value. Deutsche Bank ranks third with two mandates at the close of 3Q16, tied by deal count with JPMorgan, in fourth, Morgan Stanley, in fifth, Lazard, in sixth, Credit Suisse Group, in seventh, and RIóN M&A, in eighth. Of the lot, only RIóN placed among the top 10 a year ago, when it ranked third. Goldman Sachs, in ninth, and PC Capital, in tenth, have advised on one transaction each in Mexico, YTD; both were absent from the top 10 chart a year ago.

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking at the close of September, with 18 mandates on deals worth a combined USD 3.3bn. The leading firm’s deal count compares with 21 together worth USD 13bn in the nine-month period ending a year ago, when it also stood at the top. Galicia Abogados added two deals to its tally to take second place with 12 mandates on transactions together worth USD 4.5bn. Mijares, Angoitia, Cortés y Fuentes slipped from second place a year ago, to third, its seven deals worth USD 1.8bn at the close of 3Q16, compared to 15 together worth 2.4bn at the close of 3Q15. Jones Day México is tied with Mijares by volume, with the same seven deals as a year ago. Ritch, Mueller, Heather y Nicolau, in fifth, was not among the top 10 a year ago, its six deals YTD together worth USD 1.8bn. White & Case México climbed two places in the chart to take sixth, despite static deal count and a 26% drop in aggregate value between the two periods. Santamarina y Steta Abogados, in seventh with five mandates YTD, and González Calvillo Abogados, in eighth with four, were both absent from the top 10 a year ago, as was Von Wobeser y Sierra, in ninth with four deals too. Basham Ringe y Correa slipped from seventh a year ago, to tenth, its deal count halved from six to three, its aggregate value down 93% from USD 1.4bn to USD 91m.

* TTR Rankings are generated with transactions announced or closed in 2016 year-to-date. The ranking includes sales and acquisitions of shares and of assets, creation of joint ventures, and Private Equity/Venture Capital investments. The legal advisor rankings for Brazil and Mexico take into consideration advisory services regarding domestic laws. All rankings only include deals where a company of the respective country was the target of the transaction. In the case of LATAM, it would be a Latin American country. The LATAM ranking does not specify the origin of the advisory law, so the filter only considers firms from the UK/US.

In case of a draw, the adopted criteria will be the following: if the draw is due to number of transactions, the total deal value prevails; if it is due to deal value, the number of transactions prevail. When a draw of both number of transactions and deal value occurs, the same position will be retained and the deals will be arranged alphabetically.

Foreign investors digging into Brazilian ores

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TTR Deal Tracker
www.TTRecord.com

LATIN AMERICA

TTR Deal Tracker is a monthly email update identifying M&A trends in Latin America and compiling YTD rankings of leading financial and legal advisors

BRAZIL: Mining sector attracts growing international interest

Transaction volume in Brazil’s mining industry grew 62.5% in the first six months of 2016 relative to 1H15, according to TTR data (www.TTRecord.com).

International investment in the sector grew as well between the two periods, with 10 deals led by foreign buyers YTD compared to three in the first six months of 2015.

MEXICO: Hospitality industry serving up more deals

The number of transactions in Mexico’s hospitality sector grew by 50% in 1H16 compared to the same six-month period last year, according to TTR data (www.TTRecord.com).

As in 1H15, deals in the sector were dominated by Mexico-based companies.

Rankings / League Tables

Latin America Ranking – 2016*

Financial Advisory – Year to Date (YTD)

