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Global and regional M&A: 2014

Including league tables of legal advisors

Global

Europe

US

Asia-Pacific

Japan

Africa & Middle East

Emerging Markets

League Tables

Criteria & contacts


Regional M&A
comparison

$901.4 bn 40.5%
$1,409.4 bn 56.6%
$29.3 bn -33.5%

Global M&A
$591.6 bn 43.4%

Total $3,230bn 47.7%


Cross-border $1,399.7bn 82.6%
$57.9 bn -9.3%
Energy, $632.5bn 39.0%
Mining & $132.2 bn 49.5%
Utilities

US Europe Asia-Pacific (excl. Japan)


Inbound $373.5bn 158.5% Inbound $320.6bn 68.6% Inbound $83.5bn 15.8%
Outbound $290.1bn 65.9% Outbound $365.8bn 190% Outbound $89.6bn 4.4%
TMT $302.2bn 6.1% TMT $168.2bn 24.0% Energy, $96.1bn 12.4%
Mining &
Utilities

Central & South America Africa & Middle East Japan


Inbound $82.1bn 114.4% Inbound $14.6bn 58.9% Inbound $6.3bn 52.9%
Outbound $24.7bn 298.7% Outbound $26.2bn 73.7% Outbound $53.2bn 9.4%
Energy $50bn 131% TMT $12.3bn 12.5% Industrials $5.9bn 13.1%
Mining & & Chemicals
Utilities
* The % value on the map indicates the total value change from last year

Global and regional M&A: 2014


www.mergermarket.com 2
Global overview

Sellers bask in US$ 3,230bn-worth of global M&A activity, only 11.8% less than 2007

uu A record value for private equity exits, the average price tag at an all uu The Consumer sector (US$ 80.9bn) was particularly active with regard uu There was an abundance of cross-border deal making overall in 2014,
time high, and soaring cross-border deal-making, proved 2014 to be to private equity exits, reaching the highest value and deal count on demonstrated by the highest deal count record and the second
a seller’s market. The year ended with US$ 3,230bn-worth of deals, record. Trade buyers swooped in for Consumer companies and took an highest value. The 5,501 deals worth US$ 1,399.7bn increased 82.6%
44.7% above 2013’s total (US$ 2,232.5bn), and down just 11.8% from 89.6% proportion of the sector’s total exits with 182 deals worth US$ by value compared to 2013 with 630 more announcements.
the last highest annual total in 2007 (US$ 3,660.4bn). 72.5bn, 154.3% higher than the last peak in 2012.

uu Global M&A value hit a post-crisis high at the end of Q3 2014 uu Energy, Mining & Utilities was the leading sector by value with 1,638 uu The size of cross-border transactions played a role in the deal value
and continued to climb towards the third highest annual total on deals totaling US$ 632.5bn, up 47.5% from 2013. TMT continued increase. The average deal size for cross-border deals jumped to US$
Mergermarket record (since 2001). This came in spite of a reversal of an upswing from 2013, seeing over 400 more announcements and 453.9m, up from US$ 291.4m in 2013 and above the 2007 peak (US$
quarterly increases from Q4 2013 to Q2 2014, after which totals fell an 18.9% increase by value reaching US$ 604.2bn. However, it was 437.7m).
quarter-on-quarter with Q4 dropping 7.5% from Q3 to US$ 787.8bn. Pharma, Medical & Biotech activity that stole the limelight in 2014.

uu 2014 saw private equity firms choosing to dispose of assets they had uu The Pharma, Medical & Biotech sector accounted for 52.3% of the uu The inflated deal size was in part due to the sudden attention to US
been holding onto, resulting in the year seeing record exits by both total value of lapsed deals during the year (US$ 224.1bn), but the companies from Europe. The total value of deals involving European
value at US$ 489.3bn (which soared to 21.4% above 2007's peak) resurgence in the sector still amounted to 1,215 deals reaching an companies targeting the US hit the highest on record at US$ 259.7bn
and number of deals (2,054). Trade buyers led with a record 1,484 all time high value at US$ 379.5bn during 2014. Tax inversions and with 421 announcements. For example, German corporations made
transactions worth US$ 367bn. The 271 more deals than in 2013 a global trend towards cross-border M&A resulted in deals in the three of their largest ever US-based acquisitions during 2014, with all
resulted in a 82.3% higher deal value than 2013's US$ 201.3bn. industry between different countries accounting for a majority share of three valued over US$ 12.7bn.
total deal value at 67.7% with US$ 257bn-worth of deals.

Quarterly M&A activity Q1 Q2 Q3 Q4


Sector breakdown in 2014 vs 2013 Private equity buyout and exit activity
Value of deals (US$bn)
Energy, Mining 428.7 19.2%
& Utilities 632.5 19.6% 900 3,500
2007 800.1 1,277.5 848.8 733.9
22.8% 800

2008 592.5 676.8 683.3 458.4 Total 2,411.0


Total 3,660.4 TMT 508.2 3,000
604.2 18.7% 700

Value of deals (US$bn)


2,500
2009 419.3 396.0 326.8 569.4 Total 1,711.5 Pharma, 173.7 7.8% 600
Medical&

Deal count
379.5 11.8%
2010 459.7 431.6 494.5 709.8 Total 2,095.6
Biotech 500 2,000

10.6%
Industrial & 235.5 400 1,500
2011 612.7 582.9 596.9 475.6 Total 2,268.1 345.6 10.7%
Chemicals 300
1,000
2012 462.2 565.0 521.4 754.4 Total 2,303.0 10.5%
Consumer 234.7 200
338.2 10.5% 500
2013 445.9 558.3 650.9 577.4 Total 2,232.5 100
Financial 238.5
0 10.7%
0 0
2014 633.8 957.2 851.3 787.8 Total 3,230.0 Services 226.8 7.0% 2007 2008 2009 2010 2011 2012 2013 2014

106.5 4.8% Buyout value Exit value


Business 173.4 Buyout deal count Exit deal count
Services 5.4%

Other 306.5 13.7%


529.7 16.4%
* % indicates market share

Global and regional M&A: 2014


www.mergermarket.com 3
Global overview
League table by value
Ranking Company name 2014 2013

Value Deal Value % Value


uu Deal complexity competing bids and possibly the size of deals, could be an explanation for the longer period taken to complete a 2014 2013
(US$m) count (US$m) change
deal. The average time taken in 2014 was 96 days, the longest time period on record after five annual increases.
1 7 Skadden Arps Slate Meagher & Flom 593,874 248 228,658 159.7%
uu Skadden Arps Slate Meagher & Flom regained op ranking in the legal advisor league table by value after losing it in 2013. The firm 2 22 Cleary Gottlieb Steen & Hamilton 538,574 128 117,041 360.2%
worked on 50 more mandates than in 2013.
3 14 Sullivan & Cromwell 530,897 128 181,189 193.0%
uu The top four advisors all improved on their 2013 ranking with the largest jump coming from Cleary Gottlieb Steen & Hamilton. After 4 9 Freshfields Bruckhaus Deringer 435,168 245 222,218 95.8%
advising on half of the top ten global deals during 2014, Cleary Gottlieb Steen & Hamilton moved up from 22nd place in 2013 to
5 4 Weil Gotshal & Manges 416,271 247 282,765 47.2%
second with 128 deals valued at US$ 538.6bn.
6 5 Latham & Watkins 409,086 385 279,494 46.4%

7 15 White & Case 401,588 283 173,511 131.4%

8 3 Simpson Thacher & Bartlett 392,488 157 300,968 30.4%

9 1 Davis Polk & Wardwell 381,730 140 310,582 22.9%

10 2 Wachtell, Lipton, Rosen & Katz 377,185 94 303,560 24.3%

11 6 Jones Day 278,885 336 233,866 19.2%

12 16 Linklaters 269,574 265 158,166 70.4%

Top deals 13 32 Blake, Cassels & Graydon 237,464 109 60,030 295.6%

14 19 Kirkland & Ellis 225,759 345 137,653 64.0%


Deal
Ann. Bidder Bidder Target Target Target Seller 15 18 Clifford Chance 222,226 284 142,580 55.9%
value
date company country company country sector company
(US$bn) 16 10 Slaughter and May 220,013 75 218,472 0.7%

17 55 Paul Weiss Rifkind Wharton & Garrison 216,274 142 33,274 550.0%
68.5 13-Feb-14 Comcast Corporation Time Warner Cable Inc
18 17 Cravath, Swaine & Moore 209,307 70 144,444 44.9%

19 24 Shearman & Sterling 195,067 135 94,962 105.4%

65.5 18-May-14 AT&T Inc DIRECTV 20 35 Baker Botts 191,148 70 53,994 254.0%

63.2 17-Nov-14 Actavis plc Allergan Inc

Kinder Morgan Energy


58.8 10-Aug-14 Kinder Morgan Inc Partners LP
(88.6% Stake)

45.9 15-Jun-14 Medtronic Inc Covidien Plc

Global and regional M&A: 2014


www.mergermarket.com 4
Europe overview

Europe's M&A makes a sudden rebound to a post-crisis high with deals worth US$ 901.4bn

uu After a rather subdued 2013, European M&A activity rebounded uu Private equity exits stood at US$ 165.5bn, a 94.5% surge on 2013 uu Europe’s 1,184 inbound deals totaled US$ 320.6bn and reached a
strongly in 2014, climbing to a post-crisis high at US$ 901.4bn. This and the highest figure since 2007. The average price paid for an exit record high by both deal value and deal count during 2014 (since
was a 40.5% increase from 2013 (US$ 641.4bn), making it the highest exceeded even the peak years at US$ 492.7m. Consumer (US$ 37.9bn) 2001). The proportion of total M&A accounted for by inbound activity
value since 2008 when it stood at US$ 1,003.8bn. Volume was up by a and Industrials & Chemicals (US$ 29.2bn) saw the highest values. climbed to a 35.6% peak.
modest 4.8% between 2013 and 2014 (5,816 versus 6,094).
uu The ongoing consolidation of Europe’s Telecommunication industry uu Most of the inbound investment came from US-based companies
uu There was a sense of confidence in global boardrooms during 2014 saw M&A in the TMT sector worth US$ 168.2bn account for the highest which accounted for 60.7% or US$ 194.6bn-worth of inbound deals.
and this filtered through to European targets where the average price share of Europe’s value, with domestic transactions accounting for This was a 80.6% increase from 2013 and also 8.5% above the previous
paid for a company was US$ 365.4m, the highest in seven years. most of it (US$ 120.2bn). One of the trends currently shaping the high in 2008 (US$ 179.3bn).
sector is the convergence towards the “quad” model, with operators
uu On a quarter-by-quarter basis, 2014’s M&A activity got off to a slow bundling together internet, TV, landline and mobile services. uu Mirroring the inbound deal flow, 71% of total outbound M&A was also
start in Q1 with deals valued at US$ 176.5bn, peaking at US$ 312.9bn directed towards the United States (US$ 259.7bn), the highest value on
in Q2, and seeing a decline thereafter to US$ 202.2bn in Q3, and a uu The Pharma, Medical & Biotech sector was the second most active Mergermarket record (2001). As a result, after one of the lowest years
slight increase in Q4 with US$ 209.9bn-worth of deals. in 2014 with US$ 114.9bn-worth of deals reaching the highest on for European outbound M&A in 2013, outbound activity surged to its
Mergermarket record after a 162.3% jump from 2013. highest level since 2007 during 2014 with US$ 365.8bn-worth of deals,
uu Some eurozone countries showed signs of recovery. In Spain for up 190% from the previous year.
example, the US$ 57.2bn-worth of deals increased 77.1% from 2013.
The country has a strong pipeline for 2015, although the second
half could be more complicated as attention will turn to the national
general election.

Quarterly M&A activity Q1 Q2 Q3 Q4


Sector breakdown in 2014 vs 2013 Cross-border analysis
Value of deals (US$bn) Inbound and outbound (value of deals US$bn)

396.7
135.6 21.1%
TMT 168.2 18.7%
2007 265.3 583.4 384.8 286.3

339.4
Total 1,519.8 Pharma,
Medical & 43.8 6.8%

305.6
2008 295.7 203.6 287.4 217.1 Total 1,003.8
Biotech 114.9 12.8%

Energy, Mining

259.1

257.0
2009 121.6 77.8 79.0 188.3 Total 466.7 124.8 19.5%

237.9
& Utilities 104.6 11.6%

220.1
2010

211.5
127.5 114.6 155.1 242.9 Total 640.1
Consumer

190.2
61.6 9.6%

180.9

171.6
2011 184.3 242.0 165.8 133.2 Total 725.3 99.4 11.0%

151.0
136.8
2012 171.6 187.4 111.8 251.7 Total 722.5 Industrial & 11.4%

126.1
122.1
73.4
Chemicals 95.3 10.6%

96.7
2013 136.0 198.4 149.0 158.0 Total 641.4
Financial 96.6 15.1%
2014 176.5 312.9 202.2 209.9 Services

1001 deals

1070 deals
Total 901.4 72.2 8.0%

842 deals
990 deals

768 deals
873 deals

493 deals
540 deals

786 deals
757 deals

947 deals
837 deals

944 deals
813 deals

823 deals

847 deals
21.1 3.3%
Real Estate
72.0 8.0%

13.2% 2007 2008 2009 2010 2011 2012 2013 2014


Other 84.5
19.4%
174.7
* % indicates market share

Global and regional M&A: 2014


www.mergermarket.com 5
Europe overview
League table by value
Ranking Company name 2014 2013

Value Deal Value % Value


uu Further underlining the strong inbound trend, the top three transactions involving non-European bidders targeting European 2014 2013
(US$m) count (US$m) change
companies all originating from the US – Medtronic’s acquisition of Covidien (Ireland) for US$ 45.9bn; Walgreen’s purchase of
the remaining 55% stake in Alliance Boots (Switzerland) for US$ 23.8bn; and General Electric’s acquisition of Alstom’s Thermal & 1 8 Freshfields Bruckhaus Deringer 354,335 201 169,580 108.9%
Renewable Power and Grid business (France) for US$ 12.3bn. 2 18 Cleary Gottlieb Steen & Hamilton 301,195 62 73,305 310.9%

3 17 Skadden Arps Slate Meagher & Flom 264,533 79 75,612 249.9%


uu France was the target country for two of the top five deals in the region, demonstrating the growth in size of French deals during
2014. As a result, for the first time on record, France was the most active country in 2014 with US$ 161.4bn-worth of deals, the 4 24 Sullivan & Cromwell 248,442 42 53,935 360.6%
highest value since 2007 (US$ 204.1bn) and a 327.5% surge on 2013 (US$ 37.7bn). The UK was previously the most targeted country
5 16 Latham & Watkins 236,967 169 101,560 133.3%
in Europe until 2014 even though its M&A value increased by 28.7% to US$ 154.5bn compared to 2013.
6 13 Linklaters 219,715 224 128,556 71%
uu Tax inversion deals boosted total Pharma, Medical & Biotech values as individual price tags climbed, with two deals above US$
7 5 Slaughter and May 213,646 70 172,629 23.8%
10bn (against none in 2013), the acquisition of Covidien and the sale of Glaxo Smith Kline’s oncology business. In total, there were
ten deals above US$ 10bn (against six in 2013). Pharma also played a pivotal role in cross-border deal flow, amounting to close to a 8 10 Wachtell, Lipton, Rosen & Katz 210,780 19 157,894 33.5%
quarter of total inbound (US$ 74.1bn) and 37.4% of outbound (US$ 136.7bn).
9 14 Clifford Chance 183,322 221 108,242 69.4%

uu The top six legal advisors all achieved a higher ranking in 2014 compared to 2013. Freshfields Bruckhaus Deringer led the league 10 15 Allen & Overy 176,153 185 102,956 71.1%
table by value with 201 deals worth US$ 343.3bn even though it had four less mandates. After advising on three of the top ten
11 2 Davis Polk & Wardwell 153,378 45 181,836 -15.7%
global deals in 2014, Blake, Cassels & Graydon moved into the top 20 from 122nd place in 2013 with deals worth US$ 151.8bn.
12 11 Weil Gotshal & Manges 152,345 97 148,153 2.8%

Top deals 13 122 Blake, Cassels & Graydon 151,814 26 3,936 3,757%

14 64 Arthur Cox 144,127 45 10,794 1,235%


Deal
Ann. Bidder Bidder Target Target Target Seller 15 4 Simpson Thacher & Bartlett 133,869 57 175,845 -23.9%
value
date company country company country sector company
(US$bn) 16 59 Stikeman Elliott 132,310 29 12,022 1,001%

17 42 Matheson 126,880 22 20,131 530.3%


45.9 15-Jun-14 Medtronic Inc Covidien Plc
18 30 Herbert Smith Freehills 126,029 89 37,131 239.4%

19 31 Loyens & Loeff 119,378 79 36,185 229.9%

39.6 07-Apr-14 Holcim Ltd Lafarge SA 20 26 Fried Frank Harris Shriver & Jacobson 119,264 26 45,828 160.2%

Alliance Boots GmbH AB Acquisitions Holdings


23.8 06-Aug-14 Walgreen Company
(55% Stake) Limited

23.1 20-Jun-14 Altice SA SFR SA Vivendi SA

GlaxoSmithKline Plc
14.5 22-Apr-14 Novartis AG GlaxoSmithKline Plc
(Oncology division)

Global and regional M&A: 2014


www.mergermarket.com 6
US overview

Record high US M&A worth US$ 1,409.4bn led by transatlantic drive and booming deal count

uu A surge from Europe toward US targets, record high deal valuations uu Energy, Mining & Utilities M&A more than doubled in value compared uu Foreign investors flocked towards US targets with a record number
and exit levels, and a deal count nearing 2007’s peak led US M&A to 2013 with 107 more announcements. The US$ 318.1bn-worth of of deals (820) that hit the highest value on record at US$ 373.5bn,
activity to reach a record high last year. Total deal value soared 56.6% deals came despite only two deals making it into the top ten deals of surpassing even pre-crisis levels. Most of the rebound was due to
from US$ 900.1bn in 2013 to US$ 1,409.4bn in 2014, while total deal the year: the re-structuring of Kinder Morgan, valued at US$ 58.8bn, interest coming from European buyers which took a 69.5% share of
count rose 21.5% from 3,937 transactions to 4,782. and Halliburton’s US$ 38bn acquisition of Baker Hughes. total inbound activity (US$ 259.7bn).

uu US firms commanded some of the highest deal valuations globally, uu Dominated by a burst of Technology activity, the most notable uu Inbound M&A from Europe more than tripled compared to 2013
with average deal values increasing 30.15% in the past year, reaching increase by deal count came in the TMT sector (1,022 deals worth US$ (US$ 69.9bn), to US$ 259.7bn in 2014. The US was a prime Industrials
a record high of US$ 616.3m in 2014. Premiums paid jumped to 29% in 302.2bn). The 787 Technology deals eclipsed every other year by deal & Chemicals target for German buyers with more than double the
2014, from 26% in 2013, with an EBITDA multiple of 14.5x. count and value at US$ 122.4bn, up 29.3% from 2013 (US$ 94.7bn). number of deals compared to 2013, and total values surpassing the
previous high of US$ 7.1bn (2006) by a colossal 442.3% at US$ 38.5bn.

uu US private equity exits reached an all-time high in 2014 with 958 uu Spurred on by inexpensive natural gas used as a raw material uu Although not quite at the same rate as inbound deals, outbound M&A
deals valued at US$ 262.1bn, up 70.6% by value compared to 2013 for chemicals, plastics, and packaging as well as for powering also saw an increase to the highest value and deal count on record, up
(US$ 153.6bn on 735 deals). Along with a general rise in Technology manufacturing across all industries, plus a favorable financing market, 65.9% from 2013 (US$ 174.9bn) at US$ 290.1bn. Tax inversions in the
transactions, the past year saw an upswing in exits in the space, the Industrials & Chemicals sector saw a revival in 2014 with 826 Pharma, Medical & Biotech sector were a strong driver as the number
reaching the highest deal count and value on record: 292 deals worth deals worth US$ 145.9bn, up 85.3% from last year (US$ 78.8bn) and of deals exceeded 100 for the first time and saw a total value of US$
US$ 49.6bn, more than double 2013's value (US$ 24.7bn). In the recovering the drop seen from 2012 to 2013. More activity is expected 75.4bn eclipse the last peak in 2011 of US$ 35.9bn.
Pharma, Medical & Biotech sector, the US$ 42.3bn worth of exits in within the auto industry, with asset disposals resulting from increased
2014 was 56.1% higher than the previous peak in 2007 (US$ 27.1bn). consumer demand for alternative fuel and safety technologies.

