Manufacturing deals surge in Mexico

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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.

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Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA leads TTR’s Latin America financial advisory ranking 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.

El capital movilizado en México por fusiones y adquisiciones en 2015 es un 2% superior al de todo 2014

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Informe mensual sobre el mercado transaccional mexicano

  • En los 10 primeros meses del año se ha superado el capital movilizado durante todo 2014
  • En octubre se registraron 23 transacciones, con un importe total de USD 321.2m
  • El sector inmobiliario repite en octubre como el más activo

Madrid, 12 de noviembre de 2015.- El mercado transaccional mexicano ha superado en los 10 primeros meses de 2015 el volumen de inversión registrado durante todo el año 2014, según el informe mensual de TTR (www.TTRecord.com).

En concreto, en 2015 se han contabilizado operaciones con un monto total de USD 34,560.3m, frente a los USD 33,885.4m de 2014. Esto supone un incremento de aproximadamente el 2%, pese a que el número de operaciones ha sido menor (225 en 2015, frente a 337 en 2014).

En términos mensuales, octubre ha registrado un total de 23 fusiones y adquisiciones, con un volumen de inversión agregado de USD 321.2m. En ese sentido, el protagonismo ha sido nuevamente para el sector inmobiliario, que ha registrado ocho transacciones, de las cuales cuatro se sitúan entre las cinco operaciones con mayor importe del mes. También destacan el sector financiero y de seguros, con cuatro operaciones; y los sectores de educación y telecomunicaciones, ambos con dos.

Ámbito cross-border
Por lo que respecta al mercado cross-border, en el mes de octubre las empresas mexicanas han elegido como los principales destinos de sus inversiones por número de operaciones a Estados Unidos, con tres transacciones; y Brasil y Luxemburgo, con una en cada caso. En términos de volumen de inversión, sólo ha sido divulgado el monto destinado a Estados Unidos, con USD 18m.

Por otro lado, España es el país que mayor número de inversiones ha llevado a cabo en México, con dos operaciones valoradas por USD 4m. Además, también han protagonizado operaciones, una en cada caso, Israel, China Canadá, Chile y Estados Unidos.

Private equity y venture capital
En el ámbito de private equity y venture capital, en lo que lleva el 2015 se han realizado en México 43 transacciones de esta naturaleza, por un monto total de alrededor de USD 1,376.5m.

Los principales sectores que han recibido inversiones de estas entidades son el de Internet, con 10; el de Salud, Higiene y Estética, con cuatro; y el de Consultoría, Auditoría e Ingeniería, también con cuatro.

Mercado de capitales
En el área de mercado de capitales se ha producido el listing, sin oferta pública, de la compañía belga AB InBev en la Bolsa Mexicana de Valores (BMV).

Transacción destacada
En octubre de 2015, TTR ha seleccionado como transacción destacada la compra por parte de Fibra Uno del parque industrial CuautiParkII, por un monto de USD 47.04m. En la operación ha participado como asesor jurídico Holland & Knight México.

Para más información:
Daniel Hernández
TTR – Transactional Track Record
Telf. + 34 91 279 87 59
daniel.hernandez@ttrecord.com
www.TTRecord.com

UK buyers bullish on Brazil

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BRAZIL: UK buyer appetite grows

The number of acquisitions led by UK-based buyers in Bazil has grown by 36% YTD relative to the same period in 2014, according to TTR data (www.TTRecord.com). The relative share of Brazilian deals led by UK-based private equity firms has decreased over the same period, meanwhile, from 56% to mid-October, 2014 to 19% YTD in 2015.

Brazil-Graph-(GIF)-V2

MEXICO: Financial services transactions surge

Financial services deals have jumped 27% in volume and 436% by aggregate deal value in Mexico YTD compared to the same nine-and-a-half months of 2014, according to TTR data (www.TTRecord.com). A total of 27 deals in the space YTD with a combined value of USD 11.4bn compares to 22 in the corresponding period of 2014 worth USD 2.1bn in aggregate.

