TTR Deal Tracker
www.TTRecord.com

LATIN AMERICA

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.

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.

Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)

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)

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)

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)

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)

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)

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.