Global & Regional M&A Report Q1-Q3 2018 - Deloitte US · USA Business Services 60.8 29-Apr-18 T-Mobile USA Inc Sprint Corporation USA Telecoms 59.6 01-Aug-18 Energy Transfer Equity

Finding the opportunities in mergers and acquisitions

Global & Regional M&A Report Q1-Q3 2018Including League Tables of Legal Advisors

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Content

Overview 3

Global 4

Europe 9

US 14

Latin America 19

AsiaPacific (excl. Japan) 24

Japan 29

Middle East & Africa 34

M&A and PE League Tables 39

Criteria & Contacts 74

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45.7%20.3%

1.7%

1.1%

2.1%

29.1%

MEA US$ 46.7bn -8.7% vs. YTD 17 Inbound US$ 32.7bn -4.2% Outbound US$ 20.8bn -42.1%EMU US$ 14.7bn +59%

Europe US$ 792.7bn +21.3% vs. YTD 17 Inbound US$ 381.4bn +36.9% Outbound US$ 148.2bn -14.5%PMB US$ 136.5bn +116.4%

Latin America US$ 55.9bn +5.1% vs. YTD 17Inbound US$ 24.6bn -10.1% Outbound US$ 1.9bn -74.9%Ind. & Chem. US$ 21.9bn +151.2%

North America US$ 1.25tn +26.5% vs. YTD 17 Inbound US$ 179.3bn -17% Outbound US$ 269.2bn -7.1%EMU US$ 303.4bn +25.7%

APac (ex. Japan) US$ 551.7bn +22.3% vs. YTD 17 Inbound US$ 78.3bn +25.9% Outbound US$ 128.9bn +73.9%Ind. & Chem. US$ 93.1bn +51.6%

Global Overview Regional M&A Comparison

Japan US$ 30.7bn -10.4% vs. YTD 17 Inbound US$ 1.9bn -89.6% Outbound US$ 128.1bn +130.1%Technology US$ 7.4bn -43.2%

The % values on the map indicate market shares in global M&A

Global M&A US$ 2.72tn +22.3% vs. YTD 2017

Cross-border US$ 1.05tn +11.0% vs. YTD 2017

Top sector: EMU US$ 541.5bn +36.8% vs. YTD 2017

Mergermarket 3Global OverviewGlobal & Regional M&A Report Q1 VTB

4Mergermarket

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Number of megadeals

(> US$ 10bn) announced

this year, two more

than the 2017 total

Value decrease from

Q2 2018 to Q3 2018

32-35.4%

Value of M&A in Q1-Q3 2018, 22.3% ahead of YTD 2017

US$ 2.72tn

Global

Value (US$bn)

Deal details

Announce-ment date

Bidder company Target company Target geography

Target sector

79.7 8-May-18 Takeda Pharmaceutical Company Limited

Shire Plc Republic of Ireland

Pharma, Medical & Biotech

67.6 8-Mar-18 Cigna Corporation Express Scripts Holding Company

USA Business Services

60.8 29-Apr-18 T-Mobile USA Inc Sprint Corporation USA Telecoms

59.6 01-Aug-18 Energy Transfer Equity LP

Energy Transfer Partners LP (97.64% Stake)

USA Energy, Mining & Utilities

51.5 25-Apr-18 Comcast Corporation Sky Plc United Kingdom

Media

Mergermarket Global AnalysisGlobal & Regional M&A Report Q1-Q3 2018

• Following a frenetic first half of the year, Q3 saw subdued M&A activity as growing geopolitical tensions, trade wars and protectionism dampened spirits and caused corporates to pause over the summer. A total US$ 703.2bn changed hands in Q3, the lowest quarterly value since Q1 2016 (US$ 627.9bn) and 35.4% lower than Q2 (US$ 1.09tn). There was a distinct lack of big-ticket deals conducted over the last three months, which dominated the headlines in H1. Just four deals worth more than US$ 10bn were recorded during the third quarter after 28 such deals were announced in H1. The largest deal conducted in the last three months saw Energy Transfer Equity acquire 97.64% of Energy Transfer Partners for US$ 59.6bn. Yet despite the quarterly drop in activity, 2018 has to date registered the second highest value on record behind 2007 (US$ 2.94tn) and with US$ 2.72tn across 13,575 deals announced so far.

