global m&a market review · 2019. 7. 5. · bloomberg m&a delivers real-time coverage of...

GLOBAL M&A MARKET REVIEW LEGAL RANKINGS 1H 2019

CONTENTS

1. Introduction2. Global M&A Heat Map3. Global M&A Regional Review4. Global M&A League Tables6. Americas M&A Regional Review7. Americas M&A League Tables9. EMEA M&A Regional Review10. EMEA M&A League Tables14. APAC M&A Regional Review15. APAC M&A League Tables20. Disclaimer

DATA SUBMISSIONS AND QUERIES

North America

EMEA

Asia Pacific

Contact Nageen Qasim

Madeeha Ahmad

EeWen Tay

Phone +1-646-324-2878

+44-20-3525-3754

+65-6231-3404

Email [email protected]

[email protected]

[email protected]

General M&A queries may be submitted to: [email protected], [email protected], [email protected]

The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards.

Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends.

Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/.

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

1H 2019

GLOBAL M&A LEGAL ADVISORY RANKINGS

©2019 Bloomberg Finance L.P. All rights reserved.

1

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DateTotal Value

(Mln.)Amount

(Bln.) % of Total% YoY

Change

Number of deals 21,343 Consumer Non-cyclical $475.2 24.5% -12.6%

Volume (Bln.) $1,934.3 Financial $393.1 20.3% -12.2%

Avg Deal Size (Mln.) $90.6 Industrial $235.0 12.1% 40.8%

Energy $183.6 9.5% -5.8%

Technology $178.5 9.2% 15.1%

Wachtell Lipton Rosen & Katz Basic Materials $150.4 7.7% 64.6%

Number of deals 32 Communications $147.3 7.6% -49.0%

Volume (Bln.) $436.7 Consumer Cyclical $144.0 7.4% -23.7%

Avg Deal Size (Bln.) $13.6 Utilities $32.5 1.7% -69.6%

Diversified $1.4 0.1% -63.5%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $1,137.7 -7.5% -5.7%

Cross Border $605.6 -7.3% -36.4%

Private Equity $551.1 -7.3% -1.7%

Asset sale $322.0 -3.2% -8.2%

Tender Offer $92.2 -19.1% -52.3%

Venture Capital $97.5 -4.0% -10.9%

Spin-off $11.3 -39.2% -89.7%

Minority purchase $223.0 -7.4% -17.4%

Majority purchase $168.6 -12.6% -1.1%

Quarterly Volume represents any involvement (target, seller, or acquirer).

Global M&A Regional Review

Glo

bal M

&A

Revi

ew |

1H

2019

Global M&A: Premium Breakdown

Global M&A: Highlights of 1H 2019 Global M&A: Industry Breakdown

Summary Target Acquirer Seller Industry

6/9/2019 Raytheon CoUnited

Technologies Corp- $90,016.9

Top Adviser6/25/2019 Allergan PLC AbbVie Inc -

1/3/2019 Celgene CorpBristol-Myers

Squibb Co- $88,848.2

$83,791.2

3/27/2019Saudi Basic Industries

CorpSaudi Arabian Oil

Co

Public Investment Fund/The

$69,082.5

Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown

Deal Type

5/9/2019 Anadarko Petroleum CorpOccidental

Petroleum Corp- $55,150.6

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2

Volume $(Bln.) Deal Count

15%

28%

20%

35%

2% 0%0-10%

10-25%

25-50%

50-75%

75-100%

100%+

• Global merger and acquisition activity reached $1.9 trillion in 1H2019, representing a 10.0%decrease year-over-year. The basic materials sector experienced the most growth during this timeperiod with deal activity reaching a high of $150.4 billion, an increase of 65.5% compared to thesame period last year. The pending sale of a 70% stake in Saudi Basic Industries Corp by the PublicInvestment Fund to Saudi Arabian Oil Co for $69.1 billion was the largest transaction in theindustry.

• Private equity activity decreased by 1.8% year-on-year to $550.6 billion in transactions. However,the United States continued to be the most acquisitive country in 1H2019, accounting for 45.5%of the global private equity volume. The acquisition of GLP Pte Ltd's Urban infill logistic assets byBlackstone Group for $18.7 billion was the largest private equity deal in the region.

3

Global Announced Deals (By Volume) 01/01/2019 - 06/30/2019 Global Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

Wachtell Lipton Rosen & Katz 1 22.6 436,707 32 3 12.2 10.4 Kirkland & Ellis LLP 1 17.5 337,659 296 2 7.4 10.1Kirkland & Ellis LLP 2 17.5 337,659 296 17 7.4 10.1 Orrick Herrington & Sutcliffe LLP 2 0.5 9,586 226 12 0.7 -0.2Sullivan & Cromwell LLP 3 14.1 272,813 70 5 12.0 2.1 Jones Day 3 7.7 148,593 221 1 5.7 1.9Davis Polk & Wardwell LLP 4 13.8 266,752 64 1 15.0 -1.2 Latham & Watkins LLP 4 9.0 173,416 170 3 12.0 -3.0Simpson Thacher & Bartlett LLP 5 12.8 248,316 77 7 10.5 2.4 DLA Piper LLP 5 0.5 8,876 128 7 4.1 -3.7White & Case LLP 6 12.6 242,958 116 14 7.9 4.6 CMS 6 0.5 8,819 126 9 1.9 -1.4Cleary Gottlieb Steen & Hamilton LLP 7 12.4 239,103 52 11 9.4 3.0 McGuireWoods LLP 7 0.6 11,652 119 8 0.9 -0.2Fried Frank Harris Shriver & Jacobson LLP 8 11.3 218,306 31 10 9.4 1.9 White & Case LLP 8 12.6 242,958 116 13 7.9 4.6Cravath Swaine & Moore LLP 9 10.5 202,568 44 6 10.8 -0.3 Weil Gotshal & Manges LLP 9 10.4 201,818 107 17 8.1 2.4Weil Gotshal & Manges LLP 10 10.4 201,818 107 13 8.1 2.4 Skadden Arps Slate Meagher & Flom LLP 10 10.2 196,440 97 21 12.9 -2.7Skadden Arps Slate Meagher & Flom LLP 11 10.2 196,440 97 2 12.9 -2.7 Gowling WLG 11 0.5 8,763 95 27 0.1 0.4Latham & Watkins LLP 12 9.0 173,416 170 4 12.0 -3.0 Clifford Chance LLP 12 7.5 144,508 91 10 5.6 1.9Jones Day 13 7.7 148,593 221 21 5.7 1.9 Goodwin Procter LLP 12 1.4 26,485 91 6 5.6 -4.3Clifford Chance LLP 14 7.5 144,508 91 23 5.6 1.9 Hogan Lovells US LLP 12 0.6 11,995 91 11 7.4 -6.8Shearman & Sterling LLP 15 7.4 144,007 54 16 7.4 0.1 Allen & Overy LLP 15 1.2 22,435 90 4 4.1 -3.0Mayer Brown LLP 16 5.7 109,593 48 45 2.3 3.3 Morgan Lewis & Bockius LLP 16 0.4 7,322 83 17 1.9 -1.5Freshfields Bruckhaus Deringer LLP 17 5.6 108,020 74 8 10.2 -4.6 AZB & Partners 17 1.0 18,559 80 26 2.0 -1.0Covington & Burling LLP 18 5.5 106,599 27 78 1.0 4.6 Simpson Thacher & Bartlett LLP 18 12.8 248,316 77 24 10.5 2.4Blake Cassels & Graydon LLP 19 5.5 105,648 44 58 1.5 3.9 Dentons 18 0.3 5,555 77 20 1.2 -0.9Vinson & Elkins LLP 20 4.9 95,208 49 46 2.2 2.7 Linklaters LLP 20 1.4 27,160 76 14 9.1 -7.7TOTAL 1,934,300 21,350 TOTAL 1,934,300 21,350

Global Announced Deals- Principals (By Volume) 01/01/2019 - 06/30/2019 Global Announced Deals- Principals (By Deal Count) 01/01/2019 - 06/30/2019

Wachtell Lipton Rosen & Katz 1 29.4 436,707 32 2 15.4 14.0 Kirkland & Ellis LLP 1 22.3 331,201 292 2 7.6 14.7Kirkland & Ellis LLP 2 22.3 331,201 292 12 7.6 14.7 Orrick Herrington & Sutcliffe LLP 2 0.6 9,586 226 11 0.9 -0.3Skadden Arps Slate Meagher & Flom LLP 3 12.1 180,405 94 1 16.0 -3.8 Jones Day 3 9.8 146,220 217 1 7.0 2.8Latham & Watkins LLP 4 11.1 164,621 165 9 9.0 2.1 Latham & Watkins LLP 4 11.1 164,621 165 3 9.0 2.1Simpson Thacher & Bartlett LLP 5 10.1 149,414 72 11 7.8 2.3 DLA Piper LLP 5 0.6 8,876 128 7 4.6 -4.0Jones Day 6 9.8 146,220 217 16 7.0 2.8 CMS 6 0.6 8,819 126 9 2.3 -1.8Clifford Chance LLP 7 9.7 144,508 91 18 6.1 3.6 McGuireWoods LLP 7 0.1 1,284 111 8 1.1 -1.0Weil Gotshal & Manges LLP 8 8.9 132,833 103 17 6.3 2.7 Weil Gotshal & Manges LLP 8 8.9 132,833 103 18 6.3 2.7Cleary Gottlieb Steen & Hamilton LLP 9 8.2 122,066 40 13 7.4 0.9 Gowling WLG 9 0.6 8,763 95 25 0.1 0.5Shearman & Sterling LLP 10 7.8 116,149 45 33 3.8 4.0 Skadden Arps Slate Meagher & Flom LLP 10 12.1 180,405 94 22 16.0 -3.8Mayer Brown LLP 11 7.4 109,593 48 37 3.0 4.4 White & Case LLP 11 7.0 103,283 93 16 2.8 4.2Freshfields Bruckhaus Deringer LLP 12 7.1 106,052 73 3 12.8 -5.7 Clifford Chance LLP 12 9.7 144,508 91 10 6.1 3.6White & Case LLP 13 7.0 103,283 93 38 2.8 4.2 Goodwin Procter LLP 12 1.8 26,485 91 6 7.1 -5.3Cravath Swaine & Moore LLP 14 6.7 99,836 28 30 4.4 2.3 Hogan Lovells US LLP 14 0.8 11,995 90 11 9.3 -8.5Vinson & Elkins LLP 15 6.3 94,160 48 39 2.8 3.6 Allen & Overy LLP 15 1.5 22,036 89 4 4.8 -3.4Blake Cassels & Graydon LLP 16 6.3 93,358 43 51 1.9 4.4 Morgan Lewis & Bockius LLP 16 0.5 6,822 82 17 2.4 -2.0Sullivan & Cromwell LLP 17 6.3 93,166 48 7 10.0 -3.7 AZB & Partners 17 1.3 18,559 80 24 2.5 -1.3Yulchon LLC 18 6.2 92,221 16 159 0.1 6.1 Dentons 18 0.4 5,555 77 19 1.5 -1.1Davies Ward Phillips & Vineberg LLP 19 6.2 91,616 15 66 1.3 4.8 Baker & McKenzie LLP 19 1.0 14,749 76 5 2.6 -1.7Arthur Cox 20 5.6 83,863 2 293 0.0 5.6 Linklaters LLP 20 1.8 26,162 75 13 10.7 -9.0TOTAL 1,486,824 5,021 TOTAL 1,486,824 5,021

FIRM

2019 2018MKT SHR CHANGE FIRM

2019

FIRM

VOLUME USD (Mln)

DEAL COUNT

2018MKT SHR CHANGE FIRM

2019VOLUME USD

(Mln)DEAL

COUNTVOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)

2019

RANKMKT SHR

(%)

2,148,417 2,148,417

RANKMKT SHR

(%)

2018MKT SHR CHANGE RANK

MKT SHR (%)


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

1,706,989 1,706,989

4

Cross Border Announced Deals (By Volume) 01/01/2019 - 06/30/2019 Global Private Equity Deals (By Volume) 01/01/2019 - 06/30/2019