Mexico-Map (2)Mexico-Graph-(GIF)---

Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)

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Banco Itaú BBA continues to maintain a safe lead in TTR’s Latin America financial advisory ranking at mid-October, with 42 mandates YTD worth USD 19.9bn combined. A year ago Itaú led the chart with 55 transactions worth a combined USD 9bn. Banco BTG Pactual has advised on 31 deals YTD, the same number which put it in second-place at mid-October, 2014. By aggregate deal value BTG Pactual also ranks second, with USD 19.3bn in combined transactions YTD compared to USD 11.2bn for the same period in 2014. Banco Santander ranks third, as it did a year ago, with USD 11 deals worth a combined USD 9.7bn so far in 2015 compared to 15 together worth USD 3.9bn to mid-October, 2014. Banco Bradesco BBI rose one position from fifth at mid-October, 2014, when it’d advised on 12 deals worth a combined USD 5.1bn, to take fourth, with nine transactions worth USD 15.6bn in aggregate. BAML fell one spot, meanwhile, to take fifth place, with nine transactions worth a combined USD 6bn to mid-October, compared to 15 worth USD 10.1bn a year ago. BR Partners, in sixth place, also with nine deals under its belt YTD, was not among the top 10 in the first nine-and-a-half months of 2014, nor was BBVA, which ranks seventh with eight deals. PwC, JPMorgan and Rothschild, rounding out the top ten, were also absent from the top 10 at mid-October, 2014.

Legal Advisory – Year to Date (YTD)

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Jones Day leads the top 10 international law firms in TTR’s Latin America legal advisory ranking at mid-October, with 20 transaction mandates YTD on deals worth USD 2.5bn combined. The US firm ranked third a year ago, when it’d advised on 13 deals worth just under USD 2bn. Baker & McKenzie was bumped to second with its 12 deals worth USD 1.4bn combined, as a result of Jones Day’s rise to the top. Baker & McKenzie topped the chart in mid-October, 2014 with 26 deals worth USD 10bn combined. Clifford Chance ranks third by volume with its eight deals worth nearly USD 14bn, topping the chart by aggregate deal value after not appearing among the top 10 for the corresponding period in 2014. Skadden, Arps, Slate, Meagher & Flom, also with eight deals YTD in Latin America and also absent from the top 10 a year ago, bumped White & Case from fourth at mid-October, 2014 to fifth. White & Case had advised on 12 deals worth USD 6.9bn in the first nine-and-a-half months of 2014, compared to eight worth just USD 137m YTD, representing a 33% decline in volume and a 98% decline in aggregate deal value. Greenberg Traurig’s deals in the region have declined similarly, 42% by volume from 12 a year ago, and 87% by combined value, from USD 1.6bn, resulting in its fall from fifth to sixth place. Simpson Thacher & Bartlett has lost ground in deal volume but gained slightly by aggregate value; it ranked second in mid-October, 2014 with 15 deals worth USD 6.56bn, compared to six worth USD 6.63bn YTD. None of the trailing three firms in the chart, all of which also garnered six mandates in the region YTD, were among the top 10 at mid-October, 2014.

 

Brazil Ranking – 2015

Financial Advisory – Year to Date (YTD)

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Banco Itaú BBA continues to lead TTR’s Brazil financial advisory ranking at mid-October, as it did a year earlier. Deal volume is down 13% for Brazil’s top bank compared to its 45 transactions in 2014 to mid-October, but combined value is up 291% from USD 5bn a year ago to USD 19.8bn, putting it in the lead by aggregate value as well. Banco BTG Pactual follows, as it did a year ago, with 21 transactions worth USD 18.7bn, compared to 27 worth UD 10.1bn in mid-October last year. Banco Bradesco BBI ranks third, with nine deals together worth USD 15.6bn, up from fourth at this point last year when it’d advised on 12 deals worth USD 5.1bn in aggregate, representing a 25% decrease in volume and a 206% increase in aggregate value. BR Partners, in fourth, didn’t rank in the 10 leading banks in Brazil at mid-October, 2014. BAML, in fifth, rose from seventh a year ago, when it’d advised on six deals worth USD 555m. BAML’s deal volume is up 17% and its combined deal value up 967%. JPMorgan, in sixth by volume, didn’t place in the top 10 a year ago and now ranks third by aggregate value behind Itaú and BTG Pactual, with five deals together worth USD 18bn. Rothschild has also advised on five transactions YTD, as it had by mid-October, 2014, this year worth USD 12.9bn compared to USD 1bn then, representing a 1,135% leap in combined value. IGC Partners Assessoria Empresarial, Vinci Partners and Deloitte Global Services round out the top 10, with five mandates each YTD. None the trailing three were among the top 10 financial advisors in Brazil at mid-October, 2014.

