global and regional m&a: q1-q4 2016...company bidder country target company target country...

Global and regional M&A: Q1-Q4 2016Including league tables of legal advisors

Africa & Middle East

Japan

Asia-Pacific

US

Europe

Global

M&A League tables

Criteria

C & S America

PE league tables

2

Regional M&A comparison

Inbound $450.5bn 1.5%Outbound $264.9bn 12.1%

$337.2bn 64.3%

US$1.5tn, -22.9% vs. 2015

Inbound $72.5bn 89.2%Outbound $36.3bn 53.0%Consumer $22.1bn 15x

Africa & Middle East$88.3bn, +93.4% vs. 2015

Industrials& Chemicals

Inbound $10.2bn 16.5%Outbound $92.1bn 5.2%

$20.7bn 111.7%

Japan$62.6bn, +2.3% vs. 2015

Inbound $89.9bn 10.0%Outbound $255.8bn 82.6%Technology $96.8bn 5.7%

Asia-Pacific$658.8bn, -25.5% vs. 2015

(excl. Japan)

* The % value on the map indicates market share in global M&A

Inbound $410.7bn 35.6%Outbound $273.9bn 3.0%Industrials& Chemicals

$159bn 45.2%

Europe$797.4bn, -10.3% vs. 2015

Cross-border $1.3tn 7.9%

Energy,Mining & Utilities

$608.5bn 5.5%

Global M&A$3.2tn, -18.1% vs. 2015

Energy,Mining &

Inbound $54.5bn 46.3%Outbound $10.7bn 58.3%Energy,Mining &Utilities

$43.2bn 79.7%

C & S America$83.8bn, +8.7% vs. 2015

Utilities

$1.5tn

46.6%

1.9%

$83.8bn

$797.4bn 24.6%

$88.3bn 2.7%

47.5%

2.6%

20.3%

1.9%$62.6bn

$658.8bn

Global and regional M&A: Q1-Q4 2016 www.mergermarket.com

3

Global


u Global dealmakers were forced to navigate a sea of change during 2016, as the populist vote swept across the global political stage. Despite a series of political shockwaves, global M&A activity (17,369 deals, US$ 3.2tn) managed to reach its third highest deal value since 2007 (US$ 3.7tn), despite value dropping 18.1% compared to 2015 (18,039 deals, US$ 4.0tn), with 670 fewer deals announced. The outlook for 2017 remains uncertain, with Brexit negotiations, the nature of president-elect Donald Trump’s presidency, as well as the upcoming French and German elections, all under question.

u The US continued to be the most sought after location for M&A deals by both deal value and count, with 2016 activity (4,951 deals, US$ 1.5tn) reaching its second highest annual value on Mergermarket record (since 2001). This was despite deal value dropping 22.9% compared to a record 2015 (5,298 deals, US$ 1.9tn), with 347 fewer deals announced. A surge of activity in the Energy, Mining & Utilities sector boosted activity, with US$ 337.4bn deals across 439 transactions representing an all-time high value within the sector.

u Donald Trump’s surprise electoral victory in November brings with it an uncertain future for US M&A, with the President-elect pledging to clamp down on high profile acquisitions such as the AT&T/Time Warner deal announced in October. In the face of an uncertain future, M&A activity accelerated in the run up to the election, with mega-deals such as AT&T/Time Warner (US$ 105.1bn), Level 3/CenturyLink (US$ 34.5bn) and General Electric/ Baker Hughes (US$ 31.6bn) all announced in the month prior to the election.

u Arguably the most prominent trend of the year was China’s seemingly unquenchable appetite for overseas acquisitions. Chinese dealmakers engaged in 258 transactions worth US$ 185.3bn during 2016, 3.8x higher than 2015’s previous record value (US$ 49.1bn, 177 deals), with 81 more deals. However, a recent change to legislation, whereby the Chinese government will scrutinise overseas transactions over US$ 2bn in an effort to reduce capital outflows that are draining foreign exchange reserves and depreciating the renminbi, suggests dealmaking will likely become more muted in the coming year.

Top performing sectors

2016: $3.24tn

Q1-Q4 2016vs.Q1-Q4 2015

H2 2016 vs.H1 2016

Mega-deals38 deals$904.7bn

Industrials & Chemicals$520.1bn(3,273 deals)Technology$410.2bn(2,258 deals)

US M&A$1.5tn(4,951 deals)

China outbound (excl. As-Pac)$185.3bn

Down compared to record 2015, yet still the second highest annual deal value on record

Drop in value from a record 57 mega-deals worth $1.5tn in 2015

-18.1%

Misc.

Third highest annual value since 2007 (US$ 3.7tn)

Up by value compared to H1 2016, yet 14.6% down compared to H2 2015

-39.4%vs. ‘15

32.2%

Energy, Mining & Utilities$608.5bn(1,453 deals)

10.2%

vs. ‘15

3.8xHighest annual deal value on Mergermarket record following three consecutive increases

Highest monthly deal value since May 2007 ($546.7bn), with six deals valued over $10bn

vs. ‘15

-0.5%vs. ‘15

Second highest value since 2007 ($715.3bn)

Highest annual value on record (since 2001), despite two consecutive decreases in deal count

Second highest annual value on Mergermarket record following 2015 ($412.2bn)

October$457.7bn(1,418 deals)

-22.9%vs. ‘15

6

vs. ‘15

5.5%

dical & Biotech

s

$867.0bn$691.0bn

$510.4bn

$237.6bn$199.9bn

$392.4bn$273.7bn

$488.1bn$314.3bn

$412.2bn$410.2bn

$577.1bn$608.5bn

$471.8bn$520.1bn

18.8%

16.1%

12.7%

9.7%

8.4%

6.9%

6.2%

21.3%

14.6%

11.9%

10.4%

12.3%

9.9%

12.9%

6.0%

21.9%

Market share

$222.4bn

Industrials & Chemicals

Technology

Energy, Mining & Utilities

Pharma, Medical & Biotech

Financial Services

Business Services

Other

Consumer

Sector breakdown 2016 vs 2015

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016

Value of deals (US$bn)Quarterly M&A activity Q2 Q3 Q4Q1

801.5 1,280.9 852.1 734.7

593.3 678.2 685.1 459.6

420.9 396.4 327.6 570.1

461.3 432.1 493.0 714.2

465.2 565.6 523.1 757.5

446.9 560.3 658.1 571.9

556.9 964.3 858.0 868.7

615.1 587.1 599.7 479.5

759.5

642.5

1,037.3

752.6

958.5

875.9

1,201.2

969.0

Total 3,669.1

Total 2,416.1

Total 1,714.9

Total 2,100.6

Total 2,281.5

Total 2,311.4

Total 2,237.2

Total 3,237.9

Total 3,956.4

Total 3,240.1

4

Global


League table by valueRank Company name 2016 2015 Regional ranking comparison

2016 2015 Value (US$bn)

Deal Count

Value (US$bn)

% Value change Europe US

Asia-Pacific (excl.

Japan)

JapanAfrica & Middle

East

C&S America

1 9 White & Case 665.2 319 662.3 0.4% 2 2 5 5 5 16

2 5 Sullivan & Cromwell 575.5 136 756.5 -23.9% 8 1 22 16 47 2

3 10 Davis Polk & Wardwell 472.7 153 634.8 -25.5% 7 5 2 7 32 31

4 2 Cravath, Swaine & Moore 439.0 67 979.5 -55.2% 3 3 10 - 55 60

5 1 Skadden Arps Slate Meagher & Flom 399.0 223 1,121.8 -64.4% 10 6 12 17 19 9

6 3 Wachtell, Lipton, Rosen & Katz 380.8 80 780.6 -51.2% 13 4 25 31 14 52

7 8 Weil Gotshal & Manges 365.6 253 671.7 -45.6% 19 7 24 - 10 70

8 7 Freshfields Bruckhaus Deringer 337.2 243 688.8 -51.0% 1 18 9 3 3 24

9 6 Cleary Gottlieb Steen & Hamilton 326.0 120 752.6 -56.7% 9 14 8 10 9 34

10 23 Shearman & Sterling 309.7 158 290.3 6.7% 11 9 63 12 7 40

11 12 Simpson Thacher & Bartlett 307.6 145 529.8 -41.9% 16 11 4 13 12 17

12 21 Jones Day 301.2 361 299.7 0.5% 17 8 59 18 39 67

13 4 Latham & Watkins 288.2 363 779.7 -63.0% 22 13 35 23 15 33

14 24 Paul Weiss Rifkind Wharton & Garrison 277.1 144 283.1 -2.1% 12 10 76 38 56 59

15 29 Allen & Overy 269.6 267 246.1 9.6% 4 15 41 15 1 50

16 15 Kirkland & Ellis 256.8 405 398.2 -35.5% 21 12 38 45 11 69

17 22 Herbert Smith Freehills 252.2 156 293.2 -14.0% 18 16 7 9 20 -

18 11 Clifford Chance 222.7 252 540.4 -58.8% 6 29 6 72 2 30

19 16 Linklaters 222.4 241 395.5 -43.8% 5 30 19 56 4 5

20 68 Fangda Partners 189.0 52 65.6 188.0% 31 27 3 26 37= -

Sector key

Media Industrials & Chemicals Energy, Mining & Utilities Telecommunications

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

105.0 22-Oct AT&T Inc USA Time Warner Inc USA

63.4 14-Sep Bayer AG Germany Monsanto Company USA

51.4 21-Nov Sunuco Logistics Partners LP USA Energy Transfer Partners LP USA

45.9 27-Oct Qualcomm Inc USA NXP Semiconductors NV Netherlands

45.9 03-Feb China National Chemical Corporation China Syngenta Switzerland

5

Europe

u European M&A seems to have suffered due to the wave of political uncertainty sweeping through the continent in 2016, with 6,756 deals worth US$ 797.4bn down 10.3% by value compared to 2015 (6,763 deals, US$ 888.7bn), marking a second consecutive annual decrease in value. Despite this dip in activity, Q4 marked a high in dealmaking, with US$ 252.5bn-worth of deals representing the strongest quarter of the year, bolstered by mega-deals such as NXP/Qualcomm (US$ 45.9bn) and Fox/Sky Plc (US$ 22.4bn).

u Despite a lull in targeted activity, inbound M&A into Europe reached an all-time high value in 2016, with 1,280 deals worth US$ 410.7bn announced, up 35.6% by value compared to 2015 (US$ 302.9bn, 1,303 deals) to reach its highest total on Mergermarket record (since 2001). There were a record 11 deals valued over US$ 10bn announced, with deals such as Softbank/ARM, Syngenta/ChemChina and Tyco/Johnson Controls resulting in the average deal size (US$ 650.8m) reaching its highest on record.

u December's Italian referendum was the latest political event to cast uncertainty over future M&A activity. Italian dealmakers will not want the recent rush of dealmaking to lose momentum, having registered 505 deals worth US$ 54.7bn in 2016 - the highest annual deal count on record. Yet according to Mergermarket intelligence, investors could decide to postpone deals until the political limbo clears, as economic reforms that were expected to cast a positive influence over the markets could come to a standstill now that Renzi’s government is no longer in power.

u German M&A has remained resilient against the tide of change sweeping across Europe, with 846 deals worth US$ 80.4bn increasing 27.7% by value compared to 2015 (819 deals, US$ 63.0bn), whilst accounting for 27 more deals. Dealmaking targeting the Industrials and Chemicals sector continued to drive activity, with 285 deals worth US$ 27.8bn up 39.6% by value compared to 2015 (256 deals, US$ 19.9bn). According to Mergermarket intelligence this will likely continue into 2017 as German corporates take on the Industry 4.0 challenge, a government-backed initiative to unite technology with the manufacturing industry.


$198.3bn$157.0bn

$37.8bn$46.6bn

$120.5bn

$93.3bn

$70.3bn

$33.0bn$56.6bn

$110.8bn

$109.7bn$159.2bn

Market shareSector breakdown 2016 vs 2015

$142.4bn$101.3bn

$204.0bn$45.4bn



Business Services

Business Services

Technology


Other

12.3%

7.9%

10.5%

16.0%

3.7%

4.3%

23.0%

22.3%

20.0%

15.1%

13.9%

12.7%

7.1%

5.8%

5.7%

19.7%

Financial Services

Consumer

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


265.6 600.4 384.1 286.6

295.7 203.3 287.7 218.0

122.5 77.9 79.1 188.2

127.9 114.9 152.2 244.4

136.3 200.8 159.3 158.7

178.5 310.5 209.6 215.7

172.1 187.8 113.1 251.1

163.9

187.9

261.4

196.8

174.6

160.3

288.8

185.7 244.2 167.0 134.6

252.5

Total 1,536.7

Total 1,004.8

Total 467.7

Total 639.3

Total 731.5

Total 724.0

Total 655.1

Total 914.3

Total 888.7

Total 797.4

Regional overview

2016: $797.4bn

Up from 22.5% in 2015, the lowest YTD share on record (since 2001)

2016vs.2015

% of global M&A

Q4 2016vs.Q3 2016

Average deal size

H2 2016vs. H1 2016

Europe inbound$410.7bn(1,280 deals)

Highest deal count on Mergermarket record

UK $187.7bn(1,379 deals)

Italy $54.7bn(505 deals)

Germany $80.4bn(846 deals)

Down compared to a record 2015, but up compared to 2014 ($158.1bn) and 2013 ($121bn)

Highest quarterly deal value in 2016, yet with lowest deal count

10.3%

24.6%

Inbound activity

Second consecutive year-to-date value decrease, while deal count remained on par

35.6%

Up in value compared to 2015

40.5%

27.7%

+44 deals

57.5%

$650.8m

Up compared to 2015, and highest annual value on record

Q4 ($160.1bn) recorded the highest quarterly deal value on record

Highest annual deal size on record, up from $416.1m in 2015

54.8%

6

Europe


Sector key

Telecommunications Industrials & Chemicals Media Financial Services

League table by valueRank Company name 2016 2015

2016 2015 Value (US$m)

Deal Count

Value (US$m)