Quarterly M&A activity Q1 Q2 Q3 Q4 Sector breakdown in 2014 vs 2013 Cross-border analysis


Value of deals (US$bn) Inbound and outbound (value of deals US$bn)

369.7
Energy, Mining 139.6 15.5%

373.5
& Utilities 318.1 22.6%
2007 351.7 501.1 255.2 229.1 Total 1,337.1
31.7%
284.9
TMT

290.1
2008 145.5 266.4 263.4 78.3 Total 753.7 302.2 21.4%

233.0
Pharma, 11.1%
2009 198.9 186.5 98.4 205.0 Total 688.8 Medical & 99.5

224.8

219.1

223.8
232.0 16.5%
Biotech

196.6
2010 145.1 179.7 154.4 244.7 Total 725.0

189.4
Consumer 83.3 9.3%

174.9
172.6
155.1 11%

161.6
2011 248.2 187.1 207.0 190.0 Total 832.3

144.5
Industrial & 8.8%

133.3
2012 Total 866.7 78.8
128.1 190.0 234.4 314.2 10.4%
Chemicals 145.9

105.5
93.6
2013 178.8 176.0 312.4 233.0 Total 900.1 Business 55.3 6.2%
Services 86.0 6.1%
2014

1,019 deals

1,081 deals

1,096 deals

1,125 deals
285.7 377.5 417.0 329.3 Total 1,409.4

1,279 deals
959 deals
Financial

809 deals

639 deals
902 deals

428 deals
612 deals

613 deals

634 deals

671 deals

597 deals

820 deals
70.8 7.9%
Services 64.9 4.6%

9.7%
Other 87.6
105.2 7.5% 2007 2008 2009 2010 2011 2012 2013 2014
* % indicates market share

Global and regional M&A: 2014


www.mergermarket.com 7
US overview
League table by value
Ranking Company name 2014 2013

Value Deal Value % Value


uu The majority of the US’s top ten deals were inbound, highlighting the attraction to invest in the country through 2014. T. There were 2014 2013
(US$m) count (US$m) change
223 more inbound transactions compared to 2013 which led to a 158.5% surge in deal value at US$ 373.5bn, making 2014 the high-
est value for inbound M&A. 1 11 Skadden Arps Slate Meagher & Flom 520,152 192 169,717 206.5%

2 12 Sullivan & Cromwell 450,133 101 161,028 179.5%


uu Of the top 10 US deals, two are in the Pharma, Medical & Biotech sector: the US$ 63.2bn Actavis acquisition of Allergan and Actavis’
3 26 Cleary Gottlieb Steen & Hamilton 429,136 86 57,206 650.2%
earlier US$ 23.1bn acquisition of Forest Laboratories. Other top Pharma, Medical & Biotech deals include the US$ 14.2bn Bayer AG
acquisition of Merck & Co.’s consumer care business, the US$ 13.4bn Zimmer Holdings acquisition of Biomet, and the US$ 11.9bn 4 4 Weil Gotshal & Manges 391,311 179 271,239 44.3%
Bector, Dickinson and Company acquisition of the CareFusion Corporation.
5 2 Simpson Thacher & Bartlett 355,326 132 283,242 25.4%
uu Up from 11th position in 2013, Skadden Arps Slate Meagher & Flom topped the legal advisor league table by value with 61 more 6 1 Wachtell, Lipton, Rosen & Katz 354,851 87 303,109 17.1%
announcements ammounting to US$ 520.2bn, up 206.5% compared to 2013.
7 5 Latham & Watkins 352,258 278 249,498 41.2%

8 14 White & Case 331,978 139 132,178 151.2%

9 3 Davis Polk & Wardwell 322,205 102 279,202 15.4%

10 6 Jones Day 265,965 264 208,203 27.7%

11 17 Kirkland & Ellis 214,380 323 127,343 68.3%

12 16 Cravath, Swaine & Moore 205,934 58 131,280 56.9%

Top deals 13 27 Baker Botts 187,823 63 53,244 252.8%

14 46 Paul Weiss Rifkind Wharton & Garrison 187,721 121 27,175 590.8%
Deal
Ann. Bidder Bidder Target Target Target Seller 15 20 Fried Frank Harris Shriver & Jacobson 174,032 78 89,810 93.8%
value
date company country company country sector company
(US$bn) 16 54 Richards Layton & Finger 162,727 40 22,610 619.7%

17 24 Shearman & Sterling 159,906 91 67,629 136.4%


68.5 13-Feb-14 Comcast Corporation Time Warner Cable Inc
18 8 Debevoise & Plimpton 149,762 46 194,817 -23.1%

19 42 Stikeman Elliott 148,016 69 29,944 394.3%

65.5 18-May-14 AT&T Inc DIRECTV 20 32 Blake, Cassels & Graydon 147,943 50 47,760 209.8%

63.2 17-Nov-14 Actavis plc Allergan Inc

Kinder Morgan Energy


58.8 10-Aug-14 Kinder Morgan Inc
Partners LP (88.6% Stake)

Baker Hughes
Halliburton Company
38.0 17-Nov-14 Incorporated

Global and regional M&A: 2014


www.mergermarket.com 8
Asia-Pacific
overview (excl. Japan)
M&A value spiked at US$ 591.6bn with private equity peaking and higher valued inbound deals

uu With 3,250 deals worth US$ 591.6bn, both the number of transactions u Private equity activity was another growth base in 2014, which saw uu The ongoing growth in the region’s Consumer sector saw 324 deals
and their total value reached the highest level on Mergermarket record records in buyouts and exits in terms of both value and volume of valued at US$ 55.2bn, an increase of 28.1% by value from 2013. The
in 2014, up 43.4% from 2013’s previous historic high (US$ 412.4bn). deals. A record US$ 68.8bn was invested by private equity firms, up industry saw a record value and deal count of inbound deals with 79
62.4% on 2013. Exits totaled US$ 35.4bn with 185 deals, up 21.1% on transactions worth US$ 18.7bn.
2013’s previous record value (US$ 29.2bn from 138 deals).

uu Inbound investment into the region increased for the second uu The Technology and Media sectors saw a strong level of private equity uu The 427 outbound deals (US$ 89.6bn) was the highest number on
consecutive year, making Asia-Pacific targets a steady driver of the exit activity during 2014. Technology exits had seen a steady rise but record by deal count. However, a tendency to lean toward smaller
overall surge in M&A. As in the previous two years, the bulk of this saw a dramatic increase in 2014, up to 33 exits worth US$ 3bn from investments continued with single digit growth year-on-year for the
investment came from European and American buyers, particularly the just seven in 2008. Since Media exits started in 2005, the level of past two years, running at just above 4%.
former, who spent a total of US$ 34.6bn in 2014, up 28.6% on 2013. activity has increased with 2014 seeing 10 deals worth US$ 4.5bn from
five deals worth US$ 331m in 2005.
uu
The price paid for Asian targets by European bidders increased to uu A total of 399 Technology deals amounted to US$ 53.7bn, 46.9% uu During the last three years, there has been a shift in the sectors of
US$ 254.7m during 2014, up from US$ 192.4m in 2013. Six deals from higher than the US$ 36.5bn from 248 deals in 2013, with tinterest from outbound targets. Outbound M&A has moved away from the Energy,
Western Europe were above US$ 1bn, with the largest seeing Belgium- foreign bidders peaking in 2014 (91 deals worth US$ 9.2bn). A huge Mining & Utilities sector - down 64.3% to US$ 24.6bn in 2014 from
based Anheuser-Busch InBev acquire Oriental Brewery for US$ 6.2bn. jump in buyouts in the sector saw 77 deals at US$ 11.7bn, compared to US$ 68.9bn in 2011 - and towards other sectors including Technology,
A draw to the region from foreign investors could be the EBITDA the 38 in 2013 valued at US$ 9.4bn. Leisure and Transportation, all of which have had a dramatic upsurge
valuation at 16.6x, much lower compared to the previous ten years' in 2014 with some of the highest levels on record.
average of 18.9x.

Quarterly M&A activity Q1 Q2 Q3 Q4


Sector breakdown in 2014 vs 2013 Cross-border analysis
Value of deals (US$bn) Inbound and outbound (value of deals US$bn)

126.4
Energy, Mining 20.7%
85.5
& Utilities 96.1 16.2%

108.3
2007 85.2 90.7 75.4 92.2 Total 343.5
Industrial & 58.1 14.1%

96.8
2008 74.5 125.8 56.7 90.2 Total 347.2
Chemicals

95.3
82.4 13.9%

89.6
89.7
85.3
12.7%

85.8
2009 45.8 76.8 65.9 105.8 Total 294.3

81.1

83.0
81.2
52.3
TMT 77.5 13.1%

72.1
71.2
2010 66.7 72.1 92.7 130.9 Total 362.4
Financial

66.0
49.5 12.0%
2011 87.3 79.4 115.8 73.9 Total 356.4 Services 56.8 9.6%

48.2
2012 82.0 81.3 105.0 84.0 Total 352.3 43.1 10.5%
Consumer

32.2
55.2 9.3%
2013 69.2 108.2 116.9 118.1 Total 412.4
19.2 4.7%
2014 118.3 171.3 140.8 161.2 Total 591.6 Transport 39.7 6.7%

591 deals
555 deals
372 deals

515 deals
295 deals

376 deals
202 deals

520 deals
316 deals

563 deals
341 deals

560 deals
337 deals

591 deals
349 deals

427 deals
11.4%
Real Estate 46.8
36.6 6.2%

14.0% 2007 2008 2009 2010 2011 2012 2013 2014


Other 57.9
147.3 24.9%
* % indicates market share

Global and regional M&A: 2014


www.mergermarket.com 9
Asia-Pacific
overview (excl. Japan)
League table by value
Ranking Company name 2014 2013

Value Deal Value % Value


uu The average price paid for a company based in Asia-Pacific (excl. Japan) reached the second highest level on record at US$ 214m 2014 2013
(US$m) count (US$m) change
during 2014, versus US$ 190.8m in 2013. There were larger deals announced throughout 2014 which influenced the average price,
for example five mega-deals (above US$ 10bn) were announced in the region which accumulated a record level for this deal size 1 7 Freshfields Bruckhaus Deringer 89,900 37 26,551 238.6%
bracket at US$ 93.8bn.
2 2 King & Wood Mallesons 62,601 121 62,872 -0.4%

uu South Korean companies were the target in two of the top ten deals which boosted the country’s annual total up to the highest on 3 12 Kim & Chang 56,795 85 20,319 179.5%
record at US$ 73.5bn. Furthermore, the value came from the highest ever deal count with 334 transactions, up from 280 in 2013. A 4 22 JiaYuan Law Offices 54,677 29 13,941 292.2%
strong deal flow is also expected for 2015 particularly in the TMT sector with investment in South Korea’s mobile industry being a
good testing ground for future investment in Southeast Asia, and also in the advertising digitalisation where emerging market coun- 5 3 Linklaters 54,180 59 48,289 12.2%
tries are expected to contribute to 62% of additional ad spend between the years 2013 and 2016, according to research by Publicis. 6 102 Haiwen & Partners 47,545 18 2,375 1,902%

uu Freshfields Bruckhaus Deringer jumped six positions to lead the legal advisor league table by value with 37 mandates accumulating 7 6 Clifford Chance 44,629 73 29,935 49.1%
US$ 89.9bn-worth of deals. The firm last led the rankings in 2010. A big mover was Morrison & Foerster and Haiwen & Partners both 8 1 Herbert Smith Freehills 41,576 105 63,444 -34.5%
entered into the top 20 rankings after being positioned above 50 in 2013.
9 38 Allen & Gledhill 36,699 36 8,732 320.3%

10 11 Allens 33,923 58 22,286 52.2%

11 20 Simpson Thacher & Bartlett 26,771 30 14,076 90.2%

12 83 Morrison & Foerster 25,754 23 3,171 712.2%


Top deals 13 31 Lee & Ko 25,408 68 9,995 154.2%

Deal 14 4 Skadden Arps Slate Meagher & Flom 24,822 36 38,135 -34.9%
Ann. Bidder Bidder Target Target Target Seller
value 15 10 Fangda Partners 24,114 59 22,539 7.0%
date company country company country sector company
(US$bn) 16 23 Sullivan & Cromwell 20,436 17 13,840 47.7%

17 16 Minter Ellison 19,923 55 15,796 26.1%


36.5 16-Apr-14 CITIC Pacific Limited CITIC Limited CITIC Group Corporation
18 13 Davis Polk & Wardwell 19,867 30 20,088 -1.1%

19 26 Bae Kim & Lee 17,968 49 11,682 53.8%


Sinopec Marketing Co
17.4 14-Sep-14 Investor group 20 35 White & Case 17,461 22 8,969 94.7%
Ltd (29.99% Stake)

Korean Air Lines


15.6 24-Sep-14 Hanjin Kal Corp Company Limited
(51.13% Stake)

13.8 31-Dec-14 CSR Corporation China CNR Corporation

An investor group led by


Shanghai Jinfeng Shanghai Greenland
10.6 18-Mar-14 Shanghai Gelinlan Investment
Investment Co Ltd (Group) Co Ltd
Management Ltd

Global and regional M&A: 2014


www.mergermarket.com 10
Japan overview

Record low annual value at US$ 29.3bn despite a boost in private equity activity

uu The picture of M&A in Japan during 2014 was in stark contrast to the uu In line with the Asia-Pacific-wide boost in private equity activity, Japan uu Even though there was a large 52.9% drop in the value of inbound
global picture, and the rest of the Asia-Pacific region. Whereas the core saw a strong level of buyouts and exits in 2014. Japan’s 36 buyouts investment which hit a post-crisis low, there were actually 13 more
regions saw a boom in M&A and record peaks, Japan saw record lows. during 2014 were worth US$ 5.5bn, 39% higher than 2013’s value announcements in 2014 compared to 2013. With 46 deals in 2014,
In the second lowest annual total on record, the 376 Japanese M&A (US$ 4bn). The eight Consumer buyouts doubled from 2013 (four) and signs are that investors could be starting to show more interest in the
deals announced in 2014 added up to US$ 29.3bn, 33.5% down on the reached a value not seen since 2007 at US$ 892m. country albeit at a lower price range.
previous year (US$ 44.1bn) and the third consecutive annual decrease
with a downward drift averaging 28.9% per year since 2011.

uu The average deal size was another historic low at US$ 134.4m, brought uu The value of private equity exits hit a three-year high as it increased uu Outbound M&A exceeded 2013 with 242 transactions worth US$
down by the scarcity of deals above US$ 500m. The 13 deals above US$ 33.6% above 2013 with deals valued at US$ 6.3bn. With nine exits, the 53.2bn (versus US$ 48.7bn), though with 13 fewer deals. The year
500m during 2014 amounted to US$ 13.8bn, the lowest in 12 years. Business Services sector was most active by deal count with a total of had seen solid quarterly activity above US$ 10bn but the quarter-on-
US$ 1.6bn making it the only sector to register deals above US$ 1bn. quarter drop throughout the year ended with Q4 seeing a 4.2% lower
deal value than Q3 at US$ 10.3bn.
uu For only the second year on record, 2014 saw every quarter post a
total deal value below US$ 10bn. The final quarter registered US$ uu The Industrial & Chemicals sector overtook TMT as the most active in uu The Consumer sector is one area where outbound activity increased,
7.4bn-worth of deals, up 7.6% from Q3 2014 (US$ 6.9bn) and by 0.6% 2014, with deals worth US$ 5.9bn. The sector increased 13.1% on 2013 with 33 deals valued at US$ 19.8bn being over eight times the value
compared to Q4 2013 (US$ 7.3bn). and accounted for 20.1% of total value, up from 11.8% in 2013. A large compared to 2013 (US$ 2.4bn) and with eleven more deals. This was
part of this was due to the largest deal this year: Mitsubishi Chemical the highest number of deals on record and the highest value since
Holdings Corporation’s US$ 3bn acquisition of Taiyo Nippon Sanso 2006 (US$ 20.1bn).
Corporation accounted for over half of the total value.