Banco Bradesco BBI leads TTR’s Latin America financial advisory ranking for 1H16 with 12 deal mandates YTD Worth a combined USD 2.8bn, doubling its volume of 1H15 when it ranked fifth in the chart with six mandates on transactions together worth USD 9.1bn, representing a 69% decline in aggregate value. Banco Itaú BBA was bumped from its lead of a year ago to take second place in the ranking, with 11 mandates worth a combined USD 4.5bn, representing a 56% decline in volume and a 68% decline in aggregate value compared to its 25 mandates worth a combined USD 14bn in the first six months of 2015. Citigroup ranks third with nine deal mandates region-wide in the first six months of 2015 worth a combined USD 6.2bn after not placing among the top 10 a year ago. Banco BTG Pactual fell from second place a year ago to take fourth in the chart, its deal volume down 40%, its aggregate deal value down 74% from 15 in the first six months of 2015 worth a combined USD 2.5bn. Morgan Stanley ranks fifth with seven deals under its belt YTD together worth USD 6.5bn. Morgan Stanley did not place among the top 10 banks in the region in 1H15. BAML is up three positions from ninth a year ago to take sixth, its volume up 50% and the aggregate value of its deals up by nearly 400% from USD 777m to USD 3.9bn. BBVA, in seventh, lost one position in the chart, but is up by one transaction compared to its performance in 1H15 while the aggregate value of its deals is up by 131% to USD 2bn. BNP Paribas follows in eighth, also with six deal mandates YTD, tied by volume with Banco Santander, in ninth. Neither BNP Paribas nor Santander where among the top 10 banks advising on M&A in the region at the close of 1H15, nor was Lazard, bringing up the rear with five mandates YTD worth a combined USD 1.3bn.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking for the first six months of 2016 with 13 deal mandates YTD worth a combined USD 837m, up from second place a year ago when it had advised on 15 deals worth USD 1.3bn in aggregate. Jones Day was nudged to second by Baker, the firm’s 10 deals worth USD 279m, representing a 41% decline in volume and an 89% decline in aggregate value compared to its performance in the first six months of 2015. Cleary Gottlieb Steen & Hamilton ranks third with eight mandates under its belt in 1H15 worth a combined USD 1.2bn after not placing among the top 10 in the first six months of 2015. Linklaters, in fourth, was also absent from the top 10 a year ago, and nudged Clifford Chance from its fourth-place position of a year ago to fifth, despite the firm having added one deal to its tally of last year. Hogan Lovells, in sixth with five transactions under its belt YTD, was not among the top 10 in 1H15, nor was Chadbourne & Parke, in seventh with four mandates in the region in 1H16. Skadden, Arps, Slate, Meagher & Flom, in eighth, fell from its sixth-place ranking at the close of June 2015, its deal count down by two, the aggregate value of those transactions up by 207% to USD 2.7bn. Latham & Watkins, in ninth, also with three transactions under its belt region-wide YTD, was not among the top 10 at the close of June 2015, nor was Davis & Gilbert, in tenth.

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


Banco Bradesco BBI leads TTR’s Brazil financial advisory ranking with 12 deal mandates in the first six months of 2016 worth a combined USD 2.8bn, double its tally of a year ago when it ranked third with six mandates on transactions worth a combined USD 9.1bn. Banco BTG Pactual holds firm to its second-place ranking of 1H15 with the same number of mandates YTD as it had by the end of June 2015. The combined value of those deals is down by 70%, meanwhile, from USD 8.3bn. Banco Itaú BBA fell from its leading position a year ago to take third, its deal volume dropping 59% from 22 to 9, the aggregate value of those transactions down 85% from USD 9.1bn to USD 2bn. BAML, in fourth with five mandates YTD, was not among the top 10 banks advising on M&A deals in Brazil in 1H15. BR Partners, in fifth, is tied with BAML by volume, up by one deal from its tally of a year ago, the aggregate value of those transactions up by 625% to USD 1.3bn. Vinci Partners also advised on five transactions in 1H16 to place sixth, after not appearing among the top 10 a year ago. Morgan Stanley too was absent from the top 10 a year ago, as was BNP Paribas, Citigroup and Banco Santander, in seventh, eighth, ninth and tenth place, respectively.