% Value change

1 4 Freshfields Bruckhaus Deringer 269,532 206 449,530 -40.0%

2 10 White & Case 247,032 212 301,121 -18.0%

3 1 Cravath, Swaine & Moore 224,660 19 510,950 -56.0%

4 19 Allen & Overy 224,442 215 222,609 0.8%

5 13 Linklaters 209,070 215 291,310 -28.2%

6 2 Clifford Chance 197,776 208 479,629 -58.8%

7 15 Davis Polk & Wardwell 192,617 31 257,432 -25.2%

8 6 Sullivan & Cromwell 167,823 44 371,854 -54.9%

9 3 Cleary Gottlieb Steen & Hamilton 164,041 61 463,523 -64.6%

10 5 Skadden Arps Slate Meagher & Flom 143,967 72 398,074 -63.8%

11 39 Shearman & Sterling 139,461 61 66,857 108.6%

12 50 Paul Weiss Rifkind Wharton & Garrison 118,889 26 42,655 178.7%

13 8 Wachtell, Lipton, Rosen & Katz 112,673 16 351,553 -67.9%

14 161 Morrison & Foerster 106,269 16 5,177 1,953%

15 25 Slaughter and May 103,370 50 162,159 -36.3%

16 31 Simpson Thacher & Bartlett 102,751 46 112,729 -8.9%

17 51 Jones Day 99,701 146 40,880 143.9%

18 23 Herbert Smith Freehills 90,453 76 182,032 -50.3%

19 9 Weil Gotshal & Manges 83,643 110 310,768 -73.1%

20 14 Debevoise & Plimpton 82,516 23 277,042 -70.2%

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

45.9 27-Oct Qualcomm Incorporated US NXP Semiconductors NV Netherlands

45.9 03-Feb China National Chemical Corporation China Syngenta AG Switzerland

30.2 18-Jul Softbank Group Corp. Japan ARM Holdings (98.55% Stake) UK

22.4 15-Dec Twenty-First Century Fox Inc US Sky Plc (60.9% Stake) UK

20.4 21-Jul Sacam Mutualisation France Credit Agricole - Regional Banks (25% Stake) France Credit Agricole SA

7

US



$545.0bn$231.9bn

$115.2bn

$133.2bn

$229.9bn$176.7bn

$298.4bn$176.7bn

$238.2bn$206.6bn

$205.4bn$337.4bn

$86.3bn

$41.5bn

$157.3bn


Technology



Business Services

Consumer

Other

10.8%

12.6%

15.7%

12.1%

2.2%

8.3%

9.6%

28.7%

23.0%

14.1%

12.1%

12.1%

9.1%

7.9%

5.9%

15.8%

$181.8bn

Consumer

Media

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


352.9 486.9 258.3 229.9

146.2 268.1 264.4

199.2 186.6 98.7 205.8

147.2 181.0 155.4 246.2

179.7 175.8 317.0 230.7

219.0 389.1 421.2 342.4

129.1 190.3 235.5 316.2

356.8

250.8

467.6

331.7

546.6 526.7

249.3 187.9 208.3 192.9

78.7

402.8 478.7

Total 1,328.0

Total 757.4

Total 690.3

Total 729.8

Total 838.4

Total 871.1

Total 903.3

Total 1,372.7

Total 1,897.6

Total 1,464.0


Cross-border activity

Q1-Q4 2016: $1.5tn

Q1-Q4 2016vs.Q1-Q4 2015

Q1-Q4 2016 share in global M&A

Highest inbound value and deal count on record

US outbound$264.9bn(1,201 deals)

US inbound$450.5bn(952 deals)

Q1-Q4 2016vs.Q1-Q4 2015

Share in US M&A

Sunoco Logistics Partners/Ener-gy Transfer Partners

Highest US EMU value on record ($337.4bn)

Over 2x 2015’s share (10.8%) and on par with 2014 (23.2%)

Second-highest value on Mergermarket record (since 2001) after 2015

Third-highest share after 2001 (49.6%) and 2015 (48.0%)

Second-largest US EMU deal after 2014’s Kinder Morgan Inc/Kinder Morgan Energy Partners (88.6% stake) ($58.8bn)

Second-highest half-year (US$ 880.7bn) on record after H2 2015 ($1.1tn)

H2 2016vs.H1 2016

22.9%

45.2%

Canadian inbound$110.6bn(150 deals)

Highest value on record and second-highest deal count after 2015 (185)

Second-highest value on record after 2014 ($307.4bn)

64.3%

23.1%

$51.4bn

51.3%

vs. ‘15

1.5%

vs. ‘15

12.1%

vs. ‘15

32.7%

u 2016 was fraught with geopolitical uncertainty. For US dealmaking, H1 saw increased regulations from the Obama administration, whilst H2 was dominated by the election of Donald Trump. The latter's campaign, wildly favoured by the populist wave sweeping much of the world, called for deeper scrutiny of deals with foreign buyers. Trump also vowed to block the AT&T/Time Warner (US$ 105.0bn)mega-deal once in office. However, US M&A remained undampened, despite everything, finishing the year with US$ 1.5tn, its second-highest value on Mergermarket record (since 2001).

u Much of 2016's US M&A was due to soaring inbound activity, with US companies sold to foreign entities for a record US$ 450.5bn, a 1.5% rise from 2015's previous peak of US$ 444.0bn. The influx of overseas cash scooping up US businesses, particularly from China, sparked national security concerns and the attention of the Committee on Foreign Investment in the US (CFIUS). Inbound deals with Chinese companies reached a peak of US$ 63.6bn, a 5.3x rise over 2015’s US$ 11.9bn, with CFIUS blocking three transactions worth US$ 6.6bn announced during 2016. Meanwhile, Canada proved to be the dark horse as the US’s top bidder, paying US$ 110.6bn – the most it has ever spent in the US, 61.5% (US$ 68bn) of which was for power and utilities assets.

u Canada's investments boosted Energy, Mining & Utilities (EMU) to top sector, capturing 23.0% of national market share and rising 64.3% to US$ 337.4bn, a Mergermarket high for the sector. Driving EMU was the Energy sub-sector, accounting for 90.3% of sector value with US$ 304.9bn. Media also saw a record high, up 220.6% to US$ 133.2bn over 2015, 78.9% of which was due to the AT&T/Time Warner deal.

u Despite strong M&A activity in the last few years, prospects for US dealmaking in 2017 remain cloudy following Trump’s threats on the campaign trail of protectionism and trade agreement revisions. At the same time, the inevitable evolution of certain industries caused by disruptive new technologies may still lead many firms to consolidate or seek innovative add-ons to ensure future competitiveness. Thus, the unpredictability of 2016 may well continue into 2017, with a Trump presidency rendering the new year a wild card.

8

US


Sector key

Media Industrials & Chemicals Energy, Mining & Utilities Pharma, Medical & Biotech


2016 2015 Value (US$m)

Deal Count

Value (US$m)

% Value change

1 9 Sullivan & Cromwell 542,128 115 490,999 10.4%

2 5 White & Case 499,352 150 628,058 -20.5%

3 3 Cravath, Swaine & Moore 380,858 61 705,640 -46.0%

4 4 Wachtell, Lipton, Rosen & Katz 379,588 76 681,023 -44.3%

5 11 Davis Polk & Wardwell 362,478 123 411,053 -11.8%



8 18 Jones Day 266,658 274 269,657 -1.1%


10 20 Paul Weiss Rifkind Wharton & Garrison 252,073 130 263,453 -4.3%

11 10 Simpson Thacher & Bartlett 243,102 124 461,014 -47.3%

12 13 Kirkland & Ellis 240,591 380 373,406 -35.6%

13 2 Latham & Watkins 230,296 280 716,503 -67.9%


15 46 Allen & Overy 184,096 66 65,403 181.5%

16 83 Herbert Smith Freehills 142,971 36 24,724 478.3%

17 12 Gibson Dunn & Crutcher 140,996 110 389,427 -63.8%


19 40 Wilson Sonsini Goodrich & Rosati 128,549 104 98,190 30.9%

20 19 Fried Frank Harris Shriver & Jacobson 126,626 55 266,814 -52.5%

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target sector

105.0 22-Oct AT&T Inc USA Time Warner Inc

63.4 14-Sep Bayer AG Germany Monsanto Company

51.4 21-Nov Sunuco Logistics Partners LP USA Energy Transfer Partners LP

41.5 06-Sep Enbridge Inc Canada Spectra Energy Corp

35.2 11-Jan Shire Plc Ireland Baxalta Inc

9

Central & South America


u Central & South America ended the year with a modest recovery by value from last year, up 8.7% to US$ 83.8bn with 519 deals from 2015's US$ 77.1bn with 600, despite 81 fewer transactions. Brazil, its dominant economy with a 62.9% regional market share, accounted for much of the increase, rising 5.5x in Q3 to US$ 27.6bn from US$ 5bn in Q2 following president Dilma Rousseff’s impeachment. No other country in the region passed US$ 6bn in any quarter of the year. By Q4, as Rousseff’s successor, Michel Temer, faced corruption charges, deal count remained stable to the previous quarter at 69 deals, yet saw a value decrease of 51.4% to US$ 13.4bn due to fewer large deals being announced.

u Contributing to the region’s woes has been the continued downturn in the oil market, Central & South America’s prime commodity. However, low oil prices have also led to industry consolidations, helping Energy, Mining & Utilities (EMU) finish the year with 83 deals worth US$ 43.2bn, a 79.7% increase in deal value and a rise in count of eight over 2015's 75 deals worth US$ 24.1bn. The largest transaction was State Grid Corporation of China's US$ 12.1bn bid for Brazil's CPFL Energia, which accounted for 28% of EMU's value.

u Chinese deals in the region reached a Mergermarket record (since 2001) by deal value and count – US$ 15.9bn with eight deals, a value 11.1x that of 2015's US$ 1.4bn with six deals. Chinese bids may see a slowdown in 2017, however, due to the government's crackdown on capital leaving the country. Canada also showed interest in Central & South America's assets, particularly in EMU, setting a record of US$ 12.3bn for inbound values. This was 14.3x that of 2015's US$ 862m, though deal count (19) did not break 2012’s high of 23.

u With so much uncertainty over the US’s next political moves, including the future of NAFTA under a Trump presidency, the region's M&A may continue to be affected by its important northern neighbour. However, government attempts to stabilize economies via negotiating favorable trade deals with Asia and Europe could provide some positive outlooks in 2017.

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


12.3 18.6 20.4 32.6

29.9 22.9 10.9 38.4

12.1 18.6 25.8 18.0

65.4 27.6 28.8 45.1

17.8 21.4 22.4 25.4

24.8 39.9 37.9 28.5

21.8 47.1 16.5 32.4

11.2

14.9

12.2

11.0

24.1

38.1

29.6

40.4 18.8 46.1 28.8

19.9

Total 83.8

Total 102.1

Total 74.5

Total 166.9

Total 134.0

Total 117.7

Total 87.0

Total 131.2

Total 77.1

Total 83.8

$16,256m$4,808m

$2,729m$3,228m

$1,970m

$9,212m$5,475m

$14,531m

$43,198m

$10,375m

$5,507m

$24,045m

Market share

$2,726m

Sector breakdown 2016 vs 2015

31.2%

18.9%

7.7%

3.1%

12.0%

3.5%

2.6%

21.1%

51.6%

12.4%

10.1%

6.6%

6.5%

3.9%

3.3%

5.7%


Financial Services


Consumer

Construction

Business Services

Other

Transport

$2,374m

$5,939m$8,479m Top sectors

Top targets

Q1-Q4 2016: $83.8bn

Q1-Q4 2016vs.Q1-Q4 2015

More than 2/5 value drop despite one more deal than 2015 (47)

Brazil$52.7bn(255 deals)

Chile$10.1bn(48 deals)

Colombia$6.7bn(30 deals)

EMU$43.2bn(83 deals)

Consumer$10.4bn(84 deals)

Industrials & Chemicals$8.5bn(71 deals)

Third-highest value on Mergermarket record (since 2001) after 2014 ($50.6bn) and 2010

Lowest H1 ($2.8bn) since 2006 ($2.3bn)

Top country for C&S American M&A since 2007 (US$ 33.6bn, 221 deals)

Rise in value to US$ 83.8bn despite second-largest drop of 81 deals since 2009’s fall of 122 deals

Value increase despite 24 fewer deals than 2015 (95)

Largest value increase since 2005’s 1,385.6% (US$ 10.3bn, 27 deals)

Lowest Q4 since 2009 ($18.0bn)

Q4 2016vs.Q4 2015

vs. ‘15

63.9%

5.1%Share in Americas M&A

Up from 2015’s 3.7%

vs. ‘15

-42.4%

vs. ‘15

141.1%

-32.9%

8.7%

vs. ‘15

79.7%

vs. ‘15

-28.6%

vs. ‘15

42.8%

10

Central & South America


Sector key

Energy, MIning, Utilities Consumer Industrials & Chemicals


2016 2015 Value (US$m)

Deal Count

Value (US$m)

% Value change

1 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 19,924 49 9,164 117.4%

2 30 Sullivan & Cromwell 13,619 3 2,385 471.0%

3 48 Veirano Advogados 13,054 19 1,478 783.2%

4 9 Pinheiro Neto Advogados 11,997 38 4,997 140.1%

5 6 Linklaters 11,312 11 7,220 56.7%

6 23 Baker & McKenzie 10,921 21 2,741 298.4%

7 108 Torys 9,871 2 360 2,642%

8 4 Philippi Prietocarrizosa, Ferrero DU & Uria 7,688 15 8,571 -10.3%


10 24 Barbosa, Mussnich & Aragao 7,008 19 2,709 158.7%

11 243 Ontier 6,691 2 - -

12 25 Gomez-Pinzon Zuleta Abogados 5,077 6 2,706 87.6%

13 - Appleby 4,671 1 - -

14 18 Machado Meyer Sendacz e Opice 4,651 29 3,117 49.2%

15 13 Carey y Cia 4,632 11 4,377 5.8%

Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

12.4 02-Sep State Grid Corporation of China China CPFL Energia SA Brazil A consortium led by

Camargo Correa SA

5.2 23-SepA consortium led by

Brookfield Infrastructure Partners LP

Canada Nova Transportadora do Sudeste SA (90% Stake) Brazil Petroleo Brasileiro SA

4.7 13-Jan Brookfield Renewable Energy Partners LP Canada Isagen SA (57.61% Stake) Colombia Government of Colombia

