Dinamismo no setor de Petróleo e Gás

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BRASIL

 O TTR Deal Tracker Brasil é um email mensal que contém tendências do mercado transacional  brasileiro, além de incluir um ranking  Year to Date (YTD) dos principais assessores jurídicos e financeiros.

BRASIL: Dinamismo no setor de Petróleo e Gás

No período de janeiro a julho de 2016 o número de transações envolvendo empresas que atuam no segmento de Oil & Gas apresentou um aumento de 113% se comparado ao mesmo período de 2015, segundo os dados do TTR (www.TTRecord.com).
Além disso houve um aumento no número de aquisições de ativos, foram registradas cinco operações em 2016 YTD, frente as duas registradas no mesmo período do ano anterior.

Rankings / League Tables

Brasil Ranking – 2016

Assessoria Financeira – Year to Date (YTD)

O Banco Itaú BBA lidera o ranking TTR de assessoria financeira sete primeiros meses de 2016 com 19 transações com um valor total de USD 11,3bi, o que representa uma redução de 21% no volume de transações e 20% no valor total se comparado com o mesmo período de 2015, quando também liderou o ranking. O Banco Bradesco BBI subiu da terceira posição no ranking do mesmo período de 2015 para segundo, ficando na frente do Banco BTG Pactual que está em terceiro. O Bradesco BBI assessorou 14 transações  com um valor combinado de USD 10,8bi, o que  representa um aumento de 133% no volume de transações e um aumento de 18% no valor total. O Banco BTG Pactual assessorou 11 transações cujo valor agregado foi de USD 4,6bi o que representa uma redução de 45% em relação ao mesmo período de 2015. O Bank of America Merrill Lynch, na quarta posição, não esteve entre os 10 primeiros no ranking de assessoria financeira no primeiros sete meses de 2015, tal como o Banco Santander, em quinto, a Vinci Partners em sexto, e Rothschild  em sétimo. O BR Partners caiu da sétima posição em 2015 para oitavo em 2016 com cinco transações e um valor total de USD 1,3bi, o que representa um aumento de 625% no valor agregado. O Morgan Stanley em nono, e Magma em décimo, não estiveram entre os 10 primeiros do ranking dos sete primeiros meses de 2015.

Assessoria Jurídica – Year to Date (YTD)

O TozziniFreire Advogados lidera o ranking TTR de assessoria legal com 31 transações e um valor total agregado de USD 1,8bi, o que representa um aumento de 94% no volume de transações e 121% no valor total agregado se comparado com o mesmo período do ano anterior, quando esteve na oitava posição do ranking. O Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados ocupa a segunda posição com 30 transações e valor total de USD 12bi, maior valor agregado do ranking, o que representa um aumento de 30% no volume e 34% no valor total se comparado ao mesmo período de 2015 quando ocupou a quarta posição. O Pinheiro Neto Advogados desceu da primeira posição ocupada há um ano atrás para a terceira com 29 transações que somam USD 8,7bi. O Souza, Cescon, Barrieu & Flesch Advogados subiu uma posição no ranking passando a quarto com 29 transações com valor total agregado de USD 3,4bi, o que representa aumento de 26% no volume e uma redução de 16% no valor total agregado. O Machado, Meyer, Sendacz e Opice Advogados caiu três posições no ranking, passando a ocupar a quinta posição mesmo tendo tido um aumento de 16% no volume de transações. O Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados, em sexto, não esteve entre os 10 primeiros no ranking dos sete primeiros meses de 2015. O Veirano Advogados caiu uma posição, passando a sétimo, com 17 transações,  porém com uma aumento de aproximadamente 1300% no valor total. O Barbosa, Müssnich, Aragão caiu da terceira para a oitava posição, com um volume 26% inferior. O Lefosse Advogados, em nono, não esteve entre os 10 primeiros do ranking em 2015. O Demarest Advogados ocupa a décima posição com 16 transações com valor total agregado de USD 2,4bi.

* Os Rankings TTR deste report são elaborados com transações anunciadas e/ou concluídas em 2016 Year to date. Estão incluídas transações de investimento e desinvestimento de Private Equity / Venture Capital, compra/venda de ativos e formação de Joint Ventures. Os Rankings de assessores jurídicos do México e do Brasil consideram apenas assessorias nas respectivas leis locais. Em todos os rankings são considerados apenas deals onde alguma empresa do respectivo país tenha sido target na transação, no caso do ranking LATAM, algum país latinoameircano. No ranking LATAM não há especificação sobre a lei da assessoria, além disso o filtro considera apenas firmas de UK/US.