Legal Advisory – Year to Date (YTD)


Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados tops TTR’s Brazil legal advisory ranking at the close of 1H15 with 25 deal mandates worth a combined USD 2.3bn, representing a 14% increase in volume and a 74% decline in the aggregate value relative to 1H15 when it had advised on 23 deals together valued at USD 12.5bn to rank third. Pinheiro Neto Advogados is tied by volume with 25 deals together worth USD 4.4bn, also up marginally in deal count from 1H15 when the firm had advised on 22 deals worth a combined USD 9.5bn and also ranked second. Souza, Cescon, Barrieu & Flesch Advogados follows in third with 24 transactions YTD, up 9% over 1H15 by volume and down 22% by aggregate value from 22 deals worth USD 4bn when it ranked fourth. TozziniFreire Advogados climbed two rungs in the ranking to take fourth in the chart, adding five deals to its tally of a year prior and bucking the trend by increasing aggregate transaction value by 72% from USD 767m to USD 1.3bn. Machado, Meyer, Sendacz e Opice Advogados fell from first place at the close of 1H15 to take fifth in the chart, it’s deal volume down 13% from 23, the aggregate value of its deals down 95% to USD 564m. Barbosa, Müssnich, Aragão, in sixth, fell one position in the chart relative to its performance in the corresponding period in 2015, its volume down 16% and aggregate value off 85% from 19 deals worth USD 8.8bn when it ranked fifth. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ranks seventh at the close of 1H16 after not having placed among the top 10 at the close of 1H15. Lefosse Advogados, in eighth, was also absent from the top 10 a year ago. Veirano Advogados lost one deal from its tally of a year prior to close 1H16 in ninth place with 12 deals together worth USD 140m, representing an 8% dip in volume and a 55% decline in aggregate deal value. Demarest Advogados brings up the rear in tenth, its tally also down by a sole transaction, while its 11 deals are together worth USD 2.4bn representing an uptick in aggregate deal value of USD 2,889% from its 13 deals worth USD 71m combined a year ago.

Mexico Ranking* – 2016

Financial Advisory – Year to Date (YTD)

BBVA tops TTR’s Mexico financial advisory ranking at the close of June with four transactions under its belt YTD worth a combined USD 2bn, the same number of deals it’d advised on by the close of 1H15 when it also ranked first with four transactions then worth USD 869m in aggregate. Citigroup climbed from sixth to take second in the chart, its deal count up from a sole transaction a year ago worth USD 1.2bn. Deutsche Bank, in third, was not among the top 10 at the close of June 2015, nor was JPMorgan, tied by deal volume and aggregate value alongside Morgan Stanley, which was also absent from the chart at the close of 1H15. Lazard too was absent from the top 10 at the close of June 2015, as was Goldman Sachs, PC Capital and Buenos Aires Advisors, ranked sixth, seventh, eighth and ninth. Evercore Partners lost one deal compared to its tally of a year ago when it ranked fourth to round out the top 10 with a sole transaction of undisclosed consideration.

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking by a wide margin with 14 transactions to its name in 2016, holding firm to the top spot it held a year ago when it’d advised on 18 deals together worth USD 9.5bn. Galicia Abogados lost one deal compared to its volume a year ago when it ranked third but climbed one position in the chart nonetheless to take second place. Santamarina y Steta Abogados ranks third after not placing among the top 10 M&A firms in Mexico in 1H15. Ritch Mueller, in fourth, was also absent from the chart a year ago. Jones Day México lost three deals and one position in the chart relative to its seven deals worth a combined USD 2.2bn a year ago to rank fifth, its volume down 43%, its aggregate deal value off by USD 90%. Mijares, Angoitia, Cortés y Fuentes ranks sixth, down from second at the close of 1H15 when it’d advised on 12 deals together worth USD 2.4bn, representing a 75% dip in volume and a 74% fall in aggregate value. Von Wobeser y Sierra, in seventh, did not place among the top 10 M&A firms in Mexico as the first six months of 2015 came to a close, nor did Robles Miaja Abogados, in eighth, nor Greenberg Traurig México, in ninth. Basham Ringe y Correa lost 50% of its deal volume and 93% of its aggregate deal value falling one position in the chart to round out the top 10 with its two transactions worth a combined USD 91m.