• With macro events playing a larger part in steering M&A this year, companies have continued looking closer to home instead of conducting high-profile cross-border deals. With tariffs introduced by the US and China and political protectionism creeping further into deal making considerations, advisors are having to contend with much harsher conditions. This is now leading corporates to consider more defensive domestic consolidation, bulking up in challenging times, while the deals will receive much lower levels of scrutiny. Consequently, domestic M&A increased by 30.6% on YTD 2017 to US$ 1.67tn – its highest YTD value on record. The US dominated global M&A once again, drawing in 47.5% of the global Q3 value, almost seven percentage points higher than that seen in 2017 (40.9%), with US$ 333.9bn announced in Q3. This pushed the country’s YTD value to US$ 1.14tn, 25.7% higher than YTD 2017 and the second highest YTD figure on Mergermarket record.

• Changing consumer habits continue to impact corporate decision making, highlighted by two of the most high-profile deals to occur in Q3. Coca-Cola’s US$ 5.1bn acquisition of Costa and the US$ 3.2bn takeover of SodaStream by PepsiCo demonstrate how increasing consumer health-consciousness and environmental ethics have caused firms to rethink existing business models with moves towards healthier and greener options. They represent the largest respective leisure and consumer deals in Q3. The trend looks set to continue, as Coca-Cola and Pepsi are also among those reportedly set to bid for GlaxoSmithKline’s nutritional foods unit, which is expected to be sold for more than US$ 4bn. Following a stellar 2017 (US$ 380.8bn, 2248 deals), the Consumer sector has failed to quite live up to the heights so far this year (US$ 181.4bn, 1,409 deals).

• While the majority of sectors have seen laboured activity in the last three months, the Energy, Mining & Utilities (EMU) sector has gone from strength to strength, recording the fifth consecutive quarter over US$ 100bn. The US$ 194.9bn announced in Q3 represented the highest quarterly value in the sector since Q4 2016 (US$ 250.5bn) and pushed the YTD figure to US$ 541.5bn – already surpassing the full-year 2017 value (US$ 531.7bn). Confidence appears to be rife at the moment with the sector appearing to be towards the top of the cycle, particularly in the US. A total of US$ 123.8bn (85 deals) was spent on US EMU assets in Q3, accounting for a 63.6% share of the sector’s global value, with four of the five largest deals in the sector targeting the US. Trump’s pro-fossil fuel rhetoric and rising commodity prices appear to be pushing the sector towards its highest full-year value on record.

“Following a frenetic first half of the year, Q3 saw subdued M&A activity as growing geopolitical tensions, trade wars and protectionism dampened spirits and caused corporates to pause over the summer”

Jonathan Klonowski, Research Editor (EMEA)

Global

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Global AnalysisGlobal & Regional M&A Report Q1-Q3 2018


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US$ 541.5bnValue of Energy, Mining & Utilities

M&A, already 1.8% higher than the full-year 2017 value

Media M&A (US$ 111.2bn) increase vs YTD 2017 (US$ 46.5bn)

Industrials & Chemicals (US$ 355bn) value increase compared to

YTD 2017 (US$ 309.7bn)

2.4x14.6%

Domestic M&A value (US$ 1.67tn) increase vs YTD 2017, reaching its

highest YTD value on record

30.6%Cross-border share of global M&A, four percentage points lower than

in YTD 2017

38.6%

Q3 2018 value, the lowest Q3 figure since 2013 (US$ 656.9bn)

US$ 703.2bn

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Global Quarterly Breakdown Trend2013 - 2018