Em caso de empate o critério de desempate é: empate por número de transações, se desempata com o valor total; empate por valor total, se desempata por número de transações. E quando exista um empate em número e valor, será mantida a mesma posição e a ordem será alfabética.

Chile’s distribution and retail space heats up

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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: Oil & Gas sector dynamic

Transactions in Brazil’s oil & gas sector increased by 113% in the first seven months of 2016 compared to the same period in 2015, according to TTR data (www.TTRecord.com).
Asset sales also rose in the energy sector with five such transactions YTD compared to two in the January-July period of 2015.

CHILE: Deal volume grows in distribution and retail

Dealmaking in Chile’s distribution and retail space is up 150% YTD in 2016 compared to the same seven months in 2015, according to TTR data (www.TTRecord.com).
The appetite from international investors in the sector is also up, with five transactions led by foreign buyers YTD compared to three in the first seven months of 2015.

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 July by volume and aggregate value, with 24 deal mandates in the first seven months of 2016 worth a combined USD 15.3bn. The top M&A bank in Brazil also led the chart in the first seven months of 2015, when it had advised on 28 transactions worth a combined USD 14.6bn, representing a 14% dip in volume and a 5% increase in aggregate value between the two periods. Banco Bradesco BBI climbed from sixth place in the chart a year ago to take second, its deal volume up 133% from six to 14 transactions, the combined value of those deals up 18% from USD 9.1bn to USD 10.8bn. Banco BTG Pactual fell from second at the close of July 2015 to take third, its deal volume down 25% from 16 to 12, the aggregate value of those transactions down 39% from USD 9.5bn to USD 5.8bn. BAML climbed from ninth place at the close of July 2015 to take fourth, its deal volume up 125% from four to nine transactions, its aggregate value up 1,152% from USD 777m to USD 9.7bn. Citigroup, in fifth, didn’t place among the top 10 in the first seven months of 2015. Banco Santander fell from third a year ago to take sixth, despite adding one deal to its tally of eight at the close of July 2015 and increasing its aggregate deal value by 15% from USD 5.3bn to USD 6bn. Morgan Stanley, in seventh, was not among the top 10 a year ago. BBVA fell from fifth to eighth in the chart, its deal count holding steady at seven, the combined value of those transactions down 3% to USD 2bn. BNP Paribas, in ninth with six mandates YTD, was also absent from the top 10 a year ago, as was Vinci Partners, bringing up the rear with an equal number of deals.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking for the first seven months of 2016, as it did for the corresponding period a year earlier, despite a 36% decline in the firm’s deal volume and a 25% decline in aggregate value compared to its performance to the close of July 2015 when it led with 22 transactions worth a combined USD 1.4bn. Jones Day follows in second with 11 transactions worth a combined USD 279m, a 35% decline in volume and an 89% decline in aggregate value relative to its performance in the seven months ending a year ago, when it also placed second. Linklaters, in third, was not among the top 10 international law firms advising on deals in Latin America in the first seven months of 2015. Clifford Chance holds firm to its fourth-place position of a year ago, its eight mandates YTD worth USD 7.4bn combined, compared to five worth USD 8.3bn in the same seven-month period last year. Cleary Gottlieb Steen & Hamilton, in fifth, did not place among the top 10 to the close of July 2015. White & Case fell one place to sixth, despite adding two transactions to its tally of five compared to the January-July period in 2015. Hogan Lovells, in seventh, was absent from the chart a year ago, this year bumping Shearman & Sterling down a spot to eighth, down also in volume by one deal. Chadbourne & Parke, in ninth, is tied with Shearman & Sterling by volume with four deals under its belt, after not appearing on the chart at the close of July 2015. Skadden, Arps, Slate, Meagher & Flom lost two deals compared to its tally of a year ago to bring up the rear, its aggregate value up 207% from USD 866m to USD 2.7bn.

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


Banco Itaú BBA leads TTR’s Brazil financial advisory ranking for the first seven months of 2016 with 19 transactions worth a combined USD 11.3bn, representing a 21% decline in deal volume and a 20% decline in aggregate deal value relative to the corresponding period in 2015 when it also led the pack. Banco Bradesco BBI rose from third to take second in the chart, bumping Banco BTG Pactual to third place. Bradesco advised on 14 transactions worth a combined USD 10.8bn, increasing its deal volume by 133% from six at the close of July 2015 to 14 as the combined value of its transactions grew 18% from USD 9.1bn to USD 10.8bn. BTG Pactual added one deal to its tally of a year ago while its aggregate deal value fell 45% from USD 8.4bn. BAML, in fourth, was not among the top 10 investment banks advising in Brazil to the close of July 2015, nor was Banco Santander, in fifth, Vinci Partners in sixth, nor Rothschild, in seventh. BR Partners fell from seventh to eighth, despite adding one deal to its tally of a year ago to close July 2016 with five transactions worth a combined USD 1.3bn, representing a 625% increase in aggregate deal value from USD 176m. Morgan Stanley, in ninth, and Magma, in tenth, were both absent from the top 10 ranking at the close of July 2015.

