global m&a market review - bloomberg … target acquirer seller industry 5/15/2017 abertis...
TRANSCRIPT
GLOBAL M&A MARKET REVIEW LEGAL RANKINGS 1st 3Q 2017
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
Contact Phone Email North America Nageen Qasim +1-646-324-2878 [email protected]
EMEA Madeeha Ahmad +44-20-3525-3754 [email protected]
Asia Pacific Ee Wen Tay +65-6231-3404 [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.
1st 3Q2017
GLOBAL M&A LEGAL ADVISORY RANKINGS
©2017 Bloomberg Finance L.P. All rights reserved.
Global M&A Heat Map
Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1st 3Q2017.
Middle East & Africa
USD 73.1B 1. Herbert Smith Freehills LLP 10.3%
2. Ashurst LLP 8.9% 3. Allens 8.3%
North AmericaUSD 1,300B1. Skadden Arps Slate Meagher & Flom LLP 18.5%2. Kirkland & El l i s LLP 14.7%3. Sul l ivan & Cromwel l LLP 14.5%
Latin AmericaUSD 114.3B1. Simpson Thacher & Bartlett LLP 14.2%2. Cl i fford Chance LLP 13.6%3. Loyens & Loeff NV 12.1%
Western Europe USD 811.8B1. Davis Polk & Wardwel l LLP 16.0%2. Freshfields Bruckhaus Deringer LLP 10.6%3. Cleary Gottl ieb Steen & Hamilton LLP 10.0%
Eastern Europe USD 42.9B1. White & Case LLP 6.6%2. CMS 6.2%3. Dentons 5.1%
Asia PacificUSD 867.3B1. Cl i fford Chance LLP 5.6%2. Kirkland & El l i s LLP 5.6%3. Davis Polk & Wardwel l LLP 5.6%
2
Date
Total
Value
Amount
(Bln.) % of Total
% YoY
Change
Number of deals 27,819 Financial $606.4 25.5% 19.1%
Volume (Bln.) $2,187.6 Consumer Non-cyclical $459.5 19.3% 12.5%
Avg Deal Size (Mln.) $78.6 Industrial $276.5 11.6% 14.4%
Consumer Cyclical $237.1 10.0% -11.0%
Energy $223.1 9.4% 2.5%
Skadden Arps Slate Meagher & Flom LLP Communications $217.1 9.1% 10.3%
Number of deals 169 Technology $140.7 5.9% -44.6%
Volume (Bln.) $253.3 Utilities $128.7 5.4% 23.3%
Avg Deal Size (Bln.) $1.5 Basic Materials $75.5 3.2% -70.0%
Diversified $11.1 0.5% -57.3%
Amount
(Bln.)
% Change
Deal Count
% Change
Volume
Company Takeover $1,308.9 -4.3% -9.5%
Cross Border $1,132.5 0.3% 7.5%
Private Equity $673.2 6.0% 25.3%
Asset sale $428.0 2.6% 8.6%
Tender Offer $264.8 1.0% 24.1%
Venture Capital $105.7 5.3% 9.6%
Spin-off $12.3 7.2% -89.1%
Minority purchase $317.1 5.1% 14.8%
Majority purchase $218.8 18.6% 32.7%
Quarterly Volume represents any involvement (target, seller, or acquirer).
Global M&A Regional Review
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17Global M&A: Premium Breakdown
Global M&A: Highlights of 1st 3Q2017 Global M&A: Industry Breakdown
Summary Target Acquirer Seller Industry
5/15/2017 Abertis Infraestructuras SA Atlantia SpA - $34,388.4
Top Adviser9/5/2017 Rockwell Collins Inc United Technologies Corp -
8/22/2017 China Unicom Hong Kong LtdChina United Network
Communications Ltd- $32,059.2
$30,174.1
1/26/2017 Actelion Ltd Johnson & Johnson - $29,762.2
Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown
Deal Type
4/23/2017 CR Bard Inc Becton Dickinson and Co - $24,195.8
0
2,000
4,000
6,000
8,000
10,000
12,000
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
Period 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2
Volume $(Bln.) Deal Count
24%
46%
27%
1% 1% 1%
0-10%
10-25%
25-50%
50-75%
75-100%
100%+
• Global M&A deal volume reached $2.3 trillion in the first 3Q2017, representing an 4.2% decreasecompared to the same period last year. Deals involving targets based in North America accounted for$962.6 billion of the global activity, representing a 19.8% decrease from the same period last year.
• Cross border deals accounted for 48% of all announced deals. Atlantia SpA's pending acquisition of$34.4 billion of Abertis Infraestructuras SA was the largest cross border deal in the first 3Q2017, creating the world's biggest toll-road operator.
• Transactions involving targets based in the utilities sector increased 23.3% year-over-year to $128.7billion. Sempra Energy’s announced acquisition of Energy Future Holdings Corp for $18.8 billion wasthe largest deal for the utilities sector this year.
3
Global Announced Deals (By Volume) 01/01/2017 - 09/30/2017 Global Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
Davis Polk & Wardwell LLP 1 11.7 275,117 109 5 12.2 -0.4 Jones Day 1 5.1 119,696 379 1 8.1 -3.0
Skadden Arps Slate Meagher & Flom LLP 2 11.7 274,212 177 4 12.3 -0.6 Kirkland & Ellis LLP 2 9.8 229,365 297 3 6.8 3.0
Kirkland & Ellis LLP 3 9.8 229,365 297 15 6.8 3.0 Latham & Watkins LLP 3 5.6 130,737 290 2 7.3 -1.8
Sullivan & Cromwell LLP 4 9.1 213,910 114 2 14.1 -4.9 DLA Piper LLP 4 2.4 57,029 289 9 1.2 1.2
Cleary Gottlieb Steen & Hamilton LLP 5 9.0 211,242 83 7 10.4 -1.4 Clifford Chance LLP 5 4.3 100,450 186 12 6.7 -2.4
Wachtell Lipton Rosen & Katz 6 7.4 173,691 63 3 13.2 -5.8 Allen & Overy LLP 6 3.0 70,378 181 8 4.7 -1.7
White & Case LLP 7 6.5 151,452 172 1 15.8 -9.3 Skadden Arps Slate Meagher & Flom LLP 7 11.7 274,212 177 14 12.3 -0.6
Cravath Swaine & Moore LLP 8 6.3 148,007 59 6 10.7 -4.4 Morgan Lewis & Bockius LLP 8 1.5 35,740 176 15 1.4 0.1
Shearman & Sterling LLP 9 5.9 137,201 107 13 7.2 -1.3 Hogan Lovells US LLP 9 2.2 51,829 175 7 2.8 -0.6
Latham & Watkins LLP 10 5.6 130,737 290 12 7.3 -1.8 Baker & McKenzie LLP 10 1.5 33,890 174 4 3.0 -1.5
Simpson Thacher & Bartlett LLP 11 5.3 124,236 130 8 10.2 -4.9 White & Case LLP 11 6.5 151,452 172 6 15.8 -9.3
Jones Day 12 5.1 119,696 379 9 8.1 -3.0 Weil Gotshal & Manges LLP 12 3.7 87,058 163 13 5.2 -1.5
Blake Cassels & Graydon LLP 13 4.4 102,259 109 17 6.7 -2.3 Paul Weiss Rifkind Wharton & Garrison LLP 13 4.3 100,891 134 31 7.9 -3.6
Paul Weiss Rifkind Wharton & Garrison LLP 14 4.3 100,891 134 10 7.9 -3.6 Simpson Thacher & Bartlett LLP 14 5.3 124,236 130 28 10.2 -4.9
Clifford Chance LLP 15 4.3 100,450 186 16 6.7 -2.4 Goodwin Procter LLP 15 1.5 35,195 129 16 1.8 -0.3
Gibson Dunn & Crutcher LLP 16 4.2 98,734 111 23 5.0 -0.8 Dentons 16 0.5 11,186 122 17 0.6 -0.2
Freshfields Bruckhaus Deringer LLP 17 4.2 97,585 119 11 7.9 -3.7 Linklaters LLP 17 3.0 70,487 121 11 2.6 0.4
Fried Frank Harris Shriver & Jacobson LLP 18 4.0 93,582 43 31 3.2 0.8 CMS 18 0.4 10,216 120 5 0.4 0.1
Weil Gotshal & Manges LLP 19 3.7 87,058 163 22 5.2 -1.5 Freshfields Bruckhaus Deringer LLP 19 4.2 97,585 119 9 7.9 -3.7
Debevoise & Plimpton LLP 20 3.2 75,042 45 27 4.3 -1.1 Sullivan & Cromwell LLP 20 9.1 213,910 114 28 14.1 -4.9
TOTAL 2,343,922 30,356 TOTAL 2,343,922 30,356
Global Announced Deals- Principals (By Volume) 01/01/2017 - 09/30/2017 Global Announced Deals- Principals (By Deal Count) 01/01/2017 - 09/30/2017
Skadden Arps Slate Meagher & Flom LLP 1 15.0 253,208 172 2 12.2 2.8 Jones Day 1 7.0 118,461 377 1 10.3 -3.2
Kirkland & Ellis LLP 2 12.6 212,789 291 14 7.2 5.5 Kirkland & Ellis LLP 2 12.6 212,789 291 3 7.2 5.5
Wachtell Lipton Rosen & Katz 3 10.3 173,691 63 1 16.5 -6.2 DLA Piper LLP 3 3.4 56,730 286 8 1.3 2.0
Davis Polk & Wardwell LLP 4 7.5 125,783 78 4 10.8 -3.3 Latham & Watkins LLP 4 6.3 106,516 283 2 9.2 -2.9
Jones Day 5 7.0 118,461 377 5 10.3 -3.2 Clifford Chance LLP 5 5.1 85,764 184 11 4.4 0.7
Cleary Gottlieb Steen & Hamilton LLP 6 7.0 118,231 63 19 6.0 1.0 Allen & Overy LLP 6 4.2 70,378 178 7 6.0 -1.8
Latham & Watkins LLP 7 6.3 106,516 283 8 9.2 -2.9 Morgan Lewis & Bockius LLP 7 2.1 35,151 175 14 1.8 0.3
Sullivan & Cromwell LLP 8 6.0 100,742 82 7 9.9 -4.0 Baker & McKenzie LLP 8 2.0 33,890 174 4 3.9 -1.9
Cravath Swaine & Moore LLP 9 6.0 100,591 38 23 4.5 1.5 Skadden Arps Slate Meagher & Flom LLP 9 15.0 253,208 172 15 12.2 2.8
Freshfields Bruckhaus Deringer LLP 10 5.6 94,160 116 12 8.0 -2.4 Hogan Lovells US LLP 10 2.8 46,674 169 6 3.6 -0.9
Blake Cassels & Graydon LLP 11 5.6 93,559 106 10 8.6 -3.0 Weil Gotshal & Manges LLP 11 4.8 80,584 159 13 6.4 -1.6
Simpson Thacher & Bartlett LLP 12 5.4 91,031 120 3 10.9 -5.5 White & Case LLP 12 5.2 86,826 145 12 5.5 -0.3
White & Case LLP 13 5.2 86,826 145 21 5.5 -0.3 Goodwin Procter LLP 13 1.5 25,090 128 16 1.9 -0.4
Clifford Chance LLP 14 5.1 85,764 184 25 4.4 0.7 Paul Weiss Rifkind Wharton & Garrison LLP 14 4.7 79,410 125 28 10.0 -5.2
Weil Gotshal & Manges LLP 15 4.8 80,584 159 16 6.4 -1.6 Dentons 15 0.7 11,186 122 17 0.8 -0.2
Paul Weiss Rifkind Wharton & Garrison LLP 16 4.7 79,410 125 6 10.0 -5.2 Linklaters LLP 16 4.2 70,487 121 10 2.9 1.3
Slaughter and May 17 4.3 71,809 30 27 4.3 0.0 Simpson Thacher & Bartlett LLP 17 5.4 91,031 120 30 10.9 -5.5