3.0 07-May El Puerto de Liverpool SAB de CV Mexico Ripley Corp SA Chile Inversiones R Matriz Lim-

itada

2.8 19-Dec The Mosaic Company US Vale Fertilizantes SA Brazil Vale SA

11

Asia-Pacific(excl. Japan)


2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


85.1 91.2 75.4 91.8

75.1 125.9 56.7 90.2

45.8 76.8 66.2 105.8

66.8 71.3 92.8 132.1

69.0 107.8 118.3 115.1

114.0 169.2 139.5 215.9

83.1 81.2 104.9 85.7

195.1

144.8

230.7

159.5

161.7 296.3

87.5 79.4 115.8 73.1

164.8

Total 343.4

Total 347.9

Total 294.7

Total 362.9

Total 355.9

Total 354.9

Total 410.3

Total 638.7

Total 883.7

Total 658.8 189.8

$208.6bn$167.0bn

$87.6bn$35.4bn

$91.1bn

$142.9bn$86.8bn

$54.2bn$51.9bn

$97.4bn$85.9bn

$99.2bn$94.6bn

$102.7bn$96.8bn


$40.5bn

Technology

Financial Services


Real Estate

Transport


Consumer

Other

11.6%

11.2%

16.2%

11.0%

6.1%

10.3%

9.9%

23.6%

14.7%

14.4%

13.2%

13.0%

7.9%

6.1%

5.4%

25.3%

1

1

Chinese activity

2016: $658.8bn

2016vs.2015

Share of global deal value

H2 2016 vs. H1 2016

H2 2016vs.H1 2015

Inbound M&A$30.8bn(176 deals)

Down from record 22.3% in 2015, and second highest share on record

Up by value compared to H1 ($304.3bn), yet the lowest H2 value ($354.5bn) since 2013 ($233.4bn)

25.5%

153.1%

India activity

Second highest annual value on Mergermarket record (since 2001)

Total M&A$64.5bn(388 deals)

156.5%

Down compared to 2015, yet still the second highest on record following 2015 ($430.7bn)

Outbound$206.6bn(372 deals)

China % of As-Pac M&A

Overtaking all annual values and deal counts on record

Highest share on record, up from 53.4% in 2015

118.7%

56.4%

90.5%Highest annual value and second highest volume on record

Highest half year value on record ($46.2bn)

Up compared to 2015, and highest annual value on record

20.3%

Domestic$337.7bn(1,431 deals)

62.3%

21.6%

16.5%

vs. ‘15

vs. ‘15

vs. ‘15

u The Asia-Pacific (excl. Japan) region saw a slower pace of dealmaking compared to a record 2015, with yearly activity (US$ 658.8bn, 3,675 deals) representing a 25.5% decline in value compared to the previous year (US$ 883.7bn, 3,812 deals), yet still achieving its second highest annual value and deal count on Mergermarket record (since 2001). With the Chinese economy continuing to experience turmoil and Western countries undergoing transformative political change, the outlook for Asian M&A remains uncertain.

u China’s acquisitive streak abroad has been a headline trend during 2016, with 372 deals worth US$ 206.6bn representing the highest annual outbound deal value on record, up 118.7% compared to 2015’s previous high (312 deals, US$ 94.4bn). However, in a bid to reduce capital flight, the Chinese government recently took a U-turn in financial policy, pledging to crackdown on costly outbound deals over US$ 2bn. This move is likely to result in more modest deals in 2017, although the appetite for investment remains.

u In turn, this potential reduction of outbound activity may cause a resurgence in China’s domestic M&A. During 2016, 1,431 deals valued at US$ 337.7bn took place between Chinese companies, decreasing 21.6% by value compared to 2015 (1,490 deals, US$ 430.7bn), with 59 fewer deals announced. Yet the Chinese government’s changing stance as to where it would prefer its corporates to invest could look to re-address the current imbalance between domestic and outbound activity.

u India has been a bright spot for Asian M&A activity during 2016, with 388 deals worth US$ 64.5bn up 90.5% by value compared to 2015 (421 deals, US$ 33.9bn) to reach its highest annual total on record. According to Mergermarket intelligence, the Indian chemicals industry is expected to see an increased number of deals in 2017 on the back of a relative slowdown in Chinese manufacturing sector and growing appetite of multinationals to expand their presence in the country. The main areas of interest are speciality chemicals, aroma chemicals, agro chemicals, flavour and fragrances, and niche chemicals.

12

Asia-Pacific(excl. Japan)


Top dealsDeal

value(US$bn)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

12.6 20-OctIndustry Funds

Management Pty Ltd; and AustralianSuper

Australia Ausgrid (50.4% Stake) Australia Government of New South Wales

11.3 06-Sep Jinan Diesel Engine Co Ltd China China Petroleum Capital Co Ltd China China National Petroleum

Corporation

10.9 26-Sep Yum! Brands Inc (Shareholders) USA Yum China Holdings Inc

(95% Stake) China Yum! Brands Inc

9.4 15-Mar Consortium for Asciano led by CPPIB, GIP Canada Asciano Limited Australia

8.7 22-Sep Baoshan Iron & Steel Co Ltd China Wuhan Iron and Steel Company Limited China -

Sector key

Energy, Mining & Utilities Financial Services Leisure Transport Industrials & Chemicals


2016 2015 Value (US$m)

Deal Count

Value (US$m)

% Value change

1 6 King & Wood Mallesons 158,193 148 92,993 70.1%

2 9 Davis Polk & Wardwell 96,566 35 83,241 16.0%

3 15 Fangda Partners 91,687 41 50,924 80.0%

4 33 Simpson Thacher & Bartlett 87,380 34 31,247 179.6%

5 54 White & Case 77,952 47 12,586 519.4%

6 20 Clifford Chance 77,569 55 42,644 81.9%


8 25 Cleary Gottlieb Steen & Hamilton 61,862 21 37,355 65.6%


10 49 Cravath, Swaine & Moore 56,425 6 13,163 328.7%

11 17 Haiwen & Partners 52,220 52 44,962 16.1%


13 598 Baer & Karrer 48,812 6 - -

14 597 Gleiss Lutz 48,696 5 4 1,217,300%

15 171 Homburger 47,787 3 1,272 3,657%

16 - Wolf Theiss 47,082 5 - -

17 410 Bowmans 46,529 6 79 58,798%

18 23 Baker & McKenzie 44,808 73 40,199 11.5%

19 3 Linklaters 42,332 53 124,239 -65.9%

20 28 Allens 41,288 46 33,969 21.5%

13

Japan


Private equity buyouts

2016: $62.6bn

$52.5bn, 388 deals, highest share since 2013 (86.9%)

2016vs.2015

Industrials & Chemicals $20.7bn(96 deals)

Percentage of domestic deal value

The highest buyout deal count since 2007 (60 deals)

KKR - Calsonic $4.3bn

Buyout volume 53 deals

Buyout value$7.7bn

Highest annual value and deal count on record

Softbank - ARM $30.2bn

Targeting Europe$52.2bn(107 deals)

Outbound$92.1bn(309 deals)

Percentage of total Japanese outbound activity

Percentage of total buyout value in 2016

Highest value since 2011($30.4bn), and second highest on record

Up from $2.6bn in 2015, and highest annual value since 2012 ($ 8.9bn)

83.8%

Outbound activity

Highest annual value since 2012 ($70.5bn)

198.5%vs. ‘15

Second highest annual value on record following 2012 ($115.6bn)

15vs. ‘15

132.3%vs. ‘15

32.7%

55.5%

vs. ‘15

111.7%

2.3%

5.2%vs. ‘15

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


26.1 18.0 11.9 32.2

17.3 10.8 15.5 12.3

10.6 14.1 24.1 29.7

13.9 7.3 33.3 6.9

8.1 15.2 4.8 7.3

7.1 10.8

13.4

5.0 9.3

14.1 26.3 13.9

16.7

16.2

9.1

17.4

9.1 21.7 21.5

12.1 17.2 32.6 21.5 21.5

15.2

Total 88.2

Total 55.8

Total 78.5

Total 61.4

Total 83.4

Total 70.5

Total 35.4

Total 32.2

Total 61.3

Total 62.6

$24,239m$6,579m

$526m

$5,473m

$4,940m

$2,779m

$1,739m$6,764m

$13,042m$8,100m

$9,759m$20,657m


$7,328m



Consumer

Real Estate

Technology

Transport

Other

$2,935m

15.9%

21.3%

4.8%

2.8%

4.3%

10.4%

0.9%

39.6%

33.0%

12.9%

11.7%

10.8%

8.7%

7.9%

4.4%

10.5%


$6,376m

$2,611m

u Domestic deals continued to dominate Japanese dealmaking as companies looked to improve profitability amid a stuttering economy and ageing population. Overall M&A activity targeting Japan edged ahead 2.3% by value to US$ 62.6bn (432 deals) from US$ 61.3bn (408 deals) in 2015, with 83.8% (US$ 52.5bn, 388 deals) stemming from domestic activity. The average value of Japanese M&A activity in 2016, which stood at US$ 249.5m, was the highest since 2012 (US$ 303.9m). Larger valued deals are likely to continue into 2017 as the government looks to back greater consolidation where there is an oversupply of companies.

u Softbank’s US$ 30.2bn acquisition of UK-based ARM was the largest outbound investment recorded by a Japanese bidder in 2016. However, this constituted 32.7% of total outbound activity by value (US$ 92.1bn, 309 deals) and disregarding this transaction, deal value was down by 29.3% on 2015’s figure (US$ 87.6bn, 306 deals). Japanese companies are likely to continue to be acquisitive into 2017 despite global political uncertainties. As a result of the aforementioned Softbank transaction, deals targeting Europe in 2016 (US$ 52.2bn, 107 deals) represented 56.7% of total outbound activity, up from 25.7% in 2015 (US$ 22.5bn, 90 deals).

u As trust in private equity in the country grows, buyouts have soared during 2016 as Japanese managers looked to streamline operations and pursue divestures. In 2016 Japan has seen the highest amount of buyouts (53 deals) since 2007 (60 deals) and the highest value (US$7.7bn) since 2012 (US$ 8.9bn). Q4 saw the second largest buyout of a Japanese firm on Mergermarket record when KKR acquired auto component manufacturer Calsonic for US$ 4.4bn. As a result, deal value for Q4 2016 (US$ 6.1bn, 13 deals) was the highest quarter since Q4 2007 (US$ 7.2bn, 23 deals).

u Industrials & Chemicals was the most targeted sector by value during 2016. With 96 deals worth US$ 20.7bn representing 33.0% of total M&A, deal activity in the sector increased by 111.7% on 2015’s figure (US$ 9.8bn, 87 deals). Tech, as a result of Softbank's acquisition of ARM, was the most targeted sector for outbound activity by value (US$ 35.7bn, 34 deals), with Industrials and Chemicals the most by deal count (US$ 17.4bn, 99 deals).

14

Japan


Top dealsDeal

value(US$m)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target sector

Seller company

6,269 31-Aug JX Holdings Inc Japan TonenGeneral Sekiyu K.K.

5,916 17-Mar Canon Inc Japan Toshiba Medical Systems Corporation Toshiba Corporation

4,274 22-Nov Kohkberg Kravis Roberts & Co LP USA Calsonic Kansei Corporation

3,259 29-Jan Toyota Motor Corporation Japan Daihatsu Motor Company Ltd (48.8% Stake)

3,085 30-Sep Coca-Cola West Co Ltd Japan Coca-Cola East Japan Co Ltd


2016 2015 Value (US$m)

Deal Count

Value (US$m)

% Value change

1 1 Mori Hamada & Matsumoto 80,475 88 33,463 140.5%

2 17 Anderson Mori & Tomotsune 54,236 55 7,663 607.8%

3 5 Freshfields Bruckhaus Deringer 50,136 11 20,672 142.5%

4 14 Morrison & Foerster 47,404 22 9,232 413.5%

5 25 White & Case 46,826 17 4,932 849.4%

6 - Slaughter and May 39,133 6 - -

7 23 Davis Polk & Wardwell 38,893 5 5,181 650.7%

8 4 Nagashima Ohno & Tsunematsu 30,921 47 21,502 43.8%

9 12 Herbert Smith Freehills 30,729 6 10,291 198.6%

10 27 Cleary Gottlieb Steen & Hamilton 30,165 1 3,725 709.8%

11 3 Nishimura & Asahi 28,878 59 23,367 23.6%



14 230 Hogan Lovells International 13,716 8 - -

15 30 Allen & Overy 12,447 12 3,470 258.7%

Sector key

Energy, Mining & Utilities Pharma, Medical & Biotech Industrials & Chemicals Consumer

15



u High price-tags on deals helped push Middle East & Africa’s (MEA) 2016 deal value (US$ 88.3bn, 402 deals) to its highest value on Mergermarket record (since 2001), eclipsing 2007’s US$ 88.2bn (473 deals). Total yearly value stood 93.4% higher than 2015 (US$ 45.7bn, 472 deals) and 2016 also saw the highest average transaction value (US$ 338.3m) on Mergermarket record, over double 2015’s equivalent figure of US$ 158.0m.

u With 194 deals worth US$ 48.9bn announced, inbound activity into the region reached its highest level on Mergermarket record, a 218.7% increase compared to 2015’s value of US$ 15.3bn (221 deals). China was the most active investor into the region, with US$ 15.5bn (15 deals) representing a 16.9x increase on the equivalent 2015 figure (US$ 917m, ten deals). Israel was the most targeted country in terms of inbound investment, with 56 deals worth US$ 16.3bn recorded in 2016 marking a 298.2% increase compared to 2015 (US$ 4.1bn, 62 deals).

u Overall MEA outbound activity from the region in 2016 (US$ 36.3bn, 150) was down by 53.0% by value compared to 2015’s record figure (US$ 77.3bn, 149 deals). With companies looking to expand out of a slowing domestic market, South Africa recorded a 27.2% increase on 2015 (US$ 8.8bn, 26 deals) as a result of larger deals, such as Steinhoff’s US$ 3.8bn acquisition of US-based Mattress firm. The country was the most active acquirer of assets outside the region, with 38 deals valued at US$ 11.2bn representing a 30.8% share of total outbound activity.

u As a result of changing consumer habits, particularly in the food and drink industry, the Consumer sector (US$ 22.1bn, 64 deals) saw a 15x increase on 2015 (US$ 1.5bn, 66 deals), and was the most targeted industry by both value and deal count. Financial Services was the second most targeted sector by value (US$ 18.6, 44 deals), largely due to the US$ 14.8bn deal between the National Bank of Abu Dhabi and First Gulf Bank, the largest Financial Services deal into MEA on Mergermarket record.