Quarterly M&A activity Q1 Q2 Q3 Q4 Sector breakdown in 2014 vs 2013 Cross-border analysis


Value of deals (US$bn) Inbound and outbound (value of deals US$bn)
Industrials &

115.8
5.2 11.8%
Chemicals 5.9 20.1%
2007 26.1 18.0 11.9 32.2 Total 88.2
5.6 12.7%
2008 17.3 10.8 15.5 12.2 Total 55.8 Consumer 5.2 17.8%

2009 13.2 30.0%


10.6 14.1 24.1 29.6 Total 78.5 TMT

71.8
4.0 13.8%
2010 13.9 7.3 33.2 6.8

61.5
Total 61.2
Financial 2.0 4.6%
3.0 10.4%
2011 Total 83.7 Services

53.2
12.3 17.2 32.7 21.5

48.7
2012 14.1 26.3 13.9 16.2 Total 70.5 Business 2.5 5.6%
Services 2.8

13.4
9.6%
2013 8.1 15.2 13.5 7.3

9.1
Total 44.1

28.8

9.3
8.8

6.3
0.8%

33 deals 7.0

31 deals 6.8
0.3

24.0
24.5
Transport

33 deals
121 deals 19.2
2014 5.6 9.5 6.9 7.4 Total 29.3 2.4 8.1%

48 deals
39 deals
57 deals

46 deals
151 deals
126 deals

125 deals

205 deals

254 deals

255 deals

242 deals
11.2%
Real Estate 5.0

48 deals
1.9 6.6%

10.3 23.3%
Other
4.0 13.5%
* % indicates market share 2007 2008 2009 2010 2011 2012 2013 2014

Global and regional M&A: 2014


www.mergermarket.com 11
Japan overview
League table by value
Ranking Company name 2014 2013

Value Deal Value % Value


uu The overall drop in Japan's activity was also evident in domestic activity. The value of domestic deals dropped for the third 2014 2013
(US$m) count (US$m) change
consecutive year in 2014 to US$ 23bn, down 25.1% from 2013. The value represented the third lowest on record after 2001 (US$ 2bn)
and 2002 (US$ 8.4bn). In terms of deal count, the 330 domestic deals fared well considering post-2007 levels but still saw 69 fewer 1 1 Nishimura & Asahi 30,467 48 40,687 -25.1%
transactions than 2013. 2 17 White & Case 20,486 12 5,615 264.8%

uu Nishimura & Asahi retained its leading position by deal value even though 20 fewer mandates led to a 25.1% lower deal value at US$ 3 2 Mori Hamada & Matsumoto 17,535 83 30,276 -42.1%
30.5bn. 4 96 Sidley Austin 16,437 3 250 6,475%

5 28 Kirkland & Ellis 16,031 6 2,072 673.7%

6 25 Cleary Gottlieb Steen & Hamilton 15,726 2 3,103 406.8%

7 12 Baker & McKenzie 8,699 18 10,400 -16.4%

8 20 Shearman & Sterling 7,906 11 3,806 108%

9 5 Skadden Arps Slate Meagher & Flom 6,611 11 13,131 -49.7%

10 15 Anderson Mori & Tomotsune 6,146 20 6,270 -2.0%

11 7 Nagashima Ohno & Tsunematsu 6,134 38 12,446 -50.7%

12 37 Debevoise & Plimpton 5,757 2 1,641 250.8%

Top deals 13 - Willkie Farr & Gallagher 5,708 2 - -

Deal 14 - Greenberg Traurig 5,708 1 - -


Ann. Bidder Bidder Target Target Target Seller
value 15 11 Latham & Watkins 4,393 9 10,573 -58.5%
date company country company country sector company
(US$bn)
Taiyo Nippon Sanso
Mitsubishi Chemical
3.0 13-May-14 Corporation
Holdings Corporation
(23.6% Stake)
General Electric
Blackstone Real Estate General Electric
1.9 13-Aug-14 Company (residential
Partners Asia Company
property business)

Kokusai Kogyo Holdings Kokusai Kogyo Co Ltd Cerberus Capital


1.3 16-Jan-14
Co Ltd (55% Stake) Management LP

H2O Retailing
1.1 31-Jan-14 Izumiya Co Ltd
Corporation

Orix Life Insurance Hartford Life Insurance


0.9 28-Apr-14 Hartford Life Inc
Corporation KK

Global and regional M&A: 2014


www.mergermarket.com 12
Africa & Middle East
overview
Private equity and a Q4 surge failed to boost the annual total at US$ 57.9bn, down 9.3% on 2013

uu Africa & Middle East (MEA) M&A activity in 2014 dropped 9.4% below uu According to Mergermarket intelligence, private equity deal sizes uu Total inbound activity declined in 2014 compared to the previous four
the post-crisis high seen in 2013 (US$ 63.9bn)to US$ 57.9bn. Despite have been creeping up as houses are raising more substantial funds years with deals valued at US$ 14.6bn decreasing 58.9% from 2013
the decrease, 2014 still represented the fourth highest annual value on and are looking to conduct larger deals. “It was common a few years (US$ 35.6bn). Asian companies were the main investors with 40 deals
Mergermarket record (2001). Quarterly values fluctuated throughout ago for some funds to go as low as US$ 20m-US$ 30m, now funds are worth US$ 5.8bn accounting for 40% of the total, a 70% decline by
the year, but ended on a high note in Q4 with a 158.6% increase to US$ indicating to us a minimum size of USD 50m." value as China pulled away from big ticket energy deals.
22.5bn from US$ 8.7bn in Q3 - accounting for 38.9% of the total.

uu A sudden rush for large deals during Q4 saw four transactions each uu The TMT sector saw 74 transactions in 2014 with a total value of US$ uu Outbound activity in 2014 witnessed a 73.5% increase in total value
valued in excess of US$ 2bn, accounting for 23.7% of 2014's total 12.3bn, accounting for 21.2% of the region's total and representing a to US$ 26.2bn from US$ 15.1bn in 2013. European targets represented
value. The final dash for larger deals was in stark contrast to deal sizes 12.5% increase by value. The region’s Technology space was a highlight the largest portion of MEA investments with 77 deals worth US$ 8.8bn
throughout the rest of the year, underlined by the average price paid and saw the most deals on record with 44 transactions worth US$ accounting for 33.5% of total outbound value. MEA companies honed
dropping 15.9% to US$ 202.6m from US$ 241m in 2013. 3.8bn, up from just 24 in 2013. in on Italy with a record 11 deals worth US$ 2.1b, with the country’s
Consumer and Industrials & Chemicals companies the primary targets.
uu Private equity activity was a key deal driver in 2014, accounting for uu A drop in inbound investments resulted in the Energy, Mining &
10.5% of total M&A, up from just 4.2% in 2013 and the second highest Utilities sector being knocked from the top position in 2014. The 59 uu The allure of flourishing new African markets with less competition is
proportion on record. The value of buyouts more than doubled from deals targeting the sector totaled US$ 11.1bn, representing a 19.2% causing a number of South African corporates to cast their lines further
US$ 2.7bn in 2013 to US$ 6.1bn in 2014. The year saw the most exits market share – this marked a 52.2% drop by value and 14 fewer deals afield to other African countries, especially in the face of difficult
within a single year on record at 38 deals worth US$ 5.5bn, up 48.3% than 2013 (73 deals worth US$ 23.2bn). Inbound investments in the conditions at home. The most common deals in 2015 are expected to
by value compared to US$ 3.7bn on 29 deals in 2013. This will come as sector were down 84.1% to just US$ 3.3bn from US$ 20.7bn in 2013. be intraregional, outbound from family businesses, and an increase in
a welcome boost for those investors yet to register any returns from inbound activity from strategic players.
investments in Africa, as well as those looking to invest dry powder.

Quarterly M&A activity Q1 Q2 Q3 Q4 Sector breakdown in 2014 vs 2013 Cross-border analysis


Value of deals (US$bn) Inbound and outbound (value of deals US$bn)

71.1
17.1%
TMT 10.9
21.2%
12.1
2007 19.9 12.6 20.0 34.7 Total 87.2
Energy, Mining
23.2 36.4%
& Utilities

53.9
2008 13.1 12.9 11.2 14.6 Total 51.8 11.1 19.2%

3.0 4.6%
2009 5.3 4.0 15.4 7.8 Total 32.5 Real Estate 18.4%

43.0
10.6
2010 25.4 8.0 8.2 12.8 Total 54.3

35.6
2.6 4.0%
Consumer 9.8 16.9%
2011 19.8 6.5 11.4 7.2 Total 44.9

30.1

31.3
Financial 5.3%

24.5

24.3
2012 Total 53.2

94 deals
8.8 13.5 10.2 20.6 3.4

23.0

26.2
Services 4.8 8.3%

18.8
2013 12.7 21.6 13.9 15.7 Total 63.9

15.8

188 deals 14.6


120 deals 15.1
4.7%

158 deals 14.9


Construction 3.0
2014 7.2 19.6 8.7 22.5 Total 57.9 3.0 5.2%

129 deals
151 deals

144 deals

100 deals

101 deals

118 deals

145 deals
164 deals

149 deals

139 deals

169 deals
68 deals
7.6
Industrials & 12.3 19.3%
Chemicals 2.3 4.0%

5.4 8.4%
Other 2007 2008 2009 2010 2011 2012 2013 2014
4.0 6.9%
* % indicates market share

Global and regional M&A: 2014


www.mergermarket.com 13
Africa & Middle East
overview
League table by value
Ranking Company name 2014 2013

Value Deal Value % Value


uu The highest valued deal saw a 92.34% stake in South Africa’s retailer network Pepkor Limited acquired by Steinhoff International 2014 2013
(US$m) count (US$m) change
Holdings for US$ 5.7bn which was also the second largest deal for the country on record. The Consumer industry was fruitful in 2014
with six more deals than in 2013 contributing to the value rocketing to the highest annual total on record, up 270.1% on 2013. 1 1 Linklaters 18,023 20 15,027 19.9%

2 5 Freshfields Bruckhaus Deringer 12,077 24 9,065 33.2%


uu Linklaters remained the lead legal advisor in the region with 20 deals worth US$ 18bn, up 19.9% from 2013.
3 7 Clifford Chance 11,640 35 7,735 50.5%
uu A total of ten firms made their way into the top 20 rankings, having not been there in 2013, including Akin Gump Strauss Hauer & 4 32 DLA Cliffe Dekker Hofmeyr 9,227 38 1,761 424.0%
Feld which hadn't advised on any deals in the region during 2013 but gained six mandates worth US$ 3.2bn in 2014.
5 31 Werksmans 8,271 14 1,802 359.0%

6 3 White & Case 7,891 13 9,508 -17.0%

7 2 Allen & Overy 7,202 32 13,534 -46.8%

8 21 Webber Wentzel 6,953 30 3,287 111.5%

9 6 Gibson Dunn & Crutcher 6,560 10 7,854 -16.5%

10 17 ENSafrica 6,485 33 3,629 78.7%

11 - Girard Hayward Inc 5,744 1 - -

12 77 Shearman & Sterling 5,075 8 573 785.7%


Top deals 13 12 Herbert Smith Freehills 3,800 7 4,276 -11.1%

Deal 14 37 Herzog, Fox and Neeman 3,670 12 1,507 143.5%


Ann. Bidder Bidder Target Target Target Seller
value 15 135 Blake, Cassels & Graydon 3,284 3 110 2,889%
date company country company country sector company
(US$bn) 16 4 Latham & Watkins 3,210 16 9,459 -66.1%
Christo Wiese (Private 17 214 Akin Gump Strauss Hauer & Feld 3,203 6 - -
Steinhoff International Pepkor Limited
5.7 25-Nov-14 Investor); and
Holdings Ltd (92.34% Stake) 18 23 Jones Day 3,078 11 2,650 16.2%
Brait Mauritius Limited
19 19 Bowman Gilfillan Africa Group 3,066 26 3,475 -11.8%
3.5 13-Nov-14 DP World Limited Economic Zones World Ports & Free Zones World 20 28 Norton Rose Fulbright 2,800 19 2,081 34.6%

Fonds National Orascom Telecom Algerie Global Telecom Holding


2.6 18-Apr-14
d'Investissement SPA (51% Stake) SAE

Oil Mining License 29


A consortium led by
2.5 08-Oct-14 and associated pipeline Royal Dutch Shell Plc
Taleveras Group
in Nigeria (30% Stake)
Barwa Commercial
Labregah Real Estate Barwa Real Estate
2.5 26-Jun-14 Avenue Company LLC
Company QSC Company QSC
(95% Stake)

Global and regional M&A: 2014


www.mergermarket.com 14
Emerging Markets
overview
M&A peaked with US$ 646.5bn-worth with a boost from Latin American activity

uu Despite political hostilities in Russia as well as a drawing back from uu China’s domestic activity helped boost overall values for the country uu The share of inbound M&A values to total M&A increased to
investment in African countries; China’s dash for domestic deals and to the highest value on record. With deal activity surpassing the 1,000 32.1% during 2014, from 24.7% in 2013 - representing the largest
higher price tags demanded by Western European and Latin American deal mark for the first time (1,119 deals) total values peaked at US$ contribution since 2008 (36.4%). A total of US$ 207.5bn-worth of
companies boosted 2014 deal activity in the Emerging Markets. Total 227bn, up 55.3% from US$ 146.2bn in 2013. Overall, domestic deals foreign investment was up 64.7% from US$ 126bn in 2013, evidenced
M&A value increased by 26.5% to US$ 646.5bn, from US$ 511.2bn in accounted for 74.7% of total activity in the region - while Chinese by activity in the TMT sector which saw over a third of its value come
2013, representing the highest annual value on Mergermarket record. targets accounted for half of the top ten Emerging Market deals. from foreign bidders.

uu 2014 marked the first year that every single quarter registered more uu Political tensions in Russia affected M&A activity in the region, with uu Emerging Market companies have also been seeking opportunities
than US$ 100bn-worth of deals. The year got off to a modest start US$ 42.2bn-worth of deals in 2014 representing a 52.1% decline outside of domestic markets with the value of outbound investments
with Q1 registering a total value of US$ 112.1bn. The the middle part compared to 2013 (US$ 88.1bn). Despite these numbers, there remains reaching the second highest total on record at US$ 120.2bn, a 36%
of the year saw things heating up, with Q2 (US$190.2bn) and Q3 cautious optimism for 2015 deal activity, with dealmakers telling increase compared to 2013 (US$ 88.4bn). The majority of this increase
(US$175.7bn) representing the second and fourth highest quarterly Mergermarket that “Russia remains a fundamentally attractive market was the expansion of investments into Europe, with the region
deal values on record. Things cooled off in Q4 (US$168.5bn) with and a pipeline of suspended deals could spark a healthy recovery in accounting for 46.3% of total outbound values in 2014 (US$55.6bn).
values dipping 4.1% compared to Q3. the first half of 2015 – if the geopolitical standoff with the West eases."
uu Leading this expansion were Chinese buyers, which accounted for the
uu The average price paid for companies based in Emerging Markets highest share of emerging Asia investing in Europe with US$ 20.8bn-
increased slightly to US$ 237.3m from US$ 218m with six mega- deals worth of deals (76.2%). Chinese companies focused their investments
(over US$ 10bn) announced in the region in 2014, compared to only on Italy (11 deals, US$ 3.5bn), Germany (24 deals, US$ 2.6bn) and Iberia
one in 2013. In Chile alone there were three deals valued over $3bn in (five deals, US$ 2.2bn) – registering the highest deal count on record
2014, where there had been none in 2013. for all three target locations.

Quarterly M&A activity Q1 Q2 Q3 Q4


Sector breakdown in 2014 vs 2013 Cross-border analysis
Value of deals (US$bn) Inbound and outbound (value of deals US$bn)

207.5
Energy, Mining 129.7 25.4%
& Utilities 133.4 20.6%

178.3
2007 86.5 124.3 89.8 151.2 Total 451.8

77.7 15.2%
2008 104.8 110.4 50.4 123.5 Total 389.1 TMT

151.9

146.6
102.5 15.9%

141.5

138.2
2009 57.1 86.0 75.7 110.5 Total 329.3 Industrial & 65.9 12.9%

126.0
122.3
Chemicals 83.5 12.9%

120.2
2010 130.8 92.8 101.5 177.7 Total 502.7

107.6
104.3
Financial 55.6 10.9%

93.2
2011 140.0 108.5 139.0 93.4 Total 480.9 Services 61.5 9.5%

88.4
85.7
2012

70.7
105.7 138.8 85.7 195.1 Total 525.3
Consumer 57.0 11.1%

63.2
54.2 8.4%
2013 87.7 133.5 136.1 153.8 Total 511.2

Transport 19.0
0 3.7%
2014 112.1 190.2 175.7 168.5

1,027 deals
38.3 5.9%

414 deals

947 deals
388 deals

663 deals
284 deals

857 deals
402 deals

997 deals
431 deals

956 deals
454 deals

990 deals
443 deals

993 deals
545 deals
Total 646.5
33.0 6.5%
Real Estate 34.7 5.4%

14.3% 2007 2008 2009 2010 2011 2012 2013 2014


Other 73.3
138.3 21.4%
* % indicates market share

Global and regional M&A: 2014


www.mergermarket.com 15
Emerging Markets
overview
League table by value
Ranking Company name 2014 2013

Value Deal Value % Value


uu Energy, Mining & Utilities went up only by 2.9% compared to 2013 but remained the most targeted in the Emerging Market 2014 2013
(US$m) count (US$m) change
countries with US$ 133.4bn-worth of deals and a market share of 20.6%. The acquisition of Chilean Energy company Enersis by
Italian Enel Energy Europe for US$ 10.2bn was the highest valued Energy, Mining & Utilities deal in the region and the sixth highest 1 8 Freshfields Bruckhaus Deringer 85,024 39 34,462 146.7%
deal. While the numbers are still relatively low, this is expected to change as financial investors are showing interest, said Norton 2 1 Linklaters 64,285 59 49,540 29.8%
Rose Global Head of Energy Simon Currie, mostly in South East Asian countries.
3 14 Kim & Chang 55,560 84 20,255 174.3%
uu Emerging markets in the Americas saw the highest inbound investment total on record, with Chilean companies accounting for over 4 2 Clifford Chance 55,495 83 47,556 16.7%
a third of the total.The total inbound value into the Americas reached US$ 78.1bn, with Chilean targets making up US$ 28.1bn of
the value. Chile's total US$ 31.3bn-worth of deals (inbound and domestic) reached the highest on record and saw a 305.6% increase 5 20 JiaYuan Law Offices 54,677 29 13,941 292.2%
from 2013, reversing the downward trend of the last three years. 6 9 White & Case 53,946 66 33,007 63.4%

7 13 Davis Polk & Wardwell 44,104 41 20,751 112.5%

8 120 Haiwen & Partners 42,592 17 2,375 1,693%

9 27 Barbosa, Mussnich & Aragao 36,399 31 10,244 255.3%

10 19 Simpson Thacher & Bartlett 31,692 31 14,074 125.2%

11 4 Skadden Arps Slate Meagher & Flom 30,830 45 41,386 -25.5%

12 12 Sullivan & Cromwell 29,646 20 21,446 38.2%


Top deals 13 7 King & Wood Mallesons 28,803 57 34,802 -17.2%

Deal 14 259 Uria Menendez 28,173 9 661 4,162%


Ann. Bidder Bidder Target Target Target Seller
value 15 29 Lee & Ko 25,408 68 9,995 154.2%
date company country company country sector company
(US$bn) 16 16 Fangda Partners 22,666 57 15,470 46.5%