Linklaters LLP 18 4.2 70,487 121 37 2.9 1.3 CMS 17 0.6 10,216 120 5 0.5 0.1
Allen & Overy LLP 19 4.2 70,378 178 20 6.0 -1.8 Freshfields Bruckhaus Deringer LLP 19 5.6 94,160 116 9 8.0 -2.4
Vinson & Elkins LLP 20 3.5 59,315 71 35 3.0 0.6 Blake Cassels & Graydon LLP 20 5.6 93,559 106 21 8.6 -3.0
TOTAL 1,683,869 7,382 TOTAL 1,683,869 7,382
FIRM
2017 2016MKT SHR
CHANGE FIRM
2017
FIRM
VOLUME USD
(Mln)
DEAL
COUNT
2016MKT SHR
CHANGE FIRM
2017
VOLUME USD
(Mln)
DEAL
COUNTVOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2017
RANK
MKT SHR
(%)
2,435,754 2,435,754
RANK
MKT SHR
(%)
2016MKT SHR
CHANGE RANK
MKT SHR
(%)
2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
1,876,932 1,876,932
Cross Border Announced Deals (By Volume) 01/01/2017 - 09/30/2017 Global Private Equity Deals (By Volume) 01/01/2017 - 09/30/2017
Davis Polk & Wardwell LLP 1 12.8 145,086 53 10 11.5 1.3 Kirkland & Ellis LLP 1 15.3 102,788 201 3 11.2 4.1
Skadden Arps Slate Meagher & Flom LLP 2 10.8 122,662 88 6 13.8 -2.9 Skadden Arps Slate Meagher & Flom LLP 2 9.8 65,976 60 5 9.2 0.7
Kirkland & Ellis LLP 3 10.0 113,405 92 19 8.2 1.9 Davis Polk & Wardwell LLP 3 9.8 65,825 50 9 5.2 4.6
Cleary Gottlieb Steen & Hamilton LLP 4 8.9 100,386 47 12 10.1 -1.3 White & Case LLP 4 9.1 60,927 67 19 3.7 5.3
Sullivan & Cromwell LLP 5 8.4 94,502 60 5 14.5 -6.2 Simpson Thacher & Bartlett LLP 5 8.6 57,773 82 2 11.8 -3.2
Freshfields Bruckhaus Deringer LLP 6 7.2 81,982 94 4 14.7 -7.5 Latham & Watkins LLP 6 8.3 56,029 153 1 12.6 -4.2
Shearman & Sterling LLP 7 6.9 78,563 60 14 8.8 -1.9 Cravath Swaine & Moore LLP 7 8.2 54,951 19 28 2.9 5.3
White & Case LLP 8 6.8 77,449 102 1 23.4 -16.6 Clifford Chance LLP 8 8.1 54,740 78 36 2.5 5.7
Clifford Chance LLP 9 6.8 77,166 147 7 13.4 -6.6 Sullivan & Cromwell LLP 9 7.4 49,486 34 7 5.5 1.8
Cravath Swaine & Moore LLP 10 6.5 73,085 21 2 17.1 -10.7 Jones Day 10 5.8 39,307 142 11 4.9 1.0
Linklaters LLP 11 6.1 68,896 106 35 3.7 2.4 Weil Gotshal & Manges LLP 11 5.8 38,763 94 10 4.9 0.8
Allen & Overy LLP 12 5.9 67,028 155 13 9.2 -3.3 Paul Weiss Rifkind Wharton & Garrison LLP 12 5.3 35,913 69 6 6.8 -1.5
Paul Weiss Rifkind Wharton & Garrison LLP 13 5.8 65,325 51 18 8.2 -2.4 Shearman & Sterling LLP 13 5.1 34,028 29 23 3.5 1.6
Slaughter and May 14 5.4 60,505 23 22 7.4 -2.1 Morrison & Foerster LLP 14 4.6 31,217 26 46 1.6 3.0
Latham & Watkins LLP 15 5.2 58,436 143 26 5.4 -0.3 Freshfields Bruckhaus Deringer LLP 15 4.5 30,532 49 4 9.9 -5.3
Simpson Thacher & Bartlett LLP 16 4.9 55,929 60 8 12.7 -7.7 Kim & Chang 16 4.3 29,124 43 52 1.4 2.9
Blake Cassels & Graydon LLP 17 4.9 55,736 62 16 8.7 -3.7 Debevoise & Plimpton LLP 17 3.7 24,938 18 53 1.3 2.4
Morrison & Foerster LLP 18 4.8 54,827 42 9 11.6 -6.7 Akin Gump Strauss Hauer & Feld LLP 18 3.6 24,279 11 75 0.8 2.8
Jones Day 19 4.7 53,627 163 20 7.9 -3.1 Nagashima Ohno & Tsunematsu 19 3.3 22,423 14 161 0.1 3.2
DLA Piper LLP 20 4.5 50,989 138 60 1.2 3.3 Morgan Lewis & Bockius LLP 20 3.3 21,893 63 57 1.3 2.0
TOTAL 1,131,938 11,108 TOTAL 672,593 9,047
2016MKT SHR
CHANGE FIRM
2017VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
1,053,033 537,042
FIRM
2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2017
Country
United States $880.5 85.9% -23.8%
Canada $81.1 7.9% 8.0%
Brazil $37.6 3.7% 50.1%
Chile $7.1 0.7% -53.5%
British Virgin Islands $5.4 0.5% 46.1%
Mexico $3.7 0.4% -55.8%
Colombia $1.9 0.2% -64.8%
Bermuda $1.0 0.1% 61.0%
Date
Total Value
(Mln.)
Amount
(Bln.) % of Total
% YoY
Change
Number of deals 11,673 Consumer Non-cyclical $233.2 22.7% -5.5%
Volume (Bln.) $984.5 Financial $195.2 19.0% -2.4%
Avg Deal Size (Mln.) $84.2 Energy $141.8 13.8% -14.6%
Industrial $109.9 10.7% 57.7%
Communications $92.9 9.0% -20.9%
Skadden Arps Slate Meagher & Flom LLP Consumer Cyclical $87.0 8.5% -32.9%
Number of deals 128 Utilities $78.8 7.7% 1.0%
Volume (Bln.) $202.9 Technology $55.3 5.4% -64.4%
Avg Deal Size (Bln.) $1.6 Basic Materials $34.6 3.4% -74.8%
Diversified $0.6 0.1% -82.0%
Amount
(Bln.)
% Change
Deal Count
% Change
Volume
Company Takeover $685.6 -6.6% -22.2%
Cross Border $375.2 1.2% -26.0%
Private Equity $309.1 3.8% 4.0%
Asset sale $199.4 3.1% -7.3%
Tender Offer $70.7 -6.5% -18.0%
Venture Capital $53.1 4.6% 21.4%
Spin-off $5.3 14.8% -91.9%
Minority purchase $83.9 3.8% -3.1%
Majority purchase $25.2 5.3% -19.3%
Quarterly Volume represents any involvement (target, seller, or acquirer).
Americas M&A Regional Review
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Americas M&A: Country BreakdownAmount
(Bln.) % of Total
% YoY
Change
Americas M&A: Highlights of 1st 3Q2017 Americas M&A: Industry Breakdown
Summary Target Acquirer Seller Industry
9/5/2017 Rockwell Collins Inc United Technologies Corp - $30,174.1
Top Adviser8/20/2017 Energy Future Holdings Corp Sempra Energy
Multiple
Sellers
4/23/2017 CR Bard Inc Becton Dickinson and Co - $24,195.8
$18,800.0
2/10/2017 Mead Johnson Nutrition CoReckitt Benckiser Group
PLC- $17,809.8
Americas M&A: Quarterly Volume Americas M&A: Deal Type Breakdown
Deal Type
2/1/2017 ONEOK Partners LP ONEOK Inc - $17,377.7
0
1000
2000
3000
4000
5000
6000
$0
$200
$400
$600
$800
$1,000
2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017 Q3
Volume $(Bln.) Deal Count
• The Americas continued to be the most targeted region for M&A activity, accounting for 43.5% ofthe global deal volume in the first 3Q2017. Targets based in the industrial sector contributed 57.7%to the sector’s deal volume. United Technologies Corp’s pending acquisition of Rockwell Collins Incfor $30.2 billion was the largest deal both in the region and sector in 3Q2017.
• Consumer, non-cyclical and financial companies were the most targeted sectors in the region,contributing 23.3% and 19.5% to the global deal count, respectively.
• Companies based in the Americas received the most venture capital financing in the first 3Q2017,with $53.1 billion in total funding. WeWork Cos Inc's $4.4 billion round of financing was the largestventure capital deal announced in the region.
6
US Announced Deals (By Volume) 01/01/2017 - 09/30/2017 US Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
Skadden Arps Slate Meagher & Flom LLP 1 19.8 245,364 150 4 19.8 0.0 Kirkland & Ellis LLP 1 15.5 192,539 278 1 11.8 3.7
Kirkland & Ellis LLP 2 15.5 192,539 278 10 11.8 3.7 Jones Day 2 6.9 85,989 272 2 11.8 -4.9
Sullivan & Cromwell LLP 3 15.5 191,656 92 2 23.4 -7.9 Latham & Watkins LLP 3 9.4 116,744 229 3 10.4 -1.0
Davis Polk & Wardwell LLP 4 14.8 183,017 90 6 14.2 0.6 DLA Piper LLP 4 1.1 13,635 179 4 1.4 -0.3
Wachtell Lipton Rosen & Katz 5 14.0 172,816 62 1 23.6 -9.6 Morgan Lewis & Bockius LLP 5 2.2 27,034 156 5 2.3 -0.2
Cleary Gottlieb Steen & Hamilton LLP 6 13.5 167,209 60 8 12.4 1.1 Skadden Arps Slate Meagher & Flom LLP 6 19.8 245,364 150 6 19.8 0.0
Cravath Swaine & Moore LLP 7 11.6 144,034 58 5 15.8 -4.1 Paul Weiss Rifkind Wharton & Garrison LLP 7 7.0 87,179 125 14 12.2 -5.2
White & Case LLP 8 10.7 132,019 96 3 20.3 -9.7 Weil Gotshal & Manges LLP 8 6.3 77,635 124 7 8.9 -2.7
Simpson Thacher & Bartlett LLP 9 9.7 120,615 116 7 14.1 -4.4 Simpson Thacher & Bartlett LLP 9 9.7 120,615 116 16 14.1 -4.4
Latham & Watkins LLP 10 9.4 116,744 229 12 10.4 -1.0 Goodwin Procter LLP 9 2.4 29,906 116 8 3.1 -0.7
Shearman & Sterling LLP 11 9.1 112,210 59 13 10.3 -1.2 McGuireWoods LLP 11 0.3 3,251 110 11 1.1 -0.8
Gibson Dunn & Crutcher LLP 12 7.6 94,548 91 16 8.6 -1.0 Hogan Lovells US LLP 12 3.6 44,060 97 9 4.5 -0.9
Fried Frank Harris Shriver & Jacobson LLP 13 7.6 93,582 42 25 5.6 1.9 White & Case LLP 13 10.7 132,019 96 13 20.3 -9.7
Paul Weiss Rifkind Wharton & Garrison LLP 14 7.0 87,179 125 9 12.2 -5.2 Sullivan & Cromwell LLP 14 15.5 191,656 92 17 23.4 -7.9
Jones Day 15 6.9 85,989 272 11 11.8 -4.9 Gibson Dunn & Crutcher LLP 15 7.6 94,548 91 18 8.6 -1.0
Weil Gotshal & Manges LLP 16 6.3 77,635 124 15 8.9 -2.7 Davis Polk & Wardwell LLP 16 14.8 183,017 90 18 14.2 0.6
Debevoise & Plimpton LLP 17 5.9 73,446 39 18 7.7 -1.7 O'Melveny & Myers LLP 17 2.8 35,006 86 23 5.6 -2.8
Blake Cassels & Graydon LLP 18 5.3 65,514 50 27 5.3 0.0 Ropes & Gray LLP 18 4.1 50,875 82 24 5.2 -1.1
Vinson & Elkins LLP 19 4.7 58,611 67 33 4.0 0.7 Cooley LLP 19 1.6 19,402 81 15 3.6 -2.0
Freshfields Bruckhaus Deringer LLP 20 4.4 54,649 46 21 6.6 -2.2 Clifford Chance LLP 20 4.0 49,166 68 32 5.9 -1.9