Cleary Gottlieb Steen & Hamilton LLP 1 9.8 59,589 26 27 5.9 3.9 White & Case LLP 1 18.0 99,410 42 4 11.1 6.9Kirkland & Ellis LLP 2 9.8 59,060 87 13 9.3 0.4 Clifford Chance LLP 2 17.1 93,961 49 3 12.9 4.2Skadden Arps Slate Meagher & Flom LLP 3 9.7 58,699 45 24 7.9 1.8 Blake Cassels & Graydon LLP 3 16.0 88,217 16 53 2.1 13.9Simpson Thacher & Bartlett LLP 4 8.4 50,860 32 25 6.2 2.2 Kirkland & Ellis LLP 4 15.0 82,507 188 2 13.8 1.1Clifford Chance LLP 5 7.8 47,397 71 10 10.2 -2.4 Simpson Thacher & Bartlett LLP 5 12.0 66,081 41 1 16.2 -4.2Latham & Watkins LLP 6 6.8 41,107 84 5 13.5 -6.7 Skadden Arps Slate Meagher & Flom LLP 6 7.8 42,812 39 11 6.6 1.2White & Case LLP 7 6.6 39,883 71 26 6.1 0.5 Cravath Swaine & Moore LLP 7 6.7 36,722 13 31 3.5 3.2Freshfields Bruckhaus Deringer LLP 8 6.4 38,747 57 1 18.6 -12.2 Latham & Watkins LLP 8 6.1 33,468 100 5 11.1 -5.0Cravath Swaine & Moore LLP 9 6.0 36,030 15 28 5.6 0.4 Weil Gotshal & Manges LLP 9 5.9 32,233 66 6 10.0 -4.1Weil Gotshal & Manges LLP 10 5.1 30,585 48 9 10.9 -5.8 Vinson & Elkins LLP 10 5.3 29,002 26 57 1.9 3.4Shearman & Sterling LLP 11 4.9 29,455 22 14 9.3 -4.4 Cleary Gottlieb Steen & Hamilton LLP 11 4.2 23,348 19 49 2.4 1.9Sullivan & Cromwell LLP 12 4.6 27,757 31 3 15.8 -11.2 Baker Botts LLP 12 3.8 20,887 8 86 0.7 3.1Davis Polk & Wardwell LLP 13 4.0 23,945 22 2 16.3 -12.3 Jones Day 13 3.6 19,845 87 16 4.9 -1.3Jones Day 14 3.8 23,259 103 29 5.3 -1.5 Hengeler Mueller 14 3.6 19,543 17 96 0.5 3.1Slaughter and May 15 3.8 22,682 21 6 13.3 -9.5 Freshfields Bruckhaus Deringer LLP 15 3.5 19,357 29 7 8.4 -4.9Wachtell Lipton Rosen & Katz 16 3.3 19,959 5 22 8.1 -4.8 Sullivan & Cromwell LLP 16 3.5 19,236 22 14 5.6 -2.1Goodwin Procter LLP 17 3.2 19,436 40 30 4.8 -1.6 Shearman & Sterling LLP 17 3.4 18,465 18 71 1.0 2.4King & Wood Mallesons 18 3.0 18,085 21 54 2.1 0.9 Gibson Dunn & Crutcher LLP 18 3.0 16,649 31 8 8.1 -5.1Osler Hoskin & Harcourt LLP 19 2.9 17,569 25 34 3.8 -0.9 Goodwin Procter LLP 19 2.8 15,464 46 17 4.8 -2.0Allen & Overy LLP 20 2.8 16,913 73 23 8.0 -5.2 Paul Weiss Rifkind Wharton & Garrison LLP 20 2.6 14,450 25 35 3.3 -0.7TOTAL 605,550 7,776 TOTAL 551,141 6,985


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

951,842 560,916

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

2019

5

Country

United States $1,078.3 89.9% 8.4%

Canada $57.2 4.8% 19.8%

Brazil $23.9 2.0% -4.8%

Chile $18.5 1.5% 191.8%

Mexico $4.5 0.4% 322.1%

British Virgin Islands $4.5 0.4% -34.2%

Bermuda $3.1 0.3% -80.8%

Colombia $2.0 0.2% 130.3%

DateTotal Value

(Mln.)Amount


Change

Number of deals 9,478 Consumer Non-cyclical $380.2 31.7% 8.1%

Volume (Bln.) $1,200.0 Financial $195.8 16.3% -3.4%

Avg Deal Size (Mln.) $126.6 Industrial $147.2 12.3% 99.2%

Energy $146.2 12.2% 2.8%

Technology $126.2 10.5% 28.5%

Wachtell Lipton Rosen & Katz Communications $71.0 5.9% -34.6%

Number of deals 32 Consumer Cyclical $68.6 5.7% -10.4%

Volume (Bln.) $436.7 Basic Materials $46.6 3.9% 36.6%


Diversified $0.0 0.0% -90.2%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $859.9 -3.0% 10.3%

Cross Border $268.0 -4.3% -26.4%

Private Equity $271.4 -3.4% 2.4%

Asset sale $192.2 2.8% 27.8%

Tender Offer $38.8 -21.4% -36.5%

Venture Capital $56.6 -0.6% 31.8%

Spin-off $2.1 -48.5% -94.0%


Majority purchase $36.6 -2.9% 5.5%


Americas M&A Regional Review

Glob

al M

&A

Revi

ew |

1H

2019

Americas M&A: Country BreakdownAmount


Change

Americas M&A: Highlights of 1H 2019 Americas M&A: Industry Breakdown


6/9/2019 Raytheon Co United Technologies Corp - $90,016.9

Top Adviser6/25/2019 Allergan PLC AbbVie Inc -

1/3/2019 Celgene Corp Bristol-Myers Squibb Co - $88,848.2

$83,791.2

5/9/2019 Anadarko Petroleum Corp Occidental Petroleum Corp - $55,150.6

Americas M&A: Quarterly Volume Americas M&A: Deal Type Breakdown

Deal Type

3/18/2019 Worldpay IncFidelity National

Information Services Inc- $40,966.9

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

$0

$200

$400

$600

$800

$1,000

2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2


• Deal activity in the Americas reached a volume of $1.2 trillion in 1H2019, representing a 8.5% increase compared to the same period last year. The United States contributed to 91.7% of the region’s total and continued to be most targeted country for M&A transactions.

• The consumer non-cyclical and industrials sectors were the two most the most targeted industries in the region accounting for approximately 46.0% of the overall deal volume. The announced acquisition of United Technologies Corp by Raytheon Co for $90.0 billion was the largest transaction on record within industrial the sector as well as globally.

• The energy sector experienced a modest increase of 2.7% year-on-year compared to the same period last year. This growth was partly due to the pending acquisition of Anadarko Petroleum Corp by Occidental Petroleum Corp for $55.1 billion.

6

US Announced Deals (By Volume) 01/01/2019 - 06/30/2019 US Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

Wachtell Lipton Rosen & Katz 1 34.9 436,707 32 2 20.4 14.5 Kirkland & Ellis LLP 1 26.0 325,961 283 1 10.4 15.6Kirkland & Ellis LLP 2 26.0 325,961 283 13 10.4 15.6 Orrick Herrington & Sutcliffe LLP 2 0.7 8,807 170 14 0.7 0.1Sullivan & Cromwell LLP 3 21.3 265,969 58 5 18.9 2.4 Jones Day 3 10.6 132,381 157 2 8.5 2.1Davis Polk & Wardwell LLP 4 20.6 258,391 52 1 22.9 -2.3 Latham & Watkins LLP 4 12.8 160,456 148 3 18.9 -6.1Simpson Thacher & Bartlett LLP 5 19.8 247,325 69 7 16.5 3.3 McGuireWoods LLP 5 0.9 11,651 118 4 1.4 -0.4Cleary Gottlieb Steen & Hamilton LLP 6 17.9 223,552 39 11 11.8 6.0 Weil Gotshal & Manges LLP 6 15.7 196,381 86 10 12.4 3.3Fried Frank Harris Shriver & Jacobson LLP 7 17.2 215,640 27 8 15.7 1.5 DLA Piper LLP 7 0.2 2,066 84 6 5.9 -5.7Cravath Swaine & Moore LLP 8 15.8 197,330 38 6 16.5 -0.7 Goodwin Procter LLP 8 2.0 25,205 81 5 8.9 -6.9Weil Gotshal & Manges LLP 9 15.7 196,381 86 10 12.4 3.3 Skadden Arps Slate Meagher & Flom LLP 9 14.9 186,483 80 10 19.3 -4.4Skadden Arps Slate Meagher & Flom LLP 10 14.9 186,483 80 3 19.3 -4.4 Morgan Lewis & Bockius LLP 10 0.5 5,920 74 7 3.1 -2.6Latham & Watkins LLP 11 12.8 160,456 148 4 18.9 -6.1 Simpson Thacher & Bartlett LLP 11 19.8 247,325 69 12 16.5 3.3White & Case LLP 12 12.8 160,055 53 12 10.7 2.1 Ropes & Gray LLP 12 3.0 37,328 66 16 1.6 1.4Shearman & Sterling LLP 13 10.7 134,235 39 19 8.9 1.8 Sidley Austin LLP 13 2.6 32,679 61 19 8.5 -5.9Jones Day 14 10.6 132,381 157 21 8.5 2.1 Sullivan & Cromwell LLP 14 21.3 265,969 58 17 18.9 2.4Mayer Brown LLP 15 8.7 108,726 36 44 3.7 5.0 Cooley LLP 14 1.8 22,778 58 7 7.9 -6.0Covington & Burling LLP 16 8.4 105,672 23 78 1.1 7.4 O'Melveny & Myers LLP 16 2.8 35,511 57 27 2.0 0.9Freshfields Bruckhaus Deringer LLP 17 7.7 96,760 31 15 9.6 -1.9 Gibson Dunn & Crutcher LLP 17 2.7 33,872 55 15 7.3 -4.6Vinson & Elkins LLP 18 7.6 94,908 47 45 3.7 3.9 McDermott Will & Emery LLP Inc 18 0.7 8,241 54 24 0.2 0.5Davies Ward Phillips & Vineberg LLP 19 7.1 89,188 8 72 1.3 5.9 White & Case LLP 19 12.8 160,055 53 20 10.7 2.1Yulchon LLC 20 7.1 88,848 2 342 - 7.1 Paul Weiss Rifkind Wharton & Garrison LLP 19 4.2 52,490 53 9 9.7 -5.5TOTAL 1,251,902 10,024 TOTAL 1,251,902 10,024

US Announced Deals- Principals (By Volume) 01/01/2019 - 06/30/2019 US Announced Deals- Principals (By Deal Count) 01/01/2019 - 06/30/2019