* TTR Rankings are generated with transactions announced or closed in 2016 year-to-date. The ranking includes sales and acquisitions of shares and of assets, creation of joint ventures, and Private Equity/Venture Capital investments. The legal advisor rankings for Brazil and Mexico take into consideration advisory services regarding domestic laws. All rankings only include deals where a company of the respective country was the target of the transaction. In the case of LATAM, it would be a Latin American country. The LATAM ranking does not specify the origin of the advisory law, so the filter only considers firms from the UK/US.

In case of a draw, the adopted criteria will be the following: if the draw is due to number of transactions, the total deal value prevails; if it is due to deal value, the number of transactions prevail. When a draw of both number of transactions and deal value occurs, the same position will be retained and the deals will be arranged alphabetically.

Chemicals industry bucks trend of falling deal volume in Brazil

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TTR-Deal-Tracker

TTR Deal Tracker
www.TTRecord.com

LATIN AMERICA

TTR Deal Tracker is a monthly email update identifying M&A trends in Latin America and compiling YTD rankings of leading financial and legal advisors

BRAZIL: Dealmaking in chemicals segment gains momentum

Dealmaking in the chemicals segment gained momentum in the first five months of 2016 with a 38.5% jump in transactions compared to the corresponding five-month period of 2015, according to TTR data (www.TTRecord.com).

International investors demonstrated continued interest in the space with six of 13 deals led by foreign buyers YTD versus five of eight in the first five months of 2015.

MEXICO: National food and beverage companies hungry for buys abroad

Mexican food and beverage companies are demonstrating strong appetite for targets at home and abroad with 10 deals in the first five months of 2016 compared to three in the corresponding five-month period last year, a 233% increase, according to TTR data (www.TTRecord.com).

The country’s acquisitive food and beverage groups are looking to the international market with unprecedented appetite, with eight of the 10 deals YTD targeting peers abroad whereas the three deals led by Mexican companies in the first five months of 2015 were all domestic.

Rankings / League Tables

Latin America Ranking – 2016*

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA leads TTR’s Latin America financial advisory ranking at the close of May with 10 transactions under its belt YTD worth a combined USD 15.1bn. Itaú remains at the top despite a 44% decline in volume and a 63% decrease in aggregate value compared to its performance in the first five months of 2015 when it also topped the chart after advising on 18 deals together worth USD 41.2bn. Banco BTG Pactual follows in second place with eight mandates at the end of May worth USD 9.3bn in aggregate. BTG Pactual’s deal volume fell 43%, its aggregate value 67% compared to the five months ending 31 May 2015 when it had advised on 14 deals together worth USD 28.3bn. Citigroup bucked the general trend increasing deal volume region-wide by 250% and aggregate value 249% by the close of May to place third with seven deals together worth USD 13.9bn. Citigroup did not appear among the top 10 in the regional chart a year ago. Banco Bradesco BBI tied Citi by deal volume placing fourth, maintaining its ranking of a year ago despite an 81% decline in aggregate transaction value from USD 27.6bn to USD 5.3bn. Morgan Stanley ranks fifth by volume at the close of May with six deal mandates YTD together worth USD 18.5bn, taking the lead by aggregate value. The US-based bank was not among the top 10 in the regional ranking a year ago, nor was BBVA, which ranks sixth, also with six mandates YTD, in its case worth USD 8bn combined. BAML is up one position compared to its ranking at the end of May 2015 to place seventh, having added one transaction to its tally of a year ago. The aggregate value of the transactions it’s advised on is up 488% from USD 2.4bn in the first five months of 2015 to USD 14bn YTD. BR Partners ranks eighth with four deals together worth USD 4.5bn. BR Partners didn’t place among the top 10 a year ago, nor did Ártica Investimentos, in ninth, also with four mandates YTD, in its case of undisclosed consideration. Goldman Sachs brings up the rear with three mandates YTD in Latin America, down one deal compared to its performance in the first five months of 2015 when it advised on four transactions to place seventh. Goldman’s deals are worth USD 18.3bn YTD putting it in second place by aggregate value.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking for the first five months of 2016 with eight mandates together worth USD 763m, notwithstanding a 33% decline in volume and a 67% drop in aggregate deal value compared to its 12 deals together worth USD 2.3bn of a year ago when it ranked second. Cleary Gottlieb Steen & Hamilton ranks second by volume with seven mandates on deals together worth USD 4.5bn after not placing among the top 10 in the first five months of 2015. Jones Day fell two positions to rank third, also with seven mandates YTD, in its case worth USD 646m combined. Jones Day led the chart a year ago when it had advised on 13 deals together worth USD 6.9bn by the close of May. Clifford Chance has advised on five deals YTD, the same volume it registered at the end of May 2015, falling one position in the chart to rank fourth as the aggregate value of its deals plummeted from USD 26.2bn to 6.9bn between the two periods. Linklaters ranks fifth, also with five mandates YTD, after not placing among the top 10 in the first five months of 2015. Chadbourne & Parke too was absent from the top 10 a year ago, now ranking sixth with four mandates worth a combined USD 1.8bn. Skadden, Arps, Slate, Meagher & Flom holds firm to its seventh-place ranking of a year ago, while aggregate value is up 293% from USD 2.6bn to USD 10.3bn between the two periods. Davis & Gilbert, in eighth, was not among the top 10 a year ago. The firm has also advised on three deals in the first five months of 2016, in its case worth a combined USD 1bn, placing it ahead of White & Case, also with three mandates. White & Case lost one deal relative to its four mandates in the first five months of 2015 when it ranked sixth, its aggregate deal value down 81% from USD 3.1bn to 596m. Norton Rose Fulbright ranks tenth after not appearing in the corresponding chart a year ago.