TOTAL 1,238,759 13,298 TOTAL 1,238,759 13,298
US Announced Deals- Principals (By Volume) 01/01/2017 - 09/30/2017 US Announced Deals- Principals (By Deal Count) 01/01/2017 - 09/30/2017
Skadden Arps Slate Meagher & Flom LLP 1 21.7 224,360 145 2 18.8 2.9 Kirkland & Ellis LLP 1 18.4 190,092 274 1 11.1 7.2
Kirkland & Ellis LLP 2 18.4 190,092 274 8 11.1 7.2 Jones Day 2 8.3 85,629 271 2 13.5 -5.3
Wachtell Lipton Rosen & Katz 3 16.7 172,816 62 1 26.8 -10.1 Latham & Watkins LLP 3 8.9 92,524 222 3 11.9 -3.0
Cravath Swaine & Moore LLP 4 9.3 96,617 37 16 7.3 2.0 DLA Piper LLP 4 1.3 13,336 176 4 1.3 -
Latham & Watkins LLP 5 8.9 92,524 222 7 11.9 -3.0 Morgan Lewis & Bockius LLP 5 2.6 26,445 155 5 2.7 -0.1
Simpson Thacher & Bartlett LLP 6 8.6 88,585 107 6 12.6 -4.1 Skadden Arps Slate Meagher & Flom LLP 6 21.7 224,360 145 7 18.8 2.9
Sullivan & Cromwell LLP 7 8.5 88,023 64 3 14.4 -5.9 Weil Gotshal & Manges LLP 7 6.9 71,161 120 6 9.9 -3.0
Jones Day 8 8.3 85,629 271 5 13.5 -5.3 Paul Weiss Rifkind Wharton & Garrison LLP 8 6.3 65,697 116 13 13.8 -7.4
Cleary Gottlieb Steen & Hamilton LLP 9 7.2 74,198 41 12 9.1 -2.0 Goodwin Procter LLP 9 1.9 19,801 115 8 3.1 -1.2
Davis Polk & Wardwell LLP 10 7.1 73,213 61 13 8.8 -1.7 Simpson Thacher & Bartlett LLP 10 8.6 88,585 107 15 12.6 -4.1
Weil Gotshal & Manges LLP 11 6.9 71,161 120 11 9.9 -3.0 McGuireWoods LLP 11 0.2 2,191 104 12 0.9 -0.7
White & Case LLP 12 6.9 71,126 74 21 6.2 0.7 Hogan Lovells US LLP 12 4.2 43,706 95 9 5.2 -1.0
Paul Weiss Rifkind Wharton & Garrison LLP 13 6.3 65,697 116 4 13.8 -7.4 Cooley LLP 13 1.9 19,402 81 14 2.5 -0.6
Vinson & Elkins LLP 14 5.7 58,611 67 26 4.7 1.0 Gibson Dunn & Crutcher LLP 14 3.1 32,262 80 15 8.5 -5.4
Blake Cassels & Graydon LLP 15 5.5 56,814 47 20 6.2 -0.8 Ropes & Gray LLP 15 2.4 25,007 79 20 6.1 -3.7
Freshfields Bruckhaus Deringer LLP 16 5.3 54,649 46 27 4.3 0.9 O'Melveny & Myers LLP 16 2.7 28,188 77 23 2.8 0.0
Debevoise & Plimpton LLP 17 5.3 54,440 35 17 7.2 -2.0 White & Case LLP 17 6.9 71,126 74 20 6.2 0.7
Homburger AG 18 4.3 44,585 7 348 - 4.3 Fenwick & West LLP 18 1.0 10,269 68 24 1.9 -0.9
Hogan Lovells US LLP 19 4.2 43,706 95 25 5.2 -1.0 Vinson & Elkins LLP 19 5.7 58,611 67 19 4.7 1.0
Akin Gump Strauss Hauer & Feld LLP 20 4.1 42,161 29 57 1.8 2.3 Clifford Chance LLP 19 3.3 34,480 67 30 1.1 2.2
TOTAL 1,035,443 3,627 TOTAL 1,035,443 3,627
FIRM
2017 2016MKT SHR
CHANGE FIRM
2017VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2016MKT SHR
CHANGE FIRM
2017
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
1,356,401 1,356,401
1,156,399 1,156,399
FIRM
2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2017
Canada Announced Deals (By Volume) 01/01/2017 - 09/30/2017 Canada Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
Osler Hoskin & Harcourt LLP 1 20.1 42,075 76 3 26.8 -6.7 Blake Cassels & Graydon LLP 1 18.7 39,152 86 2 22.3 -3.5
Blake Cassels & Graydon LLP 2 18.7 39,152 86 6 22.3 -3.5 Miller Thomson LLP 2 0.2 388 84 4 0.1 0.1
Paul Weiss Rifkind Wharton & Garrison LLP 3 17.7 37,012 23 19 9.6 8.1 Stikeman Elliott LLP 3 14.0 29,220 82 1 24.9 -11.0
Norton Rose Fulbright LLP 4 15.7 32,765 26 20 9.0 6.7 Osler Hoskin & Harcourt LLP 4 20.1 42,075 76 5 26.8 -6.7
Stikeman Elliott LLP 5 14.0 29,220 82 4 24.9 -11.0 McCarthy Tetrault LLP 5 7.5 15,732 43 3 21.8 -14.2
Latham & Watkins LLP 6 12.9 26,977 18 16 12.2 0.7 Davies Ward Phillips & Vineberg LLP 6 3.3 6,808 39 6 21.3 -18.0
Shearman & Sterling LLP 7 12.7 26,504 7 21 8.0 4.7 Torys LLP 7 4.5 9,502 33 8 11.6 -7.1
Sullivan & Cromwell LLP 8 12.4 25,984 9 5 23.5 -11.1 Cassels Brock & Blackwell LLP 7 1.1 2,355 33 14 1.1 0.0
Skadden Arps Slate Meagher & Flom LLP 9 11.6 24,292 13 1 36.8 -25.2 Gowling WLG Canada LLP 9 0.4 765 32 7 1.0 -0.6
Kirkland & Ellis LLP 10 11.3 23,618 24 26 6.4 4.9 Borden Ladner Gervais LLP 10 1.9 4,033 31 10 1.6 0.4
White & Case LLP 11 9.3 19,457 4 2 29.4 -20.1 Norton Rose Fulbright LLP 11 15.7 32,765 26 19 9.0 6.7
Debevoise & Plimpton LLP 12 8.2 17,133 2 60 0.7 7.5 Kirkland & Ellis LLP 12 11.3 23,618 24 11 6.4 4.9
Cravath Swaine & Moore LLP 13 8.0 16,745 7 44 1.7 6.3 Paul Weiss Rifkind Wharton & Garrison LLP 13 17.7 37,012 23 23 9.6 8.1
McCarthy Tetrault LLP 14 7.5 15,732 43 7 21.8 -14.2 Fasken Martineau DuMoulin LLP 14 1.8 3,844 21 8 1.5 0.3
Cleary Gottlieb Steen & Hamilton LLP 15 6.0 12,563 7 57 0.8 5.2 Jones Day 15 2.9 6,078 20 11 17.9 -15.0
Vinson & Elkins LLP 16 5.7 11,910 10 50 1.0 4.7 Latham & Watkins LLP 16 12.9 26,977 18 26 12.2 0.7
Bracewell LLP 17 5.2 10,953 5 - - 5.2 Goodmans LLP 17 3.3 6,900 15 17 18.1 -14.8
Ashurst LLP 18 4.6 9,547 5 74 0.4 4.2 Skadden Arps Slate Meagher & Flom LLP 18 11.6 24,292 13 19 36.8 -25.2
Torys LLP 19 4.5 9,502 33 17 11.6 -7.1 Morgan Lewis & Bockius LLP 18 1.1 2,380 13 19 0.1 1.0
Weil Gotshal & Manges LLP 20 4.3 9,081 10 27 5.6 -1.3 Linklaters LLP 20 3.8 7,902 11 31 2.1 1.7
TOTAL 209,120 2,318 TOTAL 209,120 2,318
Brazil Announced Deals (By Volume) 01/01/2017 - 09/30/2017 Brazil Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
Mattos Filho Veiga Filho Marrey Jr e Quiroga 1 19.6 8,000 37 1 39.3 -19.8 Mattos Filho Veiga Filho Marrey Jr e Quiroga 1 19.6 8,000 37 1 39.3 -19.8
Stocche Forbes Padis Filizzola e Clapis Advogados 2 16.6 6,776 21 34 1.2 15.3 Pinheiro Neto Advogados 2 15.9 6,511 32 2 33.1 -17.2
Pinheiro Neto Advogados 3 15.9 6,511 32 2 33.1 -17.2 Machado Meyer Sendacz e Opice Advogados 3 8.3 3,385 22 3 3.3 4.9
Sullivan & Cromwell LLP 4 13.3 5,455 3 5 16.9 -3.6 Stocche Forbes Padis Filizzola e Clapis Advogados 4 16.6 6,776 21 9 1.2 15.3
Shearman & Sterling LLP 5 12.6 5,150 3 32 1.4 11.2 Tozzini Freire Teixeira E Silva 4 7.6 3,108 21 5 7.6 0.0
Machado Meyer Sendacz e Opice Advogados 6 8.3 3,385 22 21 3.3 4.9 Veirano Advogados 4 0.3 122 21 6 28.7 -28.4
Tozzini Freire Teixeira E Silva 7 7.6 3,108 21 8 7.6 0.0 Souza Cescon Barrieu & Flesch Advogados 7 2.8 1,146 19 8 2.7 0.2
Davis Polk & Wardwell LLP 8 5.9 2,418 2 11 5.1 0.9 Lobo de Rizzo Advogados 7 1.2 485 19 13 0.5 0.7
Cleary Gottlieb Steen & Hamilton LLP 9 5.4 2,200 3 55 - 5.4 Demarest Advogados 9 1.4 588 14 6 7.4 -5.9
Barbosa Mussnich & Aragao 10 4.7 1,907 11 10 5.3 -0.6 Barbosa Mussnich & Aragao 10 4.7 1,907 11 4 5.3 -0.6
White & Case LLP 11 4.6 1,860 3 15 4.0 0.6 Baker & McKenzie LLP 11 4.1 1,691 9 10 10.9 -6.7
Baker & McKenzie LLP 12 4.1 1,691 9 7 10.9 -6.7 Lefosse Advogados 12 1.0 401 6 15 0.5 0.4
Paul Weiss Rifkind Wharton & Garrison LLP 13 3.8 1,550 2 55 - 3.8 Azevedo Sette Advogados 13 0.2 68 5 11 0.1 0.1
Allen & Overy LLP 14 3.4 1,396 2 42 0.2 3.2 Jones Day 14 0.6 237 4 19 - 0.6
Cravath Swaine & Moore LLP 15 3.2 1,300 1 18 3.9 -0.8 Sullivan & Cromwell LLP 15 13.3 5,455 3 19 16.9 -3.6
Souza Cescon Barrieu & Flesch Advogados 16 2.8 1,146 19 24 2.7 0.2 Shearman & Sterling LLP 15 12.6 5,150 3 19 1.4 11.2
Linklaters LLP 17 2.7 1,120 2 22 3.2 -0.5 Cleary Gottlieb Steen & Hamilton LLP 15 5.4 2,200 3 30 - 5.4
Clifford Chance LLP 18 2.7 1,100 3 48 0.1 2.6 White & Case LLP 15 4.6 1,860 3 30 4.0 0.6
Demarest Advogados 19 1.4 588 14 9 7.4 -5.9 Clifford Chance LLP 15 2.7 1,100 3 30 0.1 2.6
Lobo de Rizzo Advogados 20 1.2 485 19 39 0.5 0.7 Hogan Lovells US LLP 15 0.8 312 3 30 - 0.8
TOTAL 40,920 334 TOTAL 40,920 334
FIRM
2017 2016MKT SHR
CHANGE FIRM
2017
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2016MKT SHR
CHANGE FIRM
2017
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
252,041 252,041
31,350 31,350
FIRM
2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2017
Country
United Kingdom $156.2 24.0% 32.3%
France $90.3 13.9% 83.9%
Germany $73.5 11.3% 34.9%
Spain $58.8 9.0% 74.1%
Italy $52.3 8.1% 45.4%
Switzerland $34.0 5.2% -44.9%
Netherlands $20.3 3.1% 2.9%
Finland $5.4 0.8% -59.7%
Date
Total
Value
Amount
(Bln.) % of Total
% YoY
Change
Number of deals 7,402 Financial $184.1 28.3% 53.8%
Volume (Bln.) $594.7 Consumer Non-cyclical $165.6 25.4% 76.7%
Avg Deal Size (Mln.) $80.3 Consumer Cyclical $81.4 12.5% 43.5%
Industrial $65.0 10.0% -0.7%
Energy $55.1 8.5% 114.8%
Davis Polk & Wardwell LLP Utilities $31.1 4.8% 96.3%
Number of deals 24 Communications $25.3 3.9% 26.2%
Volume (Bln.) $96.7 Technology $22.1 3.4% -64.3%
Avg Deal Size (Bln.) $4.0 Basic Materials $16.1 2.5% -73.4%
Diversified $5.2 0.8% -17.5%
Amount
(Bln.)