Legal Advisory – Year to Date (YTD)

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Pinheiro Neto Advogados leads TTR’s Brazil legal advisory ranking for the first nine-and-a-half months of 2014, with 42 mandates together worth USD 10.2bn compared to 51 deals worth USD 6.9bn combined a year ago. Pinheiro Neto has bumped Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados from the slight lead it held in mid-October, 2014, when both firms had advised on an equal number of deals. The second-ranked firm has increased the combined consideration of its deals by 56% to lead the chart by aggregate value of USD 16bn. Machado, Meyer, Sendacz e Opice Advogados climbed one position from fourth a year ago to take third, its deal volume falling by just one deal, or 2.7%, its aggregate deal value growing 365% from USD 2.8bn to USD 13bn. Veirano Advogados is up from sixth place a year ago to take fourth, with three more deals under its belt than it had in mid-October, 2014. Veirano’s combined deal value is up 276% from USD 1.5bn a year ago. Souza Cescon Advogados has climbed two positions to take fifth with 31 deals worth USD 6.6bn in aggregate, compared to 27 worth USD 11bn a year ago. Barbosa, Müssnich, Aragão has climbed from tenth at mid-October, 2014 to take sixth place, with 29 deal mandates YTD worth USD 10.6bn compared to 23 worth USD 5.2bn a year ago. Demarest has increased deal count from 24 to 28, while the firm’s aggregate value has fallen 11% from USD 2.1bn to 1.9bn, putting it in seventh compared to ninth a year ago. TozziniFreire Advogados, in eighth, ranked fifth a year ago, its deal count falling 23% from 30 transactions, the combined value of its deals falling 72% from 3.4bn. Pinheiro Guimarães Advogados, in ninth, didn’t rank among the top 10 a year ago. Koury Lopes Advogados, in tenth, advised on 28 deals together worth 2.7bn to mid-October, 2014 when it ranked seventh, compared to 18 worth USD 106m YTD.

Mexico Ranking – 2015

Financial Advisory – Year to Date (YTD)

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BBVA leads TTR’s Mexico financial advisory ranking at mid-October with twice as many deals under its belt as a year ago, when it also led the ranking. Spanish rival Santander follows in second, up from tenth a year ago, with four advisory mandates YTD compared to just one a year ago, this year worth USD 1.5bn in aggregate compared to USD 1.3bn then. Pablo Rión y Asociados, in third, has also advised on four deals YTD, after not appearing among the top 10 to mid-October, 2014. Evercore Partners, Alfaro Dávila y Ríos and Credit Suisse, in fourth, fifth and sixth, respectively, were all absent from the top 10 chart a year ago. Citigroup, in seventh, has two transactions to its name in Mexico, as it did a year ago, then worth USD 1.7bn in aggregate compared to USD 1.2bn YTD. Lazard and Vace Partners, in eighth and ninth place, respectively, were absent from the top 10 in mid-October, 2014. BAML, brings up the rear, also with two deals, the same number it had advised on in the first nine-and-a-half months of 2014 for which it ranked seventh, while aggregate value is down 86% for the US bank from USD 634m a year ago.

Legal Advisory – Year to Date (YTD)

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Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking at mid-October, 2015, as it did a year prior, when it’d advised on 21 transactions together worth USD 8.6bn. Deal volume is up 19% and aggregate value up 49% for the leading Mexican firm compared to its performance in the first nine-and-a-half months of 2014. Mijares, Angoitia, Cortés y Fuentes follows in second, as it did a year ago, with 17 deals worth USD 4.4bn compared to 13 worth just under USD 3bn by mid-October, 2014. Galicia Abogados climbed two places to rank third advising on 11 deals worth USD 5.3bn combined YTD, an 83% jump in deal volume and a 356% increase in combined deal value from mid-Oct, 2014, when the firm had advised on six deals together worth USD 1.2bn. Jones Day México, in fourth, has bumped White & Case México down a notch to fifth place in the ranking. Jones Day was not among the top 10 in the first nine-and-a-half months of 2014. White & Case is down by one deal compared to its volume at mid-October a year ago, while its aggregate deal value has fallen 83% from USD 686m to USD 113m. Nader Hayaux & Goebel Abogados and Santamarina y Steta Abogados, in sixth and seventh, respectively, have both clinched five deals YTD. Neither was among the top 10 a year ago. Basham Ringe y Correa, also with five transactions under its belt YTD, has climbed one position to take eighth by adding two deals to its volume of a year ago and increasing aggregate value to USD 1.4bn. Holland & Knight México fell two positions, meanwhile, despite maintaining the same number of transactions as it had advised on by mid-October, 2014, the combined value of its deals falling 78% from USD 2.3bn to USD 500m. Greenberg Traurig México retains the tenth place spot it held a year ago, despite doubling its deal mandates to four. The aggregate value of the firm’s deals fell 76% from USD 831m to USD 199m.