Wachtell Lipton Rosen & Katz 1 40.2 436,707 32 1 23.5 16.7 Kirkland & Ellis LLP 1 29.4 319,503 279 1 9.9 19.5Kirkland & Ellis LLP 2 29.4 319,503 279 13 9.9 19.5 Orrick Herrington & Sutcliffe LLP 2 0.8 8,807 170 13 0.8 0.1Skadden Arps Slate Meagher & Flom LLP 3 15.7 170,449 77 2 22.0 -6.3 Jones Day 3 12.0 130,007 154 2 9.5 2.5Latham & Watkins LLP 4 14.0 152,319 144 6 12.6 1.4 Latham & Watkins LLP 4 14.0 152,319 144 3 12.6 1.4Simpson Thacher & Bartlett LLP 5 13.7 148,423 64 9 10.8 2.9 McGuireWoods LLP 5 0.1 1,283 110 4 1.5 -1.4Jones Day 6 12.0 130,007 154 14 9.5 2.5 DLA Piper LLP 6 0.2 2,066 84 6 6.8 -6.6Weil Gotshal & Manges LLP 7 11.7 127,395 82 15 8.3 3.4 Weil Gotshal & Manges LLP 7 11.7 127,395 82 11 8.3 3.4Mayer Brown LLP 8 10.0 108,726 36 36 4.3 5.7 Goodwin Procter LLP 8 2.3 25,205 81 5 10.2 -7.9Shearman & Sterling LLP 9 9.9 107,545 32 48 2.0 7.9 Skadden Arps Slate Meagher & Flom LLP 9 15.7 170,449 77 12 22.0 -6.3Cleary Gottlieb Steen & Hamilton LLP 10 9.8 106,514 27 17 8.2 1.6 Morgan Lewis & Bockius LLP 10 0.5 5,920 74 7 3.6 -3.0Freshfields Bruckhaus Deringer LLP 11 8.9 96,760 31 7 11.1 -2.2 Ropes & Gray LLP 11 1.0 10,629 65 16 1.4 -0.4Cravath Swaine & Moore LLP 12 8.8 95,729 23 34 5.1 3.7 Simpson Thacher & Bartlett LLP 12 13.7 148,423 64 14 10.8 2.9Vinson & Elkins LLP 13 8.6 93,860 46 37 4.3 4.4 Sidley Austin LLP 13 2.9 31,861 59 18 3.3 -0.4Davies Ward Phillips & Vineberg LLP 14 8.2 89,188 8 65 1.5 6.8 Cooley LLP 14 2.1 22,497 57 8 8.3 -6.2Yulchon LLC 15 8.2 88,848 2 341 - 8.2 O'Melveny & Myers LLP 15 0.7 7,617 56 26 1.6 -0.9Sullivan & Cromwell LLP 16 7.9 86,322 36 5 14.4 -6.5 McDermott Will & Emery LLP Inc 16 0.8 8,241 54 21 0.2 0.6McCann FitzGerald 17 7.7 83,791 2 - - 7.7 Paul Weiss Rifkind Wharton & Garrison LLP 17 4.7 51,120 52 9 10.3 -5.6Arthur Cox 17 7.7 83,791 1 215 0.0 7.7 Willkie Farr & Gallagher LLP 17 4.6 49,591 52 42 0.9 3.7Clifford Chance LLP 19 5.8 62,467 38 27 6.8 -1.0 Hogan Lovells US LLP 17 0.7 7,550 52 10 10.8 -10.1Paul Weiss Rifkind Wharton & Garrison LLP 20 4.7 51,120 52 11 10.3 -5.6 Gibson Dunn & Crutcher LLP 20 1.9 20,805 50 15 5.2 -3.3TOTAL 1,086,599 2,697 TOTAL 1,086,599 2,697

FIRM


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

1,288,298 1,288,298

1,118,607 1,118,607

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

2019

7

Canada Announced Deals (By Volume) 01/01/2019 - 06/30/2019 Canada Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

Simpson Thacher & Bartlett LLP 1 16.4 23,890 12 4 23.7 -7.4 Gowling WLG 1 4.1 6,003 61 2 1.2 2.9Weil Gotshal & Manges LLP 2 16.0 23,376 15 1 31.1 -15.1 Blake Cassels & Graydon LLP 2 15.4 22,420 40 1 13.4 2.0Kirkland & Ellis LLP 3 16.0 23,279 21 21 5.5 10.5 Osler Hoskin & Harcourt LLP 3 15.0 21,883 35 5 23.7 -8.7Blake Cassels & Graydon LLP 4 15.4 22,420 40 11 13.4 2.0 McCarthy Tetrault LLP 4 7.7 11,269 30 6 3.6 4.2Osler Hoskin & Harcourt LLP 5 15.0 21,883 35 5 23.7 -8.7 Norton Rose Fulbright LLP 5 6.9 10,032 27 9 15.5 -8.6Cleary Gottlieb Steen & Hamilton LLP 6 14.1 20,619 6 122 - 14.1 Stikeman Elliott LLP 6 5.7 8,265 24 3 13.2 -7.5Skadden Arps Slate Meagher & Flom LLP 7 13.5 19,734 13 56 0.8 12.7 Torys LLP 7 6.5 9,515 22 7 26.3 -19.8Cassels Brock & Blackwell LLP 8 12.4 18,094 15 61 0.7 11.8 Kirkland & Ellis LLP 8 16.0 23,279 21 13 5.5 10.5Goodmans LLP 9 11.7 17,142 11 26 3.9 7.9 Miller Thomson LLP 9 1.2 1,743 18 4 0.3 0.9King & Wood Mallesons 10 11.2 16,388 5 17 10.8 0.4 Borden Ladner Gervais LLP 10 1.2 1,741 16 38 0.0 1.2White & Case LLP 11 11.2 16,355 7 10 15.0 -3.8 Weil Gotshal & Manges LLP 11 16.0 23,376 15 16 31.1 -15.1Wachtell Lipton Rosen & Katz 12 8.9 12,959 2 16 11.9 -3.0 Cassels Brock & Blackwell LLP 11 12.4 18,094 15 9 0.7 11.8Dorsey & Whitney LLP 13 8.6 12,594 6 47 1.5 7.1 Skadden Arps Slate Meagher & Flom LLP 13 13.5 19,734 13 40 0.8 12.7Sullivan & Cromwell LLP 14 8.6 12,593 8 6 19.7 -11.1 Simpson Thacher & Bartlett LLP 14 16.4 23,890 12 24 23.7 -7.4Goodwin Procter LLP 15 8.5 12,431 10 14 12.7 -4.1 Davies Ward Phillips & Vineberg LLP 14 1.9 2,765 12 8 5.4 -3.5Neal Gerber & Eisenberg LLP 16 8.4 12,290 1 - - 8.4 Bennett Jones LLP 14 1.2 1,789 12 32 0.3 0.9Clifford Chance LLP 17 7.9 11,576 4 3 24.5 -16.6 Orrick Herrington & Sutcliffe LLP 14 0.4 549 12 15 1.2 -0.8McCarthy Tetrault LLP 18 7.7 11,269 30 27 3.6 4.2 Goodmans LLP 18 11.7 17,142 11 9 3.9 7.9Stroock & Stroock & Lavan LLP 19 7.1 10,367 1 - - 7.1 Goodwin Procter LLP 19 8.5 12,431 10 16 12.7 -4.1Norton Rose Fulbright LLP 20 6.9 10,032 27 8 15.5 -8.6 Jones Day 19 6.6 9,574 10 13 3.5 3.1TOTAL 145,959 1,781 TOTAL 145,959 1,781

Brazil Announced Deals (By Volume) 01/01/2019 - 06/30/2019 Brazil Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

Barbosa Mussnich & Aragao 1 39.9 11,545 19 13 2.5 37.4 Pinheiro Neto Advogados 1 22.1 6,379 37 2 7.1 15.0Machado Meyer Sendacz e Opice Advogados 2 38.7 11,191 18 4 53.7 -15.0 Mattos Filho Veiga Filho Marrey Jr e Quiroga 2 23.4 6,754 27 1 55.8 -32.5Jones Day 3 34.1 9,855 4 19 1.0 33.1 Veirano Advogados 3 7.0 2,028 25 7 0.9 6.1Stocche Forbes Padis Filizzola e Clapis Advo 4 30.4 8,799 19 26 0.5 29.9 Barbosa Mussnich & Aragao 4 39.9 11,545 19 3 2.5 37.4Mattos Filho Veiga Filho Marrey Jr e Quiroga 5 23.4 6,754 27 3 55.8 -32.5 Stocche Forbes Padis Filizzola e Clapis Advo 4 30.4 8,799 19 8 0.5 29.9Pinheiro Neto Advogados 6 22.1 6,379 37 9 7.1 15.0 Machado Meyer Sendacz e Opice Advogados 6 38.7 11,191 18 5 53.7 -15.0White & Case LLP 7 10.8 3,123 4 2 57.8 -47.0 Tozzini Freire Teixeira E Silva 7 0.6 161 13 10 53.0 -52.5Paul Weiss Rifkind Wharton & Garrison LLP 8 10.7 3,100 1 - - 10.7 Souza Cescon Barrieu & Flesch Advogados 8 0.8 233 8 12 52.2 -51.4Cravath Swaine & Moore LLP 8 10.7 3,100 1 - - 10.7 Lobo de Rizzo Advogados 9 4.5 1,302 6 13 0.4 4.2Sullivan & Cromwell LLP 8 10.7 3,100 1 - - 10.7 Azevedo Sette Advogados 9 2.6 759 6 13 0.0 2.6Davis Polk & Wardwell LLP 8 10.7 3,100 1 7 51.4 -40.7 Lefosse Advogados 9 - 1 6 6 12.9 -12.8Veirano Advogados 12 7.0 2,028 25 20 0.9 6.1 Jones Day 12 34.1 9,855 4 13 1.0 33.1Lobo de Rizzo Advogados 13 4.5 1,302 6 30 0.4 4.2 White & Case LLP 12 10.8 3,123 4 13 57.8 -47.0Clifford Chance LLP 14 3.3 955 2 33 0.1 3.2 Shearman & Sterling LLP 14 2.9 850 3 - - 2.9Cassels Brock & Blackwell LLP 15 3.2 925 1 - - 3.2 Simpson Thacher & Bartlett LLP 14 1.4 415 3 13 2.4 -0.9Covington & Burling LLP 16 3.1 905 1 10 5.3 -2.2 Demarest Advogados 14 0.8 242 3 8 2.2 -1.4Sidley Austin LLP 16 3.1 905 1 - - 3.1 Vieira Rezende Barbosa e Guerreiro Advoga 14 - - 3 - - -Cleary Gottlieb Steen & Hamilton LLP 16 3.1 905 1 1 62.6 -59.5 Clifford Chance LLP 18 3.3 955 2 28 0.1 3.2Hogan Lovells US LLP 16 3.1 905 1 36 0.0 3.1 Kirkland & Ellis LLP 18 1.8 508 2 28 - 1.8Shearman & Sterling LLP 20 2.9 850 3 - - 2.9 Trench Rossi e Watanabe 18 0.0 6 2 28 - 0.0TOTAL 28,910 259 TOTAL 28,910 259

FIRM


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

142,581 142,581

29,484 29,484

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

2019

8

Country

United Kingdom $80.7 20.5% -54.6%

Germany $44.5 11.3% -50.4%

France $37.3 9.5% 2.5%

Spain $17.3 4.4% -47.7%

Italy $14.0 3.6% -40.4%

Netherlands $12.6 3.2% -53.6%

Switzerland $12.6 3.2% -79.0%

Finland $8.2 2.1% 350.8%

DateTotal Value

Amount (Bln.) % of Total

% YoY Change

Number of deals 5,648 Financial $93.0 23.6% -23.7%

Volume (Bln.) $393.4 Basic Materials $75.9 19.2% 216.8%

Avg Deal Size (Mln.) $69.6 Consumer Non-cyclical $49.9 12.6% -58.8%

Communications $47.2 12.0% -60.4%

Industrial $41.1 10.4% -18.8%

Clifford Chance LLP Consumer Cyclical $35.3 8.9% -34.4%

Number of deals 58 Technology $26.5 6.7% 2.3%

Volume (Bln.) $102.9 Energy $22.2 5.6% -39.0%


Diversified $0.9 0.2% 1.2%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $159.9 -12.3% -43.6%

Cross Border $215.1 -8.2% -47.3%

Private Equity $203.8 -10.7% 16.4%

Asset sale $75.4 -15.3% -50.5%

Tender Offer $41.7 -17.6% -63.5%

Venture Capital $17.5 -4.5% 22.3%

Spin-off $9.1 -14.8% -83.1%

Minority purchase $47.8 -2.6% 0.7%

$89.7 -12.6% 60.1%

EMEA M&A Regional Review

Glob

al M

&A

Revi

ew |

1H

2019

EMEA M&A: Country BreakdownAmount


Change

EMEA M&A Highlights of 1H 2019 EMEA M&A: Industry Breakdown


3/27/19Saudi Basic Industries

CorpSaudi Arabian Oil Co

Public Investment Fund/The

$69,094.5

Top Adviser6/12/19 Axel Springer SE KKR & Co Inc -

6/12/19 METRO AGEP Global Commerce

VI GmbH- $9,391.5

$7,679.0

4/2/19Two residential mortgages and

unsecured loans portCitigroup Inc

UK Asset Resolution Ltd

$6,407.7

3/11/19Mellanox

Technologies LtdNVIDIA Corp - $6,339.7

EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown

Deal Type

Majority purchase


0

1,000

2,000

3,000

4,000

5,000

$0

$100

$200

$300

$400

$500

2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2


• Deal volume for EMEA-based targets decreased by 31.8% from the same period last year to $395.0 billion; the lowest deal volume since 1H2017. The United Kingdom was the most sought-after country in 1H2019, with $82.9 billion in transactions.