17 34 Pinheiro Neto Advogados 21,820 36 8,556 155.0%


36.5 16-Apr-14 CITIC Pacific Limited CITIC Limited CITIC Group Corporation
18 3 Allen & Overy 21,227 45 41,684 -49.1%

19 98 Morrison & Foerster 20,469 20 3,171 545.5%


Sinopec Marketing Co
17.4 14-Sep-14 Investor group 20 23 Bae Kim & Lee 17,968 49 11,682 53.8%
Ltd (29.99% Stake)

Korean Air Lines


15.6 24-Sep-14 Hanjin Kal Corp Company Limited
(51.13% Stake)

13.8 31-Dec-14 CSR Corporation China CNR Corporation

An investor group led by


Shanghai Jinfeng Shanghai Greenland
10.6 18-Mar-14 Shanghai Gelinlan
Investment Co Ltd (Group) Co Ltd
Investment Management Ltd

Global and regional M&A: 2014


www.mergermarket.com 16
Global
league tables
Global by value Global by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 7 Skadden Arps Slate Meagher & Flom 593,874 248 228,658 159.7% 1 1 DLA Piper 56,829 449 414 35
2 22 Cleary Gottlieb Steen & Hamilton 538,574 128 117,041 360.2% 2 2 Latham & Watkins 409,086 385 335 50
3 14 Sullivan & Cromwell 530,897 128 181,189 193.0% 3 3 Kirkland & Ellis 225,759 345 310 35
4 9 Freshfields Bruckhaus Deringer 435,168 245 222,218 95.8% 4 5 Jones Day 278,885 336 253 83
5 4 Weil Gotshal & Manges 416,271 247 282,765 47.2% 5 4 Baker & McKenzie 112,199 295 278 17
6 5 Latham & Watkins 409,086 385 279,494 46.4% 6 10 Clifford Chance 222,226 284 223 61
7 15 White & Case 401,588 283 173,511 131.4% 7 9 White & Case 401,588 283 235 48
8 3 Simpson Thacher & Bartlett 392,488 157 300,968 30.4% 8 6 Linklaters 269,574 265 245 20
9 1 Davis Polk & Wardwell 381,730 140 310,582 22.9% 9 12 Skadden Arps Slate Meagher & Flom 593,874 248 198 50
10 2 Wachtell, Lipton, Rosen & Katz 377,185 94 303,560 24.3% 10 14 Weil Gotshal & Manges 416,271 247 188 59
11 6 Jones Day 278,885 336 233,866 19.2% 11 8 Freshfields Bruckhaus Deringer 435,168 245 235 10
12 16 Linklaters 269,574 265 158,166 70.4% 12 7 Allen & Overy 184,743 230 245 -15
13 32 Blake, Cassels & Graydon 237,464 109 60,030 295.6% 13 15 Norton Rose Fulbright 81,284 219 188 31
14 19 Kirkland & Ellis 225,759 345 137,653 64.0% 14 21 O'Melveny & Myers 72,943 214 128 86
15 18 Clifford Chance 222,226 284 142,580 55.9% 15 13 King & Wood Mallesons 70,956 209 196 13
16 10 Slaughter and May 220,013 75 218,472 0.7% 16 11 CMS 12,288 209 209 0
Paul Weiss Rifkind Wharton & 17 17 Herbert Smith Freehills 173,408 173 146 27
17 55 216,274 142 33,274 550.0%
Garrison
18 17 Cravath, Swaine & Moore 209,307 70 144,444 44.9% 18 16 Hogan Lovells International 73,326 167 164 3
19 24 Shearman & Sterling 195,067 135 94,962 105.4% 19 18 Simpson Thacher & Bartlett 392,488 157 145 12
Paul Weiss Rifkind Wharton &
20 35 Baker Botts 191,148 70 53,994 254.0% 20 47 216,274 142 71 71
Garrison

Global and regional M&A: 2014


www.mergermarket.com 17
Global
league tables
Global *buyouts by value Global *buyouts by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 1 Kirkland & Ellis 44,623 133 58,935 -24.3% 1 1 Kirkland & Ellis 44,623 133 108 25
2 8 Latham & Watkins 38,686 80 24,659 56.9% 2 2 Latham & Watkins 38,686 80 56 24
3 2 Simpson Thacher & Bartlett 34,200 44 49,537 -31.0% 3 4 Weil Gotshal & Manges 26,596 65 46 19
4 4 Clifford Chance 27,561 48 28,384 -2.9% 4 26 O'Melveny & Myers 2,279 59 15 44
5 15 Weil Gotshal & Manges 26,596 65 12,137 119.1% 5 13 Freshfields Bruckhaus Deringer 24,471 50 24 26
6 3 Freshfields Bruckhaus Deringer 24,471 50 38,430 -36.3% 6 7 Clifford Chance 27,561 48 41 7
7 32 Stikeman Elliott 17,951 24 4,365 311.2% 7 6 DLA Piper 4,503 48 44 4
8 14 Linklaters 16,703 46 12,842 30.1% 8 5 Linklaters 16,703 46 44 2
9 7 White & Case 15,360 31 26,451 -42% 9 3 Simpson Thacher & Bartlett 34,200 44 46 -2
10 23 Cleary Gottlieb Steen & Hamilton 13,593 20 7,437 82.8% 10 11 Jones Day 3,401 44 26 18
11 88 Hannes Snellman 9,460 9 862 997.4% 11 8 King & Wood Mallesons 7,573 40 33 7
12 20 Herbert Smith Freehills 9,191 16 7,915 16.1% 12 15 Ropes & Gray 9,095 33 23 10
13 35 Ropes & Gray 9,095 33 3,637 150.1% 13 17 White & Case 15,360 31 22 9
14 100 Wilson Sonsini Goodrich & Rosati 8,743 3 712 1,127.9% 14 10 Allen & Overy 4,598 30 28 2
15 180 Accura 8,736 6 212 4,020.8% 15 30 Shearman & Sterling 7,628 29 13 16
* Based on advising buy side only

Global and regional M&A: 2014


www.mergermarket.com 18
Europe
league tables
Europe by value Europe by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 8 Freshfields Bruckhaus Deringer 354,335 201 169,580 108.9% 1 1 DLA Piper 35,772 265 244 21
2 18 Cleary Gottlieb Steen & Hamilton 301,195 62 73,305 310.9% 2 4 Linklaters 219,715 224 203 21
3 17 Skadden Arps Slate Meagher & Flom 264,533 79 75,612 249.9% 3 6 Clifford Chance 183,322 221 178 43
4 24 Sullivan & Cromwell 248,442 42 53,935 360.6% 4 3 CMS 12,163 207 204 3
5 16 Latham & Watkins 236,967 169 101,560 133.3% 5 2 Freshfields Bruckhaus Deringer 354,335 201 205 -4
6 13 Linklaters 219,715 224 128,556 71% 6 5 Allen & Overy 176,153 185 188 -3
7 5 Slaughter and May 213,646 70 172,629 23.8% 7 7 Baker & McKenzie 58,628 182 174 8
8 10 Wachtell, Lipton, Rosen & Katz 210,780 19 157,894 33.5% 8 8 White & Case 85,261 170 138 32
9 14 Clifford Chance 183,322 221 108,242 69.4% 9 9 Latham & Watkins 236,967 169 120 49
10 15 Allen & Overy 176,153 185 102,956 71.1% 10 12 Jones Day 66,031 141 101 40
11 2 Davis Polk & Wardwell 153,378 45 181,836 -15.7% 11 10 Hogan Lovells International 45,380 110 108 2
12 11 Weil Gotshal & Manges 152,345 97 148,153 2.8% 12 11 King & Wood Mallesons 17,921 106 107 -1
13 122 Blake, Cassels & Graydon 151,814 26 3,936 3,757.1% 13 13 Weil Gotshal & Manges 152,345 97 100 -3
14 64 Arthur Cox 144,127 45 10,794 1,235.3% 14 17 Herbert Smith Freehills 126,029 89 75 14
15 4 Simpson Thacher & Bartlett 133,869 57 175,845 -23.9% 15 33 Mannheimer Swartling 28,341 86 53 33

European *buyouts by value European *buyouts by deal count


Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 1 Linklaters 15,234 38 12,067 26.2% 1 1 Linklaters 15,234 38 39 -1
2 3 Freshfields Bruckhaus Deringer 14,619 33 10,509 39.1% 2 6 Latham & Watkins 12,966 35 22 13
3 24 White & Case 13,006 26 1,595 715.4% 3 8 Freshfields Bruckhaus Deringer 14,619 33 20 13
4 4 Latham & Watkins 12,966 35 8,358 55% 4 3 King & Wood Mallesons 3,152 31 28 3
5 5 Clifford Chance 11,244 30 6,830 65% 5 2 Clifford Chance 11,244 30 31 -1
6 9 Weil Gotshal & Manges 9,584 18 4,430 116.3% 6 9 DLA Piper 4,183 30 20 10
7 2 Kirkland & Ellis 8,067 18 10,511 -23.3% 7 18 White & Case 13,006 26 10 16
8 12 Cleary Gottlieb Steen & Hamilton 8,021 9 3,836 109.1% 8 10 Allen & Overy 4,211 23 19 4
9 39 Hannes Snellman 7,660 8 862 788.6% 9 4 CMS 1,247 22 24 -2
10 11 Simpson Thacher & Bartlett 7,419 12 4,267 73.9% 10 15 Pinsent Masons 1,929 20 12 8
11 42 Wiersholm 7,006 7 782 795.9% 11 5 Weil Gotshal & Manges 9,584 18 23 -5
12 98 Accura 5,536 5 212 2,511.3% 12 7 Kirkland & Ellis 8,067 18 20 -2
13 94 Baer & Karrer 4,833 2 221 2,086.9% 13 14 Ashurst 3,674 17 12 5
14 286 Minter Ellison 4,658 2 - - 14 29 Osborne Clarke 180 17 8 9
15 - Veirano Advogados 4,658 1 - - 15 50 Shearman & Sterling 2,791 13 6 7

* Based on advising buy side only

Global and regional M&A: 2014


www.mergermarket.com 19
Europe
league tables
UK by value UK by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 12 Freshfields Bruckhaus Deringer 107,923 86 48,361 123.2% 1 1 DLA Piper 21,467 117 101 16
2 13 Linklaters 94,374 107 48,044 96.4% 2 2 Linklaters 94,374 107 83 24
3 20 Allen & Overy 67,026 67 27,074 147.6% 3 3 Freshfields Bruckhaus Deringer 107,923 86 74 12
4 4 Slaughter and May 61,004 51 138,031 -55.8% 4 7 Pinsent Masons 6,557 75 60 15
5 25 Herbert Smith Freehills 58,812 50 18,833 212.3% 5 6 CMS 7,367 72 61 11
6 15 Clifford Chance 48,206 69 36,219 33.1% 6 5 Clifford Chance 48,206 69 63 6
7 2 Simpson Thacher & Bartlett 43,718 27 143,905 -69.6% 7 8 Allen & Overy 67,026 67 57 10
8 51 Skadden Arps Slate Meagher & Flom 39,979 25 3,856 936.8% 8 25 Jones Day 17,843 62 31 31
9 14 Latham & Watkins 32,409 53 37,573 -13.7% 9 4 Eversheds 5,237 61 65 -4
10 1 Hogan Lovells International 30,725 51 156,106 -80.3% 10 17 Osborne Clarke 4,426 57 39 18
11 38 Norton Rose Fulbright 30,485 34 5,531 451.2% 11 10 Travers Smith 11,377 54 53 1
12 19 Kirkland & Ellis 28,668 41 27,097 5.8% 12 19 Latham & Watkins 32,409 53 37 16
13 16 Shearman & Sterling 27,170 22 35,020 -22.4% 13 12 Squire Patton Boggs 2,748 53 45 8
14 24 Hengeler Mueller 27,148 13 20,346 33.4% 14 20 Slaughter and May 61,004 51 36 15
15 34 Cleary Gottlieb Steen & Hamilton 27,083 13 7,588 256.9% 15 13 Hogan Lovells International 30,725 51 43 8

Ireland by value Ireland by deal count


Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 10 Latham & Watkins 147,226 9 8,428 1,646.9% 1 4 Arthur Cox 144,101 44 16 28
2 6 Arthur Cox 144,101 44 10,776 1,237.2% 2 1 A&L Goodbody 61,577 44 29 15
3 - Wachtell, Lipton, Rosen & Katz 138,368 5 - - 3 2 William Fry 31,201 26 29 -3
4 4 Skadden Arps Slate Meagher & Flom 137,220 11 12,569 992% 4 3 Matheson 120,169 19 22 -3
5 2 Matheson 120,169 19 20,116 497% 5 5 McCann FitzGerald 3,730 15 10 5
6 9 Cleary Gottlieb Steen & Hamilton 109,593 3 8,428 1,200.3% 6 6 Mason Hayes & Curran 1,422 14 9 5
7 - Stikeman Elliott 109,093 2 - - 7 14 Skadden Arps Slate Meagher & Flom 137,220 11 4 7
8 15 Sullivan & Cromwell 103,085 4 6,806 1,414.6% 8 37 Latham & Watkins 147,226 9 1 8
9 21 Slaughter and May 100,331 2 3,307 2,934% 9 18 Simpson Thacher & Bartlett 32,654 8 3 5
10 5 Fried Frank Harris Shriver & Jacobson 89,775 4 11,690 668.0% 10 11 Davis Polk & Wardwell 58,693 7 5 2
11 12 Loyens & Loeff 88,717 5 7,856 1,029.3% 11 21 Kirkland & Ellis 3,558 7 3 4
12 40 Richards Layton & Finger 87,524 3 375 23,239.7% 12 20 Freshfields Bruckhaus Deringer 51,384 6 3 3
13 29 Weil Gotshal & Manges 86,400 3 879 9,729% 13 10 Baker & McKenzie 641 6 6 0
14 20 Ropes & Gray 66,323 4 4,149 1,498.5% 14 - Wachtell, Lipton, Rosen & Katz 138,368 5 - -
15 - Covington & Burling 63,842 3 - - 15 25 Loyens & Loeff 88,717 5 2 3

Global and regional M&A: 2014


www.mergermarket.com 20
Europe
league tables
Germany by value Germany by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 5 Sullivan & Cromwell 69,552 9 18,422 277.5% 1 1 CMS 2,638 76 75 1
2 3 Freshfields Bruckhaus Deringer 63,168 67 40,768 54.9% 2 2 Freshfields Bruckhaus Deringer 63,168 67 68 -1
3 7 Clifford Chance 53,880 55 15445 248.9% 3 6 Clifford Chance 53,880 55 38 17
4 1 Hengeler Mueller 50,758 53 43,720 16.1% 4 3 Hengeler Mueller 50,758 53 43 10
5 16 Latham & Watkins 41,377 45 9,157 351.9% 5 17 Latham & Watkins 41,377 45 21 24
6 2 Linklaters 39,688 38 41,811 -5.1% 6 8 Gleiss Lutz 38,693 42 34 8
7 9 Gleiss Lutz 38,693 42 13920 178.0% 7 5 Noerr 4,428 39 39 0
8 60 Cleary Gottlieb Steen & Hamilton 28,268 8 961 2,841.5% 8 4 Linklaters 39,688 38 39 -1
9 - Debevoise & Plimpton 26,458 4 - - 9 14 Baker & McKenzie 15,595 38 26 12
10 22 Skadden Arps Slate Meagher & Flom 24,626 9 5,997 310.6% 10 12 Luther 1,455 35 28 7
11 37 Jones Day 23,789 31 2,901 720.0% 11 18 Jones Day 23,789 31 20 11
12 57 Simpson Thacher & Bartlett 18,871 6 1,084 1,640.9% 12 9 Allen & Overy 18,202 30 33 -3
13 4 Allen & Overy 18,202 30 21,073 -13.6% 13 10 White & Case 4,629 30 31 -1
14 62 Fried Frank Harris Shriver & Jacobson 16,976 6 866 1,860.3% 14 13 Hogan Lovells International 4,363 26 27 -1
15 146 Sidley Austin 16,669 4 94 17,633.0% 15 7 DLA Piper 1,318 26 36 -10

Germanic by value Germanic by deal count


Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 1 Freshfields Bruckhaus Deringer 133,622 84 45,275 195.1% 1 1 CMS 3,151 87 87 0
2 14 Cleary Gottlieb Steen & Hamilton 115,513 17 12,408 831.0% 2 2 Freshfields Bruckhaus Deringer 133,622 84 83 1
3 2 Linklaters 114,568 55 45,151 154% 3 13 Latham & Watkins 60,517 68 30 38
4 7 Sullivan & Cromwell 81,463 13 18,956 329.7% 4 6 Baker & McKenzie 45,172 66 48 18
5 221 Blake, Cassels & Graydon 75,433 7 46 163,885% 5 7 Clifford Chance 58,850 65 45 20
6 51 Baer & Karrer 74,266 20 2,518 2,849.4% 6 8 Hengeler Mueller 56,957 57 43 14
7 20 Latham & Watkins 60,517 68 9,422 542.3% 7 5 Linklaters 114,568 55 48 7
8 9 Clifford Chance 58,850 65 16,167 264.0% 8 4 DLA Piper 4,620 47 49 -2
9 3 Hengeler Mueller 56,957 57 43,720 30.3% 9 11 Gleiss Lutz 40,497 45 34 11
10 28 Homburger 55,340 14 6248 785.7% 10 9 Noerr 4,590 43 42 1
11 11 Skadden Arps Slate Meagher & Flom 55,335 18 14,712 276.1% 11 3 Allen & Overy 50,431 40 52 -12
12 - Debevoise & Plimpton 55,190 9 - - 12 10 White & Case 14,866 40 37 3
13 4 Allen & Overy 50,431 40 32,515 55.1% 13 14 Jones Day 31,149 39 29 10
14 31 Davis Polk & Wardwell 45,521 10 5,997 659.1% 14 17 Luther 1,455 35 28 7
15 17 Baker & McKenzie 45,172 66 10,096 347.4% 15 16 Hogan Lovells International 29,557 33 28 5