2014

2013

2012

2011

2010

2009

2008

2007

2015

2016


19.9 12.7 20.9 34.8

13.0 12.9 11.4 14.6

5.6 4.0 15.6 7.8

25.4 8.0 8.2 12.8

12.4 21.6 13.7 15.5

7.2 19.3 9.7 24.4

8.9 13.5 9.5 20.7

8.3

9.7

9.2

24.6

7.9 20.3

34.9

19.8 6.6 11.5 7.4

Total 88.2

Total 52.0

Total 32.9

Total 54.4

Total 45.3

Total 52.6

Total 63.2

Total 60.7

Total 45.7

Total 88.3 19.1

$19,973m

$987m

$7,701m

$8,182m

$10,197m

$22,075m

$2,926m

$4,504m

$18,635m


3.2%

6.4%

25.7%

9.9%

8.5%

0.4%

2.2%

43.7%

25.0%

21.1%

12.9%

9.3%

8.7%

6.6%

4.9%

11.5%

$11,418m

Consumer


Technology

Financial Services

Other

$1,194m


Transport

$11,739m

$4,302m

$5,799m

$,1,473m

$166m

$3,895m

Real Estate

Cross-border activity

2016: $88.3bn

Third consecutive half year increase, and highest half year value since 2007

2016vs.2015

Average deal value

H2 2016vs.H1 2016

Highest inbound value on record

Israel inbound M&A$16.3bn(56 deals)

MEA inbound$48.9bn(194 deals)

South Africa outbound$11.2bn(38 deals)

Highest annual value and third highest deal count on record

Energy, Mining & Utilities$11.4bn(47 deals)

Consumer$22.1bn(64 deals)

Financial Services$18.6bn(44 deals)

Third consecutive annual value decrease, and lowest deal count since 2005 (46)

Highest value on record due to the Playtika ($4.5bn) and ADAMA ($3.9bn) transactions

Highest value on record, pushed up by the $14.8bn First Gulf Bank/National Bank of Abu Dhabi deal

Highest annual value and deal count on record

$338.3m

Sector breakdown

Highest annual value on Mergemarket record

27.2%vs. ‘15

Due to the $14.8bn deal between National Bank of Abu Dhabi and First Gulf Bank

218.7%vs. ‘15

vs. ‘156.4x

15xvs. ‘15

93.4%

6.4x

vs. ‘15

298.2%

57.3%

vs. ‘15

2.7%

16



Sector key

Financial Services Consumer Transport Technology Industrials & Chemicals


2016 2015 Value (US$m)

Deal Count

Value (US$m)

% Value change

1 23 Allen & Overy 37,949 25 9,152 314.7%

2 24 Clifford Chance 31,978 27 7,637 318.7%

3 19 Freshfields Bruckhaus Deringer 24,507 24 14,118 73.6%

4 13 Linklaters 24,494 25 22,433 9.2%

5 22 White & Case 22,899 21 10,934 109.4%

6 14 Cliffe Dekker Hofmeyr 12,049 27 18,876 -36.2%


8 17 ENSafrica 10,173 21 15,256 -33.3%



11 3 Kirkland & Ellis 7,734 7 43,152 -82.1%


13 70 Grandall Law Firm 6,819 2 1,073 535.5%

14 - Wachtell, Lipton, Rosen & Katz 5,761 1 - -

15 1 Latham & Watkins 5,628 9 45,932 -87.7%

16 50 Bowmans 5,294 31 2,040 159.5%

17 202 Fenwick & West 4,797 2 60 7,895%

18 65 Yigal Arnon & Co 4,738 3 1,187 299.2%



Top dealsDeal

value(US$m)

Ann.date

Bidder company

Biddercountry

Targetcompany

Target country

Target sector

Seller company

14,841 03-Jul National Bank of Abu Dhabi PJSC

United Arab Emirates First Gulf Bank United Arab

Emirates

5,793 14-Apr Bidvest Group Limited (Shareholders) South Africa Bid Corporation Limited South Africa Bidvest Group Limited

5,400 28-Jun Hapag-Lloyd AG Germany United Arab Shipping Company (S.A.G.) Kuwait Government of Qatar; and

Public Investment Fund

4,477 30-Jul Chongqing New Century Cruise Co Ltd China Playtika Ltd Israel Caesars Entertainment

Corporation

3,936 14-Sep Hubei Sanonda Co Ltd China ADAMA Agricultural Solutions Ltd Israel China National

Agrochemical Corporation

17

Global league tables


Global by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 DLA Piper 126,287 473 -28

2 2 Kirkland & Ellis 256,845 405 -9

3 4 Latham & Watkins 288,209 363 12

4 3 Jones Day 301,189 361 -5

5 7 White & Case 665,223 319 19

6 5 Baker & McKenzie 134,203 309 -33

7 8 Allen & Overy 269,633 267 -19

8 14 Weil Gotshal & Manges 365,589 253 16

9 9 Clifford Chance 222,729 252 -15

10 10 CMS 27,351 246 -12

11 12 Freshfields Bruckhaus Deringer 337,217 243 0

12 11 Linklaters 222,359 241 -5

13 6 Skadden Arps Slate Meagher & Flom 398,968 223 -82

14 16 Hogan Lovells International 66,620 209 -17

15 15 King & Wood Mallesons 163,449 204 -26

Global by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 9 White & Case 665,223 319 0.4%

2 5 Sullivan & Cromwell 575,519 136 -23.9%

3 10 Davis Polk & Wardwell 472,671 153 -25.5%

4 2 Cravath, Swaine & Moore 438,988 67 -55.2%

5 1 Skadden Arps Slate Meagher & Flom 398,968 223 -64.4%

6 3 Wachtell, Lipton, Rosen & Katz 380,838 80 -51.2%

7 8 Weil Gotshal & Manges 365,589 253 -45.6%

8 7 Freshfields Bruckhaus Deringer 337,217 243 -51.0%

9 6 Cleary Gottlieb Steen & Hamilton 326,033 120 -56.7%

10 23 Shearman & Sterling 309,722 158 6.7%

11 12 Simpson Thacher & Bartlett 307,565 145 -41.9%

12 21 Jones Day 301,189 361 0.5%

13 4 Latham & Watkins 288,209 363 -63.0%

14 24 Paul Weiss Rifkind Wharton & Garrison 277,059 144 -2.1%

15 29 Allen & Overy 269,633 267 9.6%

18

Europe league tables


Europe by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 DLA Piper 75,038 268 -19

2 2 CMS 26,182 241 -13

3 3 Allen & Overy 224,442 215 -30

4 4 Linklaters 209,070 215 -5

5 7 White & Case 247,032 212 29


7 6 Baker & McKenzie 55,090 208 0


9 9 Jones Day 99,701 146 -5

10 12 Eversheds 24,702 143 11

11 10 Latham & Watkins 75,760 137 -7


13 13 Weil Gotshal & Manges 83,643 110 -7

14 23 Dentons 16,293 105 27

15 31 Pinsent Masons 10,631 102 34

16 18 Squire Patton Boggs 2,655 96 5

17 42 PwC legal 6,890 95 35

18 92 Orrick Herrington & Sutcliffe 7,903 92 59

19 19 Norton Rose Fulbright 13,098 86 2

20 20 Kirkland & Ellis 80,452 84 2

Europe by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change


2 10 White & Case 247,032 212 -18.0%


4 19 Allen & Overy 224,442 215 0.8%

5 13 Linklaters 209,070 215 -28.2%

6 2 Clifford Chance 197,776 208 -58.8%






12 50 Paul Weiss Rifkind Wharton & Garrison 118,889 26 178.7%


14 161 Morrison & Foerster 106,269 16 1952.7%

15 25 Slaughter and May 103,370 50 -36.3%


17 51 Jones Day 99,701 146 143.9%

18 23 Herbert Smith Freehills 90,453 76 -50.3%


20 14 Debevoise & Plimpton 82,516 23 -70.2%

19



UK by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 DLA Piper 22,411 126 4

2 10 Pinsent Masons 8,350 91 26


4 4 Freshfields Bruckhaus Deringer 112,441 80 -6

5 6 Eversheds 19,573 78 -6

6 8 Squire Patton Boggs 2,217 75 -1

7 9 Travers Smith 22,919 72 6

8 5 CMS 19,519 71 -14

9 2 Linklaters 51,369 69 -21

10 7 Allen & Overy 54,218 65 -18

11 19 White & Case 80,967 61 16

12 14 Addleshaw Goddard 2,598 48 -4

13 22 Latham & Watkins 30,716 45 3

14 24 Macfarlanes 13,741 45 4

15 12 Osborne Clarke 2,742 45 -9

UK by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change


2 30 White & Case 80,967 61 74.3%


4 15 Allen & Overy 54,218 65 -55.9%


6 3 Linklaters 51,369 69 -75.7%

7 4 Clifford Chance 46,754 82 -76.3%


9 39 Weil Gotshal & Manges 45,948 39 87.2%



12 146 Morrison & Foerster 31,655 8 2,516%

13 33 Latham & Watkins 30,716 45 -18.2%

14 224 Mori Hamada & Matsumoto 30,517 4 5,967%

15 390 Anderson Mori & Tomotsune 30,354 3 108,307%

Ireland by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 2 A&L Goodbody 26,202 38 1

2 4 Matheson 36,575 32 4

3 1 Arthur Cox 55,690 23 -14

4 3 William Fry 2,631 22 -15

5 7 Eversheds 2,421 13 -3

6 6 Mason Hayes & Curran 47 10 -6

7 31 Pinsent Masons 898 8 3

8 67 ByrneWallace 234 8 6

9 15 Kirkland & Ellis 37,739 7 -2

10 5 McCann FitzGerald 2,262 7 -10

11 14 Baker & McKenzie 204 7 -3

12 34 Squire Patton Boggs 100 7 2


14 17 Maples and Calder 2,210 6 -3

15 118 Beauchamps Solicitors 44 6 5

Ireland by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 1 Arthur Cox 55,690 23 -80.9%


3 28 Fried Frank Harris Shriver & Jacobson 38,217 4 193.7%

4 20 Kirkland & Ellis 37,739 7 -15.7%


6 27 Ropes & Gray 37,161 3 163.6%

7 25 Matheson 36,575 32 64.2%


9 13 White & Case 35,479 2 -81.4%

10 91 Jones Day 35,234 3 35,134%

11 26 Slaughter and May 35,230 3 133.0%

12 7 A&L Goodbody 26,202 38 -88.8%



15 45 Simpson Thacher & Bartlett 19,208 3 289.3%

20



Germanic by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 CMS 5,394 99 -12


3 14 White & Case 83,803 67 28

4 2 Baker & McKenzie 12,069 65 5

5 6 Hengeler Mueller 31,351 64 9

6 3 Clifford Chance 135,250 60 1

7 10 Allen & Overy 84,335 54 10

8 4 DLA Piper 8,845 54 -5

9 9 Linklaters 110,882 53 8

10 11 Latham & Watkins 32,614 49 5

11 8 Gleiss Lutz 57,250 47 -3

12 5 Noerr 3,766 45 -11


14 13 Jones Day 8,710 38 -1

15 40 Orrick Herrington & Sutcliffe 759 36 22

Germanic by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 1 Clifford Chance 135,250 60 67.2%

2 53 Cravath, Swaine & Moore 115,530 6 2436.3%

3 14 Linklaters 110,882 53 376.7%

4 3 Freshfields Bruckhaus Deringer 89,087 79 36.5%

5 20 Allen & Overy 84,335 54 357.2%

6 23 White & Case 83,803 67 425.9%

7 2 Sullivan & Cromwell 79,127 14 17.8%


9 269 Debevoise & Plimpton 66,992 8 142,436%

10 7 Wachtell, Lipton, Rosen & Katz 64,733 4 97.9%

11 95 Paul Weiss Rifkind Wharton & Garrison 64,628 5 2,994%


13 92 WilmerHale 64,019 3 2,807%

14 15 Stikeman Elliott 63,596 6 203.1%

15 76 Luthra & Luthra Law Offices 63,433 2 2,014%

Germany by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 CMS 5,332 89 -4

2 2 Hengeler Mueller 30,397 62 10


4 12 White & Case 31,060 56 23


6 4 Gleiss Lutz 11,390 46 -4

7 3 Noerr 3,085 44 -7

8 14 Allen & Overy 79,666 43 11

9 6 DLA Piper 7,776 43 1

10 8 Latham & Watkins 27,388 41 4

11 10 Linklaters 104,665 39 5

12 16 Jones Day 7,309 33 4


14 9 Luther 2,761 30 -6

15 18 Heuking Kuhn Luer Wojtek 879 30 4

Germany by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 9 Linklaters 104,665 39 552.3%

2 2 Clifford Chance 86,171 48 93.5%


4 11 Allen & Overy 79,666 43 493.5%


6 107 Cravath, Swaine & Moore 68,600 4 12,722%


8 198 Debevoise & Plimpton 66,839 6 142,111%

9 145 Wachtell, Lipton, Rosen & Katz 64,733 4 29,731%



12 61 WilmerHale 64,019 3 2,975%


14 - Luthra & Luthra Law Offices 63,433 2 -

15 - Franceschini e Miranda Advogados 63,403 1 -

21



France by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Gide Loyrette Nouel 5,023 55 3

2 7 Linklaters 31,449 51 11


4 2 CMS 954 47 -3

5 9 De Pardieu Brocas Maffei 8,421 46 10

6 4 DLA Piper 1,160 43 -1

7 8 Allen & Overy 8,465 42 2

8 10 Fidal 857 42 7

9 24 Paul Hastings 4,443 41 22

10 11 Jones Day 4,732 40 6

11 14 Bredin Prat 27,460 39 10

12 6 Latham & Watkins 15,692 34 -6


14 30 Orrick Herrington & Sutcliffe 888 32 18

15 18 Hogan Lovells International 5,655 30 1

France by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 8 Darrois Villey Maillot Brochier 45,644 22 116.8%