• The basic materials sector was the most targeted industry experiencing a year-over-year growth of 216.8% and accounting for 19.2% of the transactions for the period. Saudi Arabian Oil Co’s pending acquisition of a 70% stake in Saudi Basic Industries Corp for $69.0 billion was the largest deal announced in the sector and region.

• Private equity activity for EMEA-based targets reached a volume of $205.5 billion in 1H2019, representing a 17.3% increase from the same period last year.

9

Europe Announced Deals (By Volume) 01/01/2019 - 06/30/2019 Europe Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

Skadden Arps Slate Meagher & Flom LLP 1 11.4 54,414 28 7 10.2 1.2 CMS 1 1.8 8,733 124 1 5.3 -3.5Freshfields Bruckhaus Deringer LLP 2 10.8 51,630 63 1 25.9 -15.1 Orrick Herrington & Sutcliffe LLP 2 0.7 3,194 120 10 1.1 -0.4Latham & Watkins LLP 3 10.5 50,426 76 20 5.4 5.1 Jones Day 3 4.1 19,408 102 3 5.5 -1.4Cleary Gottlieb Steen & Hamilton LLP 4 10.3 49,268 28 19 5.5 4.8 Latham & Watkins LLP 4 10.5 50,426 76 8 5.4 5.1Kirkland & Ellis LLP 5 9.3 44,752 73 8 8.4 1.0 Allen & Overy LLP 5 3.0 14,281 75 2 7.7 -4.7Clifford Chance LLP 6 9.2 44,124 70 5 11.4 -2.2 Kirkland & Ellis LLP 6 9.3 44,752 73 14 8.4 1.0Simpson Thacher & Bartlett LLP 7 8.2 39,310 17 24 4.4 3.8 White & Case LLP 7 3.5 16,921 71 9 7.3 -3.7Cravath Swaine & Moore LLP 8 5.6 26,627 12 14 6.6 -1.0 Clifford Chance LLP 8 9.2 44,124 70 4 11.4 -2.2Linklaters LLP 9 5.0 24,108 67 3 13.4 -8.4 Linklaters LLP 9 5.0 24,108 67 7 13.4 -8.4Shearman & Sterling LLP 10 5.0 23,862 20 2 14.3 -9.3 Freshfields Bruckhaus Deringer LLP 10 10.8 51,630 63 6 25.9 -15.1Davis Polk & Wardwell LLP 11 4.9 23,365 15 6 10.2 -5.4 Hogan Lovells US LLP 11 1.4 6,874 61 10 7.3 -5.9Sullivan & Cromwell LLP 12 4.8 22,831 25 17 5.6 -0.8 DLA Piper LLP 12 0.3 1,526 57 12 2.1 -1.8Slaughter and May 13 4.5 21,465 20 12 7.1 -2.6 Dentons 13 0.4 1,703 54 12 0.9 -0.6Ashurst LLP 14 4.3 20,758 26 37 2.1 2.2 Baker & McKenzie LLP 14 1.7 8,172 45 5 4.8 -3.1Hengeler Mueller 15 4.1 19,649 28 16 6.2 -2.1 Cuatrecasas 15 0.4 1,803 44 15 1.5 -1.1Jones Day 16 4.1 19,408 102 18 5.5 -1.4 Weil Gotshal & Manges LLP 16 3.2 15,334 41 17 6.4 -3.2White & Case LLP 17 3.5 16,921 71 11 7.3 -3.7 Herbert Smith Freehills LLP 16 2.5 11,981 41 16 11.8 -9.3Gibson Dunn & Crutcher LLP 18 3.2 15,478 21 23 4.5 -1.3 Noerr LLP 18 0.3 1,366 40 23 1.2 -1.0Weil Gotshal & Manges LLP 19 3.2 15,334 41 15 6.4 -3.2 Uria Menendez Abogados SLP 19 1.1 5,240 36 35 2.4 -1.3Barbosa Mussnich & Aragao 20 3.1 14,592 7 284 - 3.1 Loyens & Loeff NV 19 0.7 3,110 36 23 3.2 -2.5TOTAL 479,111 6,796 TOTAL 479,111 6,796

Europe Announced Deals- Principals (By Volume) 01/01/2019 - 06/30/2019 Europe Announced Deals- Principals (By Deal Count) 01/01/2019 - 06/30/2019

Skadden Arps Slate Meagher & Flom LLP 1 15.6 54,414 28 3 11.7 3.9 CMS 1 2.5 8,733 124 1 6.3 -3.8Freshfields Bruckhaus Deringer LLP 2 14.3 49,663 62 1 30.5 -16.2 Orrick Herrington & Sutcliffe LLP 2 0.9 3,194 120 10 1.3 -0.4Clifford Chance LLP 3 12.7 44,124 70 5 10.9 1.8 Jones Day 3 5.6 19,408 101 3 6.3 -0.7Latham & Watkins LLP 4 12.5 43,392 73 19 5.3 7.1 Allen & Overy LLP 4 4.0 13,882 74 2 8.8 -4.8Kirkland & Ellis LLP 5 11.0 38,294 70 12 7.8 3.2 Latham & Watkins LLP 5 12.5 43,392 73 8 5.3 7.1Simpson Thacher & Bartlett LLP 6 11.0 38,159 16 20 5.2 5.8 Clifford Chance LLP 6 12.7 44,124 70 4 10.9 1.8Cleary Gottlieb Steen & Hamilton LLP 7 7.0 24,386 24 27 3.0 4.0 Kirkland & Ellis LLP 6 11.0 38,294 70 15 7.8 3.2Linklaters LLP 8 6.6 23,111 66 2 14.0 -7.4 Linklaters LLP 8 6.6 23,111 66 7 14.0 -7.4Slaughter and May 9 6.2 21,465 20 10 8.3 -2.1 White & Case LLP 8 2.3 8,008 66 9 5.4 -3.1Hengeler Mueller 10 5.6 19,649 28 15 7.3 -1.6 Freshfields Bruckhaus Deringer LLP 10 14.3 49,663 62 6 30.5 -16.2Jones Day 11 5.6 19,408 101 17 6.3 -0.7 Hogan Lovells US LLP 11 2.0 6,874 60 10 8.6 -6.6Sullivan & Cromwell LLP 12 4.8 16,786 21 38 2.1 2.7 DLA Piper LLP 12 0.4 1,526 57 13 0.9 -0.5Davis Polk & Wardwell LLP 13 4.7 16,308 11 6 10.3 -5.6 Dentons 13 0.5 1,703 54 12 1.1 -0.6Weil Gotshal & Manges LLP 14 4.4 15,334 41 14 7.3 -2.9 Baker & McKenzie LLP 14 2.4 8,172 45 5 4.1 -1.7Barbosa Mussnich & Aragao 15 4.2 14,592 7 284 - 4.2 Cuatrecasas 15 0.5 1,803 44 14 1.7 -1.2Cravath Swaine & Moore LLP 16 4.2 14,457 9 13 7.4 -3.2 Weil Gotshal & Manges LLP 16 4.4 15,334 41 17 7.3 -2.9Blake Cassels & Graydon LLP 17 4.1 14,319 6 68 0.8 3.4 Herbert Smith Freehills LLP 16 3.4 11,981 41 16 11.3 -7.9Allen & Overy LLP 18 4.0 13,882 74 8 8.8 -4.8 Noerr LLP 18 0.4 1,366 40 23 1.5 -1.1NautaDutilh NV 19 3.9 13,436 14 61 0.9 3.0 Uria Menendez Abogados SLP 19 1.5 5,240 36 35 2.8 -1.3Homburger AG 20 3.5 12,324 9 33 2.5 1.0 Loyens & Loeff NV 19 0.9 3,110 36 23 3.7 -2.9TOTAL 348,297 2,066 TOTAL 348,297 2,066

FIRM


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

749,450 749,450

636,653 636,653

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

2019

10

UK Announced Deals (By Volume) 01/01/2019 - 06/30/2019 UK Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

Clifford Chance LLP 1 15.5 22,104 24 8 13.4 2.0 Orrick Herrington & Sutcliffe LLP 1 0.9 1,310 45 14 1.2 -0.3Slaughter and May 2 14.7 20,993 15 6 15.3 -0.6 CMS 2 5.1 7,293 44 1 9.5 -4.4Ashurst LLP 3 14.5 20,755 21 25 3.7 10.8 Jones Day 3 1.8 2,552 38 4 0.8 1.0Freshfields Bruckhaus Deringer LLP 4 12.1 17,257 22 1 35.4 -23.4 Kirkland & Ellis LLP 4 11.1 15,828 35 11 6.5 4.6Kirkland & Ellis LLP 5 11.1 15,828 35 16 6.5 4.6 DLA Piper LLP 5 0.9 1,211 33 10 3.5 -2.7Cleary Gottlieb Steen & Hamilton LLP 6 9.2 13,192 6 46 1.3 7.9 Allen & Overy LLP 6 4.4 6,337 31 2 11.4 -7.0Linklaters LLP 7 7.6 10,885 23 7 14.9 -7.3 Latham & Watkins LLP 7 6.0 8,512 30 7 4.1 1.8Weil Gotshal & Manges LLP 8 6.8 9,726 16 13 8.6 -1.8 Clifford Chance LLP 8 15.5 22,104 24 4 13.4 2.0Shearman & Sterling LLP 9 6.7 9,603 9 3 23.0 -16.3 Linklaters LLP 9 7.6 10,885 23 3 14.9 -7.3Bryan Cave Leighton Paisner LLP/US 10 6.1 8,667 3 - - 6.1 Dentons 9 0.6 844 23 21 0.4 0.2Latham & Watkins LLP 11 6.0 8,512 30 24 4.1 1.8 Freshfields Bruckhaus Deringer LLP 11 12.1 17,257 22 6 35.4 -23.4Simpson Thacher & Bartlett LLP 12 5.1 7,300 7 11 9.6 -4.5 Gowling WLG 11 1.7 2,495 22 21 0.1 1.7CMS 13 5.1 7,293 44 12 9.5 -4.4 Ashurst LLP 13 14.5 20,755 21 21 3.7 10.8Alston & Bird LLP 14 4.9 7,054 3 88 0.2 4.7 Travers Smith 14 0.5 758 18 15 0.6 0.0Jackson Walker LLP 15 4.7 6,700 1 - - 4.7 Hogan Lovells US LLP 15 1.9 2,767 17 16 2.9 -0.9Allen & Overy LLP 16 4.4 6,337 31 10 11.4 -7.0 Weil Gotshal & Manges LLP 16 6.8 9,726 16 16 8.6 -1.8Homburger AG 17 4.4 6,293 1 - - 4.4 Herbert Smith Freehills LLP 16 1.9 2,720 16 8 25.9 -24.0NautaDutilh NV 17 4.4 6,293 4 92 0.2 4.2 Slaughter and May 18 14.7 20,993 15 20 15.3 -0.6Sullivan & Cromwell LLP 19 3.9 5,522 8 19 5.6 -1.7 White & Case LLP 18 0.5 645 15 12 8.4 -7.9Cravath Swaine & Moore LLP 20 3.4 4,807 5 17 6.5 -3.1 Squire Patton Boggs US LLP 18 0.3 355 15 13 0.4 -0.1TOTAL 143,107 2,473 TOTAL 143,107 2,473

Germany Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019 France Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