Legal Advisory – Year to Date (YTD)


TozziniFreire Advogados leads TTR’s Brazil legal advisory ranking for the first seven months of 2016 with 31 transactions worth a combined USD 1.8bn, a 94% increase in deal volume and a 121% increase in aggregate value compared to its 16 transactions worth a combined USD 798m of a year ago when it ranked eighth in the chart. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados ranks second, its 30 transactions worth a combined USD 12bn leading the chart by aggregate value and representing a 30% increase in volume and a 34% increase in combined deal value compared to its 23 transactions together worth USD 8.9bn to the close of July 2015, when the firm raked fourth. Pinheiro Neto Advogados fell from first a year ago to take third place, with 29 transactions together worth USD 8.7bn compared to 31 worth USD 9.5bn at the close of July 2015. Souza, Cescon, Barrieu & Flesch Advogados is up one place to take fourth, with 29 deals together worth USD 3.4bn compared to 23 worth USD 4bn a year ago, a 26% increase in volume and a 16% decline in aggregate value. Machado, Meyer, Sendacz e Opice Advogados fell three positions to take fifth, despite increasing deal volume by 16% from 25 to 29. Its aggregate deal value is down 92% meanwhile, from USD 12.5bn to USD 1bn. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados, in sixth, was not among the top 10 M&A firms in Brazil at the close of July 2015. Veirano Advogados fell one position from sixth a year ago to take seventh in the chart, its deal count down by two transactions, its aggregate deal value up nearly 1300% from USD 408m. Barbosa, Müssnich, Aragão fell from third at the close of July 2015 to eighth, its volume down 26% from 23, its aggregate deal value off 38% from USD 9.1bn. Lefosse Advogados, in ninth, was not among the top 10 firms in Brazil in the first seven months of 2015. Demarest Advogados brings up the rear with 16 transactions together worth USD 2.4bn, the same volume as a year ago when it ranked ninth, its aggregate value up nearly 3,000% from USD 79m.

Mexico Ranking* – 2016

Financial Advisory – Year to Date (YTD)

BBVA leads TTR’s Mexico financial advisory ranking at the close of July 2016 with five transactions worth a combined USD 2bn, the same deal volume the Spanish bank had registered a year ago when it also led the chart. BBVA’s aggregate deal value is virtually on par as well, its USD 2bn in combined value representing little more than a 1% increase over a year ago. Citigroup rose from seventh to take second place in the chart as it added two transactions to its tally of a year ago and increased the combined value of its deals by 184% from USD 1.2bn to USD 3.5bn. Deutsche Bank, in third, was not among the top 10 banks advising on M&A in Mexico a year ago, nor was JPMorgan, in fourth, nor Morgan Stanley, in fifth. Lazard too was absent from the top 10 a year ago and now ranks sixth. RióN M&A lost one transaction compared to its tally at the close of July 2015, falling from third to seventh in the chart. Goldman Sachs, in eighth, PC Capital, in ninth, and UBS, bringing up the rear in tenth, were also absent from the top 10 a year ago.

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking at the close of July 2016 with 18 advisory mandates YTD, the same volume it registered in the first seven months of 2015 when it also led the chart. The leading firm’s aggregate deal value is down 66% from USD 9.5bn. Galicia Abogados held firm to its deal count of 10 a year ago, climbing one position in the chart to take second and increasing aggregate deal value 24% from USD 2.8bn to USD 3.4bn. Jones Day México climbed one position in the chart to take third, notwithstanding losing two transactions relative to its tally of a year ago and its aggregate value falling 90% from USD 2.2bn to USD 209m. Santamarina y Steta Abogados, in fourth, was not among the top 10 M&A firms advising in Mexico for the seven months ending at the close of July 2015, nor was Ritch Mueller, in fifth. Mijares, Angoitia, Cortés y Fuentes fell from second place a year ago to take sixth in the chart, its deal volume down 73% from 15, its aggregate deal value down 81% from USD 3.5bn to USD 661m. Von Wobeser y Sierra ranks seventh after not placing among the top 10 in the first seven months of 2015. White & Case México is up two positions in the chart, despite its deal volume declining by one transaction and its aggregate deal value falling 90% from USD 983m a year ago. Basham Ringe y Correa, in ninth, lost two transactions relative to its tally at the close of July 2015 when it ranked seventh, its aggregate deal value falling 93% from USD 1.4bn. Robles Miaja Abogados brings up the rear after not placing on the chart at the close of July 2015.