Global Sector Breakdown TrendQ1-Q3 2017 vs Q1-Q3 2018

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Global Analysis

Ranking Q1-Q3 2018 Q1-Q3 2017 Regional ranking comparison

Q1-Q3 2018

Q1-Q3 2017

Company name Value (US$m)

Deal count

% Value change

Value (US$m)

Europe US Asia Pacific

Japan Middle East & Africa

Latin America

1 3 Davis Polk & Wardwell 360,087 99 15.6% 311,562 3 9 13 6 3 2

2 8 Freshfields Bruckhaus Deringer 352,677 154 56.8% 224,933 1 13 3 44 17 224

3 7 Latham & Watkins 343,198 237 43.5% 239,238 8 4 41 2 34 21

4 1 Skadden Arps Slate Meagher & Flom 332,039 145 -9.9% 368,553 22 1 51 16 86 52

5 6 Cleary Gottlieb Steen & Hamilton 321,108 68 24.2% 258,479 15 5 55 17 1 6

6 11 Linklaters 294,521 137 42.2% 207,117 2 36 5 7 13 14

7 5 Sullivan & Cromwell 288,883 115 7.2% 269,536 27 3 6 28 16 50

8 10 White & Case 279,086 175 31.2% 212,724 37 6 75 20 12 7

9 13 Wachtell, Lipton, Rosen & Katz 277,347 62 53.6% 180,568 76 2 61 25 11 -

10 9 Simpson Thacher & Bartlett 267,805 113 25.5% 213,429 38 7 12 24 81 26

11 4 Cravath, Swaine & Moore 264,642 50 -13.8% 307,104 24 8 63 22 25 222

12 22 Fried Frank Harris Shriver & Jacobson 239,864 64 154.7% 94,183 13 12 25 1 10 -

13 24 Allen & Overy 224,581 202 151.6% 89,258 7 26 9 26 14 81

14 20 Herbert Smith Freehills 218,846 135 86.9% 117,103 6 23 2 46 18 33

15 2 Kirkland & Ellis 208,088 416 -39.5% 344,015 19 10 19 45 40 111

16 15 Clifford Chance 203,035 162 29.3% 156,988 5 29 17 66 5 97

17 14 Weil Gotshal & Manges 192,408 166 11.0% 173,366 36 11 42 14 2 16

18 23 Slaughter and May 190,388 44 105.2% 92,770 4 40 27 9 44 -

19 18 Gibson Dunn & Crutcher 163,678 90 34.8% 121,456 25 20 26 27 24 82

20 35 DLA Piper 151,650 394 124.5% 67,536 20 24 60 19 49 28

Global League tables

Legal advisor league table by value

Global & Regional M&A Report Q1-Q3 2018


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Europe Analysis

Europe

Value (US$bn)

Deal details

Announce-ment date


Target sector

79.7 8-May-18 Takeda Pharmaceutical Company Limited

Shire Plc Republic of Ireland


51.5 25-Apr-18 Comcast Corporation Sky Plc UK Media

46.6 12-Mar-18 E.ON SE innogy SE Germany Energy, Mining & Utilities

39.6 23-Mar-18 Consortium formed by ACS SA, Atlantia SpA and Hochtief AG

Abertis Infraestructuras SA

Spain Construction

27.4 11-May-18 China Three Gorges Coporation

Energias de Portugal SA(76.73% Stake)

Portugal Energy, Mining & Utilities

European share of global

M&A value in Q3, the

lowest quarterly figure

since Q2 2009 (19.7%)

YTD value (US$ 792.7bn)

increase compared to

YTD 2017 (US$ 653.3bn)

19.8%21.3%

M&A targeting Europe in Q3, 63.8% down versus

Q2 (US$ 384.7bn)

US$ 139.1bn



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“Private equity was a rare bright spot in Q3, as investors look to deploy the vast amounts of dry-powder still available”