% Change
Deal Count
% Change
Volume
Company Takeover $349.3 -7.7% 21.8%
Cross Border $496.6 0.2% 39.6%
Private Equity $204.4 7.4% 53.8%
Asset sale $134.2 1.8% 38.6%
Tender Offer $155.0 10.3% 56.2%
Venture Capital $14.9 8.7% 46.6%
Spin-off $3.6 -19.4% -87.8%
Minority purchase $80.5 6.7% 44.7%
$67.6 7.9% 66.8%
EMEA M&A Regional Review
Glo
bal
M&
A R
evi
ew |
1st
3Q
20
17
EMEA M&A: Country Breakdown
Amount
(Bln.) % of Total
% YoY
Change
EMEA M&A Highlights of 1st 3Q2017 EMEA M&A: Industry Breakdown
Summary Target Acquirer Seller Industry
5/15/2017 Abertis Infraestructuras SA Atlantia SpA - $34,388.4
Top Adviser1/16/2017 Luxottica Group SpA Essilor International SA Delfin Sarl
1/26/2017 Actelion Ltd Johnson & Johnson - $29,762.2
$16,608.8
3/31/2017 Bradford & Bingley assets Multiple Acquirers
United Kingdom of
Great Britain and
Northern Ireland
$14,799.6
6/2/2017 Logicor Europe Ltd China Investment CorpBlackstone Group
LP/The$13,805.8
EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown
Deal Type
Majority purchase
Quarterly Volume represents any involvement (target, seller, or acquirer).
0
1000
2000
3000
4000
$0
$100
$200
$300
$400
$500
2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017 Q3
Volume $(Bln.) Deal Count
• Deal volume for EMEA-based targets reached $649.5 billion in the first 3Q2017, a 24.8% increasefrom the same period last year. The United Kingdom continued to be the most targeted country inthe region.
• M&A deal activity in the non-consumer cyclical sector increased in 3Q2017, partly due to Atlantia SpA's pending acquisition of Abertis Infraestructuras SA for $34.4 billion. This deal was the the largest of the quarter in the EMEA region.
• Cross border deals in the region reached $496.32 billion, accounting for more than three quarters ofoverall volume in the region.
9
Europe Announced Deals (By Volume) 01/01/2017 - 09/30/2017 Europe Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
Davis Polk & Wardwell LLP 1 15.7 130,106 40 7 13.2 2.5 Clifford Chance LLP 1 7.4 61,606 156 7 18.7 -11.3
Freshfields Bruckhaus Deringer LLP 2 10.4 86,203 105 3 21.8 -11.4 Jones Day 2 5.9 48,830 152 2 7.7 -1.8
Cleary Gottlieb Steen & Hamilton LLP 3 9.8 81,294 37 6 13.4 -3.6 Allen & Overy LLP 3 7.2 59,566 149 6 12.6 -5.4
Linklaters LLP 4 8.5 70,468 117 30 4.6 3.9 DLA Piper LLP 4 5.7 47,254 148 18 1.5 4.2
Clifford Chance LLP 5 7.4 61,606 156 4 18.7 -11.3 Latham & Watkins LLP 5 4.4 36,293 124 9 5.1 -0.7
Slaughter and May 6 7.3 60,181 23 14 10.7 -3.5 CMS 6 1.2 10,216 120 1 1.1 0.2
Skadden Arps Slate Meagher & Flom LLP 7 7.3 60,143 53 23 6.8 0.4 Linklaters LLP 7 8.5 70,468 117 5 4.6 3.9
Allen & Overy LLP 8 7.2 59,566 149 9 12.6 -5.4 Baker & McKenzie LLP 8 2.8 23,527 111 2 3.7 -0.9
Kirkland & Ellis LLP 9 6.2 51,573 49 17 8.7 -2.5 Freshfields Bruckhaus Deringer LLP 9 10.4 86,203 105 4 21.8 -11.4
Cravath Swaine & Moore LLP 10 6.1 50,496 11 1 23.8 -17.7 White & Case LLP 10 5.0 41,648 100 8 22.2 -17.1
Shearman & Sterling LLP 11 6.0 49,406 42 10 11.9 -5.9 Hogan Lovells US LLP 11 1.3 10,394 96 10 2.0 -0.7
Jones Day 12 5.9 48,830 152 20 7.7 -1.8 Dentons 12 0.5 4,148 76 11 0.5 0.0
DLA Piper LLP 13 5.7 47,254 148 45 1.5 4.2 Cuatrecasas 13 0.2 1,773 73 85 0.1 0.1
Homburger AG 14 5.5 45,747 16 22 7.1 -1.6 Weil Gotshal & Manges LLP 14 3.5 28,793 70 13 3.4 0.1
Wachtell Lipton Rosen & Katz 15 5.4 44,594 11 8 12.8 -7.4 Orrick Herrington & Sutcliffe LLP 15 1.5 12,748 68 53 0.2 1.3
White & Case LLP 16 5.0 41,648 100 2 22.2 -17.1 Uria Menendez Abogados SLP 16 1.2 9,597 56 15 1.5 -0.3
Gibson Dunn & Crutcher LLP 17 4.7 38,667 35 64 0.8 3.9 Skadden Arps Slate Meagher & Flom LLP 17 7.3 60,143 53 22 6.8 0.4
Ashurst LLP 18 4.5 37,676 53 38 2.3 2.3 Ashurst LLP 17 4.5 37,676 53 19 2.3 2.3
Bredin Prat 19 4.4 36,335 18 34 2.8 1.6 Hengeler Mueller 17 1.5 12,617 53 24 2.6 -1.1
Latham & Watkins LLP 20 4.4 36,293 124 28 5.1 -0.7 Kirkland & Ellis LLP 20 6.2 51,573 49 13 8.7 -2.5
TOTAL 829,476 9,660 TOTAL 829,476 9,660
Europe Announced Deals- Principals (By Volume) 01/01/2017 - 09/30/2017 Europe Announced Deals- Principals (By Deal Count) 01/01/2017 - 09/30/2017
Freshfields Bruckhaus Deringer LLP 1 12.8 82,778 102 1 19.8 -7.1 Clifford Chance LLP 1 9.5 61,606 155 7 12.1 -2.6
Linklaters LLP 2 10.9 70,468 117 28 5.2 5.7 Jones Day 2 7.5 48,830 152 3 9.4 -1.9
Davis Polk & Wardwell LLP 3 10.8 70,096 32 3 15.3 -4.4 DLA Piper LLP 3 7.2 46,992 147 18 1.8 5.4
Cleary Gottlieb Steen & Hamilton LLP 4 9.7 63,131 34 37 2.5 7.2 Allen & Overy LLP 4 9.2 59,566 146 6 15.1 -5.9
Clifford Chance LLP 5 9.5 61,606 155 10 12.1 -2.6 Latham & Watkins LLP 5 5.5 35,853 123 9 5.8 -0.3
Slaughter and May 6 9.3 60,181 23 7 13.1 -3.8 CMS 6 1.6 10,216 120 1 1.3 0.3
Allen & Overy LLP 7 9.2 59,566 146 4 15.1 -5.9 Linklaters LLP 7 10.9 70,468 117 4 5.2 5.7
Skadden Arps Slate Meagher & Flom LLP 8 8.6 55,843 51 19 8.3 0.3 Baker & McKenzie LLP 8 3.6 23,527 111 2 4.5 -0.9
Kirkland & Ellis LLP 9 8.0 51,573 48 12 10.4 -2.4 Freshfields Bruckhaus Deringer LLP 9 12.8 82,778 102 5 19.8 -7.1
Jones Day 10 7.5 48,830 152 15 9.4 -1.9 Hogan Lovells US LLP 10 1.4 9,325 94 10 2.4 -1.0
DLA Piper LLP 11 7.2 46,992 147 44 1.8 5.4 White & Case LLP 11 3.5 22,489 90 8 7.2 -3.7
Homburger AG 12 7.1 45,747 16 17 8.7 -1.6 Dentons 12 0.6 4,148 76 11 0.7 -
Wachtell Lipton Rosen & Katz 13 6.9 44,594 11 2 15.4 -8.5 Cuatrecasas 13 0.3 1,773 73 81 0.2 0.1
Cravath Swaine & Moore LLP 14 6.5 42,115 8 18 8.4 -1.9 Weil Gotshal & Manges LLP 14 4.4 28,793 70 13 4.1 0.3
Bredin Prat 15 5.6 36,335 18 32 3.4 2.2 Orrick Herrington & Sutcliffe LLP 15 2.0 12,748 68 50 0.3 1.7
Latham & Watkins LLP 16 5.5 35,853 123 27 5.8 -0.3 Uria Menendez Abogados SLP 16 1.5 9,597 56 15 1.8 -0.3
Grippo Associatie Simons & Simons 17 5.3 34,388 2 - - 5.3 Hengeler Mueller 17 1.9 12,617 53 24 3.2 -1.3
Gianni Origoni Grippo Capelli Partners 17 5.3 34,388 4 124 0.2 5.1 Skadden Arps Slate Meagher & Flom LLP 18 8.6 55,843 51 21 8.3 0.3
Blake Cassels & Graydon LLP 19 5.1 32,889 20 14 9.4 -4.3 Loyens & Loeff NV 19 3.1 20,316 49 19 1.4 1.7
Simpson Thacher & Bartlett LLP 20 4.7 30,155 38 13 9.8 -5.2 Kirkland & Ellis LLP 20 8.0 51,573 48 14 10.4 -2.4
TOTAL 648,761 3,066 TOTAL 648,761 3,066
FIRM
2017 2016MKT SHR
CHANGE FIRM
2017
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2016MKT SHR
CHANGE FIRM
2017
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
745,763 745,763
611,661 611,661
FIRM
2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2017
UK Announced Deals (By Volume) 01/01/2017 - 09/30/2017 UK Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
Davis Polk & Wardwell LLP 1 15.1 45,945 19 2 22.4 -7.3 DLA Piper LLP 1 1.9 5,656 67 21 3.3 -1.5
Linklaters LLP 2 14.6 44,566 54 23 4.1 10.5 Jones Day 2 2.5 7,621 59 3 2.5 0.0
Allen & Overy LLP 3 11.8 35,897 54 12 7.2 4.6 Latham & Watkins LLP 3 5.5 16,600 55 8 6.3 -0.8
Ashurst LLP 4 11.1 33,724 30 18 5.7 5.4 Linklaters LLP 4 14.6 44,566 54 4 4.1 10.5
Kirkland & Ellis LLP 5 10.1 30,623 25 10 9.1 0.9 Allen & Overy LLP 4 11.8 35,897 54 6 7.2 4.6
Skadden Arps Slate Meagher & Flom LLP 6 10.1 30,619 23 11 7.7 2.4 Clifford Chance LLP 6 9.1 27,714 53 5 5.8 3.3
Slaughter and May 7 9.6 29,136 19 6 16.3 -6.7 Freshfields Bruckhaus Deringer LLP 7 7.1 21,508 39 2 40.0 -33.0
Clifford Chance LLP 8 9.1 27,714 53 17 5.8 3.3 CMS 7 0.7 2,163 39 1 1.6 -0.9
Cleary Gottlieb Steen & Hamilton LLP 9 7.8 23,585 8 5 17.8 -10.1 White & Case LLP 9 4.7 14,290 33 13 17.9 -13.2
Shearman & Sterling LLP 10 7.7 23,571 18 20 5.5 2.3 Hogan Lovells US LLP 10 2.5 7,599 32 12 4.0 -1.5
Freshfields Bruckhaus Deringer LLP 11 7.1 21,508 39 1 40.0 -33.0 Travers Smith 10 1.5 4,649 32 7 5.6 -4.1
Latham & Watkins LLP 12 5.5 16,600 55 14 6.3 -0.8 Ashurst LLP 12 11.1 33,724 30 19 5.7 5.4
AZB & Partners 13 5.4 16,504 11 161 0.0 5.4 Dentons 12 0.1 402 30 15 0.7 -0.6
White & Case LLP 14 4.7 14,290 33 4 17.9 -13.2 Baker & McKenzie LLP 14 2.4 7,435 26 8 5.0 -2.6
S&R Associates 15 4.4 13,272 2 - - 4.4 Kirkland & Ellis LLP 15 10.1 30,623 25 13 9.1 0.9
Vaish Associates 15 4.4 13,272 2 - - 4.4 Squire Patton Boggs US LLP 16 0.4 1,354 24 10 0.4 0.0