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


Banco BTG Pactual leads TTR’s Brazil financial advisory ranking at the close of May with eight mandates YTD worth a combined USD 9.3bn, down 11% by volume and 63% by aggregate value from its nine deals together worth USD 29.3bn in the first five months of 2015 when it ranked second. BTG Pactual ousted Banco Itaú BBA from its leading position of a year ago thanks only to its greater aggregate deal value, as the rival bank has also advised on eight deals thus far in 2016, in its case worth USD 6.3bn, representing a 50% decline in volume and an 85% drop in aggregate value from its tally a year ago when it led the chart with 16 deals worth a combined USD 41bn. Banco Bradesco BBI ranks third, as it did a year ago, with seven deals YTD compared to five then, the aggregate value of its transactions down 81% from USD 28bn. BAML ranks fourth in the chart, also with four deals under its belt, after not appearing among the top 10 a year ago. BR Partners, in fifth, also advised on four deals in the first five months of 2016, the same volume it had registered by the end of May 2015. The firm climbed from seventh place a year ago, meanwhile, and registered a 400% increase in aggregate deal value from USD 895m to USD 4.5bn. Morgan Stanley follows in sixth with three mandates YTD, tied by volume with Vinci Partners, in seventh, IGC Partners Assessoria Empresarial in eighth, Magma, in ninth and Ártica Investimentos, in tenth. Of these, only IGC ranked among the top 10 a year ago when it had advised on four deals of undisclosed consideration by the close of May to place eighth then as well.

Legal Advisory – Year to Date (YTD)