Mining industry digs up more deals in Brazil

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BRAZIL: Mining industry digging up more deals

Transactional activity in Brazil’s mining industry, including joint ventures and asset sales, has increased 62% YTD in 2015 compared to the first nine months of 2014, according to TTR data (www.TTRecord.com). Transactions led by international buyers are up by 50% with 14 such deals thus far in 2015 compared to six in the same period of 2014.

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Brazil-Graph-(GIF)-V2MEXICO: Appetite for Spain-based targets continues to grow

Mexican acquirers continue to place their bets on Spain, with 15 transactions targeting companies in the Iberian country YTD, worth a combined USD 908m, according to TTR Data (www.TTRecord.com). This represents a 50% increase in deal volume and a 95% increase in the combined value of acquisitions in Spain led by Mexican buyers, compared to the first nine months of 2014.

Mexico-Map (2)Mexico-Graph-(GIF)---

Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA leads TTR’s Latin America financial advisory ranking at the close of 3Q15 after advising on 39 transactions YTD worth a combined total of USD 19.9bn. Deal volume is down 25% while aggregate deal value is up 128% for the region’s top bank compared to its performance in the first three quarters of 2014 when it’d advised on 52 transactions worth a combined USD 8.7bn. Banco BTG Pactual follows in second with 26 deals worth USD 18.8bn in aggregate. It also placed second at the close of 3Q14 when it’d advised on 30 deals together worth USD 11.2bn, when it led by combined value. Banco Santander ranks third as it did a year ago, with 11 deals worth 9.7bn in total compared to 14 worth USD 3.6bn in the first three quarters of 2014. Banco Bradesco rose one position in the ranking to take fourth, switching places with BAML which placed fourth at the close of September, 2014, and now ranks fifth. The two banks are tied by deal volue with nine transactions apiece, Bradesco’s worth USD 15.5bn combined compared to BAML’s USD 6bn. A year ago the two banks had each advised on 12 deals, BAML’s then worth USD 10bn combined compared to Bradesco’s 5.1bn. BBVA, in sixth, didn’t place among the top ten financial advisors in Latin America in the first nine months of 2014, nor did BR Partners in seventh, PwC, in eighth, JPMorgan, in ninth, nor Rothschild, bringing up the rear in tenth place. JPMorgan ranks third regionally by aggregate deal value, with USD 18bn in combined deals YTD.

Legal Advisory – Year to Date (YTD)

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Jones Day leads TTR’s Latin America legal advisory ranking at the close of 3Q15 by a long shot, with 21 mandates YTD in the region, worth a combined USD 2.7bn, up from fourth place a year ago when it’d advised on 12 deals together worth just under USD 2bn. Baker McKenzie has been bumped from first to second place, with 12 mandates YTD worth USD 1.4bn compared to 24 a year ago worth USD 9.6bn. Clifford Chance rose six places to take third by volume, relative to its position at the close of 3Q14, with seven transactions YTD worth USD 13.9bn in aggregate. The UK firm leads the ranking by aggregate value more than doubling the combined deal value of its closest rival. Skadden, Arps, Slate, Meagher & Flom, in fourth, was absent from the top 10 ranking a year ago. Simpson Thacher & Bartlett fell from second at the end of September, 2014, to take fifth a year later, owing to a 54% decline in deal volume from 13 to six transactions. Millbank, Tweed, Hadley & McCloy, in sixth, and Akin Gump Stauss Hauer & Feld, in seveth, did not rank in the regional top 10 for the first three quarters of 2014, nor did Shearman & Sterling in eighth, Holland & Knight in ninth, and Hogan Lovells in tenth.