Bharucha & Partners 15 4.4 13,272 2 - - 4.4 Skadden Arps Slate Meagher & Flom LLP 17 10.1 30,619 23 26 7.7 2.4
Sullivan & Cromwell LLP 18 4.2 12,672 18 15 5.9 -1.7 Macfarlanes LLP 18 2.6 7,768 22 17 4.9 -2.4
Hengeler Mueller 19 3.3 10,037 13 60 0.6 2.7 Morgan Lewis & Bockius LLP 18 2.4 7,211 22 34 0.6 1.8
Gilbert + Tobin 20 2.8 8,567 4 109 0.2 2.7 Weil Gotshal & Manges LLP 18 1.9 5,672 22 21 5.8 -4.0
TOTAL 304,399 3,730 TOTAL 304,399 3,730
Germany Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017 France Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
Clifford Chance LLP 1 16.1 18,095 52 4 42.4 -26.3 Jones Day 1 15.7 26,480 44 2 1.0 14.7
Hengeler Mueller 2 4.0 4,519 46 4 9.3 -5.2 Clifford Chance LLP 2 3.7 6,311 37 4 3.8 -0.1
CMS 3 3.1 3,436 38 1 1.8 1.2 De Pardieu Brocas Maffei 3 5.2 8,814 34 14 5.1 0.1
Latham & Watkins LLP 4 4.2 4,695 28 10 1.7 2.5 Orrick Herrington & Sutcliffe LLP 4 6.4 10,884 30 22 0.1 6.4
Noerr LLP 4 1.3 1,499 28 3 1.3 0.0 Hogan Lovells US LLP 5 0.9 1,589 28 6 2.4 -1.5
Allen & Overy LLP 6 7.8 8,706 27 12 38.8 -31.0 Latham & Watkins LLP 6 6.2 10,489 26 5 8.6 -2.4
DLA Piper LLP 6 2.9 3,205 27 15 4.1 -1.3 DLA Piper LLP 6 1.9 3,281 26 26 - 1.9
Hogan Lovells US LLP 6 1.5 1,625 27 8 0.6 0.9 Allen & Overy LLP 6 1.0 1,651 26 6 4.3 -3.4
Freshfields Bruckhaus Deringer LLP 9 10.3 11,580 26 2 18.8 -8.5 Linklaters LLP 9 3.0 5,103 25 3 8.2 -5.2
Jones Day 10 2.3 2,542 25 8 4.8 -2.5 Weil Gotshal & Manges LLP 10 5.8 9,874 24 10 6.7 -0.8
White & Case LLP 11 5.1 5,762 20 6 8.4 -3.3 CMS 11 0.4 601 23 1 2.2 -1.9
Baker & McKenzie LLP 12 1.5 1,725 18 10 1.6 0.0 Baker & McKenzie LLP 12 2.4 4,112 22 11 2.6 -0.2
Dentons 13 1.1 1,231 16 14 0.2 0.9 Mayer Brown LLP 13 0.3 563 19 13 3.3 -3.0
Linklaters LLP 14 9.9 11,075 15 7 1.5 8.4 Bredin Prat 14 21.5 36,335 18 8 18.6 2.9
Ashurst LLP 14 2.3 2,612 15 20 0.2 2.2 Dentons 15 0.7 1,214 17 11 0.5 0.2
Orrick Herrington & Sutcliffe LLP 16 0.1 142 14 43 - 0.1 Cleary Gottlieb Steen & Hamilton LLP 16 26.2 44,277 16 15 7.6 18.6
Kirkland & Ellis LLP 17 10.9 12,254 12 20 2.0 8.9 Freshfields Bruckhaus Deringer LLP 17 10.1 17,105 15 16 3.1 7.1
Weil Gotshal & Manges LLP 17 0.1 72 12 30 - 0.1 Willkie Farr & Gallagher LLP 18 3.7 6,319 14 19 1.2 2.5
Luther Rechtsanwaltsgesellschaft mbH 19 0.1 71 11 12 1.0 -0.9 Dechert LLP 18 1.0 1,665 14 16 11.9 -11.0
Shearman & Sterling LLP 20 0.3 336 9 15 39.4 -39.1 Goodwin Procter LLP 20 1.7 2,912 13 52 0.0 1.7
TOTAL 112,125 1,638 TOTAL 169,108 1,427
FIRM
2017 2016MKT SHR
CHANGE FIRM
2017
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2016MKT SHR
CHANGE FIRM
2017
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
213,014 213,014
178,012 106,440
FIRM
2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2017
Italy Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017 Benelux Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
NCTM Studio Legale Associato 1 0.5 467 36 1 1.5 -1.0 Allen & Overy LLP 1 12.1 13,876 59 1 13.8 -1.7
Chiomenti Studio Legale 2 1.3 1,233 34 2 6.9 -5.6 Loyens & Loeff NV 2 4.5 5,210 44 2 6.0 -1.5
Gattai Minoli Agostinelli & Partners 3 0.2 147 15 3 2.3 -2.2 Houthoff Buruma 3 1.3 1,436 39 4 6.0 -4.8
Orrick Herrington & Sutcliffe LLP 3 0.1 83 15 20 0.2 -0.1 Jones Day 4 21.4 24,536 29 10 5.4 16.0
Linklaters LLP 5 11.0 10,453 12 11 0.3 10.7 Clifford Chance LLP 4 14.1 16,125 29 9 7.4 6.7
Jones Day 6 18.1 17,185 11 4 15.0 3.1 Linklaters LLP 6 1.9 2,138 24 7 7.4 -5.6
Allen & Overy LLP 6 0.4 372 11 15 2.2 -1.9 NautaDutilh NV 7 1.0 1,091 23 5 6.1 -5.2
Dentons 6 0.0 10 11 18 0.1 -0.1 Freshfields Bruckhaus Deringer LLP 8 6.9 7,942 22 6 12.4 -5.5
Latham & Watkins LLP 9 1.0 929 10 12 4.9 -3.9 DLA Piper LLP 8 4.5 5,217 22 24 1.0 3.5
DLA Piper LLP 10 37.1 35,260 9 24 2.9 34.2 CMS 10 2.0 2,328 16 3 1.5 0.5
Cleary Gottlieb Steen & Hamilton LLP 11 30.3 28,841 8 15 7.4 23.0 Latham & Watkins LLP 11 8.3 9,529 15 21 0.1 8.2
Freshfields Bruckhaus Deringer LLP 11 2.5 2,405 8 9 6.5 -3.9 Stibbe BV 11 8.0 9,138 15 13 2.6 5.4
Portolano Cavallo Studio Legale 11 0.0 10 8 18 0.1 -0.1 Baker & McKenzie LLP 13 3.2 3,687 13 8 3.3 -0.1
Legance Studio Legale Associato 11 - - 8 6 3.3 -3.3 De Brauw Blackstone Westbroek NV 14 3.2 3,672 12 12 17.7 -14.5
Shearman & Sterling LLP 15 1.1 1,009 7 17 2.7 -1.6 White & Case LLP 15 5.6 6,446 11 10 18.1 -12.5
White & Case LLP 15 1.0 922 7 6 13.6 -12.6 Willkie Farr & Gallagher LLP 16 1.5 1,745 10 32 - 1.5
Clifford Chance LLP 15 0.7 700 7 12 3.9 -3.2 Dentons 16 0.4 412 10 15 0.4 -0.1
CMS 15 0.3 268 7 10 0.2 0.1 Hogan Lovells US LLP 16 0.2 201 10 14 9.3 -9.1
Baker & McKenzie LLP 19 0.4 393 5 6 5.0 -4.6 Davis Polk & Wardwell LLP 19 4.9 5,661 9 27 2.0 2.9
Cuatrecasas 19 0.0 19 5 - - 0.0 Norton Rose Fulbright LLP 20 9.5 10,890 8 16 1.2 8.3
TOTAL 95,090 592 TOTAL 114,794 1,169
Iberia Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017 Nordic Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
Cuatrecasas 1 2.3 1,698 69 10 1.3 1.0 Hannes Snellman Advokatbyra Ab/FI 1 2.8 2,394 31 7 13.1 -10.3
Uria Menendez Abogados SLP 2 12.9 9,597 55 2 19.1 -6.2 White & Case LLP 2 8.5 7,399 21 4 29.5 -21.0
Perez-Llorca 3 4.0 2,956 32 3 11.9 -7.9 Baker & McKenzie LLP 3 6.3 5,443 20 5 1.1 5.1
Clifford Chance LLP 4 10.1 7,508 25 4 4.7 5.4 Thommessen Krefting Greve Lund 4 7.6 6,622 19 64 1.4 6.3
Linklaters LLP 5 9.9 7,384 19 6 7.2 2.7 DLA Piper LLP 4 1.3 1,168 19 28 0.3 1.0
Rousaud Costas Duran Slp 6 0.2 163 14 5 0.2 - Linklaters LLP 6 9.6 8,307 14 13 1.9 7.6
Freshfields Bruckhaus Deringer LLP 7 5.6 4,164 12 10 33.4 -27.8 Attorneys COBALT AS 6 0.9 792 14 46 0.3 0.6
Allen & Overy LLP 7 3.4 2,525 12 16 2.3 1.1 Freshfields Bruckhaus Deringer LLP 8 22.5 19,602 13 10 5.4 17.2
Garrigues Abogados 9 0.8 601 11 16 0.1 0.7 Allen & Overy LLP 8 7.1 6,171 13 9 4.4 2.7
CMS 10 3.5 2,599 9 7 2.6 0.9 SORAINEN 10 1.3 1,092 12 20 0.0 1.2
Jones Day 10 2.3 1,678 9 16 0.1 2.2 Advokatfirman Vinge KB 11 0.1 43 9 2 16.2 -16.1
Dentons 12 0.3 237 8 29 0.2 0.2 Jones Day 12 0.4 378 7 20 2.2 -1.7
DLA Piper LLP 13 46.8 34,799 7 21 14.7 32.0 Simpson Thacher & Bartlett LLP 13 4.8 4,201 6 13 4.9 -0.1
White & Case LLP 13 6.4 4,727 7 21 0.8 5.6 Latham & Watkins LLP 13 2.6 2,280 6 13 8.0 -5.4
Hogan Lovells US LLP 13 0.8 624 7 9 1.1 -0.2 Morgan Lewis & Bockius LLP 13 1.8 1,584 6 34 1.8 0.1
Baker & McKenzie LLP 13 0.5 352 7 7 15.1 -14.6 Ellex 13 1.0 896 6 13 0.5 0.5
Latham & Watkins LLP 17 1.0 734 6 10 13.0 -12.0 Paul Hastings LLP 17 1.2 1,064 5 - - 1.2
Simpson Thacher & Bartlett LLP 18 5.5 4,052 5 - - 5.5 CMS 17 1.1 958 5 3 1.6 -0.5
Davis Polk & Wardwell LLP 19 46.2 34,388 3 40 0.1 46.1 Hengeler Mueller 17 0.7 580 5 34 0.1 0.6
Weil Gotshal & Manges LLP 19 3.2 2,351 3 40 0.1 3.0 Clifford Chance LLP 17 0.6 541 5 12 4.2 -3.6
TOTAL 74,396 598 TOTAL 86,958 1,405
FIRM
2017 2016MKT SHR
CHANGE FIRM
2017
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
47,194 68,683
2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2017 2016MKT SHR
CHANGE FIRM
2017
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
47,561 76,785
FIRM
Eastern Europe Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
CMS 1 6.3 2,678 26 1 1.0 5.3
Attorneys COBALT AS 2 0.5 227 22 8 0.1 0.5
Schoenherr 3 0.9 359 18 45 - 0.9
Ellex 3 0.6 249 18 5 0.4 0.2
White & Case LLP 5 6.7 2,819 17 2 4.8 1.9
Dentons 5 5.2 2,186 17 4 5.4 -0.2
SORAINEN 7 1.1 483 14 9 0.5 0.6
Baker & McKenzie LLP 8 3.2 1,351 13 3 2.8 0.4
Clifford Chance LLP 9 1.7 712 11 12 0.9 0.8
Weil Gotshal & Manges LLP 9 1.6 680 11 9 6.1 -4.5
Allen & Overy LLP 11 2.4 1,023 10 7 3.2 -0.7
DLA Piper LLP 12 1.4 595 8 45 - 1.4
Hogan Lovells US LLP 13 0.6 237 6 11 0.7 -0.2
Morgan Lewis & Bockius LLP 13 0.5 220 6 26 0.1 0.4
Balcioglu Selcuk Akman Keki Avukatlik Ortakligi 15 3.5 1,464 5 17 - 3.5
Freshfields Bruckhaus Deringer LLP 15 1.0 428 5 13 1.3 -0.3
Noerr LLP 15 0.5 203 5 13 2.0 -1.5
Linklaters LLP 15 0.4 162 5 6 11.9 -11.5
Skadden Arps Slate Meagher & Flom LLP 19 2.4 1,014 4 23 9.3 -6.9
Jones Day 19 0.5 223 4 15 0.4 0.2
TOTAL 42,419 766
FIRM
2017 2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
35,582
Date
Total Value
(Mln.)