Souza, Cescon, Barrieu & Flesch Advogados leads TTR’s Brazil legal advisory ranking at the close of May with 24 mandates YTD worth a combined USD 3.1bn, up from third place a year ago when the firm had advised on 17 deals together worth USD 3.9bn. Pinheiro Neto Advogados ranks second with 21 mandates in the first five months of the year together worth USD 2.9bn, up from fifth at the close of May a year ago when it’d advised on 15 deals worth a combined USD 8.7bn to the close of May. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados is in third place with 19 mandates worth a combined USD 1.6bn, down one position from a year ago when it ranked second with 17 transactions under its belt together worth USD 8.6bn. Machado, Meyer, Sendacz e Opice Advogados is down from first place a year ago to rank fourth with 16 deals YTD worth USD 510m compared to 18 worth USD 11.6bn a year ago, representing an 11% dip in volume and a 96% drop in aggregate value. TozziniFreire Advogados is up one position from a year ago to place fifth, its 16 transactions worth USD 323m representing a 33% increase in volume and a 55% decline in combined deal value. Barbosa, Müssnich, Aragão, in sixth, is down two places in the YTD ranking, its 14 mandates worth USD 909m comparing to 16 worth USD 8.6bn of a year ago. Stoche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados is in seventh, the firm’s 13 deals worth USD 103m, placing it among the top 10 firms in Brazil whereas it was not to be found on the chart a year ago. Lefosse Advogados, in eighth, was also absent from the top 10 ranking at the close of May 2015. Demarest is down from seventh to take ninth with 10 deal mandates together worth USD 675m compared to 11 worth USD 79m in aggregate a year ago. Lobo & de Rizzo Advogados rounds out the top 10 with nine deals together worth USD 286m, up 80% by volume and 129% by aggregate value compared to a year ago when it didn’t rank among Brazil’s top 10 M&A firms.

Mexico Ranking* – 2016

Financial Advisory – Year to Date (YTD)

BBVA leads TTR’s Mexico financial advisory ranking at the close of May with four advisory mandates YTD worth a combined USD 8bn, up from third place a year ago when it’d advised on half as many deals worth just under USD 2bn combined. Citigroup is up from sixth place a year ago to take second in the chart, its deal volume having tripled and the aggregate value of its transactions up 164% from USD 3.5bn. JPMorgan and Morgan Stanley, in third and fourth place, respectively, each advised on two deals in the first five months of 2016, neither having placed among the top 10 for their advisory work in Mexico by the close of May 2015. Goldman Sachs, in fifth, Deutsche Bank, in sixth, PC Capital in seventh, Evercore Partners in eighth, Fredericks Michael & Co. in ninth and RIóN M&A, in tenth are tied by volume with a single transaction on their records in the first five months of the year. Of the lot, only RIóN M&A and Evercore Partners placed among the top 10 a year ago, RIóN M&A then in second with three deals together worth USD 247m and Evercore in fourth with two deals worth USD 1.9bn.

BBVA leads TTR’s Mexico financial advisory ranking at the close of May with four advisory mandates YTD worth a combined USD 8bn, up from third place a year ago when it’d advised on half as many deals worth just under USD 2bn combined. Citigroup is up from sixth place a year ago to take second in the chart, its deal volume having tripled and the aggregate value of its transactions up 164% from USD 3.5bn. JPMorgan and Morgan Stanley, in third and fourth place, respectively, each advised on two deals in the first five months of 2016, neither having placed among the top 10 for their advisory work in Mexico by the close of May 2015. Goldman Sachs, in fifth, Deutsche Bank, in sixth, PC Capital in seventh, Evercore Partners in eighth, Fredericks Michael & Co. in ninth and RIóN M&A, in tenth are tied by volume with a single transaction on their records in the first five months of the year. Of the lot, only RIóN M&A and Evercore Partners placed among the top 10 a year ago, RIóN M&A then in second with three deals together worth USD 247m and Evercore in fourth with two deals worth USD 1.9bn.

* TTR Rankings are generated with transactions announced or closed in 2016 year-to-date. The ranking includes sales and acquisitions of shares and of assets, creation of joint ventures, and Private Equity/Venture Capital investments. The legal advisor rankings for Brazil and Mexico take into consideration advisory services regarding domestic laws. All rankings only include deals where a company of the respective country was the target of the transaction. In the case of LATAM, it would be a Latin American country. The LATAM ranking does not specify the origin of the advisory law, so the filter only considers firms from the UK/US.