CMS 1 3.3 3,192 48 1 19.3 -16.0 Jones Day 1 11.1 10,019 40 1 2.2 8.9Noerr LLP 2 1.4 1,312 35 4 7.5 -6.2 Orrick Herrington & Sutcliffe LLP 2 1.3 1,194 35 4 5.0 -3.7Orrick Herrington & Sutcliffe LLP 3 0.9 885 29 10 0.3 0.7 Hogan Lovells US LLP 3 1.2 1,122 25 6 3.0 -1.7Hengeler Mueller 4 20.2 19,622 25 7 37.6 -17.3 CMS 4 0.1 45 24 13 8.4 -8.4Freshfields Bruckhaus Deringer LLP 5 25.5 24,753 22 2 58.8 -33.3 Latham & Watkins LLP 5 14.1 12,724 18 4 4.6 9.5Jones Day 6 1.2 1,172 21 3 12.3 -11.1 De Pardieu Brocas Maffei 6 0.0 29 17 12 5.8 -5.7Latham & Watkins LLP 7 15.4 14,904 17 9 2.9 12.5 Herbert Smith Freehills LLP 7 10.3 9,322 15 24 3.8 6.6Clifford Chance LLP 8 9.3 9,016 16 5 5.0 4.3 Weil Gotshal & Manges LLP 7 7.4 6,706 15 8 17.1 -9.7Hogan Lovells US LLP 9 1.0 947 13 8 2.4 -1.4 Clifford Chance LLP 9 7.2 6,482 13 2 16.7 -9.5Linklaters LLP 10 1.1 1,028 11 16 17.7 -16.6 Linklaters LLP 10 2.9 2,573 12 9 13.8 -11.0White & Case LLP 11 8.4 8,154 10 15 0.1 8.3 Allen & Overy LLP 10 2.0 1,771 12 3 7.5 -5.6Luther Rechtsanwaltsgesellschaft mbH 11 0.1 78 10 10 0.2 -0.1 Loyens & Loeff NV 10 1.9 1,695 12 32 - 1.9Baker & McKenzie LLP 13 3.7 3,622 9 12 10.7 -7.0 Mayer Brown LLP 13 1.0 877 11 21 2.7 -1.7Allen & Overy LLP 14 2.1 2,013 8 6 3.6 -1.5 Gibson Dunn & Crutcher LLP 14 1.3 1,194 9 34 0.3 1.0Gleiss Lutz Hootz Hirsch Partnerschaftsgese 14 1.4 1,307 8 80 - 1.4 Kirkland & Ellis LLP 14 1.1 1,027 9 29 7.4 -6.2DLA Piper LLP 14 0.1 86 8 20 0.8 -0.7 White & Case LLP 14 0.0 18 9 19 3.1 -3.1Dentons 14 0.0 10 8 13 3.1 -3.1 Stibbe BV 17 3.3 3,004 8 61 5.1 -1.8Shearman & Sterling LLP 18 10.0 9,726 7 13 23.7 -13.7 Willkie Farr & Gallagher LLP 17 2.1 1,933 8 13 14.2 -12.0Weil Gotshal & Manges LLP 18 0.5 474 7 27 - 0.5 DLA Piper LLP 17 0.0 37 8 11 1.0 -1.0Kirkland & Ellis LLP 20 22.1 21,459 6 24 0.6 21.6 Cleary Gottlieb Steen & Hamilton LLP 20 7.6 6,854 7 21 19.4 -11.9TOTAL 97,069 1,200 TOTAL 90,354 1,046

FIRM


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

319,385 319,385

122,348 110,723

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

2019

11

Italy Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019 Benelux Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

NCTM Studio Legale Associato 1 0.9 230 34 2 0.5 0.5 Loyens & Loeff NV 1 4.0 2,152 33 2 15.3 -11.4Orrick Herrington & Sutcliffe LLP 2 0.7 186 25 4 2.2 -1.5 Stibbe BV 2 8.8 4,792 22 6 2.2 6.6Chiomenti Studio Legale 3 11.1 2,781 20 1 14.4 -3.3 Allen & Overy LLP 3 10.7 5,816 21 1 5.4 5.3White & Case LLP 4 3.6 893 9 14 30.1 -26.6 Jones Day 4 3.0 1,651 19 8 16.2 -13.2Dentons 5 1.2 298 8 9 1.1 0.1 CMS 4 0.9 510 19 7 0.9 0.1Allen & Overy LLP 5 0.7 172 8 9 6.4 -5.7 Clifford Chance LLP 6 6.6 3,611 17 3 20.9 -14.3Legance Avvocati Associati 7 3.4 847 7 6 1.8 1.5 Houthoff Buruma 7 3.4 1,833 16 4 1.1 2.3Linklaters LLP 8 13.9 3,496 6 14 14.0 -0.1 Freshfields Bruckhaus Deringer LLP 8 8.1 4,436 14 4 13.6 -5.5Latham & Watkins LLP 8 4.4 1,114 6 5 9.1 -4.7 Linklaters LLP 9 9.9 5,414 13 8 8.5 1.4CMS 8 - - 6 9 2.2 -2.2 NautaDutilh NV 10 0.0 11 12 8 5.7 -5.6Clifford Chance LLP 11 2.0 508 5 7 12.5 -10.5 Latham & Watkins LLP 11 9.1 4,960 11 13 21.0 -11.9Hogan Lovells US LLP 11 1.8 454 5 18 0.5 1.3 White & Case LLP 11 2.2 1,184 11 20 21.8 -19.6Jones Day 11 1.0 254 5 7 3.8 -2.8 Kirkland & Ellis LLP 11 2.2 1,184 11 20 14.7 -12.5Shearman & Sterling LLP 14 4.6 1,149 4 9 5.6 -1.0 Orrick Herrington & Sutcliffe LLP 14 0.4 233 9 18 3.6 -3.1Gattai Minoli Agostinelli & Partners 14 1.7 430 4 3 21.8 -20.1 Hogan Lovells US LLP 15 1.7 949 8 14 1.5 0.2Cleary Gottlieb Steen & Hamilton LLP 16 23.1 5,800 3 23 8.7 14.3 De Brauw Blackstone Westbroek NV 16 3.9 2,101 7 15 12.9 -9.0DLA Piper LLP 16 0.2 46 3 38 - 0.2 Weil Gotshal & Manges LLP 16 1.3 686 7 23 5.1 -3.9Simmons & Simmons LLP 16 - - 3 38 - - Hengeler Mueller 16 0.8 409 7 26 0.2 0.6Uria Menendez Abogados SLP 19 5.3 1,333 2 - - 5.3 Dentons 16 0.2 114 7 15 1.3 -1.1Gianni Origoni Grippo Capelli Partners 19 0.5 114 2 23 1.3 -0.9 DLA Piper LLP 20 0.3 178 6 11 2.7 -2.3TOTAL 25,156 405 TOTAL 54,477 900

Iberia Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019 Nordic Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

Cuatrecasas 1 3.6 1,093 39 1 14.0 -10.4 White & Case LLP 1 4.7 3,164 25 1 7.9 -3.2Uria Menendez Abogados SLP 2 17.2 5,240 34 3 40.0 -22.8 Hannes Snellman Advokatbyra Ab/FI 2 6.7 4,562 21 2 3.7 3.0Perez-Llorca 3 7.8 2,383 29 2 19.1 -11.3 Kirkland & Ellis LLP 3 12.3 8,355 19 9 2.8 9.5Clifford Chance LLP 4 15.0 4,550 14 8 18.3 -3.3 Clifford Chance LLP 4 13.6 9,229 10 13 2.6 11.0Linklaters LLP 4 11.0 3,348 14 9 26.6 -15.6 Baker & McKenzie LLP 4 0.9 607 10 3 17.0 -16.1Latham & Watkins LLP 6 21.5 6,532 10 27 0.1 21.4 Advokatfirmaet Thommessen AS 4 0.0 12 10 25 - 0.0Herbert Smith Freehills LLP 6 11.0 3,362 10 14 1.1 9.9 Advokatfirman Vinge KB 7 0.7 449 9 3 6.8 -6.2Hogan Lovells US LLP 8 2.9 880 9 13 1.2 1.7 Noerr LLP 7 - - 9 25 0.4 -0.4Garrigues Abogados 9 0.5 144 7 11 1.5 -1.0 Freshfields Bruckhaus Deringer LLP 9 7.0 4,731 8 11 3.1 3.9Freshfields Bruckhaus Deringer LLP 10 10.0 3,038 5 12 3.6 6.4 Orrick Herrington & Sutcliffe LLP 9 0.7 499 8 25 1.0 -0.2Jones Day 10 0.4 132 5 16 - 0.4 Allen & Overy LLP 11 0.5 326 7 8 - 0.5Allen & Overy LLP 10 - - 5 10 18.2 -18.2 Ashurst LLP 12 8.4 5,696 6 14 0.6 7.7Mattos Filho Veiga Filho Marrey Jr e Quiroga 13 2.0 622 3 39 10.6 -8.6 Hogan Lovells US LLP 12 2.1 1,417 6 19 1.6 0.5DLA Piper LLP 13 0.6 187 3 14 0.4 0.2 Ropes & Gray LLP 12 0.8 551 6 32 2.8 -1.9Orrick Herrington & Sutcliffe LLP 13 0.2 63 3 27 0.1 0.2 Skadden Arps Slate Meagher & Flom LLP 15 29.1 19,813 5 19 3.1 26.0Kirkland & Ellis LLP 13 0.1 38 3 20 10.5 -10.4 Jones Day 15 7.6 5,160 5 14 0.7 6.9Davis Polk & Wardwell LLP 17 8.9 2,720 2 20 17.3 -8.4 Advokatfirmaet Schjodt AS 15 3.6 2,459 5 42 - 3.6Norton Rose Fulbright LLP 17 3.4 1,027 2 27 0.2 3.2 Ellex 15 1.5 998 5 9 0.5 1.0White & Case LLP 17 2.1 648 2 20 1.5 0.6 CMS 15 0.7 495 5 12 0.0 0.7Cleary Gottlieb Steen & Hamilton LLP 17 2.1 648 2 - - 2.1 DLA Piper LLP 15 0.2 103 5 19 15.3 -15.2TOTAL 30,445 417 TOTAL 68,068 1,030

FIRM


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

34,908 98,415


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

44,339 70,150

FIRM

12

Eastern Europe Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

Ellex 1 3.2 846 18 1 2.2 1.1CMS 1 1.2 316 18 2 8.0 -6.8White & Case LLP 3 6.7 1,748 13 8 12.7 -6.0Dentons 3 1.5 404 13 3 2.5 -1.0Weil Gotshal & Manges LLP 3 1.3 336 13 14 9.5 -8.2COBALT 6 0.0 9 12 5 0.3 -0.2Linklaters LLP 7 2.9 766 10 10 10.6 -7.7SORAINEN 8 2.0 532 9 4 2.8 -0.8Allen & Overy LLP 8 1.7 440 9 8 5.7 -4.0Orrick Herrington & Sutcliffe LLP 10 4.6 1,214 8 20 1.1 3.5Baker & McKenzie LLP 10 0.6 164 8 6 4.8 -4.2DLA Piper LLP 10 - 2 8 24 - -Clifford Chance LLP 13 3.6 954 7 6 1.3 2.3Freshfields Bruckhaus Deringer LLP 14 11.2 2,932 5 14 10.6 0.5Latham & Watkins LLP 14 10.6 2,777 5 24 7.6 3.0Herbert Smith Freehills LLP 14 2.7 703 5 24 - 2.7O'Melveny & Myers LLP 14 2.6 669 5 39 0.0 2.5Noerr LLP 18 1.5 386 4 12 0.6 0.9Cleary Gottlieb Steen & Hamilton LLP 19 4.5 1,187 3 24 10.7 -6.2Jones Day 19 0.2 45 3 18 1.7 -1.5TOTAL 26,249 553

FIRM

2019 2018MKT SHR CHANGE RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

45,454

13

DateTotal Value

Number of deals 6,190

Volume (Bln.) $333.0

Avg Deal Size (Mln.) $53.8

AZB & Partners

Number of deals 69

Volume (Bln.) $14.6

Avg Deal Size (Bln.) $0.2

Deal TypeAmount

(Bln.)%

Change % YoY

Change

Company Takeover $112.1 -11.5% -27.4%

Cross Border $117.6 -10.1% -38.1%

Private Equity $66.8 -12.0% -46.9%

Asset sale $52.9 -1.9% 7.6%

Tender Offer $11.8 -19.3% -34.5%

Venture Capital $23.5 -11.0% -55.0%

Spin-off $0.1 -40.0% -99.7%


Majority purchase $42.3 -16.1% -48.1%

Graphs represent any regional involvement (target, seller, or acquirer).