2 5 Cleary Gottlieb Steen & Hamilton 32,450 24 29.0%

3 9 Linklaters 31,449 51 102.1%

4 6 Bredin Prat 27,460 39 13.5%



7 - Brandford-Griffith 21,135 2 -


9 1 Latham & Watkins 15,692 34 -63.9%

10 117 Dechert 13,643 23 1,996%

11 - Talwar Thakore & Associates 12,588 2 -




15 80 Baker & McKenzie 8,584 27 390.8%

Benelux by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Allen & Overy 71,742 82 -8

2 2 Loyens & Loeff 10,243 59 -3

3 5 NautaDutilh 12,547 47 1

4 7 Stibbe 5,848 44 1

5 4 DLA Piper 49,194 43 -4


7 8 Houthoff Buruma 6,265 42 -1

8 9 Baker & McKenzie 4,356 42 3

9 12 CMS 1,410 40 5


11 3 De Brauw Blackstone Westbroek 65,155 33 -20

12 23 Jones Day 50,222 29 15

13 11 Linklaters 6,852 27 -9

14 16 White & Case 5,640 27 4

15 17 De Breij Evers Boon 51 26 4

Benelux by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 9 Allen & Overy 71,742 82 -45.1%

2 4 De Brauw Blackstone Westbroek 65,155 33 -58.1%

3 33 Skadden Arps Slate Meagher & Flom 53,612 9 78.9%




7 69 Jones Day 50,222 29 3,211%

8 63 DLA Piper 49,194 43 2,565%




12 48 NautaDutilh 12,547 47 29.0%

13 10 Hogan Lovells International 11,767 14 -90.7%

14 25 Loyens & Loeff 10,243 59 -77.1%


22



Iberia by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Cuatrecasas 7,215 70 -4

2 3 Garrigues 19,679 66 5

3 2 Uria Menendez 20,664 51 -15

4 7 PwC legal 3,991 42 11

5 4 Deloitte Legal 10,333 35 -5

6 8 Linklaters 20,737 32 3


8 11 Perez-Llorca 5,437 24 4

9 10 Allen & Overy 11,482 21 -2

10 6 Baker & McKenzie 7,255 21 -10

11 24 CMS 3,023 19 11

12 19 King & Wood Mallesons 1,568 16 6

13 5 KPMG Abogados 1,142 14 -18


15 13 DLA Piper 7,512 13 -4

Iberia by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change


2 1 Linklaters 20,737 32 -34.1%

3 3 Uria Menendez 20,664 51 6.4%

4 7 Garrigues 19,679 66 20.9%

5 6 Allen & Overy 11,482 21 -31.6%

6 13 Deloitte Legal 10,333 35 9.4%

7 23 Latham & Watkins 9,281 9 36.8%

8 35 DLA Piper 7,512 13 161.7%

9 5 Baker & McKenzie 7,255 21 -61.5%

10 16 Cuatrecasas 7,215 70 -4.1%

11 150 Ontier 6,691 2 -

12 22 Hengeler Mueller 6,428 1 -7.4%

13 10 Clifford Chance 5,729 29 -56.6%

14 21 Perez-Llorca 5,437 24 -22.6%

15 43 PwC legal 3,991 42 272.3%

Spain by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Cuatrecasas 6,439 64 0

2 3 Garrigues 19,648 63 6

3 2 Uria Menendez 19,938 46 -14

4 7 PwC legal 3,991 42 11

5 4 Deloitte Legal 10,333 35 -5


7 8 Linklaters 19,772 25 1

8 11 Perez-Llorca 5,437 24 4

9 10 Allen & Overy 11,482 21 -1

10 6 Baker & McKenzie 7,255 21 -10


12 22 CMS 2,891 14 6

13 5 KPMG Abogados 1,142 14 -18

14 13 DLA Piper 7,512 13 -3

15 12 Gomez-Acebo & Pombo Abogados 480 13 -5

Spain by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change


2 4 Uria Menendez 19,938 46 5.1%

3 1 Linklaters 19,772 25 -32.5%

4 7 Garrigues 19,648 63 21.3%

5 6 Allen & Overy 11,482 21 -31.4%

6 13 Deloitte Legal 10,333 35 9.4%

7 22 Latham & Watkins 9,281 9 36.8%

8 34 DLA Piper 7,512 13 161.7%

9 5 Baker & McKenzie 7,255 21 -61.5%

10 128 Ontier 6,691 2 -

11 28 Cuatrecasas 6,439 64 19.7%

12 21 Hengeler Mueller 6,428 1 -7.4%

13 10 Clifford Chance 5,729 29 -56.6%

14 20 Perez-Llorca 5,437 24 -22.6%

15 41 PwC legal 3,991 42 272.3%

23



Italy by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Gianni, Origoni, Grippo, Cappelli & Partners 16,344 57 -4

2 2 Chiomenti 13,592 53 -6

3 3 Nctm Studio Legale 3,070 44 6

4 5 Pedersoli Studio Legale 4,728 37 8

5 6 Gatti Pavesi Bianchi 16,078 36 11

6 4 BonelliErede 8,257 34 -1

7 9 Gattai Minoli Agostinelli & Partners 3,149 26 6

8 7 Legance Avvocati Associati 3,072 22 -2

9 8 DLA Piper 2,085 21 -3

10 15 Studio Legale Lombardi Molinari Segni 8,624 19 3

11 12 Linklaters 1,742 18 -1

12 21 White & Case 2,951 17 7




Italy by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 1 Gianni, Origoni, Grippo, Cappelli & Partners 16,344 57 -36.5%

2 29 Gatti Pavesi Bianchi 16,078 36 167.0%


4 7 Chiomenti 13,592 53 -18.7%

5 19 Studio Legale Lombardi Molinari Segni 8,624 19 18.4%

6 8 BonelliErede 8,257 34 -41.9%

7 9 Clifford Chance 7,109 14 -49.0%

8 140 Wolf Theiss 4,932 5 5,505%

9 4 Pedersoli Studio Legale 4,728 37 -78.3%


11 59 Baker & McKenzie 4,485 14 232.0%

12 73 Orrick Herrington & Sutcliffe 4,385 16 379.2%

13 - Studio Marchetti 4,170 1 -

14 47 Veil Jourde 3,865 2 91.5%


Nordics by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 2 Vinge 25,029 76 13

2 1 Mannheimer Swartling 20,147 74 7

3 5 Bech-Bruun 2,163 65 14

4 4 Schjodt 4,741 63 8

5 14 Kromann Reumert 7,698 52 16

6 15 Plesner 6,704 50 14

7 11 Thommessen 11,742 49 11

8 18 DLA Piper 3,168 49 19

9 19 LETT Law Firm 1,872 48 18

10 16 Wikborg Rein & Co 2,949 46 12

11 6 Gorrissen Federspiel 4,104 45 -4

12 3 Hannes Snellman 15,955 44 -13

13 7 Wiersholm 3,980 42 -4

14 17 BA-HR 3,939 42 10

15 12 Selmer 1,956 41 3

Nordics by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 13 White & Case 25,790 37 104.9%

2 5 Vinge 25,029 76 60.5%

3 12 Mannheimer Swartling 20,147 74 41.4%

4 26 Hannes Snellman 15,955 44 185.5%

5 28 Thommessen 11,742 49 121.4%

6 206 Cleary Gottlieb Steen & Hamilton 11,413 6 75,987%

7 14 Avance Attorneys 11,086 16 -11.3%

8 17 Linklaters 10,885 17 4.9%

9 178 NautaDutilh 10,780 4 28,268%

10 118 Stibbe 10,165 3 4,563%

11 121 Morgan Lewis & Bockius 9,933 2 5,743%

12= - Cadwalader, Wickersham & Taft 9,933 1 -

12= 38 Cravath, Swaine & Moore 9,933 1 289.5%

14 - Covington & Burling 8,921 2 -

15 - Anderson Mori & Tomotsune 8,740 3 -

24



Denmark by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Bech-Bruun 2,163 65 16

2 4 Kromann Reumert 4,572 51 16

3 5 Plesner 1,778 48 15

4 6 LETT Law Firm 1,310 47 18

5 2 Gorrissen Federspiel 3,974 42 -4

6 3 Accura 4,039 34 -7

7 8 Bruun & Hjejle 2,056 18 -5

8 7 Lundgrens 1,633 17 -10

9 9 Moalem Weitemeyer Bendtsen 269 17 -1

10 14 Delacour 374 15 9

11 10 Horten Law Firm 2,565 12 -2

12 11 Vinge 1,432 7 0


14 114 Selmer 6 6 5

15 - Hannes Snellman 242 5 5

Denmark by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 2 Kromann Reumert 4,572 51 -29.9%

2 3 Accura 4,039 34 -31.5%

3 1 Gorrissen Federspiel 3,974 42 -63.0%

4 27 Horten Law Firm 2,565 12 711.7%

5 8 Bech-Bruun 2,163 65 -7.9%

6 18 Bruun & Hjejle 2,056 18 232.1%

7 4 Plesner 1,778 48 -69.5%

8 36 DLA Piper 1,676 2 1,142%


10 10 Lundgrens 1,633 17 8.1%

11 71 Shearman & Sterling 1,590 2 -

12 17 Vinge 1,432 7 118.6%

13 26 LETT Law Firm 1,310 47 270.1%

14= 9 Latham & Watkins 1,139 2 -50.2%

14= 34 Weil Gotshal & Manges 1,139 2 432.2%

Norway by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Schjodt 4,706 62 12

2 3 Thommessen 10,412 46 9

3 5 Wikborg Rein & Co 2,699 45 13

4 6 BA-HR 3,939 42 12

5 2 Wiersholm 3,980 40 -2

6 4 Selmer 1,956 39 3

7 21 CLP 824 32 27

8 7 Simonsen Vogt Wiig 1,507 19 -2

9 11 Advokatfirmaet Haavind 301 17 6

10 49 Grette 190 11 9

11 12 Kluge Advokatfirma 94 11 1


13 16 Vinge 5,487 10 4

14 10 Aabo-Evensen & Co 561 10 -2

15 13 DLA Piper 589 9 1

Norway by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 2 Thommessen 10,412 46 96.3%

2 31 Mannheimer Swartling 5,803 10 1,490%

3 21 Vinge 5,487 10 766.8%

4 76 Hannes Snellman 4,805 4 -

5 10 Linklaters 4,774 3 185.0%

6 19 Schjodt 4,706 62 530.8%

7 5 Wiersholm 3,980 40 45.8%

8 1 BA-HR 3,939 42 -40.4%

9 8 Wikborg Rein & Co 2,699 45 23.1%

10 16 Selmer 1,956 39 113.5%

11 6 Michelet & Co 1,910 7 -19.6%

12 84= Fangda Partners 1,834 2 -

13 34 Norton Rose Fulbright 1,508 4 486.8%

14 22 Simonsen Vogt Wiig 1,507 19 138.4%

15 84= Setterwalls 1,505 1 -

25



Sweden by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 2 Vinge 23,949 74 12


3 3 Advokatfirman Lindahl 657 39 0

4 11 DLA Piper 651 30 12


6 5 Wistrand 284 24 -5

7 7 Roschier 5,135 23 0

8 9 Setterwalls 1,692 23 1

9 10 White & Case 13,082 20 1

10 16 Delphi 1,039 20 6

11 53 Bech-Bruun 674 20 16

12 8 Gernandt & Danielsson 4,963 17 -5

13 14 Baker & McKenzie 1,218 17 1

14 31 Plesner 6,118 16 8

15 24 Advokatfirman Torngren Magnell 73 15 6

Sweden by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 1 Vinge 23,949 74 53.6%


3 17 White & Case 13,082 20 286.2%

4 146 Cleary Gottlieb Steen & Hamilton 10,821 3 72,040%

5 118 NautaDutilh 10,780 4 28,268%

6 3 Linklaters 10,298 13 18.8%

7= 72 Morgan Lewis & Bockius 9,933 2 5,743%

7= 167 Stibbe 9,933 2 -

9= - Cadwalader, Wickersham & Taft 9,933 1 -

9= 31 Cravath, Swaine & Moore 9,933 1 727.8%

11 13 Clifford Chance 7,415 13 87.1%

12 4 Latham & Watkins 7,365 8 -5.1%

13 69 Kromann Reumert 6,220 14 3,122%


15 12 Plesner 6,118 16 42.5%

Finland by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 3 Castren & Snellman 1,323 26 0


3 5 Borenius Attorneys 846 22 6

4 2 Krogerus 755 19 -9

5 6 Avance Attorneys 11,086 16 1

6 4 Roschier 3,077 16 -6

7 16 Eversheds - 15 11

8 9 White & Case 12,748 14 6

9 12 DLA Piper 274 12 7

10 7 Bird & Bird 434 11 -1

11 8 Dittmar & Indrenius 243 9 0

12 24 SORAINEN - 6 3

13 10 Merilampi Attorneys 402 5 -3

14 - KallioLaw Asianajotoimisto 712 4 4

15 90 Ellex 160 4 3

Finland by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 15 White & Case 12,748 14 86.0%

2 11 Avance Attorneys 11,086 16 -10.9%

3 22 Hannes Snellman 11,079 24 316.0%

4 - Covington & Burling 8,921 2 -

5 - Fenwick & West 8,600 2 -

6= - Anderson Mori & Tomotsune 8,600 1 -

6= 26 Morrison & Foerster 8,600 1 616.7%

6= - Slaughter and May 8,600 1 -

9 1 Roschier 3,077 16 -87.5%

10 17 Fried Frank Harris Shriver & Jacobson 1,596 2 -62.4%


12 42 Castren & Snellman 1,323 26 467.8%

13 - Bryan Cave 1,275 1 -

14 61 Kirkland & Ellis 1,041 3 4,632%

15 49 Borenius Attorneys 846 22 540.9%

26



Turkey by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 3 Baker & McKenzie 121 14 3

2 8 Paksoy Attorneys at Law 1,288 13 6

3 4 White & Case 973 9 0

4 2 Balcioglu Selcuk Akman Keki 232 8 -5

5 6 Kolcuoglu Demirkan Kocakli Attorneys at Law 195 6 -2

6 10 Allen & Overy 269 5 1

7 9 Caliskan Kizilyel Toker - 5 -2

8 29 Linklaters 104 3 1

9 13 Verdi Law Firm 694 2 -1

10 42 Erdem & Erdem Law Office 331 2 1

11 16 DLA Piper 300 2 -1

12 15 Clifford Chance 269 2 -1

13 20 Freshfields Bruckhaus Deringer 150 2 0

14 - Djingov, Gouginski, Kyutchukov & Velichkov 112 2 2

15 19 Pekin & Bayar Law Firm 110 2 -1

Turkey by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 30 Paksoy Attorneys at Law 1,288 13 510.4%