Global and regional M&A: 2014


www.mergermarket.com 21
Europe
league tables
France by value France by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 14 Cleary Gottlieb Steen & Hamilton 97,766 28 11,081 782.3% 1 4 Weil Gotshal & Manges 35,601 46 34 12
2 7 Freshfields Bruckhaus Deringer 89,534 34 21,221 321.9% 2 13 Clifford Chance 45,146 44 24 20
3 10 Bredin Prat 82,104 40 16,005 413.0% 3 10 De Pardieu Brocas Maffei 8,883 43 26 17
4 15 Linklaters 53,640 40 10,554 408.2% 4 7 Latham & Watkins 13,163 42 30 12
5 28 Allen & Overy 52,775 30 4,242 1,144.1% 5 2 Gide Loyrette Nouel 12,618 42 36 6
6 58 Cabinet Bompoint 49,791 7 1,407 3,438.8% 6 6 King & Wood Mallesons 4,369 42 31 11
7 - Homburger 47,763 3 - - 7 1 CMS 2,787 42 43 -1
8 19 Clifford Chance 45,146 44 6,545 589.8% 8 11 Bredin Prat 82,104 40 25 15
9 142 Baer & Karrer 42,439 3 221 19,103.2% 9 3 Linklaters 53,640 40 35 5
10 210 Amarchand & Mangaldas & Suresh A Shroff & Co 40,855 3 36 113,386% 10 8 DLA Piper 3,131 39 29 10
11 - Levy & Salomao 40,281 2 - - 11 17 Freshfields Bruckhaus Deringer 89,534 34 22 12
12 73 McCarthy Tetrault 40,042 5 921 4,247.7% 12 12 White & Case 9,638 34 25 9
13 105 Blake, Cassels & Graydon 39,927 2 506 7,790.7% 13 5 Allen & Overy 52,775 30 32 -2
14 124 AZB & Partners 39,610 3 328 11,976.2% 14 24 Cleary Gottlieb Steen & Hamilton 97,766 28 16 12
15 4 Darrois Villey Maillot Brochier 37,118 24 24,337 52.5% 15 9 Paul Hastings 3,569 25 27 -2

Benelux by value Benelux by deal count


Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 3 Freshfields Bruckhaus Deringer 82,249 32 43,657 88.4% 1 2 Loyens & Loeff 25,001 69 55 14
2 2 Allen & Overy 62,839 63 59,136 6.3% 2 1 Allen & Overy 62,839 63 67 -4
3 32 Sullivan & Cromwell 43,332 10 4,252 919.1% 3 4 DLA Piper 3,312 46 44 2
4 61 Ropes & Gray 41,256 7 1,435 2,775.0% 4 3 De Brauw Blackstone Westbroek 22,820 43 48 -5
5 49 Franklin Societe d'Avocats 37,525 3 2,006 1,770.6% 5 8 Stibbe 20,581 41 32 9
6 41 Bredin Prat 37,053 9 2,889 1,182.6% 6 11 Houthoff Buruma 3,171 40 30 10
7 5 Cleary Gottlieb Steen & Hamilton 35,224 9 42,888 -17.9% 7 6 Linklaters 13,164 38 36 2
8 131 Mayer Brown 33,203 9 184 17,945% 8 9 Clifford Chance 29,157 37 31 6
9 4 Clifford Chance 29,157 37 42,989 -32.2% 9 7 NautaDutilh 16,517 37 33 4
10 23 Loyens & Loeff 25,001 69 9,683 158% 10 10 Baker & McKenzie 3,509 33 31 2
11 236 Bird & Bird 23,341 7 - - 11 13 CMS 562 33 19 14
12 - Cotty Vivant Marchisio & Lauzeral 23,226 2 - - 12 5 Freshfields Bruckhaus Deringer 82,249 32 37 -5
13 315 Luther 23,095 4 - - 13 29 De Breij Evers Boon 1,277 24 8 16
14= - August & Debouzy 23,095 1 - - 14 12 White & Case 4,825 21 26 -5
14= - Cabinet Bompoint 23,095 1 - - 15 24 Lexence 204 19 11 8
14= - Nabarro & Hinge 23,095 1 - -
14= 348 Veil Jourde 23,095 1 - -

Global and regional M&A: 2014


www.mergermarket.com 22
Europe
league tables
Spain by value Spain by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 3 Freshfields Bruckhaus Deringer 55,839 28 14,547 283.9% 1 1 Cuatrecasas, Goncalves Pereira 17,628 64 56 8
2 1 Clifford Chance 42,574 32 18,003 136.5% 2 2 Uria Menendez 38,320 48 46 2
3 5 Uria Menendez 38,320 48 8,124 371.7% 3 3 Garrigues 14,125 41 33 8
4 4 KPMG Abogados 32,089 26 10,872 195.2% 4 4 Clifford Chance 42,574 32 28 4
5 2 Linklaters 28,749 20 15,834 81.6% 5 9 DLA Piper 14,750 29 19 10
6 79 Norton Rose Fulbright 18,149 4 215 8,341.4% 6 8 Freshfields Bruckhaus Deringer 55,839 28 19 9
7 7 Cuatrecasas, Goncalves Pereira 17,628 64 6,559 168.8% 7 5 KPMG Abogados 32,089 26 25 1
8 10 Skadden Arps Slate Meagher & Flom 16,282 2 5,580 191.8% 8 11 Baker & McKenzie 3,402 24 17 7
9 17 Allen & Overy 16,262 13 3,613 350% 9 18 PwC legal 1,273 24 8 16
10 143 Pinheiro Neto Advogados 14,801 3 - - 10 7 Linklaters 28,749 20 19 1
11 19 DLA Piper 14,750 29 2,496 490.9% 11 10 Deloitte Legal 4,338 20 19 1
12 8 Garrigues 14,125 41 6,491 117.6% 12 6 Gomez-Acebo & Pombo Abogados 624 16 21 -5
13 29 Davis Polk & Wardwell 13,745 3 1,809 659.8% 13 25 Perez-Llorca 3,895 15 4 11
14 13 Sullivan & Cromwell 13,472 2 4,243 217.5% 14 13 Allen & Overy 16,262 13 11 2
15 35 Slaughter and May 13,419 2 1,606 735.6% 15 14 Hogan Lovells International 1,638 12 10 2

Iberia by value Iberia by deal count


Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 3 Freshfields Bruckhaus Deringer 55,839 28 14,547 283.9% 1 1 Cuatrecasas, Goncalves Pereira 25,659 72 62 10
2 5 Uria Menendez 48,789 55 8,340 485.0% 2 2 Uria Menendez 48,789 55 51 4
3 1 Clifford Chance 43,040 34 18,003 139.1% 3 3 Garrigues 26,472 45 35 10
4 4 KPMG Abogados 32,089 26 10,872 195.2% 4 4 Clifford Chance 43,040 34 28 6
5 2 Linklaters 30,492 29 15,861 92.2% 5 9 DLA Piper 16,258 32 19 13
6 8 Garrigues 26,472 45 6,587 302% 6 7 Linklaters 30,492 29 21 8
7 7 Cuatrecasas, Goncalves Pereira 25,659 72 6,717 282% 7 8 Freshfields Bruckhaus Deringer 55,839 28 19 9
8 144 Barbosa, Mussnich & Aragao 24,525 3 6 408,650% 8 5 KPMG Abogados 32,089 26 25 1
9 113 White & Case 19,917 6 69 28,765% 9 11 Baker & McKenzie 3,402 24 17 7
10 72 Norton Rose Fulbright 18,149 4 367 4,845.2% 10 19 PwC legal 1,273 24 8 16
11 17 Allen & Overy 16,314 15 3,613 351.5% 11 10 Deloitte Legal 4,338 20 19 1
12 10 Skadden Arps Slate Meagher & Flom 16,282 2 5,580 191.8% 12 6 Gomez-Acebo & Pombo Abogados 687 17 22 -5
13 19 DLA Piper 16,258 32 2,496 551.4% 13 14 Allen & Overy 16,314 15 11 4
14 152 Pinheiro Neto Advogados 15,356 4 - - 14 27 Perez-Llorca 3,895 15 4 11
15 31 Davis Polk & Wardwell 13,745 3 1,809 659.8% 15 15 Hogan Lovells International 1,638 12 10 2

Global and regional M&A: 2014


www.mergermarket.com 23
Europe
league tables
Italy by value Italy by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 15 Clifford Chance 21,185 20 4,860 335.9% 1 1 Chiomenti Studio Legale 10,157 42 37 5
2 6 Linklaters 17,449 13 8,188 113.1% 2 2 Gianni, Origoni, Grippo, Cappelli & Partners 8,159 38 27 11
3 17 Cleary Gottlieb Steen & Hamilton 15,070 6 4,431 240.1% 3 3 NCTM Studio Legale Associato 1,491 28 22 6
4 1 Bonelli Erede Pappalardo 14,920 23 14,943 -0.2% 4 11 DLA Piper 1,263 28 14 14
5 9 White & Case 11,731 17 5,404 117.1% 5 5 Bonelli Erede Pappalardo 14,920 23 19 4
6 33 Covington & Burling 11,091 2 2,406 361.0% 6 12 Studio Pedersoli e Associati 2,003 23 12 11
7= 53 A&L Goodbody 11,091 1 879 1,162% 7 4 d'Urso Gatti e Bianchi - Studio Legale Associato 6,879 22 20 2
7= - ByrneWallace 11,091 1 - - 8 10 Gattai Minoli Agostinelli & Partners 1,848 21 14 7
7= - Cadwalader, Wickersham & Taft 11,091 1 - - 9 6 Clifford Chance 21,185 20 17 3
7= - Procopio Cory Hargreaves & Savitch 11,091 1 - - 10 13 Legance Avvocati Associati 6,358 18 11 7
11 32 Uria Menendez 10,888 3 2,406 352.5% 11 22 White & Case 11,731 17 7 10
12 87 Allen & Overy 10,756 17 157 6,751.0% 12 20 Allen & Overy 10,756 17 8 9
13 130 Cuatrecasas, Goncalves Pereira 10,214 1 25 40,756.0% 13 15 Linklaters 17,449 13 10 3
14 2 Chiomenti Studio Legale 10,157 42 14,364 -29.3% 14 17 Hogan Lovells International 1,603 12 9 3
Studio Legale Lombardi Molinari 15 8 Latham & Watkins 2,344 11 15 -4
15 72 9,899 10 291 3,301.7%
Segni

Denmark by value Denmark by deal count


Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 4 Bech-Bruun 8,899 54 2,626 238.9% 1 1 Bech-Bruun 8,899 54 53 1
2 5 Gorrissen Federspiel 8,414 39 2,250 274.0% 2 3 Kromann Reumert 5,572 50 40 10
3 7 Linklaters 6,503 10 2,131 205% 3 4 Plesner 2,447 42 38 4
4 13 Bruun & Hjejle 5,758 25 1,169 392.6% 4 2 Gorrissen Federspiel 8,414 39 41 -2
5 1 Kromann Reumert 5,572 50 4,150 34.3% 5 5 Accura 3,058 33 31 2
6 21 Roschier 4,104 7 752 445.7% 6 7 Bruun & Hjejle 5,758 25 27 -2
7 - Weil Gotshal & Manges 3,597 2 - - 7 6 Ronne & Lundgren 1,086 25 30 -5
8 2 Accura 3,058 33 3,202 -4.5% 8 8 Moalem Weitemeyer Bendtsen 1,727 19 23 -4
9 12 Hannes Snellman 2,986 5 1,330 124.5% 9 17 LETT Law Firm 1,811 17 4 13
10 16 Kirkland & Ellis 2,733 3 877 211.6% 10 11 Linklaters 6,503 10 7 3
11= 9 BA-HR 2,697 1 1,791 50.6% 11 13 Mannheimer Swartling 574 8 5 3
11= 46 Travers Smith 2,697 1 180 1,398.3% 12 10 Delacour 59 8 8 0
11= 22 Wiersholm 2,697 1 700 285.3% 13 18 Roschier 4,104 7 4 3
14 3 Plesner 2,447 42 2,816 -13.1% 14 43 Schjodt 200 6 2 4
15 90 Wikborg Rein & Co 2,224 2 - - 15 9 Hannes Snellman 2,986 5 18 -13

Global and regional M&A: 2014


www.mergermarket.com 24
Europe
league tables
Finland by value Finland by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 1 Hannes Snellman 9,670 29 14,583 -33.7% 1 1 Hannes Snellman 9,670 29 24 5
2 2 Roschier 7,498 28 14,006 -46.5% 2 4 Roschier 7,498 28 16 12
3 46 Castren & Snellman 6,324 24 150 4,116% 3 5 Attorneys at law Borenius 2,248 25 15 10
4 27 Mannheimer Swartling 4,212 4 769 447.7% 4 7 Castren & Snellman 6,324 24 14 10
5 3 White & Case 3,216 8 13,905 -76.9% 5 3 Krogerus 1,058 20 18 2
6 16 Morrison & Foerster 2,860 2 1,897 50.8% 6 6 Bird & Bird 114 14 14 0
7 114 Vinge 2,525 5 - - 7 2 Avance Attorneys 1,976 11 18 -7
8 29 Attorneys at law Borenius 2,248 25 675 233.0% 8 8 White & Case 3,216 8 12 -4
9 9 Avance Attorneys 1,976 11 6,487 -69.5% 9 10 Dittmar & Indrenius - 7 6 1
10 38 Gleiss Lutz 1,841 2 241 663.9% 10 22 Freshfields Bruckhaus Deringer 1,489 6 2 4
11= - Latham & Watkins 1,560 1 - - 11 9 Waselius & Wist - 6 7 -1
11= - Lenz & Staehelin 1,560 1 - - 12 114 Vinge 2,525 5 1 4
11= - Schoenherr Rechtsanwaelte 1,560 1 - - 13 19 KallioLaw Asianajotoimisto 82 5 3 2
14 5 Freshfields Bruckhaus Deringer 1,489 6 8,901 -83.3% 14 28 Mannheimer Swartling 4,212 4 2 2
15 25 Krogerus 1,058 20 1,345 -21.3% 15 52 Fenwick & West 62 4 1 3

Norway by value Norway by deal count


Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 6 BA-HR 15,934 36 4,149 284.0% 1 1 Schjodt 11,861 53 58 -5
2 4 Thommessen 12,045 42 5,250 129.4% 2 2 Wiersholm 8,692 47 37 10
3 2 Schjodt 11,861 53 9,661 22.8% 3 4 Thommessen 12,045 42 35 7
4 7 Wikborg Rein & Co 8,883 37 3,880 128.9% 4 5 Wikborg Rein & Co 8,883 37 34 3
5 1 Wiersholm 8,692 47 10,137 -14.3% 5 3 BA-HR 15,934 36 37 -1
6 30 White & Case 7,243 8 618 1,072.0% 6 6 Selmer 5,255 29 28 1
7 25 Linklaters 6,201 6 804 671.3% 7 28 Kluge Advokatfirma 199 16 3 13
8 16 Selmer 5,255 29 1,487 253.4% 8 7 Arntzen de Besche 4,902 14 17 -3
9 5 Clifford Chance 5,027 6 4774 5.3% 9 18 Advokatfirmaet Simonsen Vogt Wiig 875 14 5 9
10 27 Arntzen de Besche 4,902 14 728 573.4% 10 8 Advokatfirmaet Haavind 682 13 14 -1
11 52 Vinge 4,454 12 164 2,615.9% 11 9 Vinge 4,454 12 11 1
12 13 Dentons 4,361 3 2,446 78% 12 10 Mannheimer Swartling 3,752 11 9 2
13 39 Mannheimer Swartling 3,752 11 320 1,072.5% 13 17 Roschier 272 9 5 4
14 55 Simpson Thacher & Bartlett 3,495 1 134 2,508.2% 14 11 DLA Piper 124 9 7 2
15 3 Freshfields Bruckhaus Deringer 3,335 7 5,383 -38.0% 15 26 White & Case 7,243 8 3 5

Global and regional M&A: 2014


www.mergermarket.com 25
Europe
league tables
Sweden by value Sweden by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 1 Mannheimer Swartling 24,327 77 12,082 101.3% 1 2 Vinge 23,952 81 49 32
2 11 Vinge 23,952 81 4,083 486.6% 2 1 Mannheimer Swartling 24,327 77 51 26
3 24 Linklaters 15,271 14 1,771 762.3% 3 3 Advokatfirman Lindahl 4,375 38 26 12
4 6 Roschier 13,546 19 4,930 174.8% 4 4 Hannes Snellman 1,577 29 25 4
5 2 Davis Polk & Wardwell 12,618 4 10,761 17.3% 5 5 Gernandt & Danielsson 5,353 27 19 8
6 3 Clifford Chance 9,317 7 6,555 42.1% 6 6 Wistrand 407 24 19 5
7 - Sullivan & Cromwell 9,148 2 - - 7 12 White & Case 7,633 21 12 9
8 129 Hammarskiold & Co 9,148 1 - - 8 7 Roschier 13,546 19 16 3
9 7 White & Case 7,633 21 4,435 72.1% 9 8 Delphi 997 17 16 1
10 17 Latham & Watkins 5,514 7 2,226 147.7% 10 10 Cederquist 378 17 15 2
11 4 Gernandt & Danielsson 5,353 27 5,334 0.4% 11 13 Schjodt 3,263 16 10 6
12 43 Wiersholm 4,663 15 839 455.8% 12 15 Bech-Bruun 631 16 8 8
13 35 Advokatfirman Lindahl 4,375 38 1,051 316.3% 13 18 Baker & McKenzie 451 16 8 8
14 42 Gorrissen Federspiel 4,303 9 891 382.9% 14 23 Wiersholm 4,663 15 7 8
15 63 Accura 3,916 13 209 1,773.7% 15 14 Linklaters 15,271 14 9 5

Nordics by value Nordics by deal count


Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 7 Mannheimer Swartling 26,612 84 12,186 118.4% 1 4 Mannheimer Swartling 26,612 84 52 32
2 27 Vinge 24,062 83 4,083 489.3% 2 5 Vinge 24,062 83 52 31
3 34 Linklaters 23,216 25 3,353 592% 3 1 Schjodt 12,061 58 61 -3
4 4 Roschier 20,568 46 18,823 9.3% 4 2 Bech-Bruun 8,899 55 55 0
5 16 BA-HR 18,631 37 6,054 207.7% 5 8 Wiersholm 12,452 51 40 11
6 6 Clifford Chance 14,757 13 12,889 14.5% 6 3 Hannes Snellman 13,034 50 53 -3
7 1 Hannes Snellman 13,034 50 19,701 -33.8% 7 7 Kromann Reumert 5,572 50 41 9
8 3 White & Case 12,619 35 18,980 -33.5% 8 14 Roschier 20,568 46 31 15
9 5 Davis Polk & Wardwell 12,618 4 16,180 -22.0% 9 6 Gorrissen Federspiel 12,567 44 42 2
10 43 Gorrissen Federspiel 12,567 44 2250 458.5% 10 11 Thommessen 12,045 42 35 7
11 9 Wiersholm 12,452 51 10,288 21.0% 11 10 Plesner 2,447 42 39 3
12 10 Schjodt 12,061 58 10,024 20.3% 12 17 Advokatfirman Lindahl 5,833 40 28 12
13 20 Thommessen 12,045 42 5,250 129.4% 13 9 BA-HR 18,631 37 40 -3
14 22 Sullivan & Cromwell 9,148 2 4,467 104.8% 14 12 Wikborg Rein & Co 8,883 37 35 2
15 199 Hammarskiold & Co 9,148 1 - - 15 13 Accura 6,850 37 35 2