In case of a draw, the adopted criteria will be the following: if the draw is due to number of transactions, the total deal value prevails; if it is due to deal value, the number of transactions prevail. When a draw of both number of transactions and deal value occurs, the same position will be retained and the deals will be arranged alphabetically.

Agribusiness deal volume up in Brazil

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LATIN AMERICA

TTR Deal Tracker is a monthly email update identifying M&A trends in Latin America and compiling YTD rankings of leading financial and legal advisors

BRAZIL: Agribusiness fertile ground for deals

Agribusiness transactions have shot up 143% in the first four months of 2016 relative to the corresponding period in 2015, according to TTR data (www.TTRecord.com).

The number of international buyers in the space fell in relative and real terms, however, from four of seven in the first four months of 2015 to one of 17 YTD.

MEXICO: Healthcare deal volume triples

Heathcare, hygiene and cosmetics deal volume has increased 200% in the first four months of 2016 compared to the same period in 2015, according to TTR data (www.TTRecord.com).

International bidders have demonstrated appetite for the space this year, with three of nine transactions led by overseas investors whereas none of the three deals in the corresponding period of 2015 were cross-border.

Rankings / League Tables

Latin America Ranking – 2016

Financial Advisory – Year to Date (YTD)

Brazil’s Banco Itaú BBA holds its position at the top of TTR’s Latin America financial advisory ranking at the close of April with nine mandates YTD worth a combined USD 3.7bn, a 40% decline by volume and a 19% dip in aggregate value compared to its performance in the first four months of 2015 when it’d advised on 15 deals together worth USD 4.6bn. Banco BTG Pactual follows close behind with six mandates in the first four months of 2016 on deals worth a combined USD 1.3bn, representing a 33% decline in volume and an 83% fall in aggregate value relative to its nine mandates on deals worth USD 7.9bn in aggregate in the first four months of 2015, when it also placed second in the chart. Citigroup ranks third with five deals worth USD 2.4bn in aggregate after not placing among the top 10 of the regional ranking at the close of April 2015. BBVA jumped two positions to take fourth, also with five deals YTD, in its case worth USD 1.9bn, compared to four worth USD 1.3bn a year ago when it ranked sixth. Banco Bradesco BBI ranks fifth, also with five mandates YTD, the same volume as at the close of April 2015, the aggregate value of its deals dropping 91% meanwhile from USD 9.1bn to USD 806m. BR Partners ranks sixth with four advisory mandates YTD worth USD 1.1bn combined, and Ártica Investimentos seventh, also with four deals under its belt. Neither placed among the top 10 at the close of April 2015, nor did BAML, in eighth, Vinci Partners in ninth nor Goldman Sachs, in tenth.

Cleary Gottlieb Steen & Hamilton leads TTR’s Latin America legal advisory ranking at the close of April with nine advisory mandates YTD on deals worth a combined USD 1.2bn. The top international firm in the region was not among the leading 10 at the close of April 2015. Baker & McKenzie is tied by volume but lags far behind by aggregate value, the combined consideration of its deals worth USD 194m, a 97% decline from the USD 795m its 11 deals were together worth a year ago when it also ranked second. Jones Day fell to third from first with five mandates YTD together worth USD 70m compared to 13 worth USD 2.3bn in the first four months of 2015. Clifford Chance climbed one position to take fourth, though its deal volume remained constant. Skadden, Arps, Slate, Meagher & Flom ranks fifth, with three advisory mandates YTD, tied by volume with Davis & Gilbert, Linklaters, White & Case and Latham & Watkins, of which only White & Case placed among the top 10 in the first four months of 2015 when it advised on four deals together worth USD 983m to take fourth in the chart. Simpson Thacher & Bartlett brings up the rear, advising on two deals YTD after not appearing among the top 10 for the four-month period ending a year ago.