$5,633.2

APAC M&A Regional Review

Glob

al M

&A

Revi

ew |

1H

2019

APAC M&A: Quarterly Volume

Australia/NZ M&A: Quarterly Volume

APAC M&A: Highlights of 1H 2019

Summary Target Acquirer Seller

1/14/2019 Multiple Targets CapitaLand LtdAscendas-Singbridge

Pte Ltd$7,824.2

Top Adviser4/25/2019

Mindanao Islamic Telephone Co Inc

Multiple Acquirers -

1/23/2019Beijing Easyhome

Furnishing New Retail Chain Store

Wuhan Zhongshang Commercial Group Co

Ltd-

Greater China M&A: Quarterly Volume

5/8/2019 Yahoo Japan Corp Shareholders - $4,780.0

$5,400.0

Japan M&A: Quarterly Volume

5/8/2019 Yahoo Japan Corp Softbank Corp - $4,144.4

APAC M&A: Breakdown

30%

14%13%

12%

9%

8%

8%

4% 2% 0%

APAC Industry Breakdown Financial

Industrial

Consumer Cyclical

Consumer Non-cyclical

Communications

Basic Materials

Technology

Energy

Utilities

Diversified

0

2,000

4,000

6,000

$0

$200

$400

$600


0

200

400

600

$0

$20

$40

$60

$80


0

500

1000

1500

2000

$0

$100

$200

$300


0

500

1000

$0

$50

$100

$150


• In 1H2019, M&A activity targeting the Asia-Pacific experienced a decrease of 28.9% to $332.8 billion compared to the same period last year. The value of deals targeting Chinese companies or assets in China accounted for 41.3% of the total deal volume in APAC.

• The financial sector was the most targeted industry, accounting for 30.7% of the region's overall volume. The divestiture of Ascendas Pte Ltd and Singbridge Pte Ltd by Ascendas-Singbridge Pte Ltd for$7.82 billion was the largest deal announced in the sector and the region.

• Private equity deals decreased by 46.9% year-on-year to $66.8 billion. Sequoia Capital was the most active investor in 1H2019 with its involvement in 40 deals. Whereas, Brookfield Asset Management was involved in the largest transaction in the sector; the pending divestiture of East West Pipeline Ltd’s pipeline business for $2.44 billion.

14

APAC Ex Japan Announced Deals (By Volume) 01/01/2019 - 06/30/2019 APAC Ex Japan Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

Simpson Thacher & Bartlett LLP 1 7.9 32,553 13 5 6.2 1.7 AZB & Partners 1 3.6 14,894 74 1 5.3 -1.8Kirkland & Ellis LLP 2 7.8 32,400 10 1 7.2 0.6 Khaitan & Co 2 2.0 8,057 65 4 4.3 -2.3Shearman & Sterling LLP 3 4.1 16,917 5 82 0.4 3.7 Kim & Chang 3 2.6 10,673 48 3 2.5 0.1AZB & Partners 4 3.6 14,894 74 11 5.3 -1.8 King & Wood Mallesons 4 3.1 12,878 44 6 5.8 -2.6Baker Botts LLP 5 3.5 14,400 2 - - 3.5 Shin & Kim 5 1.9 7,648 39 12 1.5 0.3Vinson & Elkins LLP 5 3.5 14,400 2 79 0.4 3.1 Lee & Ko 6 1.7 6,887 35 8 2.5 -0.8Cleary Gottlieb Steen & Hamilton LLP 7 3.4 14,022 5 70 0.5 2.9 Shardul Amarchand Mangaldas & Co 7 2.0 8,087 32 5 6.5 -4.6White & Case LLP 8 3.2 13,379 12 34 2.9 0.3 Bae Kim & Lee 8 2.2 9,130 31 20 1.6 0.6King & Wood Mallesons 9 3.1 12,878 44 8 5.8 -2.6 Cyril Amarchand Mangaldas 9 1.4 5,717 30 13 4.1 -2.7WongPartnership LLP 10 3.0 12,261 21 20 3.6 -0.7 Fangda Partners 10 1.1 4,727 29 10 5.6 -4.5Weil Gotshal & Manges LLP 11 2.8 11,667 8 3 6.7 -3.9 Herbert Smith Freehills LLP 11 2.1 8,653 28 2 5.2 -3.1Sullivan & Cromwell LLP 12 2.8 11,490 4 27 3.3 -0.6 Allens 11 2.0 8,304 28 17 5.2 -3.2Cravath Swaine & Moore LLP 13 2.7 11,100 4 108 0.2 2.5 Baker & McKenzie LLP 11 1.4 5,971 28 6 3.6 -2.2Allen & Gledhill LLP 14 2.7 10,966 18 25 3.3 -0.7 J Sagar Associates 14 0.5 2,072 23 15 0.4 0.1Latham & Watkins LLP 15 2.6 10,793 18 17 4.1 -1.5 Gilbert + Tobin 15 1.5 6,074 22 19 5.7 -4.3Goodwin Procter LLP 16 2.6 10,677 7 22 3.6 -1.0 Orrick Herrington & Sutcliffe LLP 15 0.3 1,280 22 57 0.6 -0.3Kim & Chang 17 2.6 10,673 48 38 2.5 0.1 WongPartnership LLP 17 3.0 12,261 21 24 3.6 -0.7Stroock & Stroock & Lavan LLP 18 2.5 10,367 1 - - 2.5 DLA Piper LLP 18 0.6 2,596 20 26 2.8 -2.2Bae Kim & Lee 19 2.2 9,130 31 46 1.6 0.6 Allen & Overy LLP 19 1.6 6,614 19 14 4.6 -3.0Herbert Smith Freehills LLP 20 2.1 8,653 28 13 5.2 -3.1 Trilegal 19 0.5 2,220 19 11 4.1 -3.6TOTAL 414,207 6,001 TOTAL 414,207 6,001

APAC Private Equity Announced Deals (By Volume) 01/01/2019 - 06/30/2019

Kirkland & Ellis LLP 1 19.3 33,142 8 1 18.9 0.4Simpson Thacher & Bartlett LLP 2 18.9 32,478 13 5 15.0 3.9Baker Botts LLP 3 8.4 14,400 2 - - 8.4Vinson & Elkins LLP 3 8.4 14,400 2 69 0.7 7.7Cleary Gottlieb Steen & Hamilton LLP 5 8.2 14,022 5 39 2.8 5.4Weil Gotshal & Manges LLP 6 7.3 12,608 9 2 18.5 -11.2White & Case LLP 7 6.8 11,704 5 14 8.5 -1.7Shearman & Sterling LLP 8 6.7 11,440 3 76 0.4 6.2Cravath Swaine & Moore LLP 9 6.5 11,100 1 78 0.4 6.1Goodwin Procter LLP 10 6.2 10,666 4 13 8.7 -2.5Latham & Watkins LLP 11 6.2 10,566 16 10 9.1 -2.9Sullivan & Cromwell LLP 12 6.1 10,547 3 30 7.1 -0.9Stroock & Stroock & Lavan LLP 13 6.0 10,367 1 - - 6.0Morrison & Foerster LLP 14 5.2 8,920 9 21 7.9 -2.7Allen & Overy LLP 15 3.7 6,358 11 8 10.3 -6.6AZB & Partners 16 3.3 5,712 34 36 5.1 -1.8Kim & Chang 17 3.0 5,072 19 45 2.5 0.5Shardul Amarchand Mangaldas & Co 18 2.7 4,664 22 9 10.2 -7.5Allens 19 2.7 4,580 8 50 2.2 0.4Freshfields Bruckhaus Deringer LLP 20 2.6 4,500 3 6 12.4 -9.8TOTAL 171,911 1,624

FIRM

2019 2018MKT SHR CHANGE

MKT SHR CHANGE RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) FIRM

2019 2018

560,325 560,325

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

222,813

15

AU & NZ Announced Deals (By Volume) 01/01/2019 - 06/30/2019 AU & NZ Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

White & Case LLP 1 18.7 11,100 1 61 0.2 18.5 King & Wood Mallesons 1 7.7 4,598 33 2 15.4 -7.7Shearman & Sterling LLP 1 18.7 11,100 1 86 - 18.7 Allens 2 13.5 8,044 27 3 35.4 -21.9Cleary Gottlieb Steen & Hamilton LLP 1 18.7 11,100 1 - - 18.7 Gilbert + Tobin 3 10.2 6,074 22 3 20.1 -9.9Cravath Swaine & Moore LLP 1 18.7 11,100 2 35 1.1 17.6 Herbert Smith Freehills LLP 4 8.7 5,158 19 1 31.5 -22.9Baker Botts LLP 1 18.7 11,100 1 - - 18.7 Corrs Chambers Westgarth 4 0.4 255 19 8 1.1 -0.7Vinson & Elkins LLP 1 18.7 11,100 1 23 2.2 16.5 Ashurst LLP 6 6.6 3,903 16 7 3.7 2.9Allens 7 13.5 8,044 27 1 35.4 -21.9 Minter Ellison 7 1.1 679 13 6 4.0 -2.8Gilbert + Tobin 8 10.2 6,074 22 3 20.1 -9.9 Thomson Geer 8 0.3 164 12 14 0.3 -Herbert Smith Freehills LLP 9 8.7 5,158 19 2 31.5 -22.9 Norton Rose Fulbright LLP 8 0.3 151 12 22 1.1 -0.8King & Wood Mallesons 10 7.7 4,598 33 6 15.4 -7.7 DLA Piper LLP 10 1.2 705 10 12 16.1 -14.9Ashurst LLP 11 6.6 3,903 16 12 3.7 2.9 Baker & McKenzie LLP 11 0.2 128 9 10 16.5 -16.3Nishimura & Asahi 12 5.8 3,421 2 82 0.0 5.8 Allen & Overy LLP 12 5.5 3,252 7 11 2.1 3.4Latham & Watkins LLP 13 5.8 3,417 5 22 2.4 3.4 Jones Day 12 0.1 29 7 9 0.7 -0.7Allen & Overy LLP 14 5.5 3,252 7 24 2.1 3.4 Chapman Tripp 14 4.2 2,482 6 12 3.4 0.8Bell Gully 15 4.7 2,785 3 74 0.0 4.7 Clifford Chance LLP 14 1.5 872 6 16 5.4 -4.0Stibbe BV 16 4.2 2,510 1 - - 4.2 Dentons 14 0.2 141 6 22 0.0 0.2Linklaters LLP 16 4.2 2,510 1 8 7.3 -3.1 Latham & Watkins LLP 17 5.8 3,417 5 26 2.4 3.4CMS 18 4.2 2,505 1 79 0.0 4.2 Clayton Utz 17 0.5 272 5 17 2.4 -1.9Chapman Tripp 19 4.2 2,482 6 13 3.4 0.8 HWL Ebsworth Lawyers 17 0.0 13 5 5 0.6 -0.6McCullough Robertson Lawyers 20 2.2 1,293 1 46 0.6 1.6 Wilson Sonsini Goodrich & Rosati PC 20 1.1 670 4 51 - 1.1TOTAL 59,385 764 TOTAL 59,385 764

Japan Announced Deals (By Volume) 01/01/2019 - 06/30/2019 Japan Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