 

Brazil Ranking – 2015

Financial Advisory – Year to Date (YTD)

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Banco Itaú BBA leads TTR’s Brazil financial advisory ranking at the close of September by volume and value, with 36 transactions under its belt together worth USD 19.7bn. Combined deal value is up 320% for Brazil’s top financial advisor, notwithstanding a 14% decline in deal flow. Banco BTG Pactual ranks second by volume and value, despite a 35% decline in advisory mandates compared to the same nine months of 2014, when it’d advised on 26 transactions together worth USD 10bn. The two leading banks in Brazil held the same rank a year ago. Banco Bradesco rose one place from fourth a year ago to take third, with nine transactions worth a combined USD 15.5bn YTD, compared to 12 worth USD 5.1bn at the close of September, 2014. BR Partners rose from eighth a year ago to place fourth at the close of 3Q15, increasing its deal volume by 60% from five to eight, notwithstanding a 33% decline in aggregate transaction value from USD 556m to USD 373m. BAML follows in fifth, with seven deals together worth USD 5.9bn, compared to five worth USD 482m a year ago when the US bank ranked ninth, representing a 40% bump in volume and a 1,131% increase in combined value. JPMorgan ranks seventh with five deals worth USD 18bn combined to rank third by aggregate value, after not placing among the top 10 in the first three quarters of 2014. Rothschild too was absent from the top 10 a year ago, and now ranks seventh, also with five deals, in its case worth USD 12.9bn. Vinci Partners fell from fifth to eighth for its five transactions YTD, compared to nine at this stage last year. PwC, in ninth, was absent from the top 10 financial advisors in Brazil a year ago, as was Deutsche Bank, in tenth.

Legal Advisory – Year to Date (YTD)

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Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados leads TTR’s Brazil legal advisory ranking at the close of 3Q15 with 40 transactions under its belt together worth USD 16bn, compared to 49 worth USD 10bn in aggregate a year ago, when it also led the chart. Pinheiro Neto Advogados is tied with the leader by volume, but ranks second on account of its USD 10.1bn in combined deals. The leading two firms held the same rank at the close of September, 2014. Machado, Meyer, Sendacz e Opice Advogados added one deal to its total of 31 a year ago and rose one place in the ranking to take third, its aggregate deal value increasing 476% from USD 2.2bn. Souza Cescon Advogados added four transactions to its tally at the end of September, 2014 to close 3Q15 with 31 transactions worth USD 6.6bn in total. Veirano Advogados rose two positions from seventh place a year ago to take fifth, increasing deal volume by 7% and aggregate value by 281%. Barbosa, Müssnich, Aragão climbed from tenth a year ago to take sixth place, increasing deal volumen by 33% and combined deal value by 107%. Demarest Advogados rose from ninth at the close of 3Q14 to seventh a year later, with 27 deals YTD compared to 23 at the close of September, 2014, notwithstanding an 11% decline in aggregate deal value. Pinheiro Guimarães Advogados, in eighth, did not place in the top 10 ranking at the close of 3Q14. TozziniFreire Advogados, in ninth, lost nine transactions compared to its performance a year ago, while the combined value of its deals fell by 73%. Derraik & Menezes Advogados appears for the first time in 2015 among the top 10 to bring up the rear with 14 deals together worth USD 62m. The firm did not rank among the top 10 in the first nine months of 2014.

Mexico Ranking – 2015

Financial Advisory – Year to Date (YTD)

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BBVA leads the pack in TTR’s Mexico financial advisory ranking at the close of 3Q15, with five advisory mandates together worth USD 2.6bn. A year ago, when it’d advised on three transactions for the first nine months of 2014, it also topped the chart. Banco Santander climbed from tenth a year ago to take the number two spot, with four deals together worth USD 1.5bn YTD, compared to one in the first nine months of 2014 worth USD 1.3bn. Pablo Rión y Asociados didn’ t place among the top 10 financial advisors by the close of September, 2014, and is now tied by volume with Santander, but lags by the disclosed combined value of its four advisory mandates. Evercore Partners, in fourth, and Alfaro, Dávila y Ríos, in fifth, were also absent from the leading 10 financial advisors at the end of 3Q14. Of the trailing five firms in the top 10, only BAML, in ninth, and Deutsche Bank, in tenth, placed among the leading firms a year ago, when both had advised on two transactions. BAML’s combined deal value fell 86% while Deutsche Bank increased aggregate value by 73% over the same period.