Financial Advisory – Year to Date (YTD)


Brazil’s top three banks, Banco Itaú BBA, Banco BTG Pactual and Banco Bradesco BBI hold to their first-, second- and third-place positions of a year ago in TTR’s Brazil financial advisory ranking at the close of April 2016. All three faced a heavy decline in aggregate deal value, which fell 71%, 83% and 91%, respectively, though only Itaú’s deal volume declined as that of its peers remained constant. BR Partners ranks fourth after not appearing among the top 10 for the first four months of 2015. Vinci Partners climbed from seventh to fifth, its deal volume remaining constant in each four-month period while the aggregate value of its three deals grew from USD 22m to USD 282m. Ártica Investimentos, BAML, Moelis & Company and Citigroup, in sixth, seventh, eighth and ninth, respectively, were not among the top 10 at the close of April 2015. IGC Partners Assessoria Empresarial fell five positions to bring up the rear, its deal volume cut in half.

Legal Advisory – Year to Date (YTD)


Souza Cescon Advogados leads TTR’s Brazil legal advisory ranking for the first four months of 2016 with 18 deals together worth USD 2.1bn, representing a 64% increase in volume and a 42% decline in aggregate value relative to its 11 deals worth a combined USD 3.6bn a year ago when it ranked fourth. Pinheiro Neto Advogados follows in second, up from sixth a year ago, its deal volume growing 70% from 10, its aggregate deal value up 538% from USD 271m. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados lost one position in the chart to rank third, despite growing volume by two deals. Its aggregate deal value fell 85% from USD 7.8bn, meanwhile. TozziniFreire Advogados climbed two positions in the ranking to take fourth, its deal volume up 67% from nine and its aggregate deal value down 44% from USD 570m. Machado, Meyer, Sendacz e Opice Advogados fell from first to fifth as it lost one transaction compared to its performance in the first four months of 2015 and aggregate deal value dipped 84% from USD 3.2bn. Barbosa, Müssnich, Aragão fell from third to sixth in the chart, despite adding one deal to its count of a year ago. The combined value of its deals dropped 92% from USD 7.8bn in the first four months of 2015. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ranks seventh, Lefosse Advogados eighth and Lobo & de Rizzo Advogados ninth, none of the three having appeared among the top 10 by the close of April 2015. Demarest Advogados brings up the rear, its volume down by one, the aggregate value of its deals up 214% from USD 79m a year ago when it ranked eighth.

Mexico Ranking – 2016

Financial Advisory – Year to Date (YTD)

Citigroup leads TTR’s Mexico financial advisory ranking for the first four months of 2016 with three mandates worth a combined USD 2.4bn, up from one deal worth USD 1.2bn for the corresponding period ending a year ago when it ranked fifth. BBVA is tied by volume, its three deals worth USD 1.9bn. BBVA advised on the same number of transactions by the close of April 2015, its three deals then worth USD 1.3bn. Of the remaining financial advisors in the chart, only Rión M&A appeared among the top 10 for the corresponding period ending a year ago, when it had also advised on a single deal.

Galicia Abogados leads TTR’s Mexico legal advisory ranking for the first four months of the year with five mandates on deals worth a combined USD 2.4bn, the same volume as in the corresponding period ending a year ago when it ranked fourth. Its aggregate value is down by 12% from USD 2.7bn. Ritch Mueller follows in second with four deals worth a combined USD 82m. The firm did not place among the top 10 in the first four months of 2015. Santamarina y Steta Abogados ranks third, having added one transaction to its tally of a year ago and growing aggregate value by 746% from USD 227m. Creel, García-Cuéllar, Aiza y Enríquez, in fourth, fell from first place a year ago, its volume down 79% from 14 and its aggregate value down 93% from USD 3.6bn. Geenberg Traurig México ranks fifth after not appearing among the top 10 in the first four months of 2015. Robles Miaja Abogados, in sixth, Haynes Boone México, in seventh, Garrigues México in eighth, and Aziz & Kaye Abogados, in ninth, were also absent from the top 10 a year ago. Baker & McKenzie México lost two deals and fell one position in the chart to bring up the rear, its aggregate deal value declining slightly from USD 30m.

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.