Europe

Europe Analysis

• While traditionally a slow quarter for the continent, European M&A faltered significantly in Q3, recording the lowest quarterly value since Q1 2013 (US$ 136.3bn). The last three months saw US$ 139.1bn change hands across 1,428 deals, 63.8% lower than the US$ 384.7bn and 1,951 deals post-crisis record set in Q2. After an opening six months littered with blockbuster transactions, the third quarter saw no megadeals (> US$ 10bn) take place, the largest being US$ 9.5bn, meaning Europe represents just 19.8% of global M&A – its lowest quarterly share since Q2 2009 (19.7%). While political uncertainty has been the ‘new norm’ for a number of years in Europe, the wider geopolitical trend appears to have caused corporates to take stock over the summer – and how Brexit negotiations conclude and the future relationship between the UK and the rest of the EU will undoubtedly be closely observed.

• Europe’s three largest markets all recorded values dropping by more than half versus those seen in Q1 and Q2 – with France, Germany and the UK all failing to retain the heights set earlier in the year. Combined, they represent 44.1% of European M&A value this year resulting in the significant fall in the continent’s M&A figures. There still appears to be a number of high-profile situations in the pipeline, which will comfort dealmakers. For example, CVC has reportedly Barclays, Credit Suisse and Bank of America Merrill Lynch do work on its duel-track exit of Domestic & General, thought to be worth over US$ 3bn. Whether Q3 was simply a blip, or is a glimpse of a more prolonged downturn remains to be seen, and European dealmakers will keep a watchful eye over how the continent finishes the year.

• In contrast to global trends, cross-border M&A has been much more active than domestic activity. Foreign investment has driven European dealmaking over the summer, with intra-European activity stuttering. Of the top ten deals targeting the continent, nine were conducted by foreign investors in Q3, including CK Hutchison’s US$ 9.5bn acquisition of 50% in Wind Tre, and the US$ 6.7bn takeover of Jardine Lloyd Thompson by Marsh & McLennan. Asian and US investments took the lion’s share, together accounting for 43.3% of the region’s YTD M&A value. Following six consecutive quarters above the US$ 100bn mark, intra-European M&A slipped to US$ 59bn in Q3. This represented a 58.9% drop in value compared to the US$ 143.6bn recorded in Q2. It was the lowest Q3 value since the financial crisis.

• Private equity activity was a rare bright spot in Q3, as investors look to deploy the vast amounts of dry-powder still available. The US$ 37.4bn (289 buyouts) recorded in Q3 means Europe has seen more than US$ 25bn spent by private equity firms in each of the last eight successive quarters. There were eleven buyouts worth at least US$ 1bn announced in Q3, including Global Infrastructure Partners’ US$ 5.9bn 50% takeover of North Sea off-shore wind farm, Hornsea 1, from Orsted. Sponsors are increasingly looking towards listed targets in order to find value and there were three multi-billion take-private transactions recorded in Q3. The largest saw Morgan Stanley Infrastructure offer to acquire the remaining 71% stake in German rail logistics firm VTG for US$ 3.2bn.



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$59bnValue of intra-European M&A announced in Q3, the lowest quarterly figure since Q1 2016

(US$ 56.2bn)

Drop in UK M&A in Q3 (US$ 42.8bn) versus Q2 (US$ 104.8bn)

-59.2%US$ 131.3bn

Value of private equity buyouts in Q1-Q3 2018, the highest value seen since the crisis

YTD increase in Media M&A valueYTD increase in Energy, Mining & Utilities M&A valueForeign investment into Europe

so far this year, the highest YTD figure on Mergermarket record

US$ 381.4bn 5.7x72.9%

11

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Mergermarket Europe AnalysisGlobal & Regional M&A Report Q1-Q3 2018




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Europe Quarterly Breakdown Trend2013 - 2018

Europe Sector Breakdown TrendQ1-Q3 2017 vs Q1-Q3 2018

Q1-Q3 2017 Q1-Q3 2018

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Mergermarket Europe AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Europe League tables