Number of deals 8,717
Volume (Bln.) $611.5
Avg Deal Size (Mln.) $70.1
Kim & Chang
Number of deals 98
Volume (Bln.) $42.7
Avg Deal Size (Bln.) $0.4
Deal Type
Amount
(Bln.)
% Change
Deal
% YoY
Change
Company Takeover $278.1 6.4% -0.5%
Cross Border $264.0 -0.4% 36.1%
Private Equity $160.4 10.3% 47.5%
Asset sale $94.2 2.3% 13.4%
Tender Offer $39.1 -1.8% 39.9%
Venture Capital $37.7 2.3% -11.4%
Spin-off $3.4 15.1% -81.0%
Minority purchase $152.6 5.1% 13.7%
Majority purchase $126.4 29.7% 34.3%
Graphs represent any regional involvement (target, seller, or acquirer).
$17,954.9
APAC M&A Regional Review
Glo
bal
M&
A R
evi
ew |
1st
3Q
20
17
APAC M&A: Quarterly Volume
Australia/NZ M&A: Quarterly Volume
APAC M&A: Highlights of 1st 3Q2017
Summary Target Acquirer Seller
8/22/2017China Unicom Hong
Kong Ltd
China United Network
Communications Ltd- $32,059.2
Top Adviser7/14/2017
Global Logistic
Properties LtdMultiple Acquirers -
9/20/2017 Toshiba Memory Corp Multiple Acquirers Toshiba Corp
Greater China M&A: Quarterly Volume
3/20/2017 Multiple Targets Idea Cellular Ltd Vodafone Group PLC $12,679.0
$16,019.1
Japan M&A: Quarterly Volume
4/26/2017 Multiple Targets Lotte Confectionery Co Ltd - $8,457.7
APAC M&A: Breakdown
32%
15% 14%
10%
9%
9%
4% 3% 3% 1%
APAC Industry Breakdown Financial
Industrial
Communications
Consumer Cyclical
Technology
Consumer Non-cyclical
Energy
Basic Materials
Utilities
Diversified
0
2000
4000
6000
$0
$200
$400
$600
Volume $(Bln.) Deal Count
0
200
400
600
$0
$20
$40
$60
Volume $(Bln.) Deal Count
0
500
1000
1500
2000
$0
$100
$200
$300
Volume $(Bln.) Deal Count
0
500
1000
$0
$50
$100
Volume $(Bln.) Deal Count
• M&A activity targeting the APAC region for the first 3Q2017 increased by 8.8% year-on-year to $673.2billion. Inbound transactions continued to dominate the M&A activity in the region, accounting for92.7% of the deal volume.
• Deal activity involving Singapore-based targets reached an all-time quarterly high of $46.4 billion. The$16.0 billion buyout of Global Logistic Properties Ltd by a Chinese consortium contributed to 34.5% ofthe country's volume. This deal was the largest private equity buyout both in Singapore and the APACregion.
• Outbound M&A activity in the Greater China region experienced a 31.5% decrease to $140.6 billioncompared to the same period last year as Chinese companies continued to face government scrutinyamidst other roadblocks regarding overseas investments.
14
APAC Ex Japan Announced Deals (By Volume) 01/01/2017 - 09/30/2017 APAC Ex Japan Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
Clifford Chance LLP 1 6.2 48,698 42 9 7.0 -0.9 Kim & Chang 1 5.7 44,507 105 4 1.6 4.1
Kirkland & Ellis LLP 2 5.8 45,359 25 46 1.3 4.5 AZB & Partners 2 3.7 28,870 81 2 2.6 1.1
Kim & Chang 3 5.7 44,507 105 38 1.6 4.1 Shin & Kim 3 1.1 8,771 60 11 1.3 -0.2
Davis Polk & Wardwell LLP 4 5.4 42,716 21 3 10.5 -5.1 Lee & Ko 3 1.0 7,796 60 10 1.4 -0.4
Fangda Partners 5 5.1 40,010 49 2 10.9 -5.8 Bae Kim & Lee 5 1.1 8,524 53 17 0.7 0.4
Skadden Arps Slate Meagher & Flom LLP 6 4.4 34,316 28 15 3.8 0.6 Cyril Amarchand Mangaldas 6 0.4 2,945 52 30 1.9 -1.5
AZB & Partners 7 3.7 28,870 81 22 2.6 1.1 Herbert Smith Freehills LLP 7 3.5 27,808 50 5 4.3 -0.8
Morrison & Foerster LLP 8 3.6 28,714 13 25 2.3 1.3 Baker & McKenzie LLP 7 1.4 11,230 50 3 3.9 -2.5
Herbert Smith Freehills LLP 9 3.5 27,808 50 13 4.3 -0.8 DLA Piper LLP 7 0.9 7,124 50 37 0.3 0.6
Allen & Overy LLP 10 3.4 27,093 37 32 1.8 1.6 Fangda Partners 10 5.1 40,010 49 8 10.9 -5.8
Simpson Thacher & Bartlett LLP 11 3.4 26,571 24 4 10.4 -7.0 Jones Day 11 1.3 10,059 46 22 2.5 -1.2
Nagashima Ohno & Tsunematsu 12 3.1 24,617 17 138 0.1 3.0 King & Wood Mallesons 12 2.5 19,444 43 1 16.5 -14.1
Slaughter and May 13 3.1 24,412 11 48 1.2 1.9 Gilbert + Tobin 12 1.5 12,174 43 15 1.8 -0.2
Freshfields Bruckhaus Deringer LLP 14 3.1 24,107 30 20 2.9 0.2 Clifford Chance LLP 14 6.2 48,698 42 30 7.0 -0.9
Ashurst LLP 15 2.9 23,017 40 49 1.2 1.7 Allens 14 1.7 13,408 42 19 3.3 -1.6
Allen & Gledhill LLP 16 2.9 23,008 29 43 1.4 1.5 Ashurst LLP 16 2.9 23,017 40 27 1.2 1.7
WongPartnership LLP 17 2.8 22,245 24 34 1.8 1.1 Allen & Overy LLP 17 3.4 27,093 37 16 1.8 1.6
Shook Lin & Bok LLP 18 2.5 19,802 12 102 0.2 2.3 Khaitan & Co 17 0.5 3,682 37 6 0.9 -0.4
JunHe LLP 19 2.5 19,452 9 80 0.5 2.0 Minter Ellison 19 0.5 4,199 34 22 3.0 -2.4
King & Wood Mallesons 20 2.5 19,444 43 1 16.5 -14.1 Latham & Watkins LLP 20 1.2 9,796 33 17 2.6 -1.4
TOTAL 788,165 9,663 TOTAL 788,165 9,663
APAC Private Equity Announced Deals (By Volume) 01/01/2017 - 09/30/2017
Clifford Chance LLP 1 16.2 41,423 21 53 1.3 15.0
Davis Polk & Wardwell LLP 2 13.1 33,572 13 46 1.8 11.3
Skadden Arps Slate Meagher & Flom LLP 3 12.8 32,780 15 5 10.9 2.0
Kim & Chang 4 11.4 29,124 43 19 4.0 7.4
Kirkland & Ellis LLP 5 11.2 28,688 20 34 2.3 8.9
Morrison & Foerster LLP 6 10.8 27,524 11 24 3.1 7.7
Simpson Thacher & Bartlett LLP 7 10.0 25,432 17 1 13.6 -3.7
Nagashima Ohno & Tsunematsu 8 8.8 22,423 14 82 0.3 8.5
Herbert Smith Freehills LLP 9 7.5 19,117 21 2 11.4 -3.9
Allen & Gledhill LLP 10 7.3 18,724 6 47 1.8 5.5
Akin Gump Strauss Hauer & Feld LLP 11 7.0 17,955 1 - - 7.0
Pillsbury Winthrop Shaw Pittman LLP 11 7.0 17,955 2 100 0.1 6.9
WongPartnership LLP 13 7.0 17,843 9 36 2.2 4.7
Freshfields Bruckhaus Deringer LLP 14 7.0 17,814 13 22 3.1 3.8
Shook Lin & Bok LLP 15 6.4 16,331 3 63 0.8 5.6
JunHe LLP 16 6.3 16,019 1 78 0.4 5.9
Loyens & Loeff NV 17 5.4 13,806 1 - - 5.4
Ashurst LLP 18 5.2 13,378 11 59 0.9 4.3
Fangda Partners 19 4.5 11,513 24 15 5.0 -0.5
Allen & Overy LLP 20 4.1 10,516 19 13 5.4 -1.3
TOTAL 255,516 2,209
FIRM
2017 2016MKT 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
2017 2016
778,124 778,124
FIRM
2017 2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
189,859
AU & NZ Announced Deals (By Volume) 01/01/2017 - 09/30/2017 AU & NZ Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
Herbert Smith Freehills LLP 1 29.7 20,758 41 1 35.5 -5.8 Gilbert + Tobin 1 17.4 12,174 43 3 19.5 -2.1
Ashurst LLP 2 25.0 17,453 37 12 3.9 21.1 Allens 2 19.2 13,408 42 4 30.9 -11.8
Allens 3 19.2 13,408 42 3 30.9 -11.8 Herbert Smith Freehills LLP 3 29.7 20,758 41 1 35.5 -5.8
Gilbert + Tobin 4 17.4 12,174 43 5 19.5 -2.1 Ashurst LLP 4 25.0 17,453 37 9 3.9 21.1
Allen & Overy LLP 5 8.4 5,884 14 19 2.2 6.3 HWL Ebsworth Lawyers 5 2.8 1,932 32 6 1.9 0.9
Baker & McKenzie LLP 6 6.8 4,770 18 6 17.6 -10.8 Minter Ellison 6 5.4 3,774 31 5 32.5 -27.1
King & Wood Mallesons 7 5.6 3,909 23 4 27.6 -22.1 Corrs Chambers Westgarth 7 2.0 1,370 29 12 0.3 1.7
Minter Ellison 8 5.4 3,774 31 2 32.5 -27.1 DLA Piper LLP 8 3.2 2,210 28 14 2.4 0.8
Linklaters LLP 9 3.7 2,598 4 11 4.9 -1.2 King & Wood Mallesons 9 5.6 3,909 23 2 27.6 -22.1
Clifford Chance LLP 10 3.6 2,521 10 72 0.1 3.5 Chapman Tripp 9 2.8 1,974 23 50 0.0 2.8
Gibson Dunn & Crutcher LLP 11 3.4 2,361 5 - - 3.4 Baker & McKenzie LLP 11 6.8 4,770 18 8 17.6 -10.8
DLA Piper LLP 12 3.2 2,210 28 17 2.4 0.8 Bell Gully 12 1.3 901 15 10 3.2 -2.0
Chapman Tripp 13 2.8 1,974 23 82 0.0 2.8 Allen & Overy LLP 13 8.4 5,884 14 15 2.2 6.3
HWL Ebsworth Lawyers 14 2.8 1,932 32 21 1.9 0.9 Jones Day 14 1.6 1,116 13 13 15.4 -13.8
Freshfields Bruckhaus Deringer LLP 15 2.3 1,580 3 25 1.1 1.2 Clifford Chance LLP 15 3.6 2,521 10 17 0.1 3.5
Corrs Chambers Westgarth 16 2.0 1,370 29 50 0.3 1.7 Weil Gotshal & Manges LLP 16 0.8 587 6 50 - 0.8
A&L Goodbody Solicitors 17 1.6 1,130 1 - - 1.6 Gibson Dunn & Crutcher LLP 17 3.4 2,361 5 - - 3.4
Macfarlanes LLP 17 1.6 1,130 1 31 0.8 0.8 Dentons 17 0.1 39 5 50 - 0.1
White & Case LLP 19 1.6 1,119 3 39 0.5 1.1 Norton Rose Fulbright LLP 17 0.1 33 5 6 3.4 -3.3
Jones Day 20 1.6 1,116 13 8 15.4 -13.8 Linklaters LLP 20 3.7 2,598 4 17 4.9 -1.2
TOTAL 69,933 1,372 TOTAL 69,933 1,372