Mori Hamada & Matsumoto 1 15.0 14,275 52 3 51.6 -36.6 Nishimura & Asahi 1 11.9 11,293 62 3 52.1 -40.3Nishimura & Asahi 2 11.9 11,293 62 2 52.1 -40.3 Nagashima Ohno & Tsunematsu 2 8.9 8,485 55 2 48.5 -39.6Morrison & Foerster LLP 3 9.5 9,070 9 29 3.6 5.9 Mori Hamada & Matsumoto 3 15.0 14,275 52 1 51.6 -36.6Nagashima Ohno & Tsunematsu 4 8.9 8,485 55 5 48.5 -39.6 Anderson Mori & Tomotsune 4 5.5 5,207 46 4 48.7 -43.2Freshfields Bruckhaus Deringer LLP 5 8.4 7,989 7 31 2.7 5.7 Morrison & Foerster LLP 5 9.5 9,070 9 8 3.6 5.9Anderson Mori & Tomotsune 6 5.5 5,207 46 4 48.7 -43.2 Orrick Herrington & Sutcliffe LLP 5 1.2 1,148 9 8 0.3 0.9Davis Polk & Wardwell LLP 7 5.4 5,138 5 9 46.1 -40.7 Freshfields Bruckhaus Deringer LLP 7 8.4 7,989 7 12 2.7 5.7Allen & Overy LLP 8 4.5 4,246 6 16 11.7 -7.3 Baker & McKenzie LLP 7 2.3 2,213 7 6 1.3 1.0Gilbert + Tobin 9 3.8 3,636 4 100 0.0 3.8 Morgan Lewis & Bockius LLP 7 1.2 1,126 7 19 0.4 0.8Wilson Sonsini Goodrich & Rosati PC 10 3.3 3,100 3 107 0.0 3.2 Hibiya-Nakata 7 1.0 921 7 12 0.5 0.5Skadden Arps Slate Meagher & Flom LLP 11 3.2 3,000 2 36 1.3 1.8 Allen & Overy LLP 11 4.5 4,246 6 16 11.7 -7.3WongPartnership LLP 12 2.6 2,476 4 22 9.0 -6.4 Cooley LLP 11 2.4 2,300 6 79 - 2.4Cooley LLP 13 2.4 2,300 6 115 - 2.4 Herbert Smith Freehills LLP 11 2.4 2,244 6 6 1.1 1.3Herbert Smith Freehills LLP 14 2.4 2,244 6 37 1.1 1.3 Latham & Watkins LLP 11 1.8 1,692 6 11 45.9 -44.1Allen & Gledhill LLP 15 2.4 2,239 4 19 9.4 -7.1 White & Case LLP 11 1.4 1,346 6 24 2.4 -1.0Baker & McKenzie LLP 16 2.3 2,213 7 35 1.3 1.0 Hogan Lovells US LLP 11 0.4 383 6 24 9.0 -8.6Gibson Dunn & Crutcher LLP 17 2.0 1,935 3 18 9.7 -7.7 Davis Polk & Wardwell LLP 17 5.4 5,138 5 32 46.1 -40.7Latham & Watkins LLP 18 1.8 1,692 6 10 45.9 -44.1 Sullivan & Cromwell LLP 17 1.3 1,190 5 32 46.3 -45.1Simmons & Simmons LLP 19 1.6 1,484 2 - - 1.6 Kim & Chang 17 1.2 1,115 5 12 0.5 0.7White & Case LLP 20 1.4 1,346 6 33 2.4 -1.0 AZB & Partners 17 0.9 837 5 24 0.3 0.6TOTAL 95,215 1,817 TOTAL 95,215 1,817

FIRM


MKT SHR CHANGE RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) FIRM

2019 2018

74,764 74,764

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

177,386 177,386

16

South Korea Announced Deals (By Volume) 01/01/2019 - 06/30/2019 South Korea Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

Kim & Chang 1 23.1 10,335 45 2 29.8 -6.7 Kim & Chang 1 23.1 10,335 45 1 29.8 -6.7Bae Kim & Lee 2 20.4 9,130 31 3 19.4 1.0 Shin & Kim 2 17.1 7,648 39 3 18.5 -1.4Shin & Kim 3 17.1 7,648 39 4 18.5 -1.4 Lee & Ko 3 15.4 6,887 35 2 30.2 -14.8Lee & Ko 4 15.4 6,887 35 1 30.2 -14.8 Bae Kim & Lee 4 20.4 9,130 31 4 19.4 1.0Yulchon LLC 5 7.6 3,373 15 6 5.3 2.2 Yoon & Yang LLC 5 1.8 798 18 7 0.9 0.9Jipyong LLC 6 3.4 1,527 6 8 1.5 1.9 Seum 6 0.3 131 16 8 0.1 0.2Simpson Thacher & Bartlett LLP 7 3.0 1,329 2 - - 3.0 Yulchon LLC 7 7.6 3,373 15 5 5.3 2.2Hengeler Mueller 8 2.7 1,200 1 - - 2.7 Kim Choi & Lim 8 0.4 195 7 9 0.5 -0.1Yoon & Yang LLC 9 1.8 798 18 20 0.9 0.9 Jipyong LLC 9 3.4 1,527 6 6 1.5 1.9Arnold & Porter LLP 10 1.1 508 1 - - 1.1 Baker & McKenzie LLP 10 1.0 425 3 11 1.2 -0.3Baker & McKenzie LLP 11 1.0 425 3 11 1.2 -0.3 J Sagar Associates 10 0.9 390 3 - - 0.9Kirkland & Ellis LLP 12 1.0 422 2 43 - 1.0 Khaitan & Co 10 0.7 291 3 - - 0.7J Sagar Associates 13 0.9 390 3 - - 0.9 Orrick Herrington & Sutcliffe LLP 10 0.1 51 3 20 - 0.1Gunderson Dettmer Stough Villeneuve Frank 14 0.8 340 1 - - 0.8 Simpson Thacher & Bartlett LLP 14 3.0 1,329 2 - - 3.0Covington & Burling LLP 14 0.8 340 1 - - 0.8 Kirkland & Ellis LLP 14 1.0 422 2 20 - 1.0Paul Hastings LLP 14 0.8 340 1 23 0.7 0.1 Hogan Lovells US LLP 14 0.8 340 2 20 0.2 0.6Shearman & Sterling LLP 14 0.8 340 1 12 1.1 -0.3 Ropes & Gray LLP 14 0.7 322 2 - - 0.7Hogan Lovells US LLP 14 0.8 340 2 31 0.2 0.6 Clifford Chance LLP 14 0.3 137 2 14 0.6 -0.3Cleary Gottlieb Steen & Hamilton LLP 19 0.7 322 1 - - 0.7 Allen & Gledhill LLP 14 0.2 72 2 - - 0.2Ropes & Gray LLP 19 0.7 322 2 - - 0.7 Hengeler Mueller 20 2.7 1,200 1 - - 2.7TOTAL 44,684 835 TOTAL 44,684 835

China Announced Deals (By Volume) 01/01/2019 - 06/30/2019 China Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

King & Wood Mallesons 1 4.7 8,203 11 2 8.1 -3.3 Fangda Partners 1 2.7 4,727 29 1 11.5 -8.8Zhong Lun Law Firm 2 4.3 7,454 14 34 0.8 3.5 Zhong Lun Law Firm 2 4.3 7,454 14 31 0.8 3.5Haiwen & Partners 3 3.4 5,961 2 11 3.3 0.2 King & Wood Mallesons 3 4.7 8,203 11 3 8.1 -3.3Shearman & Sterling LLP 4 3.1 5,400 1 83 0.1 3.0 Skadden Arps Slate Meagher & Flom LLP 4 1.6 2,709 8 25 2.5 -0.9Fangda Partners 5 2.7 4,727 29 1 11.5 -8.8 Allbright Law Offices 4 0.5 858 8 21 0.4 0.2Zhejiang T&C Law Firm 6 1.9 3,295 3 39 0.5 1.4 Orrick Herrington & Sutcliffe LLP 4 0.2 424 8 11 1.3 -1.0Skadden Arps Slate Meagher & Flom LLP 7 1.6 2,709 8 13 2.5 -0.9 DLA Piper LLP 7 1.0 1,794 7 13 1.2 -0.2CMS 8 1.4 2,505 3 118 - 1.4 Slaughter and May 8 0.9 1,487 6 46 0.4 0.4Morrison & Foerster LLP 9 1.4 2,500 3 8 5.4 -4.0 Grandall Law Firm 8 0.3 430 6 2 1.3 -1.0Beijing Hairun Tianrui Law Firm 10 1.3 2,327 2 - - 1.3 Jia Yuan Law Firm 10 1.0 1,654 5 13 2.8 -1.8Davis Polk & Wardwell LLP 11 1.3 2,173 4 32 1.0 0.3 Baker & McKenzie LLP 10 0.7 1,245 5 6 1.6 -0.9Commerce & Finance Law Office 12 1.1 1,857 1 87 0.1 1.0 Jingtian & Gongcheng 10 0.3 466 5 7 1.1 -0.8Allen & Overy LLP 13 1.1 1,842 4 33 1.0 0.1 Davis Polk & Wardwell LLP 13 1.3 2,173 4 37 1.0 0.3DLA Piper LLP 14 1.0 1,794 7 29 1.2 -0.2 Allen & Overy LLP 13 1.1 1,842 4 18 1.0 0.1Jia Yuan Law Firm 15 1.0 1,654 5 12 2.8 -1.8 Noerr LLP 13 0.3 454 4 82 - 0.3Slaughter and May 16 0.9 1,487 6 47 0.4 0.4 Zhejiang T&C Law Firm 16 1.9 3,295 3 62 0.5 1.4Baker & McKenzie LLP 17 0.7 1,245 5 19 1.6 -0.9 CMS 16 1.4 2,505 3 37 - 1.4AZB & Partners 18 0.7 1,135 3 46 0.5 0.2 Morrison & Foerster LLP 16 1.4 2,500 3 18 5.4 -4.0Freshfields Bruckhaus Deringer LLP 19 0.6 1,110 2 17 1.7 -1.1 AZB & Partners 16 0.7 1,135 3 25 0.5 0.2Norton Rose Fulbright LLP 20 0.5 895 2 89 0.1 0.5 Clifford Chance LLP 16 0.5 800 3 9 6.8 -6.3TOTAL 173,908 2,258 TOTAL 173,908 2,258

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

46,139 46,139

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

266,307 266,307

17

Hong Kong Announced Deals (By Volume) 01/01/2019 - 06/30/2019 Hong Kong Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

Slaughter and May 1 7.8 3,582 7 21 2.0 5.8 Slaughter and May 1 7.8 3,582 7 13 2.0 5.8Ropes & Gray LLP 2 7.5 3,417 4 62 0.1 7.4 Fangda Partners 2 3.2 1,440 6 1 31.9 -28.8Paul Weiss Rifkind Wharton & Garrison LLP 3 6.1 2,781 3 10 5.8 0.3 Allen & Overy LLP 2 3.2 1,440 6 13 0.6 2.5Latham & Watkins LLP 4 5.2 2,386 4 35 0.9 4.3 Ropes & Gray LLP 4 7.5 3,417 4 19 0.1 7.4Zhejiang T&C Law Firm 5 5.0 2,299 1 51 0.3 4.8 Latham & Watkins LLP 4 5.2 2,386 4 4 0.9 4.3Blank Rome LLP 6 4.6 2,081 1 - - 4.6 J Sagar Associates 4 1.6 718 4 30 0.0 1.5Commerce & Finance Law Office 7 4.1 1,857 1 - - 4.1 Shardul Amarchand Mangaldas & Co 4 1.3 599 4 30 0.1 1.2Kim & Chang 8 3.3 1,524 3 - - 3.3 Khaitan & Co 4 0.6 284 4 30 0.2 0.5Fangda Partners 9 3.2 1,440 6 1 31.9 -28.8 Paul Weiss Rifkind Wharton & Garrison LLP 9 6.1 2,781 3 8 5.8 0.3Allen & Overy LLP 10 3.2 1,440 6 40 0.6 2.5 Kim & Chang 9 3.3 1,524 3 - - 3.3Cyril Amarchand Mangaldas 11 2.6 1,194 3 54 0.2 2.4 Cyril Amarchand Mangaldas 9 2.6 1,194 3 30 0.2 2.4Norton Rose Fulbright LLP 12 2.0 895 2 30 1.2 0.7 Gibson Dunn & Crutcher LLP 9 0.7 334 3 13 0.6 0.2Davis Polk & Wardwell LLP 13 1.8 820 2 12 4.4 -2.6 AZB & Partners 9 0.7 304 3 30 0.4 0.3J Sagar Associates 14 1.6 718 4 70 0.0 1.5 Norton Rose Fulbright LLP 14 2.0 895 2 6 1.2 0.7Shardul Amarchand Mangaldas & Co 15 1.3 599 4 64 0.1 1.2 Davis Polk & Wardwell LLP 14 1.8 820 2 10 4.4 -2.6Bae Kim & Lee 16 1.2 548 2 29 1.3 -0.1 Bae Kim & Lee 14 1.2 548 2 53 1.3 -0.1Lee & Ko 17 1.2 540 1 28 1.3 -0.1 Clifford Chance LLP 14 0.7 319 2 1 22.5 -21.8Arnold & Porter LLP 18 1.1 508 1 36 0.8 0.3 Herbert Smith Freehills LLP 14 0.7 300 2 30 1.2 -0.5Gibson Dunn & Crutcher LLP 19 0.7 334 3 44 0.6 0.2 Goodwin Procter LLP 14 0.6 281 2 19 1.2 -0.5Clifford Chance LLP 20 0.7 319 2 2 22.5 -21.8 Zhong Lun Law Firm 14 0.2 100 2 - - 0.2TOTAL 45,703 648 TOTAL 45,703 648