Europe league table by value Europe league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 DLA Piper 68,231 242 -45 287

2 2 CMS 42,253 203 -19 222

3 6 Allen & Overy 150,133 165 9 156

4 3 Baker McKenzie 50,213 158 -25 183

5 5 Clifford Chance 173,946 138 -22 160

6 10 Freshfields Bruckhaus Deringer 306,602 133 0 133

7 7 Eversheds Sutherland 10,667 130 -15 145

8 4 Linklaters 281,425 119 -43 162

9 9 White & Case 37,280 114 -21 135

10 12 Jones Day 29,983 109 1 108

11 8 Latham & Watkins 125,983 96 -39 135

12 17 Kirkland & Ellis 77,312 94 17 77

13 13 Hogan Lovells International 25,699 77 -25 102

14 19 PwC legal 10,379 77 0 77

15 28 Vinge 16,700 73 15 58

16 15 Weil Gotshal & Manges 41,377 72 -7 79

17 11 Orrick Herrington & Sutcliffe 9,593 71 -62 133

18 21 Dentons 7,550 68 -6 74

19 16 Herbert Smith Freehills 160,887 66 -12 78

20 20 Garrigues 45,064 66 -10 76

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 2 Freshfields Bruckhaus Deringer 306,602 133 58.6% 193,303

2 4 Linklaters 281,425 119 64.1% 171,514

3 3 Davis Polk & Wardwell 202,212 29 9.2% 185,117

4 19 Slaughter and May 185,395 37 144.2% 75,928

5 8 Clifford Chance 173,946 138 43.3% 121,410

6 15 Herbert Smith Freehills 160,887 66 79.9% 89,428

7 17 Allen & Overy 150,133 165 91.1% 78,559

8 7 Latham & Watkins 125,983 96 2.9% 122,469

9 38 Ashurst 104,347 48 207.2% 33,969

10 142 Ogier 95,570 7 2554.7% 3,600

11 328 Nishimura & Asahi 86,605 7 18056.2% 477

12 135 Mourant Ozannes 85,991 3 2131.2% 3,854

13 99 Fried Frank Harris Shriver & Jacobson 84,031 16 962.1% 7,912

14 25 Arthur Cox 83,313 29 43.4% 58,094

15 10 Cleary Gottlieb Steen & Hamilton 82,720 32 -19.5% 102,769

16 18 Hengeler Mueller 82,167 36 7.6% 76,350

17 1372 Mori Hamada & Matsumoto 80,628 5 - -

18 267 Nagashima Ohno & Tsunematsu 79,923 3 8644.3% 914

19 5 Kirkland & Ellis 77,312 94 -45.4% 141,523

20 36 DLA Piper 68,231 242 95.6% 34,880

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Europe AnalysisGlobal & Regional M&A Report Q1-Q3 2018


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US Analysis

US

Value (US$bn)

Deal details

Announce-ment date


Target sector

67.6 8-Mar-18 Cigna Corporation Express Scripts Holding Company

USA Business Services

60.8 29-Apr-18 T-Mobile USA Inc Sprint Corporation USA Telecom

59.6 1-Aug-18 Energy Transfer Equity LP

Energy Transfer Partners LP (97.64% Stake)

USA Energy, Mining & Utilities

31.3 30-Apr-18 Marathon Petroleum Corporation

Andeavor Corporation USA Industrials & Chemicals

26.7 26-Mar-18 Brookfield Property Partners LP

General Growth Properties Inc (65.86% Stake)

USA Real Estate Second-highest Q1-Q3 deal

count since 2017 (4,367)

US value increase over Q1-

Q3 2017 (US$ 910.4bn)

4,10025.7%

Second-highest Q1-Q3 value on Mergermarket record

US$ 1.1tn



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US Analysis

“Though the economy remains relatively strong at the moment, uncertainty over global trade agreements and tariffs, particularly with China, have left dealmakers wondering if it would be better to wait or to strike deals now while one can.”