2 5 White & Case 973 9 -64.1%

3 2 Verdi Law Firm 694 2 -77.9%

4= - Kim & Chang 689 1 -

4= - Kirkland & Ellis 689 1 -

4= - Shin & Kim 689 1 -

7= 19 Dechert 342 1 -36.4%

7= 1 Yegin Ciftci Attorney Partnership (YCAP) 342 1 -90.1%

9 23 Erdem & Erdem Law Office 331 2 -11.7%

10 34 DLA Piper 300 2 200%

11 11 Allen & Overy 269 5 -60.7%

12 21 Clifford Chance 269 2 -38.7%

13 9 Balcioglu Selcuk Akman Keki 232 8 -70.3%

14 25 Kolcuoglu Demirkan Kocakli Attorneys at Law 195 6 -47.0%

15 - Aksan Hukuk Burosu 159 1 -

CEE by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 White & Case 26,993 36 -5

2 2 CMS 425 26 -12

3 9 Dentons 6,088 25 5

4 5 Allen & Overy 15,905 24 2

5 3 Baker & McKenzie 1,000 23 -3

6 25 Ellex 653 23 16

7 11 Schoenherr Rechtsanwaelte 242 22 2

8 15 SORAINEN 262 20 5



11 12 Wolf Theiss 320 16 -3

12 13 Linklaters 22,123 15 -3


14 6 Herbert Smith Freehills 6,193 14 -7

15 19 Eversheds 148 13 2

CEE by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 4 White & Case 26,993 36 286.6%

2 72 Freshfields Bruckhaus Deringer 24,755 10 14,903%

3 5 Linklaters 22,123 15 274.5%

4 8 Allen & Overy 15,905 24 445.4%

5= - AZB & Partners 12,656 2 -

5= - Cyril Amarchand Mangaldas 12,656 2 -

7 44 Hogan Lovells International 7,838 14 1,156%




11 9 Dentons 6,088 25 108.9%



14 50 DLA Piper 3,679 8 708.6%

15 2 Norton Rose Fulbright 3,593 11 -55.7%

27



Poland by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change



3 12 White & Case 2,268 11 6

4 8 Allen & Overy 4,493 10 3

5 6 Dentons 1,100 8 1

6 1 Domanski Zakrzewski Palinka (DZP) 222 7 -13

7 3 CMS 144 7 -7

8 9 Baker & McKenzie 34 7 0

9 7 Soltysinski Kawecki & Szlezak 842 6 -1

10 13 Greenberg Traurig 935 5 0

11 24 Wolf Theiss 275 5 3

12 80 DJBW 151 5 4

13 5 Gessel, Koziorowski 21 5 -5

14 14 Linklaters 535 4 -1

15 11 WKB Wiercinski, Kwiecinski, Baehr 15 4 -2

Poland by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change



3 10 Allen & Overy 4,493 10 598.8%

4 78 DLA Piper 3,405 2 -

5 11 White & Case 2,268 11 278.6%

6 8 Dentons 1,100 8 39.6%

7 44 Gide Loyrette Nouel 997 2 2,332%

8 12 Greenberg Traurig 935 5 87.8%

9 9 Soltysinski Kawecki & Szlezak 842 6 8.2%

10 - Radzikowski, Szubielska i Wspolnicy 765 1 -

11= 18= NautaDutilh 686 1 130.2%

11= 18= Uria Menendez 686 1 130.2%

13 - Cliffe Dekker Hofmeyr 610 2 -

14 - Dechert 565 1 -

15 22 Linklaters 535 4 119.3%

Russia by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 2 White & Case 18,990 15 0


3 69 Goltsblat BLP 411 9 8

4 3 Linklaters 21,264 8 -1

5 10 Dentons 1,339 8 4

6 6 Norton Rose Fulbright 3,217 7 2

7 9 Cleary Gottlieb Steen & Hamilton 6,819 6 2

8 4 Hogan Lovells International 25 5 -3


10 7 Baker & McKenzie 660 4 -1

11 17 ALRUD 536 4 1

12 - Talwar Thakore & Associates 7,258 3 3


14 14 Akin Gump Strauss Hauer & Feld 873 3 0

15 32 Baker Botts 116 3 2

Russia by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 4 Linklaters 21,264 8 625.2%

2 6 White & Case 18,990 15 783.7%


4= - AZB & Partners 12,656 2 -

4= - Cyril Amarchand Mangaldas 12,656 2 -




9 2 Norton Rose Fulbright 3,217 7 -58.8%

10 - Slaughter and May 3,164 1 -


12 14 Dentons 1,339 8 5.6%

13 - Latham & Watkins 1,280 2 -

14 11 Shardul Amarchand Mangaldas & Co 930 1 -41.4%

15 16 Akin Gump Strauss Hauer & Feld 873 3 -29.4%

28

Americas league tables


Americas by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 240,591 382 3

2 2 Jones Day 286,705 290 8

3 4 Latham & Watkins 250,441 286 11

4 3 DLA Piper 100,519 263 -15



7 12 Morgan Lewis & Bockius 32,432 167 31

8 6 White & Case 502,641 161 -13

9 16 Paul Weiss Rifkind Wharton & Garrison 275,524 139 16

10 17 Sidley Austin 69,302 134 13

11 22 Ropes & Gray 101,436 132 20

12 19 Davis Polk & Wardwell 370,509 127 7

13 15 Simpson Thacher & Bartlett 243,187 126 2

14 10 Baker & McKenzie 98,516 125 -24

15 7 Stikeman Elliott 146,360 123 -44

Americas by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change


2 5 White & Case 502,641 161 -20.8%






8 19 Jones Day 286,705 290 4.6%



11 2 Latham & Watkins 250,441 286 -65.1%


13 13 Kirkland & Ellis 240,591 382 -35.6%


15 45 Allen & Overy 187,361 74 143.9%

US by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 240,591 380 3

2 2 Latham & Watkins 230,296 280 7

3 3 Jones Day 266,658 274 3

4 4 DLA Piper 98,767 243 -21




8 7 White & Case 499,352 150 -5


10 19 Ropes & Gray 101,214 130 18

11 14 Sidley Austin 68,090 130 12



14 8 Goodwin Procter 30,888 122 -31

15 23 O'Melveny & Myers 80,415 120 19

US by deal valueRank Company name Q1-Q3 2016

2016 2015 Value (US$m)

Deal Count

Value change


2 5 White & Case 499,352 150 -20.5%






8 18 Jones Day 266,658 274 -1.1%




12 13 Kirkland & Ellis 240,591 380 -35.6%

13 2 Latham & Watkins 230,296 280 -67.9%


15 46 Allen & Overy 184,096 66 181.5%

29



US North East by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 96,394 194 -24

2 2 Latham & Watkins 109,639 134 5

3 3 Jones Day 66,542 130 12


5 4 DLA Piper 12,410 99 -11




9 14 Ropes & Gray 55,769 84 19


11 8 White & Case 277,850 74 -5


13 13 Davis Polk & Wardwell 72,918 61 -4

14 32 Cooley 34,326 59 20

15 10 Sullivan & Cromwell 204,593 58 -16

US North East by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 5 White & Case 277,850 74 -35.2%




5 65 Herbert Smith Freehills 129,822 15 805.5%


7 3 Latham & Watkins 109,639 134 -76.0%


9 11 Kirkland & Ellis 96,394 194 -64.5%


11 97 Vinson & Elkins 77,230 23 1,145%


13 23 Jones Day 66,542 130 -63.6%


15 34 Richards Layton & Finger 57,378 14 -4.3%

US Mid West by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 94,153 132 -6

2 2 Jones Day 88,243 98 -2

3 4 DLA Piper 5,770 61 0

4 6 Latham & Watkins 29,181 55 2

5 5 Sidley Austin 23,606 53 -3




9 9 Honigman Miller Schwartz & Cohn 1,821 38 -1


11 19 Ropes & Gray 44,321 36 9

12 22 McDermott Will & Emery 1,537 36 10


14 29 Sullivan & Cromwell 147,533 29 8

15 15 White & Case 91,048 29 1

US Mid West by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change





5 10 Kirkland & Ellis 94,153 132 -28.2%

6 7 White & Case 91,048 29 -36.0%

7 18 Jones Day 88,243 98 24.2%


9 57 Allen & Overy 83,314 11 760.1%



12 14 Debevoise & Plimpton 68,241 15 -29.4%

13 352 Luthra & Luthra Law Offices 67,403 3 561,592%


15 41 Clifford Chance 64,574 10 195.7%

30


US South by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 98,733 181 15

2 2 DLA Piper 32,509 108 1

3 3 Latham & Watkins 111,481 104 0

4 4 Jones Day 97,474 100 -4

5 9 Vinson & Elkins 98,746 72 15

6 7 White & Case 296,349 65 1


8 5 King & Spalding 16,948 59 -22


10 10 Norton Rose Fulbright 7,057 54 -3


12 20 Ropes & Gray 18,154 52 6


14 19 Sidley Austin 30,723 50 4

15 25 Locke Lord 14,665 50 9

US South by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 9 White & Case 296,349 65 94.1%





6 12 Latham & Watkins 111,481 104 -11.1%


8 90 Herbert Smith Freehills 108,757 9 1,228%

9 29 Vinson & Elkins 98,746 72 89.7%

10 20 Kirkland & Ellis 98,733 181 13.4%


12 16 Jones Day 97,474 100 -1.6%


14 11 Shearman & Sterling 91,449 33 -27.5%


US West by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 70,073 149 19

2 2 Latham & Watkins 96,589 135 13

3 6 Wilson Sonsini Goodrich & Rosati 86,621 89 3

4 12 O'Melveny & Myers 15,741 89 28

5 4 DLA Piper 80,543 88 -9



8 7 Cooley 40,689 67 -14

9 3 Fenwick & West 25,167 67 -32


11 8 Jones Day 118,228 66 -7

12 18 Gibson Dunn & Crutcher 58,519 63 17

13 11 Morgan Lewis & Bockius 18,367 61 -1



US West by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 3 Davis Polk & Wardwell 174,469 55 18.8%





6 25 Jones Day 118,228 66 187.9%



9 2 Latham & Watkins 96,589 135 -37.0%

10 8 Wilson Sonsini Goodrich & Rosati 86,621 89 6.3%

11 46 DLA Piper 80,543 88 474.0%

12 10 Shearman & Sterling 77,075 35 -0.4%

13 22 White & Case 74,353 34 62.5%


15 16 Kirkland & Ellis 70,073 149 25.0%


31


Canada by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Stikeman Elliott 54,954 111 -30

2 4 Blake, Cassels & Graydon 56,944 102 27

3 3 McCarthy Tetrault 64,046 67 -12

4 2 Osler, Hoskin & Harcourt 67,365 59 -34


6 6 Davies Ward Phillips & Vineberg 53,981 37 -8

7 8 Torys 42,303 37 -5

8 12 Bennett Jones 26,057 31 3

9 29 Miller Thomson 294 30 18

10 9 Gowling WLG 2,521 28 -12

11 15 DLA Piper 2,255 28 2

12 10 Fasken Martineau Dumoulin 4,002 27 -8

13 16 Kirkland & Ellis 15,501 26 1

14 13 Goodmans 47,617 25 -2

15 11 Dentons 5,358 25 -4

Canada by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change


2 14 White & Case 71,867 16 192.6%

3 1 Osler, Hoskin & Harcourt 67,365 59 -27.2%

4 2 McCarthy Tetrault 64,046 67 4.5%

5 6 Blake, Cassels & Graydon 56,944 102 37.1%



8 17 Davies Ward Phillips & Vineberg 53,981 37 225.5%


10 59 Goodmans 47,617 25 1,405%

11 5 Torys 42,303 37 -11.2%

12 183 Alston & Bird 41,589 3 42,775%

13 70 O'Melveny & Myers 41,479 5 2,117%

14 62 Simpson Thacher & Bartlett 39,362 11 1,224%

15 75 Latham & Watkins 36,922 15 2,376%

C&S America by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 2 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 19,924 49 10

2 1 Pinheiro Neto Advogados 11,997 38 -10

3 4 Souza, Cescon, Barrieu & Flesch Advogados 2,888 30 1

4 5 Machado Meyer Sendacz e Opice 4,651 29 0

5 9 Tozzini Freire Teixeira e Silva Advogados 4,193 22 2

6 3 Baker & McKenzie 10,921 21 -10

7 21 Veirano Advogados 13,054 19 6

8 6 Barbosa, Mussnich & Aragao 7,008 19 -7

9 17 Philippi Prietocarrizosa, Ferrero DU & Uria 7,688 15 1

10 7 Demarest 3,407 15 -9


12 22 Rodrigo Elias & Medrano 2,572 14 1

13 12 Creel, Garcia-Cuellar, Aiza y Enriquez 2,268 14 -2

14 24 Brigard & Urrutia 1,462 13 2

15 30 Lobo & de Rizzo Advogados 3,492 12 3

C&S America by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 19,924 49 117.4%


3 48 Veirano Advogados 13,054 19 783.2%

4 9 Pinheiro Neto Advogados 11,997 38 140.1%

5 6 Linklaters 11,312 11 56.7%

6 23 Baker & McKenzie 10,921 21 298.4%

7 108 Torys 9,871 2 2,642%

8 4 Philippi Prietocarrizosa, Ferrero DU & Uria 7,688 15 -10.3%


10 24 Barbosa, Mussnich & Aragao 7,008 19 158.7%

11 243 Ontier 6,691 2 -

12 25 Gomez-Pinzon Zuleta Abogados 5,077 6 87.6%

13 - Appleby 4,671 1 -

14 18 Machado Meyer Sendacz e Opice 4,651 29 49.2%

15 13 Carey y Cia 4,632 11 5.8%


32

Asia-Pacific league tables

Asia-Pacific(excl. Japan) by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change