Taiwan Announced Deals (By Volume) 01/01/2019 - 06/30/2019 Taiwan Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

Morrison & Foerster LLP 1 27.8 1,000 2 1 15.6 12.2 Lee & Li 1 10.0 359 7 1 8.6 1.4Lee & Li 2 10.0 359 7 5 8.6 1.4 Jones Day 2 8.7 314 4 2 4.2 4.5Jones Day 3 8.7 314 4 11 4.2 4.5 Lexcel Partners Attorney-at-Law 3 1.6 56 3 7 1.8 -0.2Allen & Gledhill LLP 4 7.0 251 2 - - 7.0 Nishimura & Asahi 3 0.7 24 3 - - 0.7Mori Hamada & Matsumoto 5 6.8 243 1 - - 6.8 Morrison & Foerster LLP 5 27.8 1,000 2 4 15.6 12.2Chen & Lin 6 4.6 165 1 10 5.8 -1.2 Allen & Gledhill LLP 5 7.0 251 2 - - 7.0Pillsbury Winthrop Shaw Pittman LLP 7 2.5 90 1 - - 2.5 Shearman & Sterling LLP 5 2.1 77 2 - - 2.1Shearman & Sterling LLP 8 2.1 77 2 - - 2.1 Mori Hamada & Matsumoto 8 6.8 243 1 - - 6.8Lexcel Partners Attorney-at-Law 9 1.6 56 3 14 1.8 -0.2 Chen & Lin 8 4.6 165 1 7 5.8 -1.2Kim & Chang 10 1.3 45 1 - - 1.3 Pillsbury Winthrop Shaw Pittman LLP 8 2.5 90 1 - - 2.5Hogan Lovells US LLP 10 1.3 45 1 - - 1.3 Kim & Chang 8 1.3 45 1 - - 1.3Nishimura & Asahi 12 0.7 24 3 - - 0.7 Hogan Lovells US LLP 8 1.3 45 1 - - 1.3WongPartnership LLP 13 0.4 15 1 - - 0.4 WongPartnership LLP 8 0.4 15 1 - - 0.4Orrick Herrington & Sutcliffe LLP 14 0.0 1 1 15 1.4 -1.4 Orrick Herrington & Sutcliffe LLP 8 0.0 1 1 12 1.4 -1.4Clifford Chance LLP 15 - - 1 - - - Clifford Chance LLP 8 - - 1 - - -Anderson Mori & Tomotsune 15 - - 1 21 0.4 -0.4 Anderson Mori & Tomotsune 8 - - 1 12 0.4 -0.4

TOTAL 3,596 86 TOTAL 3,596 86

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

73,151 73,151

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

8,938 8,938

18

South East Asia Announced Deals (By Volume) 01/01/2019 - 06/30/2019 South East Asia Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

Kirkland & Ellis LLP 1 28.3 29,267 5 5 16.4 11.9 WongPartnership LLP 1 11.9 12,261 21 1 3.4 8.4Simpson Thacher & Bartlett LLP 2 28.3 29,223 3 2 24.4 3.9 Allen & Gledhill LLP 2 10.6 10,966 18 2 2.1 8.6WongPartnership LLP 3 11.9 12,261 21 31 3.4 8.4 Rajah & Tann 3 2.5 2,623 15 4 2.1 0.4Allen & Gledhill LLP 4 10.6 10,966 18 38 2.1 8.6 Baker & McKenzie LLP 4 2.9 2,983 10 3 3.8 -0.9Weil Gotshal & Manges LLP 5 10.3 10,648 3 3 24.2 -13.9 Orrick Herrington & Sutcliffe LLP 5 0.6 589 9 - - 0.6Sullivan & Cromwell LLP 6 10.2 10,547 2 7 13.8 -3.6 Latham & Watkins LLP 6 4.8 4,942 8 8 12.4 -7.6Goodwin Procter LLP 7 10.0 10,367 2 6 13.9 -3.8 Nishimura & Asahi 6 2.6 2,701 8 26 0.0 2.6Stroock & Stroock & Lavan LLP 7 10.0 10,367 1 - - 10.0 Herbert Smith Freehills LLP 8 3.6 3,748 7 13 2.9 0.8Drew & Napier LLC 9 7.7 7,935 3 57 0.5 7.2 Shook Lin & Bok LLP 8 0.7 762 7 7 0.6 0.2Shearman & Sterling LLP 10 5.2 5,400 1 61 0.3 5.0 Linklaters LLP 10 4.0 4,162 6 38 5.2 -1.1Latham & Watkins LLP 11 4.8 4,942 8 17 12.4 -7.6 Allen & Overy LLP 10 1.7 1,776 6 5 4.1 -2.4Linklaters LLP 12 4.0 4,162 6 23 5.2 -1.1 AZB & Partners 10 0.7 770 6 8 3.8 -3.1Herbert Smith Freehills LLP 13 3.6 3,748 7 32 2.9 0.8 Kirkland & Ellis LLP 13 28.3 29,267 5 17 16.4 11.9Sidley Austin LLP 14 3.2 3,300 3 - - 3.2 Gibson Dunn & Crutcher LLP 13 2.7 2,832 5 38 13.3 -10.6Baker Botts LLP 14 3.2 3,300 1 - - 3.2 Jones Day 13 2.5 2,563 5 8 2.8 -0.3Vinson & Elkins LLP 14 3.2 3,300 1 - - 3.2 Clifford Chance LLP 13 0.7 667 5 8 25.2 -24.6Baker & McKenzie LLP 17 2.9 2,983 10 30 3.8 -0.9 Kim & Chang 13 0.5 547 5 26 0.1 0.4Gibson Dunn & Crutcher LLP 18 2.7 2,832 5 10 13.3 -10.6 King & Wood Mallesons 13 0.2 188 5 38 11.1 -10.9Nishimura & Asahi 19 2.6 2,701 8 86 0.0 2.6 Hogan Lovells US LLP 13 0.0 20 5 15 0.8 -0.8Rajah & Tann 20 2.5 2,623 15 37 2.1 0.4 DLA Piper LLP 20 1.5 1,537 4 26 0.1 1.4TOTAL 103,350 1,103 TOTAL 103,350 1,103

India Announced Deals (By Volume) 01/01/2019 - 06/30/2019 India Announced Deals (By Deal Count) 01/01/2019 - 06/30/2019

AZB & Partners 1 31.3 14,694 73 2 32.4 -1.2 AZB & Partners 1 31.3 14,694 73 1 32.4 -1.2Khaitan & Co 2 16.9 7,940 63 3 26.2 -9.3 Khaitan & Co 2 16.9 7,940 63 2 26.2 -9.3Shardul Amarchand Mangaldas & Co 3 16.8 7,887 31 1 40.3 -23.6 Shardul Amarchand Mangaldas & Co 3 16.8 7,887 31 2 40.3 -23.6Cyril Amarchand Mangaldas 4 12.2 5,717 30 5 25.1 -12.9 Cyril Amarchand Mangaldas 4 12.2 5,717 30 5 25.1 -12.9Argus Partners 5 6.7 3,146 1 - - 6.7 J Sagar Associates 5 4.4 2,072 23 6 2.7 1.8Kirkland & Ellis LLP 6 5.8 2,710 3 6 20.2 -14.5 Trilegal 6 4.3 2,020 18 4 25.4 -21.1Cleary Gottlieb Steen & Hamilton LLP 7 5.5 2,600 1 - - 5.5 S&R Associates 7 1.8 837 9 7 5.9 -4.1J Sagar Associates 8 4.4 2,072 23 26 2.7 1.8 Simpson Thacher & Bartlett LLP 8 3.8 1,782 7 19 17.3 -13.5Trilegal 9 4.3 2,020 18 4 25.4 -21.1 Veritas Legal 9 2.3 1,067 6 10 0.1 2.1Simpson Thacher & Bartlett LLP 10 3.8 1,782 7 15 17.3 -13.5 Baker & McKenzie LLP 10 3.3 1,528 4 15 1.5 1.7Baker & McKenzie LLP 11 3.3 1,528 4 29 1.5 1.7 Jerome Merchant + Partners 10 0.2 80 4 11 0.1 0.1Veritas Legal 12 2.3 1,067 6 57 0.1 2.1 Kirkland & Ellis LLP 12 5.8 2,710 3 12 20.2 -14.5Sullivan & Cromwell LLP 13 2.0 943 2 19 15.5 -13.5 Luthra & Luthra Law Offices LLP 12 1.7 808 3 19 1.0 0.7S&R Associates 14 1.8 837 9 24 5.9 -4.1 White & Case LLP 12 1.6 760 3 52 15.5 -13.9Luthra & Luthra Law Offices LLP 15 1.7 808 3 34 1.0 0.7 Linklaters LLP 12 1.4 647 3 12 2.2 -0.9White & Case LLP 16 1.6 760 3 19 15.5 -13.9 Clifford Chance LLP 12 1.2 557 3 52 15.5 -14.3Linklaters LLP 17 1.4 647 3 28 2.2 -0.9 Talwar Thakore & Associates 12 0.2 115 3 15 6.3 -6.0Ropes & Gray LLP 18 1.3 586 2 45 0.5 0.8 Sullivan & Cromwell LLP 18 2.0 943 2 30 15.5 -13.5Weil Gotshal & Manges LLP 19 1.2 564 2 16 15.9 -14.7 Ropes & Gray LLP 18 1.3 586 2 52 0.5 0.8Sidley Austin LLP 20 1.2 560 1 - - 1.2 Weil Gotshal & Manges LLP 18 1.2 564 2 30 15.9 -14.7TOTAL 46,977 1,041 TOTAL 46,977 1,041

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

128,002 128,002

FIRM



90,365 90,365

RANKMKT SHR

(%) VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%) VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

19

Bloomberg League Criteria

Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are

converted to US dollars at the time of announcement.

Credit will be given to transactions in which Bloomberg classifies as mergers, acquisitions, divestitures, self-tenders, or spin-offs.

Regional and industry League Tables will be based on the country of risk and industry of the ultimate publicly traded parent of a privately held company where applicable.

Advisors to any member of an investor group, consortium, or joint venture are eligible for full credit.

Advisory fees hold no weight over advisory credit.

General Database Criteria

A transaction is considered to have been announced upon the release of terms offered by the acquirer, and acknowledgement of the offer by

the target company.

Deals that are considered to be in proposed status will not be granted credit.

Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional:

{IDOC 2063961<GO>}: M&A

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

20

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