Elizabeth Lim,Research Editor (Americas)

US

• Q3 2018 marked the 10th anniversary of the start of the Great Recession, which left its mark on not only the business world but also on global society at large. In the decade since, the US saw the collapse of Lehman Brothers, bailed out other entities, cut interest rates to near-zero for seven years, and introduced the Dodd-Frank banking rules and quantitative easing, etc. Such structural efforts to prevent another global depression now face dismantling in the recovery era, while new pressures have emerged in the form of political and economic nationalism. With protectionism gaining a foothold, dealmakers appear stuck between the need to consolidate in an increasingly technological world and the uncertainty of making deals in an environment of trade wars and tariffs. For now, the need to consolidate has continued. US M&A reached its second-highest total by both deal value and count for the Q1-Q3 period on Mergermarket record with US$ 1.1tn and 4,100 transactions tallied. Average deal size increased 33.9% to US$ 279.1m in the year to date compared to US$ 208.5m in Q1-Q3 2017. Meanwhile, over the same period, deal count fell by 267 transactions.

• Q3 paid witness to several high-profile deals. After Singapore-based (now US-based) Broadcom’s bid for US semiconductors firm Qualcomm was blocked by the White House earlier this year, the former pursued an US$ 18bn deal with B2B software company CA Technologies in a move that left many perplexed in terms of strategy. Meanwhile, Japanese semiconductors firm Renesas announced that it was buying US-based Integrated Device Technology for US$ 7bn. Given Broadcom’s failed attempt to takeover Qualcomm, Renesas’ bid has some wondering how the Committee on Foreign Investment in the US (CFIUS) will view the deal, given that relations with Japan have been relatively smoother than those with China in recent years. In other deal announcements,

Brookfield continued its investment streak with a US$ 9.5bn purchase of Forest City Realty Trust.

• Energy, Mining & Utilities (EMU) was the most valuable sector in the US, setting a record US$ 268bn as firms continued to consolidate in a rising oil price environment, and was further boosted by the sector’s largest deal on record, Energy Transfer Equity’s US$ 59.6bn bid for a 97.6% stake in Energy Transfer Partners. Q3 also saw several other sectors hitting record values, such as Business Services, home to Cigna’s defensive US$ 67.9bn bid for Express Scripts against Amazon’s encroach on the pharmacy benefit management space. Real Estate emerged as a sector to watch, hitting a record US$ 74.1bn; relatedly, the Construction sector also broke a new value record with US$ 25.4bn. By deal count, Industrials & Chemicals set a new record with 717 transactions.

• Cross-border trends saw a shift this year, as inbound M&A fell from Canada and China, key bidder regions in recent years. Though the former was still the top acquirer of US companies in Q1-Q3 2018 with US$ 49.7bn, and with total values rising 15.5% over Q1-Q3 2017 (US$ 43bn), activity was down 52.9% from a peak of US$ 105.6bn in Q1-Q3 2016 as the US and Canada struggled to reach an agreement on NAFTA for most of the period. Inbound M&A from China followed a similar pattern, falling 54.7% to US$ 2.7bn this year compared to Q1-Q3 2017 (US$ 5.9bn) and 92.2% from a peak of US$ 34.4bn in Q1-Q3 2016. Meanwhile, since the Brexit referendum in 2016, US investment into the UK has steadily risen, hitting a record high of US$ 99.2bn, with Q1-Q3 2018 already surpassing all previous full years. However, 51.9% of this was due to Comcast’s US$ 51.5bn acquisition of Sky following a battle with Disney/Fox.