Japan Announced Deals (By Volume) 01/01/2017 - 09/30/2017 Japan Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
Nagashima Ohno & Tsunematsu 1 23.4 32,586 96 11 10.0 13.5 Nagashima Ohno & Tsunematsu 1 23.4 32,586 96 2 10.0 13.5
Morrison & Foerster LLP 2 16.4 22,766 22 3 25.7 -9.3 Mori Hamada & Matsumoto 2 5.1 7,055 80 1 39.6 -34.5
Akin Gump Strauss Hauer & Feld LLP 3 15.3 21,261 2 62 0.2 15.1 Anderson Mori & Tomotsune 3 3.0 4,110 69 3 29.3 -26.4
Kim & Chang 4 14.2 19,669 12 41 0.8 13.3 Nishimura & Asahi 4 3.7 5,184 59 4 15.2 -11.5
Pillsbury Winthrop Shaw Pittman LLP 5 12.9 17,955 1 66 0.1 12.8 Morrison & Foerster LLP 5 16.4 22,766 22 5 25.7 -9.3
Skadden Arps Slate Meagher & Flom LLP 6 12.7 17,665 13 25 3.0 9.7 Jones Day 6 9.3 12,959 20 10 2.1 7.2
Simpson Thacher & Bartlett LLP 7 9.9 13,803 6 12 8.7 1.3 Allen & Overy LLP 7 3.0 4,104 16 8 2.8 0.2
Jones Day 8 9.3 12,959 20 31 2.1 7.2 Hibiya-Nakata 8 0.5 747 15 56 - 0.5
Davis Polk & Wardwell LLP 9 8.3 11,596 8 7 18.8 -10.4 Baker & McKenzie LLP 9 1.5 2,027 14 6 6.9 -5.5
Paul Weiss Rifkind Wharton & Garrison LLP 10 7.8 10,870 7 24 3.3 4.5 Skadden Arps Slate Meagher & Flom LLP 10 12.7 17,665 13 17 3.0 9.7
Mori Hamada & Matsumoto 11 5.1 7,055 80 1 39.6 -34.5 Latham & Watkins LLP 10 2.5 3,499 13 10 4.6 -2.0
Shearman & Sterling LLP 12 4.4 6,104 10 13 7.6 -3.2 Kim & Chang 12 14.2 19,669 12 14 0.8 13.3
Fangda Partners 13 4.0 5,532 2 21 4.0 0.0 White & Case LLP 13 2.1 2,951 11 12 24.7 -22.6
Sullivan & Cromwell LLP 14 3.9 5,451 4 16 5.7 -1.7 Shearman & Sterling LLP 14 4.4 6,104 10 8 7.6 -3.2
Freshfields Bruckhaus Deringer LLP 15 3.8 5,253 8 6 19.9 -16.1 TMI Associates 14 2.1 2,967 10 56 1.8 0.3
Nishimura & Asahi 16 3.7 5,184 59 10 15.2 -11.5 Clifford Chance LLP 14 0.3 461 10 29 - 0.3
Fried Frank Harris Shriver & Jacobson LLP 17 3.6 5,001 1 55 0.3 3.3 AZB & Partners 17 3.2 4,418 9 14 2.7 0.5
Cleary Gottlieb Steen & Hamilton LLP 17 3.6 5,001 2 8 18.0 -14.4 Herbert Smith Freehills LLP 17 2.8 3,828 9 17 17.9 -15.1
Weil Gotshal & Manges LLP 19 3.4 4,708 6 48 0.6 2.8 O'Melveny & Myers LLP 17 0.5 640 9 21 2.1 -1.7
NautaDutilh NV 20 3.4 4,700 2 - - 3.4 Davis Polk & Wardwell LLP 20 8.3 11,596 8 39 18.8 -10.4
TOTAL 139,035 2,262 TOTAL 139,035 2,262
FIRM
2017 2016MKT 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
2017 2016
70,092 70,092
FIRM
2017 2016MKT SHR
CHANGE FIRM
2017 2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
172,122 172,122
South Korea Announced Deals (By Volume) 01/01/2017 - 09/30/2017 South Korea Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
Kim & Chang 1 49.4 44,507 105 1 22.0 27.4 Kim & Chang 1 49.4 44,507 105 1 22.0 27.4
Nagashima Ohno & Tsunematsu 2 23.1 20,762 3 - - 23.1 Lee & Ko 2 8.7 7,796 60 2 21.3 -12.6
Pillsbury Winthrop Shaw Pittman LLP 3 19.9 17,955 2 - - 19.9 Shin & Kim 3 9.5 8,571 59 3 19.0 -9.5
Akin Gump Strauss Hauer & Feld LLP 3 19.9 17,955 1 - - 19.9 Bae Kim & Lee 4 9.5 8,524 53 5 9.8 -0.3
Shin & Kim 5 9.5 8,571 59 3 19.0 -9.5 Yulchon LLC 5 2.8 2,514 32 4 17.5 -14.7
Bae Kim & Lee 6 9.5 8,524 53 5 9.8 -0.3 Yoon & Yang LLC 6 1.4 1,253 22 6 1.4 0.0
Lee & Ko 7 8.7 7,796 60 2 21.3 -12.6 Ropes & Gray LLP 7 5.2 4,663 8 14 0.9 4.3
Ropes & Gray LLP 8 5.2 4,663 8 19 0.9 4.3 JIPYONG 8 0.9 835 6 8 0.6 0.3
Allen & Overy LLP 9 4.9 4,405 3 - - 4.9 Latham & Watkins LLP 9 0.6 502 5 23 0.1 0.4
Linklaters LLP 10 4.4 3,924 2 17 1.1 3.3 Kim Choi & Lim 9 0.3 269 5 7 0.6 -0.3
Ashurst LLP 10 4.4 3,924 1 29 0.4 4.0 O'Melveny & Myers LLP 11 1.5 1,366 4 11 0.2 1.3
Simpson Thacher & Bartlett LLP 12 3.1 2,776 2 23 0.6 2.5 Cooley LLP 11 1.5 1,328 4 23 0.2 1.3
Clifford Chance LLP 13 3.0 2,689 2 - - 3.0 White & Case LLP 11 1.0 915 4 23 1.1 0.0
Yulchon LLC 14 2.8 2,514 32 4 17.5 -14.7 Nagashima Ohno & Tsunematsu 14 23.1 20,762 3 - - 23.1
Jones Day 15 2.6 2,342 3 43 - 2.6 Allen & Overy LLP 14 4.9 4,405 3 - - 4.9
Skadden Arps Slate Meagher & Flom LLP 16 2.5 2,276 1 7 2.8 -0.3 Jones Day 14 2.6 2,342 3 23 - 2.6
Freshfields Bruckhaus Deringer LLP 16 2.5 2,276 1 - - 2.5 Fenwick & West LLP 14 0.3 244 3 23 0.3 0.0
Davis Polk & Wardwell LLP 16 2.5 2,276 1 8 2.0 0.5 Pillsbury Winthrop Shaw Pittman LLP 18 19.9 17,955 2 - - 19.9
Cleary Gottlieb Steen & Hamilton LLP 19 1.7 1,559 1 6 3.6 -1.9 Linklaters LLP 18 4.4 3,924 2 23 1.1 3.3
Sullivan & Cromwell LLP 19 1.7 1,559 1 - - 1.7 Simpson Thacher & Bartlett LLP 18 3.1 2,776 2 14 0.6 2.5
TOTAL 90,086 1,215 TOTAL 90,086 1,215
China Announced Deals (By Volume) 01/01/2017 - 09/30/2017 China Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
Fangda Partners 1 8.6 39,957 48 2 17.1 -8.6 Fangda Partners 1 8.6 39,957 48 1 17.1 -8.6
Kirkland & Ellis LLP 2 8.2 38,404 12 46 1.2 7.0 Grandall Law Firm 2 2.2 10,377 25 2 5.0 -2.8
Clifford Chance LLP 3 8.0 37,438 14 9 10.8 -2.8 King & Wood Mallesons 3 3.9 17,940 21 3 24.3 -20.5
Davis Polk & Wardwell LLP 4 6.6 30,701 14 4 14.3 -7.8 Zhong Lun Law Firm 3 1.3 5,811 21 5 1.8 -0.6
Skadden Arps Slate Meagher & Flom LLP 5 5.9 27,633 17 13 5.4 0.5 Skadden Arps Slate Meagher & Flom LLP 5 5.9 27,633 17 10 5.4 0.5
Morrison & Foerster LLP 6 4.8 22,133 5 15 3.6 1.2 Allbright Law Offices 5 0.8 3,657 17 14 0.8 0.0
JunHe LLP 7 4.2 19,452 9 60 0.7 3.5 Beijing Grandway Law Offices 5 0.8 3,653 17 54 0.3 0.5
WongPartnership LLP 8 3.9 18,028 4 115 0.1 3.8 Latham & Watkins LLP 8 0.8 3,813 15 8 2.1 -1.3
King & Wood Mallesons 9 3.9 17,940 21 1 24.3 -20.5 Clifford Chance LLP 9 8.0 37,438 14 18 10.8 -2.8
Shook Lin & Bok LLP 10 3.9 17,933 3 - - 3.9 Davis Polk & Wardwell LLP 9 6.6 30,701 14 7 14.3 -7.8
Allen & Gledhill LLP 11 3.7 17,419 2 90 0.2 3.5 Simpson Thacher & Bartlett LLP 11 3.7 17,189 13 10 14.7 -11.0
Simpson Thacher & Bartlett LLP 12 3.7 17,189 13 3 14.7 -11.0 DLA Piper LLP 11 0.8 3,728 13 37 0.3 0.5
Sullivan & Cromwell LLP 13 3.3 15,215 10 18 3.1 0.1 Kirkland & Ellis LLP 13 8.2 38,404 12 37 1.2 7.0
Loyens & Loeff NV 14 3.0 13,806 1 151 0.0 2.9 Baker & McKenzie LLP 13 1.5 6,805 12 14 2.2 -0.7
Slaughter and May 15 2.4 11,015 6 35 1.9 0.5 Jia Yuan Law Firm 15 0.8 3,645 11 26 2.9 -2.1
Grandall Law Firm 16 2.2 10,377 25 14 5.0 -2.8 Jones Day 15 0.5 2,357 11 19 2.4 -1.9
Rajah & Tann 17 1.7 7,930 4 97 0.2 1.5 Sullivan & Cromwell LLP 17 3.3 15,215 10 28 3.1 0.1
Freshfields Bruckhaus Deringer LLP 18 1.5 7,089 10 16 3.5 -2.0 Freshfields Bruckhaus Deringer LLP 17 1.5 7,089 10 8 3.5 -2.0
Linklaters LLP 19 1.5 6,865 7 26 2.2 -0.7 Shearman & Sterling LLP 17 1.3 6,161 10 47 0.6 0.7
Baker & McKenzie LLP 20 1.5 6,805 12 25 2.2 -0.7 Dentons 17 1.3 5,830 10 26 0.4 0.9
TOTAL 466,358 4,031 TOTAL 466,358 4,031
FIRM
2017 2016MKT SHR
CHANGE FIRM
2017 2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
51,875 51,875
FIRM
2017 2016MKT SHR
CHANGE FIRM
2017 2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
493,778 493,778
Hong Kong Announced Deals (By Volume) 01/01/2017 - 09/30/2017 Hong Kong Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
Kirkland & Ellis LLP 1 27.1 36,043 12 52 0.7 26.5 Clifford Chance LLP 1 17.7 23,447 16 27 - 17.7
Clifford Chance LLP 2 17.7 23,447 16 110 - 17.7 Kirkland & Ellis LLP 2 27.1 36,043 12 11 0.7 26.5
Davis Polk & Wardwell LLP 3 15.5 20,590 5 20 3.3 12.2 Fangda Partners 3 11.3 15,067 11 2 3.3 8.1
Skadden Arps Slate Meagher & Flom LLP 4 13.9 18,447 8 17 3.9 10.0 Jones Day 4 0.7 893 9 27 1.1 -0.5
Morrison & Foerster LLP 5 12.8 16,998 3 1 14.6 -1.8 Skadden Arps Slate Meagher & Flom LLP 5 13.9 18,447 8 18 3.9 10.0
JunHe LLP 6 12.2 16,174 2 53 0.6 11.5 Ropes & Gray LLP 5 3.8 5,044 8 42 0.5 3.3
WongPartnership LLP 7 12.1 16,030 4 78 0.2 11.9 Weil Gotshal & Manges LLP 7 2.0 2,697 7 42 0.5 1.6
Shook Lin & Bok LLP 8 12.1 16,019 1 - - 12.1 Shearman & Sterling LLP 8 2.5 3,307 6 11 1.7 0.8
Allen & Gledhill LLP 8 12.1 16,019 4 94 0.1 12.0 Baker & McKenzie LLP 8 1.8 2,358 6 1 1.8 -0.1