* 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.

Pharma deals surge by 117% 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: Pharma deals more than double

The number of transactions in Brazil’s pharmaceutical industry grew by 117% in 1Q16 over the same quarter last year, according to TTR data (www.TTRecord.com).

Foreign investment in the space also grew in real terms with eight of 13 total acquisitions in Brazilian pharma companies in the first three months of 2016 led by overseas buyers compared to five of six in the corresponding period last year.

COLOMBIA: Inbound dealmaking on the rise

Acquisitions of Colombian companies by foreign bidders grew by 29% in 1Q16 compared to 1Q15, according to TTR data (www.TTRecord.com).

There were 17 inbound acquisitions between January and March 2015 compared to 22 in the corresponding period this year. Technology was the most sought after asset class for foreign buyers in 1Q16, meanwhile.

Rankings / League Tables

Latin America Ranking – 2016

Financial Advisory – Year to Date (YTD)

Banco Itaú leads TTR’s Latin America financial advisory ranking for the first three months of 2016 with nine transactions under its belt worth a combined USD 3.7bn, representing a 31% decline in volume and a 17% decline in aggregate deal value compared to its 13 deals together worth USD 4.4bn to the close of March 2015 when it also led the chart. Banco BTG Pactual ranks second, as it did a year ago, with six advisory mandates YTD together worth USD 1.3bn, compared to seven worth USD 7.6bn at the close of 1Q15, representing a 14% drop in volume and an 83% decline in aggregate value. Ártica Investimentos ranks third by volume with four transactions for the first three months of 2016 of undisclosed consideration. The firm did not rank among the top 10 by the close of 1Q15. BBVA ranks fourth with three deals together worth USD 1.9bn, tied with Banco Bradesco BBI by volume, which ranks fifth, its three deals worth USD 489m in aggregate. BBVA was not among the top 10 in 1Q15, while Bradesco fell from third for the corresponding period in 2015 when it advised on five deals worth USD 9.1bn, representing a 40% decline in volume and a 95% drop in combined deal value. Credit Suisse Group, Morgan Stanley, BAML, BR Partners and Vinci Partners have each advised on two transactions YTD and accordingly rank by relative aggregate value in the chart. Of the five, only Vinci Partners was among the top 10 a year ago when it advised on three deals together worth USD 22m to rank ninth.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking for the first three months of 2016 with six mandates YTD together worth USD 112m. It also led the chart a year ago when it’d advised on eight deals worth USD 511m combined, representing a 25% dip in volume and a 78% decline in aggregate value. Cleary Gottlieb Steen & Hamilton ranks second with five mandates YTD worth USD 810m combined. The US firm was not among the top 10 legal advisors in Latin America at the close of 1Q15. Jones Day fell one position in the ranking relative to its performance in the first three months of 2015 when it advised on six transactions to take second place. Its five deals YTD are worth USD 70m combined, representing a 68% decline in aggregate value from USD 219m. Clifford Chance added one deal to its performance of 1Q15 to climb from ninth to fourth in the chart with three mandates YTD worth a combined USD 575m. Davis & Gilbert, in fifth, also advised on three deals in 1Q16, in its case worth a combined USD 247m. The firm was not among the top 10 a year ago. Hogan Lovells, in sixth, Skadden, Arps, Slate, Meagher & Flom, in seventh, and Chadbourne & Parke, in eighth, have two deal mandates each in 1Q16. None of the three placed in the top 10 for the corresponding three-month period of 2015. Simpson Thacher & Bartlett, in ninth, and Wachtell, Lipton, Rosen & Katz, in tenth, were also absent from the top 10 at the close of 1Q15.