Global and regional M&A: 2014


www.mergermarket.com 26
Europe
league tables
Turkey by value Turkey by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 3 YukselKarkinKucuk Law Firm 5,169 26 1,126 359.1% 1 1 YukselKarkinKucuk Law Firm 5,169 26 17 9
2 1 White & Case 4,125 7 1,333 209.5% 2 2 Baker & McKenzie 183 11 17 -6
3 6 Linklaters 3,423 3 670 411% 3 4 Herguner Bilgen Ozeke 190 10 8 2
4= 21 Freshfields Bruckhaus Deringer 3,196 1 252 1,168.3% 4 3 White & Case 4,125 7 8 -1
4= - Richards Layton & Finger 3,196 1 - - 5 - Yegin Ciftci Attorney Partnership 795 6 - -
4= - Taylor Wessing 3,196 1 - - 6 12 Balcioglu Selcuk Akman Keki Attorney Partnership 298 6 4 2
7= - Garrigues 2,466 1 - - 7 7 Allen & Overy 1,314 5 6 -1
7= - KPMG Abogados 2,466 1 - - 8 10 Pekin & Bayar Law Firm 840 5 5 0
7= 28 Verdi Ve Yazici 2,466 1 144 1,612.5% 9 5 Paksoy Attorneys at Law 453 5 7 -2
10 2 Allen & Overy 1,314 5 1286 2.2% 10 9 Pekin & Pekin 381 4 5 -1
11 - Simpson Thacher & Bartlett 935 1 - - 11 21 Gen & Temizer Ozer 188 4 3 1
12 42 Pekin & Bayar Law Firm 840 5 5 16,700.0% 12 14 Linklaters 3,423 3 3 0
13 - Dickson Minto 803 1 - - 13 29 Cakmak Ortak Avukat Burosu 383 3 1 2
14 - Yegin Ciftci Attorney Partnership 795 6 - - 14 18 Clifford Chance 204 2 3 -1
15 5 Ismen Gunalcin 543 1 702 -22.6% 15 20 Schoenherr Rechtsanwaelte 46 2 3 -1

CEE by value CEE by deal count


Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 1 White & Case 14,779 39 21,804 -32.2% 1 2 White & Case 14,779 39 34 5
2 6 Clifford Chance 5,462 21 10,861 -49.7% 2 1 CMS 506 26 38 -12
3 3 Skadden Arps Slate Meagher & Flom 4,494 8 14,695 -69.4% 3 3 Clifford Chance 5,462 21 23 -2
4 7 Herbert Smith Freehills 4,183 15 9,000 -53.5% 4 16 SORAINEN 654 21 13 8
5 10 Akin Gump Strauss Hauer & Feld 3,711 7 5,554 -33.2% 5 7 Allen & Overy 894 19 19 0
6 12 Dentons 2,790 14 5,066 -44.9% 6 5 Weil Gotshal & Manges 2,588 18 21 -3
7 4 Freshfields Bruckhaus Deringer 2,765 7 13,646 -79.7% 7 15 Schoenherr Rechtsanwaelte 662 18 13 5
8 34 Weil Gotshal & Manges 2,588 18 1,717 50.7% 8 4 DLA Piper 1,326 17 22 -5
9 5 Baker & McKenzie 2,054 12 12,384 -83.4% 9 14 LAWIN 701 16 14 2
10 13 BBH, advokatni kancelar 1,839 3 4897 -62% 10 11 Herbert Smith Freehills 4,183 15 15 0
11 2 Linklaters 1,732 11 15,902 -89% 11 20 Raidla Lejins & Norcous 567 15 11 4
12 - Barrett & McNagny 1,625 1 - - 12 10 Dentons 2,790 14 17 -3
13 25 Slaughter and May 1,497 7 2,755 -46% 13 9 Baker & McKenzie 2,054 12 18 -6
14 60 DLA Piper 1,326 17 717 84.9% 14 8 Linklaters 1,732 11 18 -7
15 16 De Brauw Blackstone Westbroek 1,266 2 3,736 -66.1% 15 34 Squire Patton Boggs 857 11 5 6

Global and regional M&A: 2014


www.mergermarket.com 27
Europe
league tables
Poland by value Poland by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 39 White & Case 2,218 7 11 20,063.6% 1 4 Clifford Chance 515 9 9 0
2 2 Weil Gotshal & Manges 584 8 1,270 -54.0% 2 1 CMS 103 9 16 -7
3 9 Clifford Chance 515 9 628 -18% 3 2 Weil Gotshal & Manges 584 8 15 -7
4 11 Allen & Overy 514 3 370 38.9% 4 11 Wardynski and Partners 132 8 4 4
5 7 Linklaters 497 6 704 -29.4% 5 12 White & Case 2,218 7 4 3
6 4 Slaughter and May 479 4 911 -47.4% 6 7 Linklaters 497 6 5 1
7= - LAWIN 355 3 - - 7 8 Dentons 192 6 5 1
7= 42 SORAINEN 355 3 6 5,816.7% 8 48 Domanski Zakrzewski Palinka 62 6 1 5
9 - Baker & McKenzie 289 4 - - 9 - Kancelaria Krassowski 149 5 - -
10= - Krogerus 249 1 - - 10 13 Slaughter and May 479 4 3 1
10= - Kromann Reumert 249 1 - - 11 - Baker & McKenzie 289 4 - -
12 19 Schoenherr Rechtsanwaelte 235 3 177 32.8% 12 5 Allen & Overy 514 3 7 -4
13 8 Dentons 192 6 686 -72.0% 13= - LAWIN 355 3 - -
14 - Kancelaria Krassowski 149 5 - - 13= 45 SORAINEN 355 3 1 2
15 - Gorrissen Federspiel 147 3 - - 15 19 Schoenherr Rechtsanwaelte 235 3 2 1

Russia by value Russia by deal count


Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 1 White & Case 9,341 15 16,064 -41.9% 1 1 White & Case 9,341 15 15 0
2 3 Skadden Arps Slate Meagher & Flom 4,494 7 9,903 -54.6% 2 2 Herbert Smith Freehills 4,183 15 14 1
3 4 Herbert Smith Freehills 4,183 15 8,875 -52.9% 3 3 Skadden Arps Slate Meagher & Flom 4,494 7 11 -4
4 8 Akin Gump Strauss Hauer & Feld 3,711 7 5,554 -33.2% 4 15 Akin Gump Strauss Hauer & Feld 3,711 7 4 3
5 5 Freshfields Bruckhaus Deringer 2,748 5 7,709 -64.4% 5 8 DLA Piper 1,308 7 7 0
6 - Barrett & McNagny 1,625 1 - - 6 12 Clifford Chance 1,094 7 5 2
7 34 DLA Piper 1,308 7 560 133.6% 7 25 Squire Patton Boggs 666 6 3 3
8 30 Baker Botts 1,199 3 750 59.9% 8 5 Freshfields Bruckhaus Deringer 2,748 5 9 -4
9 17 Clifford Chance 1,094 7 2,853 -61.7% 9 - Chadbourne & Parke 527 5 - -
10 2 Linklaters 1,041 1 13,147 -92.1% 10 11 Hogan Lovells International 1,012 4 6 -2
11 - Studio Legale Pavesi Gitti Verzoni 1,030 2 - - 11 6 Dentons 314 4 9 -5
12 18 Hogan Lovells International 1,012 4 2,094 -51.7% 12 17 Allen & Overy 230 4 3 1
13 - Weil Gotshal & Manges 999 2 - - 13 19 Morgan Lewis & Bockius 135 4 3 1
14= 38 ALRUD 925 1 345 168.1% 14 - Noerr 80 4 - -
14= - Slaughter and May 925 1 - - 15 46 Baker Botts 1,199 3 1 2
14= - Wiersholm 925 1 - -

Global and regional M&A: 2014


www.mergermarket.com 28
Americas
league tables
Americas by value Americas by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 11 Skadden Arps Slate Meagher & Flom 554,889 208 174,844 217.4% 1 1 Kirkland & Ellis 215,153 326 290 36
2 12 Sullivan & Cromwell 477,571 109 165,197 189.1% 2 2 Latham & Watkins 357,173 285 273 12
3 21 Cleary Gottlieb Steen & Hamilton 433,520 93 83,077 421.8% 3 4 Jones Day 267,055 276 204 72
4 4 Weil Gotshal & Manges 391,871 182 272,288 43.9% 4 3 DLA Piper 37,690 233 206 27
5 1 Wachtell, Lipton, Rosen & Katz 374,891 91 303,109 23.7% 5 5 Skadden Arps Slate Meagher & Flom 554,889 208 147 61
6 2 Simpson Thacher & Bartlett 370,646 139 286,315 29.5% 6 7 Weil Gotshal & Manges 391,871 182 132 50
7 14 White & Case 359,183 153 138,280 159.8% 7 11 O'Melveny & Myers 66,921 177 115 62
8 5 Latham & Watkins 357,173 285 251,945 41.8% 8 8 White & Case 359,183 153 128 25
9 3 Davis Polk & Wardwell 344,304 112 281,251 22.4% 9 12 Norton Rose Fulbright 53,129 143 104 39
10 6 Jones Day 267,055 276 214,117 24.7% 10 10 Baker & McKenzie 80,328 142 117 25
11 16 Kirkland & Ellis 215,153 326 131,662 63.4% 11 6 Simpson Thacher & Bartlett 370,646 139 135 4
12 44 Paul Weiss Rifkind Wharton & Garrison 211,362 132 32,694 546.5% 12 9 Stikeman Elliott 168,300 137 121 16
13 15 Cravath, Swaine & Moore 206,673 63 133,947 54.3% 13 36 Paul Weiss Rifkind Wharton & Garrison 211,362 132 67 65
14 30 Baker Botts 189,958 66 53,244 256.8% 14 15 Morgan Lewis & Bockius 35,779 118 96 22
15 28 Blake, Cassels & Graydon 181,420 101 57,733 214.2% 15 25 Cooley 19,268 118 81 37
16 20 Fried Frank Harris Shriver & Jacobson 178,932 79 89,893 99.0% 16 43 McCarthy Tetrault 25,032 116 56 60
17 18 Freshfields Bruckhaus Deringer 173,287 89 115,165 50.5% 17 21 Goodwin Procter 21,724 115 83 32
18 9 Slaughter and May 171,984 30 188,816 -8.9% 18 19 Wilson Sonsini Goodrich & Rosati 36,891 114 87 27
19 39 Stikeman Elliott 168,300 137 42,175 299.1% 19 27 Ropes & Gray 139,480 113 76 37
20 26 Shearman & Sterling 164,340 95 70,152 134.3% 20 16 Davis Polk & Wardwell 344,304 112 93 19

Global and regional M&A: 2014


www.mergermarket.com 29
Americas
league tables
US by value US by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 11 Skadden Arps Slate Meagher & Flom 520,152 192 169,717 206.5% 1 1 Kirkland & Ellis 214,380 323 285 38
2 12 Sullivan & Cromwell 450,133 101 161,028 179.5% 2 2 Latham & Watkins 352,258 278 266 12
3 26 Cleary Gottlieb Steen & Hamilton 429,136 86 57,206 650.2% 3 4 Jones Day 265,965 264 194 70
4 4 Weil Gotshal & Manges 391,311 179 271,239 44.3% 4 3 DLA Piper 37,008 227 199 28
5 2 Simpson Thacher & Bartlett 355,326 132 283,242 25.4% 5 5 Skadden Arps Slate Meagher & Flom 520,152 192 142 50
6 1 Wachtell, Lipton, Rosen & Katz 354,851 87 303,109 17.1% 6 6 Weil Gotshal & Manges 391,311 179 129 50
7 5 Latham & Watkins 352,258 278 249,498 41.2% 7 9 O'Melveny & Myers 65,121 176 115 61
8 14 White & Case 331,978 139 132,178 151.2% 8 8 White & Case 331,978 139 120 19
9 3 Davis Polk & Wardwell 322,205 102 279,202 15.4% 9 7 Simpson Thacher & Bartlett 355,326 132 127 5
10 6 Jones Day 265,965 264 208,203 27.7% 10 34 Paul Weiss Rifkind Wharton & Garrison 187,721 121 60 61
11 17 Kirkland & Ellis 214,380 323 127,343 68.3% 11 11 Baker & McKenzie 77,366 121 91 30
12 16 Cravath, Swaine & Moore 205,934 58 131,280 56.9% 12 18 Cooley 19,268 118 81 37
13 27 Baker Botts 187,823 63 53,244 252.8% 13 10 Morgan Lewis & Bockius 35,779 117 94 23
Paul Weiss Rifkind Wharton & 14 16 Goodwin Procter 21,724 115 83 32
14 46 187,721 121 27,175 590.8%
Garrison
15 20 Fried Frank Harris Shriver & Jacobson 174,032 78 89,810 93.8% 15 14 Wilson Sonsini Goodrich & Rosati 36,891 114 87 27
16 54 Richards Layton & Finger 162,727 40 22,610 619.7% 16 22 Ropes & Gray 139,470 111 73 38
17 24 Shearman & Sterling 159,906 91 67,629 136.4% 17 29 Fenwick & West 36,164 110 66 44
18 8 Debevoise & Plimpton 149,762 46 194,817 -23.1% 18 17 Vinson & Elkins 87,968 107 81 26
19 42 Stikeman Elliott 148,016 69 29,944 394.3% 19 12 Davis Polk & Wardwell 322,205 102 88 14
20 32 Blake, Cassels & Graydon 147,943 50 47,760 209.8% 20 21 Sullivan & Cromwell 450,133 101 76 25

Global and regional M&A: 2014


www.mergermarket.com 30
Americas
league tables
US *buyouts by value US *buyouts by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 1 Kirkland & Ellis 34,929 108 47,489 -26.4% 1 1 Kirkland & Ellis 34,929 108 83 25
2 2 Simpson Thacher & Bartlett 22,379 21 41,668 -46.3% 2 2 Latham & Watkins 20,457 38 31 7
3 13 Latham & Watkins 20,457 38 15,866 28.9% 3 19 O'Melveny & Myers 671 33 7 26
4 94 Stikeman Elliott 15,938 7 15 106,153% 4 4 Weil Gotshal & Manges 9,893 32 20 12
5 18 Weil Gotshal & Manges 9,893 32 6,493 52.4% 5 8 Jones Day 1,807 29 17 12
6 28 Ropes & Gray 8,053 27 2,608 208.8% 6 7 Ropes & Gray 8,053 27 18 9
7 17 Conyers Dill & Pearman 7,350 2 6,535 12.5% 7 3 Simpson Thacher & Bartlett 22,379 21 29 -8
8 58 Wilson Sonsini Goodrich & Rosati 7,188 1 444 1,518.9% 8 6 Goodwin Procter 3,082 21 19 2
9 34 Debevoise & Plimpton 5,600 6 1,434 290.5% 9 15 Morgan Lewis & Bockius 623 19 9 10
10 26 Osler, Hoskin & Harcourt 5,400 2 2,810 92.2% Paul Weiss Rifkind Wharton &
10 11 4,390 17 12 5
Garrison
11 25 Fried Frank Harris Shriver & Jacobson 4,962 15 2,952 68.1% 11 17 Winston & Strawn 472 17 8 9
12 49 Cleary Gottlieb Steen & Hamilton 4,721 6 582 711.2% 12 18 Fried Frank Harris Shriver & Jacobson 4,962 15 7 8
13 74 King & Spalding 4,420 6 131 3,274.0% 13 14 Vinson & Elkins 3,568 14 9 5
14 43 Paul Weiss Rifkind Wharton & Garrison 4,390 17 879 399.4% 14 5 DLA Piper 130 14 20 -6
15 68 Shearman & Sterling 4,100 11 178 2,203.4% 15 16 McDermott Will & Emery 936 13 9 4
* Based on advising buy side only

Canada by value Canada by deal count


Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 6 Skadden Arps Slate Meagher & Flom 95,003 20 19,321 391.7% 1 1 Stikeman Elliott 33,102 118 108 10
2 5 Blake, Cassels & Graydon 93,606 80 21,772 329.9% 2 5 McCarthy Tetrault 23,858 114 51 63
3 2 Osler, Hoskin & Harcourt 90,801 53 40,986 121.5% 3 2 Blake, Cassels & Graydon 93,606 80 86 -6
4 15 Sullivan & Cromwell 76,507 11 9,511 704.4% 4 4 Gowling Lafleur Henderson 9,476 66 53 13
5 17 Paul Weiss Rifkind Wharton & Garrison 45,454 21 7,943 472.3% 5 8 Norton Rose Fulbright 39,237 63 36 27
6 19 Norton Rose Fulbright 39,237 63 7,551 419.6% 6 3 Osler, Hoskin & Harcourt 90,801 53 80 -27
7 4 Davies Ward Phillips & Vineberg 33,169 37 28,492 16.4% 7 6 Torys 27,491 44 46 -2
8 3 Stikeman Elliott 33,102 118 37,688 -12% 8 9 Davies Ward Phillips & Vineberg 33,169 37 32 5
9 1 Torys 27,491 44 41,270 -33.4% 9 10 Borden Ladner Gervais 4,956 34 31 3
10 21 Kirkland & Ellis 25,786 19 6,510 296.1% 10 7 Fasken Martineau Dumoulin 5,189 32 43 -11
11 53 Wachtell, Lipton, Rosen & Katz 25,464 3 2,910 775% 11 13 Goodmans 15,960 29 25 4
12 9 Latham & Watkins 25,025 20 15,245 64.2% 12 14 Bennett Jones 21,008 26 24 2
13 37 Cravath, Swaine & Moore 25,007 6 4,213 493.6% 13 12 Cassels Brock & Blackwell 7,162 24 25 -1
14 10 McCarthy Tetrault 23,858 114 12,092 97.3% 14 25 Dentons 6,544 22 12 10
15 - Slaughter and May 21,185 4 - - Paul Weiss Rifkind Wharton &
15 20 45,454 21 13 8
Garrison