3 5 Grandall Law Firm 37,561 92 2

4 3 Kim & Chang 23,075 82 -9

5 7 Zhong Lun Law Firm 25,158 74 -3

6 4 Baker & McKenzie 44,808 73 -18

7 9 DLA Piper 8,386 66 -2

8 13 MinterEllison 15,905 65 5

9 6 AZB & Partners 30,058 63 -25

10 35 Cyril Amarchand Mangaldas 40,425 60 26

11 22 Gilbert + Tobin 24,386 58 11

12 17 Khaitan & Co 24,022 56 2



15 14 Linklaters 42,332 53 -6

16 23 Haiwen & Partners 52,220 52 6

17 21 Allen & Overy 18,176 50 0

18 20 Shin & Kim 13,277 50 -1

19 15 Lee & Ko 22,097 49 -10

20 42 White & Case 77,952 47 19

Asia-Pacific(excl. Japan) by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 6 King & Wood Mallesons 158,193 148 70.1%


3 15 Fangda Partners 91,687 41 80.0%


5 54 White & Case 77,952 47 519.4%

6 20 Clifford Chance 77,569 55 81.9%





11 17 Haiwen & Partners 52,220 52 16.1%

12 2Skadden Arps Slate Meagher & Flom 50,245 42 -68.7%

13 598 Baer & Karrer 48,812 6 -

14 597 Gleiss Lutz 48,696 5 12,173,00%

15 171 Homburger 47,787 3 3,657%

16 - Wolf Theiss 47,082 5 -

17 410 Bowmans 46,529 6 58,798%

18 23 Baker & McKenzie 44,808 73 11.5%

19 3 Linklaters 42,332 53 -65.9%

20 28 Allens 41,288 46 21.5%


33


Asia (excl. Australasia & Japan) by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change



3 1 Kim & Chang 23,075 82 -9


5 4 AZB & Partners 30,058 63 -25


7 13 Khaitan & Co 24,022 56 3


9 14 Shin & Kim 13,277 50 -1

10 10 Lee & Ko 22,097 49 -10

11 6 Baker & McKenzie 18,483 47 -25

12 9 Linklaters 26,463 46 -13

13 27 Shardul Amarchand Mangaldas & Co 10,584 45 10

14 36 White & Case 76,024 43 16


Australasia by deal countRank Company name 2016

2016 2015 Value

(US$m)Deal

CountCount

change




4 5 Gilbert + Tobin 24,386 58 11

5 6 Allens 41,280 44 -2

6 7 Ashurst 19,124 35 -7


8 8 DLA Piper 2,835 28 -3

9 10 Baker & McKenzie 26,356 27 0

10 17 Clayton Utz 9,951 26 9

11 22 HWL Ebsworth Lawyers 1,065 24 12

12 12 Corrs Chambers Westgarth 1,022 22 1

13 14 K&L Gates 447 21 1

14 9 Chapman Tripp 10,834 18 -12

15 19 McCullough Robertson 593 18 2

Australasia by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change


2 3 Allens 41,280 44 21.5%

3 2 King & Wood Mallesons 31,341 62 -20.5%

4 8 Baker & McKenzie 26,356 27 126.3%

5 4 Gilbert + Tobin 24,386 58 -19.6%

6 5 Ashurst 19,124 35 -11.3%

7 46 Osler, Hoskin & Harcourt 18,355 3 1,319%

8 - Linklaters 18,107 10 -

9 18 Clifford Chance 15,869 15 135.6%

10 6 MinterEllison 15,293 61 -10.0%

11 20 CMS 14,643 4 128.5%

12 129 Eversheds 14,398 1 24,724%

13 13 Torys 11,242 2 19.7%

14 25 Chapman Tripp 10,834 18 273.6%

15 7 Clayton Utz 9,951 26 -36.1%

Asia (excl. Australasia & Japan) by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change



3 15 Fangda Partners 91,687 41 80.0%


5 46 White & Case 76,024 43 504.0%

6 24 Clifford Chance 61,733 42 71.9%


8 47 Cravath, Swaine & Moore 56,315 5 373%


10 17 Haiwen & Partners 52,220 52 16.1%

11 519 Gleiss Lutz 48,696 5 1,217,300%

12 520 Baer & Karrer 48,682 5 -

13 149 Homburger 47,787 3 3,657%


15 - Wolf Theiss 47,082 5 -


34


Greater China by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change





5 4 Fangda Partners 90,590 39 -27

6 10 Tian Yuan Law Firm 16,483 37 -6

7 12 Grandway Law Offices 8,009 33 -7

8 36 JiaYuan Law Offices 20,066 32 16



11 11 Baker & McKenzie 16,076 30 -12

12 8 Beijing Dentons Law Offices 14,173 29 -17

13 30 Latham & Watkins 13,188 26 8

14 20 DLA Piper 4,531 26 3


Greater China by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change


2 9 Fangda Partners 90,590 39 77.9%



5 61 White & Case 68,363 23 1,520%

6 21 Clifford Chance 60,736 25 127.5%


8 11 Haiwen & Partners 52,220 52 16.1%

9= 386 Baer & Karrer 47,787 3 -

9= 118 Homburger 47,787 3 3,923%

11 385 Gleiss Lutz 47,781 4 1,194,425%


13 - Wolf Theiss 46,227 4 -

14 - Bowmans 45,860 1 -


India by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 AZB & Partners 30,058 63 -23


3 2 Khaitan & Co 16,706 54 1


5 6 Trilegal 2,792 33 3

6 3 J Sagar Associates 8,173 32 -6

7 15 HSA Advocates 408 21 11

8 12 Bathiya Legal 197 19 4

9 28 Veritas Legal 1,928 18 12

10 10 Luthra & Luthra Law Offices 2,183 17 -3

11 7 Desai & Diwanji 644 17 -10

12 9 BMR Legal 965 15 -6

13 11 Nishith Desai Associates 2,131 13 -6

14 38 Shearman & Sterling 2,545 9 5

15 13 IndusLaw 1,339 9 -5

India by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 4 Cyril Amarchand Mangaldas 40,425 60 646.8%

2 1 AZB & Partners 30,058 63 146.5%

3 2 Khaitan & Co 16,706 54 126.3%


5 3 Shardul Amarchand Mangaldas & Co 10,254 44 71.1%

6 122 Slaughter and May 8,471 5 38,405%

7 6 J Sagar Associates 8,173 32 112.6%

8 14 Linklaters 7,632 5 241.6%

9 16 Talwar Thakore & Associates 7,282 4 360.6%


11 36 Kirkland & Ellis 6,308 3 786.0%

12 13 S&R Associates 4,024 5 76.2%

13 32 Vaish Associates 3,315 7 293.7%

14 27 Latham & Watkins 3,271 6 203.7%



35


South Korea by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Kim & Chang 22,994 80 -9

2 4 Shin & Kim 13,277 50 -1

3 2 Lee & Ko 22,097 49 -9

4 3 Bae Kim & Lee 7,875 41 -12

5 5 Yulchon 6,691 23 -17

6 6 Yoon & Yang 2,592 16 -5

7 8 JIPYONG 621 10 1

8 9 Hankyul Law Firm 428 10 1

9 - KIEHYUN 1,913 6 6

10 7 Kim, Choi & Lim 364 6 -8

11 10 Paul Hastings 8,782 4 -1

12 22 Barun Law 71 4 2

13 15 Dechert 1,342 3 0

14 21 Skadden Arps Slate Meagher & Flom 1,050 3 1

15 18 Ropes & Gray 247 3 1

South Korea by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 1 Kim & Chang 22,994 80 -60.0%

2 3 Lee & Ko 22,097 49 -23.0%

3 6 Shin & Kim 13,277 50 15.7%

4 11 Paul Hastings 8,782 4 279.4%

5= - Cravath, Swaine & Moore 8,632 1 -

5= 7 Wachtell, Lipton, Rosen & Katz 8,632 1 -23.8%

8 2 Bae Kim & Lee 7,875 41 -80.1%

9 4 Yulchon 6,691 23 -64.5%

10 13 Yoon & Yang 2,592 16 47.2%


12 - KIEHYUN 1,913 6 -

13 17 Dechert 1,342 3 23.5%

14= 65 Mori Hamada & Matsumoto 1,290 1 5,764%

14= - Nagashima Ohno & Tsunematsu 1,290 1 -

14= 26 Shearman & Sterling 1,290 1 93.7%

Japan by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Mori Hamada & Matsumoto 80,475 88 -3

2 2 Nishimura & Asahi 28,878 59 -8

3 4 Anderson Mori & Tomotsune 54,236 55 19

4 3 Nagashima Ohno & Tsunematsu 30,921 47 1

5 7 Morrison & Foerster 47,404 22 4

6 6 Baker & McKenzie 5,348 20 -2

7 12 Shearman & Sterling 20,936 19 7

8 8 White & Case 46,826 17 2


10 13 TMI Associates 7,336 14 2

11 27 Jones Day 10,683 13 7

12 16 Allen & Overy 12,447 12 1



15 43 Hibiya-Nakata 566 10 6

Japan by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 1 Mori Hamada & Matsumoto 80,475 88 140.5%

2 17 Anderson Mori & Tomotsune 54,236 55 607.8%


4 14 Morrison & Foerster 47,404 22 413.5%

5 25 White & Case 46,826 17 849.4%

6 - Slaughter and May 39,133 6 -


8 4 Nagashima Ohno & Tsunematsu 30,921 47 43.8%



11 3 Nishimura & Asahi 28,878 59 23.6%



14 230 Hogan Lovells International 13,716 8 -

15 30 Allen & Overy 12,447 12 258.7%


36


South East Asia by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 2 Allen & Gledhill 8,196 28 2

2 3 WongPartnership 8,809 26 3

3 4 Linklaters 9,201 21 3

4 5 Allen & Overy 5,072 19 2

5 15 Herbert Smith Freehills 8,352 17 9

6 1 Baker & McKenzie 2,432 17 -13

7 12 White & Case 6,270 15 7



10 10 Latham & Watkins 7,368 12 2

11 17 Rajah & Tann 2,475 10 2

12 36 DLA Piper 1,906 9 5

13 20 Jones Day 1,020 9 3


15 24 Drew & Napier 2,038 8 3

South East Asia by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 18 Linklaters 9,201 21 87.1%

2 2 WongPartnership 8,809 26 -81.4%


4 1 Allen & Gledhill 8,196 28 -85.1%

5 - Darrois Villey Maillot Brochier 7,431 3 -

6 3 Latham & Watkins 7,368 12 -82.9%


8 13 White & Case 6,270 15 -19.9%

9 135 Wilson Sonsini Goodrich & Rosati 6,195 4 13,667%

10 24 Kirkland & Ellis 5,444 7 97.4%

11 21 Allen & Overy 5,072 19 30.3%

12 22 Sidley Austin 5,037 4 44.4%



15 53 Weerawong, Chinnavat & Peangpanor 2,937 4 376.8%


37

Africa & Middle East league tables

Africa & Middle East by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 4 Bowmans 5,294 31 -5

2 1 Webber Wentzel 3,108 31 -23


4 3 Cliffe Dekker Hofmeyr 12,049 27 -14

5 5 Allen & Overy 37,949 25 -5

6 11 Linklaters 24,494 25 8


8 9 Meitar Liquornik Geva Leshem Tal 3,199 24 4

9 8 White & Case 22,899 21 1

10 2 ENSafrica 10,173 21 -21


12 15 Werksmans 2,319 20 3

13 10 Baker & McKenzie 1,676 18 -1

14 14 Herzog, Fox and Neeman 1,917 16 -1

15 61 Gibson Dunn & Crutcher 2,335 15 12

Africa & Middle East by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 23 Allen & Overy 37,949 25 314.7%

2 24 Clifford Chance 31,978 27 318.7%


4 13 Linklaters 24,494 25 9.2%

5 22 White & Case 22,899 21 109.4%

6 14 Cliffe Dekker Hofmeyr 12,049 27 -36.2%


8 17 ENSafrica 10,173 21 -33.3%



11 3 Kirkland & Ellis 7,734 7 -82.1%


13 70 Grandall Law Firm 6,819 2 535.5%

14 - Wachtell, Lipton, Rosen & Katz 5,761 1 -

15 1 Latham & Watkins 5,628 9 -87.7%


38

Private equity league tables

Global (buyouts+exits) by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 106,649 241 1

2 3 Latham & Watkins 65,644 138 33

3 2 DLA Piper 19,610 124 2


5 4 Jones Day 14,471 90 -3

6 10 Allen & Overy 24,213 77 6

7 8 White & Case 22,276 71 -5


9 9 Ropes & Gray 35,135 67 -6






15 12 Linklaters 10,132 50 -7

Global (buyouts+exits) by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 1 Kirkland & Ellis 106,649 241 29.2%

2 2 Latham & Watkins 65,644 138 1.0%



5 5 Clifford Chance 42,019 67 -18.3%

6 7 Ropes & Gray 35,135 67 -22.1%





11 13 Allen & Overy 24,213 77 -12.8%



14 11 White & Case 22,276 71 -35.5%

15 37 DLA Piper 19,610 124 58.0%

*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Global

US (buyouts+exits) by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 1 Kirkland & Ellis 91,347 201 80.0%

2 3 Latham & Watkins 41,930 81 -8.2%


4 4 Ropes & Gray 32,794 52 -16.4%




8 11 Vinson & Elkins 17,170 11 -4.4%

9 44 O'Melveny & Myers 15,404 25 270.8%


11 17 Fried Frank Harris Shriver & Jacobson 13,337 10 -0.2%


13 5 Wilson Sonsini Goodrich & Rosati 12,211 29 -57.8%

14 28 Jones Day 11,587 50 42.0%


US (buyouts+exits) by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 91,347 201 16

2 2 Latham & Watkins 41,930 81 21

3 20 DLA Piper 6,875 57 8

4 6 Ropes & Gray 32,794 52 -5

5 12 Jones Day 11,587 50 1




9 47 Cooley 9,002 40 4



12 17 Sidley Austin 10,592 34 13

13 18 Gunderson Dettmer Stough Villeneuve Franklin & Hachigian 3,164 32 6

14 10 Simpson Thacher & Bartlett 36,457 30 -2


*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being US


39


Europe (buyouts+exits) by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 4 Allen & Overy 16,844 65 9