Financial Advisory – Year to Date (YTD)


Banco Itaú BBA leads TTR’s Brazil financial advisory ranking for the first three months of 2016 with seven advisory mandates together worth USD 1.3bn. Brazil’s top investment bank also led the chart a year ago when it’d advised on 11 deals together worth USD 4.2bn, representing a 36% decline by volume and a 70% drop in aggregate value. Banco BTG Pactual added one deal to its tally of a year ago to climb from third to second. Its six mandates YTD on deals worth a combined USD 1.3bn compare to five together worth USD 7.6bn a year ago. Banco Bradesco BBI fell from second to third in the ranking with three deals YTD worth USD 489m compared to five worth USD 9.1bn a year ago. Ártica Investimentos, in fourth, also advised on three transactions YTD, in its case of undisclosed consideration. Ártica was not among the top 10 financial advisors in Brazil at the close of 1Q15, nor was BR Partners, which ranks fifth with two mandates YTD on deals worth USD 951m combined. Vinci Partners, in sixth, also advised on two transactions in 1Q16, climbing from seventh place a year ago despite losing one madate relative to its three deals in the first three months of 2015. The combined value of Vinci’s deals jumped 1,187% from USD 22m in 1Q15 to USD 277m in 1Q16, meanwhile. Moelis & Company, in seventh, also advised on two transactions in Brazil in 1Q16, in its case worth a combined USD 247m. The US investment bank was not among the top 10 at the close of 1Q15. BAML, Banco de Portugal and Barclays Bank, in eighth, ninth and tenth, respectively, advised on one transaction each in Brazil for the first three months of 2016, none of the three having placed among the top 10 for the corresponding period in 2015.

Legal Advisory – Year to Date (YTD)


Souza Cescon Advogados leads TTR’s Brazil legal advisory ranking for the first three months of 2016 with 15 mandates worth a combined USD 2bn. Brazil’s top M&A firm YTD is up 36% by deal volume from third a year ago when it’d advised on 11 transactions worth a combined USD 3.6bn. TozziniFreire ranks second with 12 mandates YTD on deals worth a combined USD 322m, representing a 50% increase in volume and a 44% decline in aggregate value relative to its eight mandates on deals together worth USD 570m a year ago. Pinheiro Neto Advogados rose from seventh in 1Q15 to take third in 1Q16, increasing deal volume by two deals and aggregate transaction value by 461% from USD 271m to USD 1.5bn. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados slid two positions in the ranking to place fourth relative to 1Q15, its deal volume down by two transactions, its aggregate value down by 92% from USD 7.8bn. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ranks fifth, also with 10 mandates YTD, after not having placed among the top 10 in 1Q15. Machado, Meyer, Sendacz e Opice Advogados led the ranking at the close of 1Q15, but has since fallen to sixth place, its deal volume down 47% and aggregate transaction value down 85% from USD 3.2bn. Lefosse Advogados, in seventh, was not among the top 10 for the corresponding period in 2015. Barbosa, Müssnich, Aragão fell from fourth in 1Q15 to eighth in 1Q16, down in volume by just two deals but in aggregate value by 96% from USD 7.8bn. Derraik & Menezes Advogados ranks ninth with seven transactions, Lobo & de Rizzo tenth with six. Neither of the trailing two were among the top 10 for the first three months of 2015.

Mexico Ranking – 2016

Financial Advisory – Year to Date (YTD)

BBVA leads TTR’s Mexico financial advisory ranking for the first three months of 2016 with two mandates YTD worth a combined USD 1.9bn, compared to just one for the corresponding period in 2015 worth USD 72m, when it placed fifth. Deutsche Bank follows in second, tied with JPMorgan and Morgan Stanley, all three having advised on the same transaction worth USD 1.9bn. PwC ranks fourth, also having advised on one transaction YTD, in its case of undisclosed consideration.

Galicia Abogados leads TTR’s Mexico legal advisory ranking in 1Q16 with three mandates on deals worth a combined USD 2.4bn, up from ninth a year ago when its sole transaction was worth USD 2.5bn. Santamarina y Steta Abogados climbed from fifth at the close of 1Q15 to take second for the first three months of 2016, also with three mandates, in its case worth a combined USD 1.9bn. Creel, García-Cuéllar, Aiza y Enríquez fell from first at the close of 1Q15 to take third, its sole mandate YTD on a deal worth USD 260m. Haynes Boone México advised on the same deal to tie for third, though it appears in fourth in the chart. Aziz & Kaye Abogados ranks fifth, also with a single advisory mandate YTD, in its case worth USD 80m. The firm did not place among the top 10 in 1Q15. Baker & McKenzie México is down one deal and off 21% by aggregate value, but rose from eighth to sixth in the chart nonetheless between 1Q15 and 1Q16. Echanove y Asociados, in seventh, Heather & Heather Abogados, in eighth and Kuri Breña, Sánchez Ugarte y Aznar in ninth, each advised on one deal in 1Q16, the three of them having been absent from the top 10 for the corresponding three-month period in 2015. Mijares, Angoitia, Cortés y Fuentes, in tenth, fell from second place in 1Q15, its deal volume falling from six worth USD 1.3bn combined to one of undisclosed consideration.