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42%

789 14

US share of Global M&A in Q1-Q3 2018, up from 40.9% in Q1-Q3 2017

US$ 59.6bn Value of Energy Transfer Equity/Energy Transfer Partners (97.64% stake) deal, the largest in the US for Q1-Q3 2018

US inbound M&A value decrease from Q1-Q3 2017 (US$ 247.8bn) to

Q1-Q3 2018 (US$ 199.4bn)

US Tech M&A deal count in Q1-Q3 2018, the second-largest on

record

Number of megadeals (> US$ 10bn), three more than in Q1-Q3

2017

Fall in Chinese investment into the US from Q1-Q3 2017 (US$ 6bn) to

Q1-Q3 2018 (US$ 2.7bn)

-54.7%-19.5%

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US AnalysisGlobal & Regional M&A Report Q1-Q3 2018




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US Quarterly Breakdown Trend2013 - 2018

US Sector Breakdown TrendQ1-Q3 2017 vs Q1-Q3 2018

Q1-Q3 2017 Q1-Q3 2018

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Mergermarket US AnalysisGlobal & Regional M&A Report Q1-Q3 2018


US League tables

US league table by value US league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Kirkland & Ellis 180,595 385 23 362

2 4 Jones Day 135,261 251 30 221

3 5 Goodwin Procter 128,301 217 5 212

4 2 Latham & Watkins 242,530 174 -66 240

5 3 DLA Piper 84,997 167 -62 229

6 13 Cooley 31,366 125 15 110

7 6 Skadden Arps Slate Meagher & Flom 295,054 120 -34 154

8 7 Morgan Lewis & Bockius 72,908 120 -32 152


10 15 Sidley Austin 137,855 106 4 102

11 12 Simpson Thacher & Bartlett 228,429 102 -8 110

12 10 Ropes & Gray 36,251 101 -17 118

13 21 Sullivan & Cromwell 254,875 94 7 87

14 52 McGuireWoods 18,174 94 51 43

15 9 Paul Weiss Rifkind Wharton & Garrison 140,199 82 -36 118

16 17 McDermott Will & Emery 37,333 82 -12 94

17 20 Davis Polk & Wardwell 203,720 81 -8 89

18 16 Gibson Dunn & Crutcher 108,449 77 -17 94


20 19 O'Melveny & Myers 24,412 76 -15 91

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Skadden Arps Slate Meagher & Flom 295,054 120 -11.7% 334,248

2 9 Wachtell, Lipton, Rosen & Katz 277,347 61 55.1% 178,776

3 5 Sullivan & Cromwell 254,875 94 8.9% 234,110

4 7 Latham & Watkins 242,530 174 21.5% 199,581

5 8 Cleary Gottlieb Steen & Hamilton 240,900 42 30.0% 185,370

6 10 White & Case 234,076 72 39.6% 167,688

7 6 Simpson Thacher & Bartlett 228,429 102 10.0% 207,627

8 4 Cravath, Swaine & Moore 227,894 44 -15.0% 268,256

9 3 Davis Polk & Wardwell 203,720 81 -26.0% 275,402

10 2 Kirkland & Ellis 180,595 385 -40.4% 302,894

11 11 Weil Gotshal & Manges 169,825 118 4.6% 162,286


13 13 Freshfields Bruckhaus Deringer 140,653 53 -4.1% 146,737

14 18 Paul Weiss Rifkind Wharton & Garrison 140,199 82 32.7% 105,652

15 26 Sidley Austin 137,855 106 111.0% 65,338

16 12 Jones Day 135,261 251 -11.6% 152,965

17 40 Goodwin Procter 128,301 217 207.9% 41,665

18 88 Potter Anderson & Corroon 122,342 6 969.3% 11,441

19 34 Morrison & Foerster 110,730 44 116.1% 51,249

20 15 Gibson Dunn & Crutcher 108,449 77 -8.2% 118,163

Mergermarket 18

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US AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Mergermarket 19

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Latin America Analysis

LatinAmericaValue (US$bn)