Global and regional M&A: 2014


www.mergermarket.com 31
Americas
league tables
US North East by value US North East by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 12 Skadden Arps Slate Meagher & Flom 205,105 89 96,852 111.8% 1 1 Kirkland & Ellis 76,465 173 162 11
2 4 Simpson Thacher & Bartlett 192,564 82 187,294 2.8% 2 3 Jones Day 47,527 141 93 48
3 20 White & Case 138,356 67 52,880 161.6% 3 2 Latham & Watkins 109,044 126 110 16
4 2 Davis Polk & Wardwell 134,140 54 233,146 -42.5% 4 4 Weil Gotshal & Manges 99,084 108 79 29
5 60 Paul Weiss Rifkind Wharton & Garrison 128,571 85 9,055 1,319.9% 5 6 Skadden Arps Slate Meagher & Flom 205,105 89 74 15
6 13 Latham & Watkins 109,044 126 85,567 27.4% 6 19 Paul Weiss Rifkind Wharton & Garrison 128,571 85 36 49
7 3 Weil Gotshal & Manges 99,084 108 198,729 -50.1% 7 5 Simpson Thacher & Bartlett 192,564 82 79 3
8 18 Willkie Farr & Gallagher 97,626 49 62,519 56.2% 8 7 DLA Piper 21,970 78 71 7
9 1 Wachtell, Lipton, Rosen & Katz 93,864 31 244,875 -61.7% 9 8 Goodwin Procter 5,756 71 63 8
10 21 Fried Frank Harris Shriver & Jacobson 85,266 47 51,655 65.1% 10 13 Ropes & Gray 40,628 68 46 22
11 16 Kirkland & Ellis 76,465 173 77,286 -1.1% 11 11 White & Case 138,356 67 51 16
12 24 Cleary Gottlieb Steen & Hamilton 75,756 36 42,386 78.7% 12 14 O'Melveny & Myers 40,268 58 43 15
13 15 Sullivan & Cromwell 73,423 50 83,623 -12.2% 13 9 Davis Polk & Wardwell 134,140 54 57 -3
14 17 Cravath, Swaine & Moore 58,742 31 69,773 -15.8% 14 10 Morgan Lewis & Bockius 26,673 54 53 1
15 146 Richards Layton & Finger 50,210 17 1,410 3,461.0% 15 18 Sullivan & Cromwell 73,423 50 39 11

US Mid West by value US Mid West by deal count


Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 11 Skadden Arps Slate Meagher & Flom 217,833 60 23,836 813.9% 1 1 Kirkland & Ellis 76,774 120 90 30
2 2 Sullivan & Cromwell 144,502 28 49,131 194.1% 2 3 Jones Day 28,708 79 43 36
3 4 Davis Polk & Wardwell 129,925 24 40,449 221% 3 4 DLA Piper 7,930 64 42 22
4 22 Cleary Gottlieb Steen & Hamilton 127,078 18 8,978 1,315.4% 4 5 Skadden Arps Slate Meagher & Flom 217,833 60 36 24
5 221 Slaughter and May 106,555 5 71 149,978% 5 2 Latham & Watkins 73,259 55 50 5
6 3 Wachtell, Lipton, Rosen & Katz 99,402 20 41,377 140.2% 6 6 Sidley Austin 44,577 53 29 24
7 1 Kirkland & Ellis 76,774 120 54,183 41.7% 7 10 Baker & McKenzie 19,486 45 24 21
8 12 Latham & Watkins 73,259 55 23,196 215.8% 8 9 White & Case 58,550 43 24 19
9 7 Freshfields Bruckhaus Deringer 67,883 13 31,206 117.5% 9 21 Weil Gotshal & Manges 41,711 41 18 23
10 233 Davies Ward Phillips & Vineberg 62,026 4 51 121,520% 10 47 Paul Weiss Rifkind Wharton & Garrison 37,898 35 10 25
11 168 Blake, Cassels & Graydon 61,768 19 240 25,636.7% 11 7 Foley & Lardner 12,873 35 28 7
12 17 White & Case 58,550 43 12,075 384.9% 12 12 McDermott Will & Emery 6,830 35 22 13
13 98 Ashurst 58,474 5 931 6,180.8% 13 38 Morgan Lewis & Bockius 3,646 33 12 21
14 86 Herbert Smith Freehills 57,791 5 1,209 4,680.1% 14 14 Winston & Strawn 13,281 32 22 10
15 5 Simpson Thacher & Bartlett 56,629 24 36,258 56% 15 27 Cooley 3,393 29 17 12

Global and regional M&A: 2014


www.mergermarket.com 32
Americas
league tables
US South by value US South by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 18 Sullivan & Cromwell 210,877 35 26,232 703.9% 1 1 Kirkland & Ellis 111,984 144 125 19
2 2 Weil Gotshal & Manges 204,882 75 84,953 141.2% 2 2 Latham & Watkins 103,364 107 104 3
3 17 Jones Day 196,125 106 26,398 643.0% 3 4 Jones Day 196,125 106 78 28
4 22 Cleary Gottlieb Steen & Hamilton 195,518 39 21,591 805.6% 4 3 DLA Piper 15,634 99 95 4
5 4 White & Case 178,499 66 72,746 145.4% 5 5 Vinson & Elkins 86,127 96 73 23
6 10 Baker Botts 167,333 50 41,416 304.0% 6 8 Weil Gotshal & Manges 204,882 75 47 28
7 5 Simpson Thacher & Bartlett 132,567 40 72,571 82.7% 7 13 Skadden Arps Slate Meagher & Flom 99,116 68 40 28
8 11 Davis Polk & Wardwell 119,224 46 41,215 189.3% 8 7 White & Case 178,499 66 50 16
9 6 Wachtell, Lipton, Rosen & Katz 118,922 43 62,818 89.3% 9 9 Norton Rose Fulbright 8,010 54 46 8
10 12 Kirkland & Ellis 111,984 144 38,017 194.6% 10 20 Baker Botts 167,333 50 31 19
11 1 Latham & Watkins 103,364 107 92,488 11.8% 11 10 Morgan Lewis & Bockius 12,940 49 46 3
12 32 Shearman & Sterling 99,133 35 14,300 593.2% 12 38 Davis Polk & Wardwell 119,224 46 20 26
13 9 Skadden Arps Slate Meagher & Flom 99,116 68 42,724 132.0% 13 16 Greenberg Traurig 22,341 45 36 9
14 7 Bracewell & Giuliani 95,275 39 50,202 89.8% 14 11 Akin Gump Strauss Hauer & Feld 27,057 44 43 1
15 13 Debevoise & Plimpton 89,896 17 36,081 149.2% 15 18 Wachtell, Lipton, Rosen & Katz 118,922 43 33 10

US West by value US West by deal count


Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 13 Weil Gotshal & Manges 176,722 61 37,887 366.4% 1 1 Latham & Watkins 176,445 139 137 2
2 1 Latham & Watkins 176,445 139 129,354 36.4% 2 4 O'Melveny & Myers 25,834 136 81 55
3 64 Cleary Gottlieb Steen & Hamilton 154,882 28 6,567 2,258.5% 3 2 Kirkland & Ellis 45,236 122 108 14
4 3 Sullivan & Cromwell 141,678 28 71,566 98.0% 4 6 Fenwick & West 36,164 105 64 41
5 8 Skadden Arps Slate Meagher & Flom 124,610 68 53,039 134.9% 5 5 Wilson Sonsini Goodrich & Rosati 32,606 93 71 22
6 6 Wachtell, Lipton, Rosen & Katz 119,751 27 57,505 108.2% 6 8 Cooley 13,825 89 56 33
7 10 Shearman & Sterling 114,090 44 46,149 147.2% 7 3 DLA Piper 4,141 87 91 -4
8 7 Simpson Thacher & Bartlett 110,741 45 55,908 98.1% 8 7 Jones Day 97,679 74 62 12
9 24 Jones Day 97,679 74 22,988 324.9% 9 10 Skadden Arps Slate Meagher & Flom 124,610 68 47 21
10 188 Richards Layton & Finger 87,486 14 285 30,597% 10 11 Weil Gotshal & Manges 176,722 61 47 14
11 5 Fried Frank Harris Shriver & Jacobson 84,176 24 57,758 45.7% 11 16 Goodwin Procter 15,366 60 39 21
12 2 Cravath, Swaine & Moore 83,860 15 91,537 -8.4% 12 24 Ropes & Gray 77,865 50 26 24
13 16 Ropes & Gray 77,865 50 34,731 124.2% 13 9 Gibson Dunn & Crutcher 27,299 48 53 -5
14 57 Stikeman Elliott 73,609 29 7,626 865.2% 14 19 Morgan Lewis & Bockius 5,761 48 33 15
15 19 Debevoise & Plimpton 73,162 15 31,139 135.0% Gunderson Dettmer Stough Vil-
15 29 2,584 46 22 24
leneuve Franklin & Hachigian

Global and regional M&A: 2014


www.mergermarket.com 33
Americas
league tables
Central & South America by value Central & South America by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 8 Barbosa, Mussnich & Aragao 36,399 31 8,644 321.1% Mattos Filho, Veiga Filho, Marrey Jr. e
1 1 12,946 41 48 -7
Quiroga Advogados
2 131 Uria Menendez 33,173 10 354 9,270.9% 2 3 Machado Meyer Sendacz e Opice 15,468 40 32 8
3 18 White & Case 31,849 20 3,775 744% 3 2 Pinheiro Neto Advogados 21,820 36 35 1
4 2 Clifford Chance 27,964 9 23,795 17.5% 4 4 Barbosa, Mussnich & Aragao 36,399 31 30 1
5 17 Davis Polk & Wardwell 24,537 11 3,981 516.4% 5 8 Souza, Cescon, Barrieu & Flesch Advogados 15,539 22 23 -1
6 13 Pinheiro Neto Advogados 21,820 36 6,956 214% 6 16 Stocche Forbes Advogados 952 21 13 8
7 11 Linklaters 21,634 14 8,308 160% 7 15 White & Case 31,849 20 13 7
8 30 Freshfields Bruckhaus Deringer 18,237 6 2,764 560% 8 6 Tozzini Freire Teixeira e Silva Advogados 5,176 17 25 -8
9 14 Souza, Cescon, Barrieu & Flesch Advogados 15,539 22 5,754 170.1% 9 12 Demarest 4,483 16 15 1
10 21 Simpson Thacher & Bartlett 15,487 8 3,473 345.9% 10 7 Baker & McKenzie 6,527 15 23 -8
11 15 Machado Meyer Sendacz e Opice 15,468 40 5,282 192.8% 11 5 Veirano Advogados 504 15 30 -15
12 6 Sullivan & Cromwell 14,855 8 9,389 58.2% 12 13 Linklaters 21,634 14 14 0
13 32 Claro y Cia 13,357 3 2,727 389.8% 13 105 Creel, Garcia-Cuellar, Aiza y Enriquez 7,261 14 2 12
Mattos Filho, Veiga Filho, Marrey Jr. e
14 5 12,946 41 14,391 -10.0% 14 10 Jones Day 1,719 14 17 -3
Quiroga Advogados
15 84 Garrigues 12,880 4 865 1,389.0% 15 19 Davis Polk & Wardwell 24,537 11 10 1

Global and regional M&A: 2014


www.mergermarket.com 34
Asia-Pacific
league tables
Asia-Pacific (excl. Japan) by value Asia-Pacific (excl. Japan) by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 7 Freshfields Bruckhaus Deringer 89,900 37 26,551 238.6% 1 1 King & Wood Mallesons 62,601 121 108 13
2 2 King & Wood Mallesons 62,601 121 62,872 -0.4% 2 3 Herbert Smith Freehills 41,576 105 85 20
3 12 Kim & Chang 56,795 85 20,319 179.5% 3 6 Kim & Chang 56,795 85 64 21
4 22 JiaYuan Law Offices 54,677 29 13,941 292.2% 4 2 Baker & McKenzie 13,507 85 95 -10
5 3 Linklaters 54,180 59 48,289 12.2% 5 14 Clifford Chance 44,629 73 45 28
6 102 Haiwen & Partners 47,545 18 2,375 1,902% 6 19 Lee & Ko 25,408 68 39 29
7 6 Clifford Chance 44,629 73 29,935 49.1% 7 25 O'Melveny & Myers 11,816 66 33 33
8 1 Herbert Smith Freehills 41,576 105 63,444 -34.5% 8 4 DLA Piper 11,105 66 78 -12
9 38 Allen & Gledhill 36,699 36 8,732 320.3% 9 27 Grandall Law Firm 16,555 60 30 30
10 11 Allens 33,923 58 22,286 52.2% 10 7 Linklaters 54,180 59 61 -2
11 20 Simpson Thacher & Bartlett 26,771 30 14,076 90.2% 11 22 Fangda Partners 24,114 59 34 25
12 83 Morrison & Foerster 25,754 23 3,171 712.2% 12 5 Allens 33,923 58 64 -6
13 31 Lee & Ko 25,408 68 9,995 154.2% 13 8 Minter Ellison 19,923 55 60 -5
14 4 Skadden Arps Slate Meagher & Flom 24,822 36 38,135 -34.9% 14 10 Ashurst 15,575 53 58 -5
15 10 Fangda Partners 24,114 59 22,539 7.0% 15 26 Zhong Lun Law Firm 12,366 50 32 18
16 23 Sullivan & Cromwell 20,436 17 13,840 47.7% 16 11 Norton Rose Fulbright 7,865 50 52 -2
17 16 Minter Ellison 19,923 55 15,796 26.1% 17 16 Bae Kim & Lee 17,968 49 44 5
18 13 Davis Polk & Wardwell 19,867 30 20,088 -1.1% 18 9 Allen & Overy 9,058 45 59 -14
19 26 Bae Kim & Lee 17,968 49 11,682 53.8% 19 13 AZB & Partners 7,865 45 49 -4
Amarchand & Mangaldas & Suresh A
20 35 White & Case 17,461 22 8,969 94.7% 20 17 14,895 42 44 -2
Shroff & Co

Global and regional M&A: 2014


www.mergermarket.com 35
Asia-Pacific
league tables
Asia-Pacific (excl. Japan) *buyouts by value Asia-Pacific (excl. Japan) *buyouts by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 21 Clifford Chance 14,960 11 560 2,571.4% 1 11 Fangda Partners 4,187 20 5 15
2 2 Herbert Smith Freehills 7,393 9 6,585 12.3% 2 4 O'Melveny & Myers 1,349 18 7 11
3 22 Freshfields Bruckhaus Deringer 7,388 8 559 1,221.6% 3 1 Kim & Chang 6,369 15 22 -7
4 1 Kim & Chang 6,369 15 6,903 -7.7% 4 3 AZB & Partners 908 14 9 5
5 55 Weil Gotshal & Manges 5,974 10 114 5,140.4% 5 14 Clifford Chance 14,960 11 5 6
6 35 Latham & Watkins 5,084 4 319 1,493.7% 6 44 Weil Gotshal & Manges 5,974 10 2 8
7 3 King & Wood Mallesons 4,231 7 3,273 29.3% 7 7 Herbert Smith Freehills 7,393 9 5 4
8 15 Fangda Partners 4,187 20 669 525.9% Amarchand & Mangaldas & Suresh A
8 6 392 9 6 3
Shroff & Co
9= - Han Kun Law Offices 4,000 1 - - 9 25 Freshfields Bruckhaus Deringer 7,388 8 3 5
9= - Marval, O'Farrell & Mairal 4,000 1 - - 10 18 King & Wood Mallesons 4,231 7 4 3
11 13 Allen & Gledhill 3,948 4 921 328.7% 11 21 Simpson Thacher & Bartlett 3,257 7 4 3
12 - Stamford Law Corporation 3,636 4 - - 12 24 Davis Polk & Wardwell 1,119 6 3 3
13 16 Simpson Thacher & Bartlett 3,257 7 658 395.0% 13 - Paul Hastings 962 6 - -
14 88 Lee & Ko 2,940 2 9 32,567% 14 19 Baker & McKenzie 1,502 5 4 1
15 - Vinge 2,091 1 - - 15 38 Linklaters 1,192 5 2 3
* Based on advising buy side only

Global and regional M&A: 2014


www.mergermarket.com 36
Asia-Pacific
league tables
Asia-Pacific (excl. Japan,Australasia) by value Asia-Pacific (excl. Japan,Australasia) by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 6 Freshfields Bruckhaus Deringer 84,009 34 25,748 226.3% 1 2 Kim & Chang 56,795 85 64 21
2 10 Kim & Chang 56,795 85 20,319 179.5% 2 12 Lee & Ko 25,408 68 39 29
3 18 JiaYuan Law Offices 54,677 29 13,941 292.2% 3 3 King & Wood Mallesons 34,634 65 51 14
4 95 Haiwen & Partners 47,545 18 2,375 1,901.9% 4 19 O'Melveny & Myers 11,232 64 31 33
5 1 Linklaters 38,981 45 46,247 -16% 5 11 Clifford Chance 34,385 63 39 24
6 32 Allen & Gledhill 36,699 36 8,594 327.0% 6 1 Baker & McKenzie 8,834 61 64 -3
7 2 King &Wood Mallesons 34,634 65 37,587 -7.9% 7 20 Grandall Law Firm 16,555 60 30 30
8 4 Clifford Chance 34,385 63 29,205 17.7% 8 17 Fangda Partners 22,972 58 34 24
9 21 Simpson Thacher & Bartlett 25,847 27 12,676 103.9% 9 18 Zhong Lun Law Firm 12,366 50 32 18
10 28 Lee & Ko 25,408 68 9,995 154.2% 10 8 Bae Kim & Lee 17,968 49 44 5
11 78 Morrison & Foerster 25,374 20 3,171 700.2% 11 5 Linklaters 38,981 45 50 -5
12 9 Fangda Partners 22,972 58 22,539 1.9% 12 14 DLA Piper 10,401 45 36 9
13 5 Skadden Arps Slate Meagher & Flom 21,079 33 27,222 -22.6% 13 6 AZB & Partners 7,865 44 49 -5
14 11 Davis Polk & Wardwell 19,867 30 20,088 -1.1% Amarchand & Mangaldas & Suresh A
14 9 14,895 42 44 -2
Shroff & Co
15 22 Bae Kim & Lee 17,968 49 11,682 53.8% 15 4 Shin & Kim 8,194 42 51 -9
16 3 Herbert Smith Freehills 16,587 40 33,447 -50.4% 16 16 Herbert Smith Freehills 16,587 40 34 6
17 27 Grandall Law Firm 16,555 60 10,327 60.3% 17 27 J Sagar Associates 2,147 38 22 16
18 41 Weil Gotshal & Manges 16,252 20 5,770 181.7% 18 13 Allen & Gledhill 36,699 36 37 -1
19 19 Sullivan & Cromwell 15,001 14 13,840 8.4% 19 22 WongPartnership 12,091 36 26 10
Amarchand & Mangaldas & Suresh A
20 24 14,895 42 10,614 40.3% 20 38 Yulchon 5,336 35 18 17
Shroff & Co