2 1 DLA Piper 12,303 62 -8


4 9 Latham & Watkins 22,557 50 11


6 5 Linklaters 8,458 45 -6


8 3 CMS 17,335 42 -15

9 7 White & Case 11,226 42 -2

10 11 Travers Smith 4,801 36 -1


12 10 Jones Day 1,452 32 -6

13 15 Eversheds 1,294 31 2

14 18 Willkie Farr & Gallagher 4,539 28 2


Europe (buyouts+exits) by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change


2 1 Clifford Chance 36,944 53 -15.8%

3 6 Latham & Watkins 22,557 50 20.3%

4 15 Baker & McKenzie 18,312 20 88.8%

5 10 CMS 17,335 42 42.1%

6 7 Allen & Overy 16,844 65 -4.2%



9 24 DLA Piper 12,303 62 74.1%

10 25 Hengeler Mueller 12,081 16 73.4%

11 60 Garrigues 11,603 20 355.0%

12 19 White & Case 11,226 42 35.4%

13 - Mourant Ozannes 10,625 3 -

14 18 Macfarlanes 10,583 17 27.0%

15 11 Kirkland & Ellis 10,433 24 -9.0%

Asia-Pac (buyouts+exits) by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 3 Kim & Chang 2,962 25 5

2 1 AZB & Partners 2,406 18 -7



5 12 Trilegal 1,505 13 1

6 9 Haiwen & Partners 6,221 11 -1

7 13 Gilbert + Tobin 1,746 11 0



10 14 Shardul Amarchand Mangaldas & Co 1,386 10 -1


12 7 Shin & Kim 3,897 9 -4

13 17 Bae Kim & Lee 2,711 9 0

14 6 Khaitan & Co 643 9 -5

15 18 Allen & Overy 5,069 8 -1

Asia-Pac (buyouts+exits) by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change


2 - Ashurst 13,845 3 -


4 68 Han Kun Law Offices 7,303 2 2,427%

5 5 Haiwen & Partners 6,221 11 -40.0%


7 21 Allen & Overy 5,069 8 108.9%


9 24 Shin & Kim 3,897 9 80.8%

10 30 Clifford Chance 3,628 7 105.3%


12 10 Kim & Chang 2,962 25 -55.8%

13 65 MinterEllison 2,795 10 773.4%

14 20 Bae Kim & Lee 2,711 9 9.7%

15 36 WongPartnership 2,641 7 87.2%

*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Europe

*Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan)


40


Global buyouts by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 42,018 155 5

2 2 Latham & Watkins 41,163 82 21

3 4 DLA Piper 3,163 70 9


5 7 Jones Day 2,349 55 5

6 13 Allen & Overy 7,897 46 11

7 3 Ropes & Gray 14,933 42 -19

8 8 White & Case 13,714 42 -3




12 10 Linklaters 7,587 37 0



15 11 Willkie Farr & Gallagher 3,557 32 -4

Global buyouts by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 1 Kirkland & Ellis 42,018 155 25.2%

2 3 Latham & Watkins 41,163 82 42.3%






8 40 Ashurst 15,642 16 166.3%

9 29 Baker & McKenzie 15,499 16 79.0%

10 38 CMS 15,232 21 128.1%

11 6 Ropes & Gray 14,933 42 -41.2%

12 47 O'Melveny & Myers 14,751 23 221.0%

13 7 White & Case 13,714 42 -40.1%


15 20 Torys 12,486 7 6.5%

*Based on advisors to bidder on buyout deals with the target dominant geography being Global

US buyouts by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 4 Kirkland & Ellis 35,025 128 91.6%

2 2 Latham & Watkins 20,699 42 2.5%


4 49 O'Melveny & Myers 14,002 14 1,668%

5 1 Ropes & Gray 13,136 31 -37.9%





10 8 White & Case 8,280 12 -48.1%

11 13 Sidley Austin 6,508 19 -22.7%

12 9 Vinson & Elkins 5,857 4 -61.7%

13 70 Wachtell, Lipton, Rosen & Katz 5,513 4 2,452%

14 30 Morgan Lewis & Bockius 5,399 17 98.1%


US buyouts by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 35,025 128 12

2 3 Latham & Watkins 20,699 42 11


4 4 Jones Day 1,615 32 4

5 2 Ropes & Gray 13,136 31 -16

6 5 DLA Piper 497 30 6



9 11 McDermott Will & Emery 93 22 4

10 18 Sidley Austin 6,508 19 8

11 15 Paul Hastings 926 18 4


13 7 Goodwin Procter 942 15 -8

14 14 O'Melveny & Myers 14,002 14 0

15 25 Locke Lord 582 14 5

*Based on advisors to bidder on buyout deals with the target dominant geography being US


41


Europe buyouts by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 4 Allen & Overy 5,800 38 9

2 2 DLA Piper 2,384 37 2


4 3 Linklaters 5,913 32 1




8 5 White & Case 4,415 24 -4


10 8 CMS 15,232 21 -2

11 18 Eversheds 638 21 8

12 12 Jones Day 634 20 2

13 11 Willkie Farr & Gallagher 2,899 18 -2

14 16 Kirkland & Ellis 3,616 16 1

15 31 Vinge 3,107 14 5

Europe buyouts by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change


2 5 Latham & Watkins 19,457 34 133.0%


4 7 CMS 15,232 21 128.1%

5 79 Baker & McKenzie 14,481 11 3,373%


7 3 Linklaters 5,913 32 -67.7%

8 9 Allen & Overy 5,800 38 -10.4%

9 68 Deloitte Legal 5,382 12 866.2%

10 120 Hengeler Mueller 4,885 6 5,931%

11 10 White & Case 4,415 24 -29.9%

12 72 Garrigues 4,327 10 735.3%

13 23 Torys 3,821 2 7.3%

14 45 Kirkland & Ellis 3,616 16 178.2%

15 148 Baer & Karrer 3,587 6 7,074%

Asia-Pac buyouts by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 2 Kim & Chang 2,399 19 0


3 5 Haiwen & Partners 5,883 10 -2

4 3 AZB & Partners 993 10 -6

5 9 Trilegal 298 10 0




9 13 Yulchon 1,008 8 0

10 8 Gilbert + Tobin 573 8 -2

11 6 Khaitan & Co 544 7 -5


13 26 Allen & Overy 1,727 6 2

14 1 Fangda Partners 1,172 6 -13

15 30 Bae Kim & Lee 946 6 2

Asia-Pac buyouts by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change


2 - Ashurst 13,845 3 -

3 5 Haiwen & Partners 5,883 10 -43.3%




7 20 Shin & Kim 2,679 5 52.5%

8 10 Kim & Chang 2,399 19 -58.3%

9 52 MinterEllison 2,399 5 649.7%


11 2 Kirkland & Ellis 2,161 5 -82.5%

12 17 Allens 2,037 4 -10.4%

13 - Torys 1,816 1 -

14 21 Allen & Overy 1,727 6 -0.2%

15 42 Drew & Napier 1,621 3 204.7%

*Based on advisors to bidder on buyout deals with the target dominant geography being Europe

*Based on advisors to bidder on buyout deals with the target dominant geography being Asia-Pacific (excl. Japan)


42


Global exits by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 64,631 86 -4

2 4 Latham & Watkins 24,481 56 12

3 2 DLA Piper 16,447 54 -7


5 11 Cooley 10,476 37 6

6 5 Jones Day 12,122 35 -8



9 7 Allen & Overy 16,316 31 -5



12 10 White & Case 8,562 29 -2




Global exits by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 1 Kirkland & Ellis 64,631 86 31.9%


3 3 Latham & Watkins 24,481 56 -32.2%




7 9 Ropes & Gray 20,202 25 2.4%

8 27 DLA Piper 16,447 54 78.0%

9 18 Allen & Overy 16,316 31 34.0%



12 7 Clifford Chance 13,699 29 -42.7%


14 25 Jones Day 12,122 35 17.7%


*Based on advisors to target/seller on exit deals with the target dominant geography being Global

US exits by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 1 Kirkland & Ellis 56,322 73 73.5%


3 4 Latham & Watkins 21,231 39 -16.8%


5 7 Ropes & Gray 19,658 21 8.9%



8 35 Vinson & Elkins 11,313 7 327.1%


10 3 Wilson Sonsini Goodrich & Rosati 10,811 25 -60.1%

11 21 Jones Day 9,972 18 84.1%

12 79 WilmerHale 9,619 5 1,867%

13 24 Cooley 8,502 30 75.9%

14 14 Goodwin Procter 7,965 26 -2.1%


US exits by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 Kirkland & Ellis 56,322 73 4

2 3 Latham & Watkins 21,231 39 10


4 4 Cooley 8,502 30 1

5 8 DLA Piper 6,378 27 2


7 6 Wilson Sonsini Goodrich & Rosati 10,811 25 -1


9 5 Fenwick & West 4,532 24 -3


11 20 Ropes & Gray 19,658 21 11


13 9 Jones Day 9,972 18 -3

14 25 Skadden Arps Slate Meagher & Flom 16,615 15 6

15 24 Sidley Austin 4,084 15 5

*Based on advisors to target/seller on exit deals with the target dominant geography being US


43


Europe exits by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 4 Allen & Overy 11,044 27 0

2 1 DLA Piper 9,919 25 -10

3 3 Travers Smith 4,386 25 -3


5 2 CMS 2,103 21 -13


7 14 White & Case 6,811 18 2



10 18 Latham & Watkins 3,100 16 3

11 24 Mayer Brown 2,582 16 6

12 7 Linklaters 2,545 13 -7


14 8 Jones Day 818 12 -8

15 20 P+P Poellath + Partners 6,367 11 -1

Europe exits by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change



3 1 Clifford Chance 11,964 23 -44.9%

4 6 Allen & Overy 11,044 27 -0.5%

5 14 Macfarlanes 10,076 10 36.9%

6 18 DLA Piper 9,919 25 62.8%

7 - Mourant Ozannes 7,837 1 -

8 47 Garrigues 7,276 10 258.1%

9 15 Hengeler Mueller 7,196 10 4.5%

10 9 Kirkland & Ellis 6,817 8 -32.9%

11 49 White & Case 6,811 18 241.7%

12 12 P+P Poellath + Partners 6,367 11 -18.0%



15 58 Thommessen 4,439 2 196.5%

Asia-Pac exits by deal countRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Count change

1 1 AZB & Partners 1,413 8 -1

2 19 Herbert Smith Freehills 741 7 5

3 45 Kim & Chang 563 6 5

4 - MinterEllison 396 5 5


6 8 Shin & Kim 1,218 4 0

7 4 Bae Kim & Lee 1,765 3 -2


9 28 Trilegal 1,207 3 1

10 43 Gilbert + Tobin 1,173 3 2

11 6 Clifford Chance 344 3 -1

12 - Veritas Legal 137 3 3

13 38 Jones Day 30 3 1


15 50 Han Kun Law Offices 7,303 2 1

Asia-Pac exits by deal valueRank Company name 2016

2016 2015 Value (US$m)

Deal Count

Value change

1 25 Davis Polk & Wardwell 8,000 2 1,281.7%

2 40 Han Kun Law Offices 7,303 2 2,427%

3 24 Allen & Overy 3,342 2 380.2%


5 16 WongPartnership 1,841 2 93.4%

6 6 Bae Kim & Lee 1,765 3 -2.3%


8 7 AZB & Partners 1,413 8 -21.1%

9 35 Shin & Kim 1,218 4 206.0%

10 32 Trilegal 1,207 3 171.8%

11 11 Gilbert + Tobin 1,173 3 -15.1%

12 - Dentons 1,403 1 -


14 - Yoon & Yang 878 1 -

15= - Baer & Karrer 855 1 -

15= - Wolf Theiss 855 1 -

*Based on advisors to target/seller on exit deals with the target dominant geography being Europe

*Based on advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan)


44

Criteria

PR contactsAmericas: Chrissy Carney+1 646 378 3118

Asia: Su-Chin Zhang+852 2158 9706

EMEA: Olivia Cummins+44 20 3741 1129

Deal submission contactsAmericas Jason Loria + 1 646 378 3122

AsiaJohn Capulong + 852 2158 9723

EMEA Andrea Putaturo +44 20 3741 1274

About MergermarketMergermarket is a mergers & acquisitions (M&A) intelligence service.

Mergermarket is part of The Mergermarket Group which has nearly 1000 employees worldwide and regional head offices in New York, London and Hong Kong.

In any market, the life blood of advisors is deal flow. Mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets.

With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific, Mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its Mergermarket.com platform and by real-time email alerts to subscribers.

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 see that Mergermarket is used by over 1500 of the world’s foremost advisory firms to assist in their origination process.

All data is based on transactions over US$ 5m and is based on Mergermarket’s M&A deals database. 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$100m.

Full deal inclusion criteria can be found here.

M&A Trends and Top Deals correct as of 9am (GMT), 30-Dec-2016. Cut off date 29-Dec-2016. League tables correct as of 11am (GMT), 09-Jan-2017. Cut off date 31-Dec-2016.

Trend data: based on the dominant geography of the target and excludes lapsed and withdrawn bids. Sector trends based on the dominant sector of the target.

League tables: based on the dominant geography of the target, bidder, seller, and includes lapsed and withdrawn bids. Private equity buyout league tables based on legal advisors advising the bidder only on buyout deals and includes lapsed and withdrawn bids. Private equity exit league tables based on legal advisors advising the target/seller on exit deals and includes lapsed and withdrawn bids. Private equity buyout and exit combined league tables based on legal advisors advising the bidder on buyout deals AND the target/seller on exit deals, including lapsed and withdrawn bids. Equal rankings are based on having both identical values and deal counts reported in one table.

Global cross-border: based on the dominant geography of the target and bidder company being based in different regions.

InboundGlobal/US/Japan: The dominant geography of the target is X, and the dominant geography of the bidder is any other country excluding X. Europe/Asia/Africa & Middle East: The dominant geography of the target is X, and the dominant geography of the bidder is any other region excluding X.

OutboundGlobal/US/Japan: The dominant geography of the bidder is X, and the dominant geography of the target is any other country excluding X. Europe/Asia/Africa & Middle East: The dominant geography of the bidder is X, and the dominant geography of the target is any other region excluding X.


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http://www.mergermarket.com/pdf/deal_criteria.pdf

global and regional m&a: q1-q4 2016...company bidder country target company target country...

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