Fangda Partners 10 11.3 15,067 11 21 3.3 8.1 Norton Rose Fulbright LLP 8 1.5 2,027 6 5 2.7 -1.1
Sullivan & Cromwell LLP 11 8.2 10,829 5 59 0.5 7.6 Latham & Watkins LLP 8 1.4 1,844 6 3 8.9 -7.5
Slaughter and May 12 6.3 8,410 3 4 9.9 -3.6 Gibson Dunn & Crutcher LLP 8 1.2 1,651 6 42 0.3 1.0
Ashurst LLP 13 5.7 7,623 4 44 0.9 4.9 Anderson Mori & Tomotsune 8 0.2 317 6 18 9.5 -9.2
Herbert Smith Freehills LLP 14 4.8 6,334 3 45 0.9 3.9 Davis Polk & Wardwell LLP 14 15.5 20,590 5 11 3.3 12.2
Rajah & Tann 15 4.6 6,143 3 76 0.2 4.4 Sullivan & Cromwell LLP 14 8.2 10,829 5 64 0.5 7.6
Morgan Lewis & Bockius LLP 16 4.6 6,124 2 70 0.3 4.3 Freshfields Bruckhaus Deringer LLP 14 3.5 4,649 5 10 1.4 2.1
Ropes & Gray LLP 17 3.8 5,044 8 61 0.5 3.3 Allen & Overy LLP 14 3.0 3,961 5 11 9.1 -6.1
Hengeler Mueller 18 3.7 4,921 2 - - 3.7 Mayer Brown LLP 14 2.7 3,566 5 42 0.6 2.1
Freshfields Bruckhaus Deringer LLP 19 3.5 4,649 5 37 1.4 2.1 O'Melveny & Myers LLP 14 1.2 1,622 5 18 4.2 -3.0
Stikeman Elliott LLP 20 3.0 3,973 2 29 2.0 1.0 Sidley Austin LLP 14 0.6 756 5 11 0.7 -0.2
TOTAL 132,815 1,131 TOTAL 132,815 1,131
Taiwan Announced Deals (By Volume) 01/01/2017 - 09/30/2017 Taiwan Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
Chen & Lin 1 16.0 1,745 5 18 1.3 14.7 LCS & Partners 1 5.5 600 6 3 4.5 1.0
Fangda Partners 2 12.4 1,353 2 - - 12.4 Chen & Lin 2 16.0 1,745 5 5 1.3 14.7
Freshfields Bruckhaus Deringer LLP 3 11.9 1,300 1 - - 11.9 THLK Partners 2 3.1 333 5 - - 3.1
Weil Gotshal & Manges LLP 4 10.3 1,122 2 - - 10.3 PriceWaterhouseCoopers Legal 2 0.6 69 5 2 0.6 0.0
Cleary Gottlieb Steen & Hamilton LLP 5 10.1 1,100 2 - - 10.1 Jones Day 5 1.7 182 4 9 27.1 -25.4
Gibson Dunn & Crutcher LLP 5 10.1 1,100 1 - - 10.1 Fangda Partners 6 12.4 1,353 2 - - 12.4
Tsar & Tsai 5 10.1 1,100 1 - - 10.1 Weil Gotshal & Manges LLP 6 10.3 1,122 2 - - 10.3
Lee & Li 5 10.1 1,100 1 5 15.6 -5.6 Cleary Gottlieb Steen & Hamilton LLP 6 10.1 1,100 2 - - 10.1
Lexcel Partners Attorney-at-Law 9 9.9 1,087 2 26 0.9 9.0 Lexcel Partners Attorney-at-Law 6 9.9 1,087 2 6 0.9 9.0
Sullivan & Cromwell LLP 10 8.3 903 2 19 1.1 7.2 Sullivan & Cromwell LLP 6 8.3 903 2 16 1.1 7.2
Allen & Overy LLP 11 8.1 881 1 37 0.1 8.0 Rajah & Tann 6 0.5 53 2 16 2.8 -2.4
LCS & Partners 12 5.5 600 6 10 4.5 1.0 Nishimura & Asahi 6 0.3 30 2 6 37.3 -37.0
THLK Partners 13 3.1 333 5 - - 3.1 Freshfields Bruckhaus Deringer LLP 13 11.9 1,300 1 - - 11.9
O'Melveny & Myers LLP 14 2.7 300 1 36 0.1 2.6 Gibson Dunn & Crutcher LLP 13 10.1 1,100 1 - - 10.1
Jones Day 15 1.7 182 4 3 27.1 -25.4 Tsar & Tsai 13 10.1 1,100 1 - - 10.1
Fenwick & West LLP 16 1.2 130 1 - - 1.2 Lee & Li 13 10.1 1,100 1 1 15.6 -5.6
PriceWaterhouseCoopers Legal 17 0.6 69 5 34 0.6 0.0 Allen & Overy LLP 13 8.1 881 1 10 0.1 8.0
Rajah & Tann 18 0.5 53 2 12 2.8 -2.4 O'Melveny & Myers LLP 13 2.7 300 1 10 0.1 2.6
Baker & McKenzie LLP 19 0.5 53 1 1 54.4 -53.9 Fenwick & West LLP 13 1.2 130 1 - - 1.2
Hengeler Mueller 19 0.5 53 1 - - 0.5 Baker & McKenzie LLP 13 0.5 53 1 4 54.4 -53.9
TOTAL 10,932 128 TOTAL 10,932 128
FIRM
2017 2016MKT SHR
CHANGE FIRM
2017 2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
93,361 93,361
FIRM
2017 2016MKT SHR
CHANGE FIRM
2017 2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
22,582 22,582
South East Asia Announced Deals (By Volume) 01/01/2017 - 09/30/2017 South East Asia Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
Davis Polk & Wardwell LLP 1 20.7 24,857 3 22 3.3 17.4 Allen & Gledhill LLP 1 18.0 21,608 28 2 6.5 11.5
WongPartnership LLP 2 18.5 22,245 23 5 10.6 7.8 WongPartnership LLP 2 18.5 22,245 23 1 10.6 7.8
Allen & Gledhill LLP 3 18.0 21,608 28 12 6.5 11.5 Baker & McKenzie LLP 2 3.2 3,831 23 3 10.8 -7.7
Morrison & Foerster LLP 4 17.9 21,581 4 84 0.1 17.9 Rajah & Tann 4 7.7 9,286 22 6 1.3 6.4
Kirkland & Ellis LLP 5 17.7 21,337 6 48 0.9 16.8 Freshfields Bruckhaus Deringer LLP 5 8.8 10,641 12 26 1.7 7.1
Shook Lin & Bok LLP 6 16.5 19,802 11 38 1.5 14.9 Shook Lin & Bok LLP 6 16.5 19,802 11 13 1.5 14.9
Skadden Arps Slate Meagher & Flom LLP 7 16.0 19,281 8 17 3.9 12.1 Latham & Watkins LLP 6 3.6 4,356 11 12 2.4 1.3
Clifford Chance LLP 8 14.3 17,157 8 55 0.6 13.7 Morgan Lewis & Bockius LLP 8 5.4 6,454 10 8 1.8 3.6
JunHe LLP 9 13.4 16,079 2 - - 13.4 Simpson Thacher & Bartlett LLP 8 4.5 5,401 10 16 3.5 1.0
Freshfields Bruckhaus Deringer LLP 10 8.8 10,641 12 36 1.7 7.1 AZB & Partners 8 4.4 5,286 10 10 1.2 3.2
Rajah & Tann 11 7.7 9,286 22 41 1.3 6.4 Jones Day 8 3.0 3,634 10 19 8.8 -5.7
Weil Gotshal & Manges LLP 12 5.8 6,922 4 65 0.3 5.5 Allen & Overy LLP 8 2.0 2,449 10 5 2.9 -0.9
Morgan Lewis & Bockius LLP 13 5.4 6,454 10 35 1.8 3.6 Mori Hamada & Matsumoto 8 0.2 281 10 13 0.7 -0.5
Gorrissen Federspiel Kierkeg 14 5.3 6,338 1 - - 5.3 Skadden Arps Slate Meagher & Flom LLP 14 16.0 19,281 8 34 3.9 12.1
Simpson Thacher & Bartlett LLP 15 4.5 5,401 10 21 3.5 1.0 Clifford Chance LLP 14 14.3 17,157 8 16 0.6 13.7
AZB & Partners 16 4.4 5,286 10 42 1.2 3.2 Linklaters LLP 14 3.8 4,570 8 4 11.3 -7.5
Linklaters LLP 17 3.8 4,570 8 2 11.3 -7.5 Nagashima Ohno & Tsunematsu 14 1.1 1,356 8 16 0.6 0.5
Latham & Watkins LLP 18 3.6 4,356 11 29 2.4 1.3 Khaitan & Co 18 2.3 2,766 7 19 0.9 1.4
Baker & McKenzie LLP 19 3.2 3,831 23 3 10.8 -7.7 Gibson Dunn & Crutcher LLP 18 1.3 1,595 7 48 2.8 -1.5
Herbert Smith Freehills LLP 20 3.1 3,774 6 1 11.6 -8.4 Kirkland & Ellis LLP 20 17.7 21,337 6 26 0.9 16.8
TOTAL 120,369 1,719 TOTAL 120,369 1,719
India Announced Deals (By Volume) 01/01/2017 - 09/30/2017 India Announced Deals (By Deal Count) 01/01/2017 - 09/30/2017
AZB & Partners 1 49.8 26,270 77 1 28.4 21.4 AZB & Partners 1 49.8 26,270 77 1 28.4 21.4
S&R Associates 2 25.5 13,475 8 7 6.1 19.4 Cyril Amarchand Mangaldas 2 5.6 2,945 52 5 26.7 -21.2
Allen & Overy LLP 3 25.5 13,472 4 64 - 25.5 Khaitan & Co 3 2.2 1,182 33 2 10.9 -8.7
Slaughter and May 4 25.4 13,397 4 31 0.6 24.8 J Sagar Associates 4 1.2 629 28 4 3.2 -2.0
Bharucha & Partners 5 25.2 13,272 2 - - 25.2 Trilegal 5 6.0 3,143 27 6 2.2 3.8
Vaish Associates 5 25.2 13,272 2 - - 25.2 Shardul Amarchand Mangaldas & Co 6 4.6 2,446 22 3 12.1 -7.5
Trilegal 7 6.0 3,143 27 19 2.2 3.8 HSA Advocates 7 1.1 593 19 8 0.5 0.6
Cyril Amarchand Mangaldas 8 5.6 2,945 52 2 26.7 -21.2 Veritas Legal 8 1.0 500 11 9 1.7 -0.7
Shardul Amarchand Mangaldas & Co 9 4.6 2,446 22 3 12.1 -7.5 S&R Associates 9 25.5 13,475 8 11 6.1 19.4
Economic Laws Practice 10 3.5 1,859 1 36 0.4 3.1 Luthra & Luthra Law Offices LLP 9 0.8 443 8 15 0.2 0.7
Davis Polk & Wardwell LLP 11 3.3 1,760 3 9 5.9 -2.5 Jones Day 11 1.0 501 6 17 0.2 0.8
Mayer Brown LLP 12 2.7 1,421 1 - - 2.7 O'Melveny & Myers LLP 12 1.1 570 5 27 0.3 0.8
Drinker Biddle & Reath LLP 12 2.7 1,421 1 - - 2.7 Allen & Overy LLP 13 25.5 13,472 4 38 - 25.5
Cuatrecasas 12 2.7 1,421 1 - - 2.7 Slaughter and May 13 25.4 13,397 4 48 0.6 24.8
Allen & Gledhill LLP 15 2.7 1,400 2 13 2.7 0.0 White & Case LLP 13 1.2 609 4 11 1.8 -0.6
Khaitan & Co 16 2.2 1,182 33 4 10.9 -8.7 Clove Legal 13 0.1 31 4 17 0.0 0.0
Kim & Chang 17 1.8 945 1 - - 1.8 Juris Corp 13 0.0 1 4 - - -
Shin & Kim 17 1.8 945 1 - - 1.8 Davis Polk & Wardwell LLP 18 3.3 1,760 3 48 5.9 -2.5
Nishimura & Asahi 17 1.8 945 1 16 2.2 -0.4 Freshfields Bruckhaus Deringer LLP 18 0.2 98 3 15 3.6 -3.4
J Sagar Associates 20 1.2 629 28 12 3.2 -2.0 Morgan Lewis & Bockius LLP 18 0.1 40 3 21 0.5 -0.4
TOTAL 52,760 1,180 TOTAL 52,760 1,180
FIRM
2017 2016MKT SHR
CHANGE FIRM
2017 2016MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
120,094 120,094
FIRM
2017 2016MKT SHR
CHANGE FIRM
2017 2016MKT SHR
CHANGE
53,566 53,566
RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
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.
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