Global and regional M&A: 2014


www.mergermarket.com 37
Asia-Pacific
league tables
Australasia by value Australasia by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 2 King & Wood Mallesons 34,304 68 29,095 17.9% 1 1 Herbert Smith Freehills 28,810 79 68 11
2 3 Allens 32,811 55 22,286 47.2% 2 2 King & Wood Mallesons 34,304 68 67 1
3 1 Herbert Smith Freehills 28,810 79 37,834 -23.9% 3 3 Allens 32,811 55 64 -9
4 5 Minter Ellison 19,883 53 15,477 28.5% 4 4 Minter Ellison 19,883 53 58 -5
5 9 Linklaters 15,249 15 7,142 113.5% 5 6 Ashurst 11,667 43 46 -3
6 31 Clifford Chance 13,690 14 1,355 910.3% 6 9 Gilbert + Tobin 12,928 39 34 5
7 7 Gilbert + Tobin 12,928 39 8,966 44.2% 7 10 Norton Rose Fulbright 6,032 35 34 1
8 4 Ashurst 11,667 43 19,785 -41% 8 8 Baker & McKenzie 6,063 33 39 -6
9= 36 Dentons 7,000 1 1,070 554.2% 9 5 DLA Piper 767 26 47 -21
9= - Estudio Grau 7,000 1 - - 10 12 JohnsonWinter & Slattery 5,256 25 24 1
9= - Rodrigo Elias & Medrano 7,000 1 - - 11 11 Corrs Chambers Westgarth 6,223 24 33 -9
9= 20 White & Case 7,000 1 1,945 259.9% 12 19 K&L Gates 1,793 24 12 12
13 8 Corrs Chambers Westgarth 6,223 24 7,519 -17.2% 13 13 Chapman Tripp 3,668 23 19 4
14 10 Baker & McKenzie 6,063 33 6,367 -4.8% 14 7 Clayton Utz 3,797 22 40 -18
15 - Sullivan & Cromwell 6,035 4 - - 15 14 Allen & Overy 2,969 18 17 1

Greater China by value Greater China by deal count


Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 16 Freshfields Bruckhaus Deringer 71,938 26 8,083 790.0% 1 6 Grandall Law Firm 16,555 60 30 30
2 7 JiaYuan Law Offices 54,677 29 13,941 292% 2 1 King &Wood Mallesons 29,504 58 49 9
3 57 Haiwen & Partners 47,545 18 2,375 1,901.9% 3 2 Fangda Partners 22,972 58 34 24
4 2 Linklaters 32,119 25 25,374 26.6% 4 8 O'Melveny & Myers 8,407 51 22 29
5 1 King & Wood Mallesons 29,504 58 35,504 -16.9% 5 3 Zhong Lun Law Firm 12,366 50 32 18
6 3 Fangda Partners 22,972 58 22,539 2% 6 7 Baker & McKenzie 5,412 32 29 3
7 23 Clifford Chance 20,753 29 6,387 225% 7 16 JiaYuan Law Offices 54,677 29 14 15
8 49 Morrison & Foerster 19,150 13 3,171 503.9% 8 13 Clifford Chance 20,753 29 17 12
9 13 Grandall Law Firm 16,555 60 10,327 60.3% 9 12 DLA Piper 9,484 29 18 11
10 29 Allen & Gledhill 16,118 12 5,141 213.5% 10 4 Skadden Arps Slate Meagher & Flom 13,553 28 31 -3
11 6 Jingtian & Gongcheng 14,728 9 13,988 5.3% 11 14 Jun He Law Offices 11,705 28 17 11
12 17 Davis Polk & Wardwell 13,577 22 7,508 80.8% 12 10 Freshfields Bruckhaus Deringer 71,938 26 18 8
13 4 Skadden Arps Slate Meagher & Flom 13,553 28 18,819 -28.0% 13 5 Linklaters 32,119 25 30 -5
14 10 Zhong Lun Law Firm 12,366 50 10,608 16.6% 14 17 AllBright Law Offices 6,189 25 14 11
15 25 Jun He Law Offices 11,705 28 5,473 114% 15 11 Grandway Law Offices 3,101 25 18 7

Global and regional M&A: 2014


www.mergermarket.com 38
Asia-Pacific
league tables
India by value India by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
Amarchand & Mangaldas & Suresh A 1 1 AZB & Partners 7,865 44 48 -4
1 1 14,895 42 10,614 40.3%
Shroff & Co Amarchand & Mangaldas & Suresh A
2 4 AZB & Partners 7,865 44 4,853 62% 2 2 14,895 42 42 0
Shroff & Co
3 7 Davis Polk & Wardwell 6,290 8 3,909 60.9% 3 5 J Sagar Associates 2,147 38 22 16
4 49 Luthra & Luthra Law Offices 5,280 15 361 1,362.6% 4 4 Desai & Diwanji 1,104 31 24 7
5 27 S&R Associates 4,838 4 1,491 224.5% 5 3 Khaitan & Co 1,728 24 28 -4
6 10 White & Case 4,252 4 3,378 25.9% 6 6 Trilegal 1,790 16 22 -6
7 55 Shearman & Sterling 4,227 3 267 1,483.1% 7 11 Luthra & Luthra Law Offices 5,280 15 8 7
8 15 Sullivan & Cromwell 4,202 3 2,331 80.3% 8 - P. H. Bathiya & Associates 4,095 12 - -
9 - P. H. Bathiya & Associates 4,095 12 - - 9 10 DSK Legal 526 11 9 2
10 - M/s. Crawford Bayley & Co 3,967 2 - - 10 23 Davis Polk & Wardwell 6,290 8 4 4
11 143 Weil Gotshal & Manges 3,967 1 - - 11 24 Herbert Smith Freehills 2,014 8 4 4
12= 18 Platinum Partners 3,140 1 1,684 86.5% 12 - Krishnamurthy & Co 177 8 - -
12= 9 Slaughter and May 3,140 1 3,395 -7.5% 13 71 Economic Laws Practice (ELP) 46 8 1 7
14 35 Vaish Associates 2,576 6 639 303.1% 14 7 DLA Piper 279 7 13 -6
15 28 J Sagar Associates 2,147 38 1,199 79.1% 15 39 BMR Legal 128 7 3 4

South East Asia by value South East Asia by deal count


Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 6 Allen & Gledhill 29,191 31 8,594 239.7% 1 4 WongPartnership 8,297 32 23 9
2 8 Freshfields Bruckhaus Deringer 16,475 8 7,290 126.0% 2 1 Allen & Gledhill 29,191 31 37 -6
3 2 Clifford Chance 16,268 30 13,097 24.2% 3 2 Baker & McKenzie 3,581 31 35 -4
4 16 Simpson Thacher & Bartlett 10,577 5 3,903 171.0% 4 5 Clifford Chance 16,268 30 20 10
5 3 Linklaters 9,521 15 9,684 -2% 5 6 Stamford Law Corporation 7,741 23 19 4
6 20 WongPartnership 8,297 32 3,567 132.6% 6 8 Herbert Smith Freehills 8,225 19 16 3
7 11 Herbert Smith Freehills 8,225 19 6,340 29.7% 7 3 Allen & Overy 4,093 17 28 -11
8 15 Stamford Law Corporation 7,741 23 5,285 46% 8 7 Linklaters 9,521 15 17 -2
9 9 Latham & Watkins 6,889 9 7,221 -5% 9 21 O'Melveny & Myers 2,552 14 6 8
10 - Morrison & Foerster 6,296 6 - - 10 14 Drew & Napier 5,565 11 7 4
11 - Kirkland & Ellis 5,742 3 - - 11 9 Rajah & Tann 2,789 11 16 -5
12 58 Drew & Napier 5,565 11 435 1,179.3% 12 41 King & Wood Mallesons 5,192 10 3 7
13 39 Ashurst 5,494 8 1,275 330.9% 13 17 Mori Hamada & Matsumoto 1,450 10 6 4
14 50 Slaughter and May 5,435 3 628 765.4% 14 22 Latham & Watkins 6,889 9 5 4
15 - Haiwen & Partners 5,257 2 - - 15 19 Jones Day 1,146 9 6 3

Global and regional M&A: 2014


www.mergermarket.com 39
Asia-Pacific
league tables
South Korea by value South Korea by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 1 Kim & Chang 55,495 83 20,255 174.0% 1 1 Kim & Chang 55,495 83 63 20
2 3 Lee & Ko 25,408 68 9,995 154.2% 2 4 Lee & Ko 25,408 68 39 29
3 2 Bae Kim & Lee 17,968 49 11,682 53.8% 3 3 Bae Kim & Lee 17,968 49 44 5
4 4 Shin & Kim 8,194 42 9,950 -17.6% 4 2 Shin & Kim 8,194 42 50 -8
5 72 Simpson Thacher & Bartlett 8,175 2 7 116,686% 5 5 Yulchon 5,323 34 18 16
6 33 Sullivan & Cromwell 6,543 3 280 2,236.8% 6 6 Yoon & Yang 2,049 20 13 7
7 - Freshfields Bruckhaus Deringer 6,221 2 - - 7 7 Kim, Choi & Lim 1,002 15 11 4
8 5 Yulchon 5,323 34 5,186 2.6% 8 14 JIPYONG 1,121 9 4 5
9= 45 Gibson Dunn & Crutcher 3,548 1 135 2,528.1% 9 19 Clifford Chance 2,832 6 2 4
9= 18 Skadden Arps Slate Meagher & Flom 3,548 1 598 493.3% 10 8 Hankyul Law Firm 239 6 7 -1
11 34 Linklaters 3,317 4 275 1,106.2% 11 15 Linklaters 3,317 4 3 1
12 30 Clifford Chance 2,832 6 308 819.5% 12 9 Paul Hastings 1,451 4 5 -1
13 - Weil Gotshal & Manges 2,760 3 - - 13 13 Hyun Attorneys At Law 37 4 4 0
14 62 Jones Day 2,235 2 17 13,047.1% 14 45 Sullivan & Cromwell 6,543 3 1 2
15= 53 Dechert 2,235 1 90 2,383.3% 15 - Weil Gotshal & Manges 2,760 3 - -
15= 61 Lee and Li Attorneys at Law 2,235 1 18 12,316.7%

Japan Asia by value Japan Asia by deal count


Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 1 Nishimura & Asahi 30,467 48 40,687 -25.1% 1 1 Mori Hamada & Matsumoto 17,535 83 75 8
2 17 White & Case 20,486 12 5,615 264.8% 2 2 Nishimura & Asahi 30,467 48 68 -20
3 2 Mori Hamada & Matsumoto 17,535 83 30,276 -42.1% 3 3 Nagashima Ohno & Tsunematsu 6,134 38 57 -19
4 96 Sidley Austin 16,437 3 250 6,474.8% 4 4 Anderson Mori & Tomotsune 6,146 20 47 -27
5 28 Kirkland & Ellis 16,031 6 2,072 673.7% 5 5 Baker & McKenzie 8,699 18 31 -13
6 25 Cleary Gottlieb Steen & Hamilton 15,726 2 3,103 406.8% 6 17 Oh-Ebashi LPC & Partners 1,822 18 11 7
7 12 Baker & McKenzie 8,699 18 10,400 -16.4% 7 10 Morrison & Foerster 3,252 17 14 3
8 20 Shearman & Sterling 7,906 11 3,806 108% 8 6 TMI Associates 2,157 16 19 -3
9 5 Skadden Arps Slate Meagher & Flom 6,611 11 13,131 -49.7% 9 14 Jones Day 2,453 13 12 1
10 15 Anderson Mori & Tomotsune 6,146 20 6,270 -2.0% 10 12 White & Case 20,486 12 13 -1
11 7 Nagashima Ohno & Tsunematsu 6,134 38 12,446 -50.7% 11 16 Shearman & Sterling 7,906 11 11 0
12 37 Debevoise & Plimpton 5,757 2 1,641 250.8% 12 11 Skadden Arps Slate Meagher & Flom 6,611 11 13 -2
13 - Willkie Farr & Gallagher 5,708 2 - - 13 7 Freshfields Bruckhaus Deringer 1,731 11 17 -6
14 - Greenberg Traurig 5,708 1 - - 14 9 Clifford Chance 3,193 10 15 -5
15 11 Latham & Watkins 4,393 9 10,573 -58.5% 15 8 Linklaters 2,406 10 16 -6

Global and regional M&A: 2014


www.mergermarket.com 40
Africa & Middle East
league tables
Africa & Middle East by value Africa & Middle East by deal count
Ranking Company name 2014 2013 Ranking Company name 2014 2013
Value Deal Value % Value Value Deal Deal Count
2014 2013
(US$m) count (US$m) change 2014 2013 (US$m) count count change
1 1 Linklaters 18,023 20 15,027 19.9% 1 4 DLA Cliffe Dekker Hofmeyr 9,227 38 29 9
2 5 Freshfields Bruckhaus Deringer 12,077 24 9,065 33.2% 2 9 Clifford Chance 11,640 35 19 16
3 7 Clifford Chance 11,640 35 7,735 50.5% 3 2 ENSafrica 6,485 33 34 -1
4 32 DLA Cliffe Dekker Hofmeyr 9,227 38 1,761 424.0% 4 3 Allen & Overy 7,202 32 30 2
5 31 Werksmans 8,271 14 1,802 359.0% 5 5 Webber Wentzel 6,953 30 22 8
6 3 White & Case 7,891 13 9,508 -17.0% 6 1 Bowman Gilfillan Africa Group 3,066 26 36 -10
7 2 Allen & Overy 7,202 32 13,534 -46.8% 7 11 Freshfields Bruckhaus Deringer 12,077 24 17 7
8 21 Webber Wentzel 6,953 30 3,287 111.5% 8 6 DLA Piper 2,125 22 22 0
9 6 Gibson Dunn & Crutcher 6,560 10 7,854 -16.5% 9 10 Linklaters 18,023 20 18 2
10 17 ENSafrica 6,485 33 3,629 78.7% 10 18 Baker & McKenzie 1,954 20 10 10
11 - Girard Hayward Inc 5,744 1 - - 11 7 Norton Rose Fulbright 2,800 19 22 -3
12 77 Shearman & Sterling 5,075 8 573 785.7% 12 14 Latham & Watkins 3,210 16 13 3
13 12 Herbert Smith Freehills 3,800 7 4,276 -11.1% 13 8 Werksmans 8,271 14 20 -6
14 37 Herzog, Fox and Neeman 3,670 12 1,507 143.5% 14 12 White & Case 7,891 13 16 -3
15 135 Blake, Cassels & Graydon 3,284 3 110 2,885.5% 15 13 Herzog, Fox and Neeman 3,670 12 14 -2
16 4 Latham & Watkins 3,210 16 9,459 -66.1% 16 19 Jones Day 3,078 11 9 2
17 214 Akin Gump Strauss Hauer & Feld 3,203 6 - - 17 15 Gibson Dunn & Crutcher 6,560 10 13 -3
18 23 Jones Day 3,078 11 2,650 16.2% 18 17 Hogan Lovells International 709 10 10 0
19 19 Bowman Gilfillan Africa Group 3,066 26 3,475 -11.8% 19 16 Meitar Liquornik Geva Leshem Tal & Co 774 9 13 -4
20 28 Norton Rose Fulbright 2,800 19 2,081 34.6% 20 61 Yigal Arnon & Co 748 9 3 6

Global and regional M&A: 2014


www.mergermarket.com 41
Criteria and contacts
All data is based on transactions over US$ 5m and is based on Mergermarket’s M&A deals database. About Mergermarket
Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m.
Deals where the stake acquired is less than 30% will only be included if the value is greater than US$ Mergermarket is a mergers & acquisitions (M&A) intelligence service.
100m.
Mergermarket is part of The Mergermarket Group which has nearly 1,000 employees worldwide and regional head offices in
M&A trends and top deals: correct as of 9am (GMT), 05-Jan-2015. New York, London and Hong Kong.
League tables: correct as of 9am (GMT), 07-Jan-2015.
In any market, the life blood of advisors is deal flow. Mergermarket is unique in the provision of origination intelligence to the
Trend data: based on the dominant geography or dominant sector of the target. Excludes lapsed and investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets.
withdrawn bids.
With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific,
League tables: based on the dominant geography of the target, bidder and seller. Includes lapsed and Mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its Mergermarket.
withdrawn bids. com platform and by real-time email alerts to subscribers.
Private equity league tables: based on legal advisors advising the bidder only and dominant geography of
the target. Includes lapsed and withdrawn bids. This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial
have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you
Inbound see that Mergermarket is used by over 1,500 of the world’s foremost advisory firms to assist in their origination process.
Global/US/Japan: the dominant geography of the target is X, and the dominant geography of the
bidder is any other country excluding X.
Symbol Index
Europe/Asia-Pacific/Africa & Middle East/Emerging Markets: the dominant geography of the target is X, and Business Financial Algeria Italy South Korea
the dominant geography of the bidder is any other region excluding X. Services Services
Outbound
Global/US/Japan: the dominant geography of the bidder is X, and the dominant geography of the Industrials & Pharma, Chile Japan Switzerland
target is any other country excluding X. Chemicals Medical &
Europe/Asia-Pacific/Africa & Middle East/Emerging Markets: the dominant geography of the bidder is X, and Biotech
the dominant geography of the target is any other region excluding X.
Construction Real Estate China Luxembourg UAE
Mega-deal: deals above the value of US$ 10bn.
Consumer TMT France Nigeria UK
Average deal size: excludes deals with a non-disclosed value.

Emerging markets: based on dominant geography of target company being Brazil, Chile, China, Colombia, Energy, Transport Hong Qatar US
Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Mining & Kong
Russia, South Africa, South Korea, Taiwan, Thailand, Turkey. Utilities
Ireland South
Africa

PR contacts Deal submission contacts


Americas: Asia: EMEA: EMEA: CEE: USA: LatAm & Canada: Asia-Pacific:
Chrissy Carney Elizabeth Chu Flora Wilke Nancy Honsinger Zaynab Dost Diana Isaacs Raquel Mozzer John Capulong
T: +1 646 378 3118 T: +852 2158 9706 T: +44 207 010 6348 T: +44 207 010 6227 T: +44 207 010 6129 T: +1 646 378 3149 T: +1 212 574 7866 T: +852 2158 9723

Japan: South Korea: China:


Morly Sun Jade Lee Helen Sun
T: + 852 2158 9708 T: +822 772 8410 T: +852 2158 9787

Global and regional M&A: 2014


www.mergermarket.com 42

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