Legal Advisory – Year to Date (YTD)

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Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking at the close of September with 22 mandates under its belt worth a combined USD 6.8bn. It also led the chart a year ago when it’d advised on 20 deals together worth USD 8.6bn. Mijares, Angoitia, Cortés y Fuentes follows in second, as it did a year ago, with 17 deals YTD compared to 13 in the first nine months of 2014, representing a 31% increase in deal volume and a 48% jump in aggregate value. Galicia Abogados rose two positions to place third in the chart, with 10 mandates YTD worth USD 5.3bn, compared to six a year ago worth USD 1.2bn. Jones Day ranks fourth after not placing among the top 10 last year at the close of 3Q14. Nader Hayaux & Goebel Abogados, in fifth, was also absent from the top 10 at the close of September, 2014, as was Santamarina y Steta Abogados, in sixth. Basham Ringe y Correa increased its deal count by two transactions to climb one position in the ranking compared to the first nine months of 2014, while boosting the combined value of its deals exponentially from USD 5m to USD 1.4bn. Holland & Knight gained one transaction relative to its performance in the first three quarters of 2014, but fell from seventh to eighth in the ranking nonetheless, its combined deal value falling by 78% to USD 500m from USD 2.3bn a year ago. Ritch Mueller’s deal count fell from eight in the first nine months of 2014 when it ranked third, to three YTD, putting the firm in ninth, while its aggregate deal value fell from USD 2.8bn to USD 204m. White & Case deal volume has declined from seven to three over the same period, putting it in tenth, while the aggregate value of its deals fell 88% from USD 686m to USD 83m.

México- El Volumen de inversión en fusiones y adquisiciones registra en agosto un aumento interanual del 224,6%

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El volumen de inversión en fusiones y adquisiciones registra en agosto un aumento interanual del 224,6% 

  • El importe total de transacciones en agosto asciende a USD 4,601.4m
  • El número de operaciones asciende a 21
  • El sector inmobiliario repite en agosto como el más activo

Madrid, 03 de septiembre de 2015.– El mercado transaccional mexicano sigue activo y durante el mes de agosto el volumen de inversión en fusiones y adquisiciones ha registrado un aumento interanual del 224,6%, alcanzando un importe total de USD 4,601.4m, según el informe mensual de TTR (www.TTRecord.com).

Entre las transacciones más relevantes del mes se encuentra la OPA de exclusión realizada por Grupo Modelo por USD 359.60m y las desinversiones de Cemex en Europa del Este en dos operaciones por importes de USD 257.57m y USD 179.58m.

Según el informe, en lo que llevamos de año, entre enero y agosto, se han contabilizado 206 transacciones por un importe total de USD 25,688.4m, cifras muy cercanas a las que se registraron en todo el año 2014 cuando el número de operaciones se situó en 336 por USD 33,885m, por lo que a cuatro meses de terminar el año se puede intuir que esta cifra podrá ser superada.

Por sectores, el inmobiliario ha repetido nuevamente en agosto como el más activo con ocho transacciones, seguido por el financiero y seguros y el de tecnología, ambos con tres operaciones.

En el ámbito cross-border, en agosto las empresas extranjeras que han apostado por México procedían de Estados Unidos, con tres compras, y Países Bajos, Bélgica e Italia, todas ellas con una compra. En cambio, las empresas mexicanas han optado por Ecuador, España y Chile para llevar a cabo adquisiciones internacionales.

En el ámbito de private equity y venture capital, en lo que llevamos de año se han realizado en México 37 transacciones de esta naturaleza por un monto total de alrededor de USD 1,372.5m.

En el área de mercado de capitales no se han registrados operaciones concluidas, pero siguen en pipeline algunas operaciones relevantes que se espera que se concluyan en los próximos meses.

Transacción destacada
En agosto de 2015, TTR ha seleccionado como transacción destacada la compra por parte de Blackstone del portafolio de préstamos hipotecarios de General Electric en México. En la operación han participado como asesores jurídicos Simpson Thatcher & Bartlett, Creel, García-Cuellar, Aiza y Enríquez, Haynes Boone desde su oficina de Estados Unidos y México, y Nader Hayaux & Goebel Abogados.

Nota: Adjunto podrá encontrar el informe completo con todos los datos detallados. Se trata de una versión exclusiva para prensa y utilización del periodista que no puede ser distribuida a través de ningún medio.

Para más información:
Leticia Garín
TTR – Transactional Track Record
Telf. + 34 91 279 87 59
(M) +34 645 366697
leticia.garin@zuvinova.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.