Deal details

Announce-ment date

Bidder company Target company Target geography Target sector

15.3 16-Mar-18 Suzano Papel e Celulose SA

Fibria Celulose SA Brazil Industrials & Chemicals

4.1 17-May-18 Tianqi Lithium Industries Inc

Sociedad Quimica y Minera SA (23.77% Stake)

Chile Industrials & Chemicals

3.3 16-Feb-18 Enel Chile SA Enel Generación Chile (40.02% Stake)

Chile Energy, Mining & Utilities

3.1 17-Apr-18 Enel SpA AES Eletropaulo Brazil Energy, Mining & Utilities

2.1 12-Jun-18 Louis Dreyfus Company BV

Biosev SA (78.47% Stake)

Brazil Consumer Q1-Q3 2018 market share of

Global M&A by deal count,

down fro 3.1% in Q1-Q3 2017

Q1-Q3 2018 market share of

Global M&A by value, down

from 3.5% in Q1-Q3 2017

2.4%1.0%

Q1-Q3 2018’s deal value, up 5.1% over Q1-Q3 2017 (US$ 53.2bn)

US$ 55.9bn



Mergermarket 20

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“Interest on the part of dealmakers in Latin America comes at a time when relations with the US appear to be on the decline.”

Elizabeth Lim,Research Editor (Americas)

Latin America

• Latin America began the year facing no fewer than six presidential elections, including in its two most populous nations, Brazil and Mexico. While the former awaits its day at the polls, set to take place at the beginning of the fourth quarter, the latter saw the victory of populist Andrés Manuel López Obrador, known as “AMLO”, amidst a geopolitical environment that included its neighbour the US imposing tariffs, commencing a trade war, and renegotiating NAFTA. With all of this domestic and cross-border political and economic uncertainty, the region’s dealmaking remained more or less steady with US$ 55.9bn worth of deals announced in Q1-Q3 2018, a 5.1% rise in deal value, though deal count fell by 48 transactions. Approximately 27.4% of total deal value was due to the period’s top transaction and only megadeal (> US$ 10bn) – Brazil’s Suzano Papel e Celulose’s US$ 15.3bn bid for domestic target Fibria Celulose, a manufacturer of pulp and paper. However, the share of Latin America’s M&A activity in the global market fell from 3.5% in Q1-Q3 2017 to just 1% during the same period this year.

• Interest on the part of dealmakers in Latin America comes at a time when relations with the US appear to be on the decline, with domestic transactions and those with non-US foreign bidders claiming the top deals for Q3 2018. As Brazil, Latin America’s dominant economy, attempts to move past political corruption scandals, it was still the top country for M&A by both deal value and count in the region, recording US$ 32.1bn and 199 transactions. Chile ranked second, by both deal value and count, with US$ 11.3bn and 47 transactions. Chile was also home to the second- and third-largest deals of the period – China’s Tianqi Lithium Industries’ US$ 4.1bn purchase of a 23.8% stake in Sociedad Quimica y Minera from Canada’s Nutrien, and Enel Chile’s US$ 3.3bn bid for a 40% stake in Enel Generación Chile.

• The best-performing sector by both value and deal count was Industrials & Chemicals, which hit a record high with US$ 21.9bn and 67 transactions and claimed the top two transactions of 2018 to date, including the above acquisition of Fibria Celulose by Suzano Papel e Celulose. Energy, Mining & Utilities (EMU) made a comeback after falling last quarter by recording 60 transactions worth US$ 12.7bn through Q1-Q3 2018. EMU also accounted for Latin America’s third- and fourth-largest deals for the period – the Chilean Enel deal and Italy-based Enel’s US$ 3.1bn winning bid for Brazil-based AES Eletropaulo. The Technology sector, though it ranked eighth by value, reached a record high of US$ 1.3bn, boosted by China-based Didi Chuxing’s US$ 900m bid for a 70% stake in Brazil’s 99 Taxis earlier this year.

• Inbound M&A into Latin America fell 10.1% in Q1-Q3 2018 to US$ 24.7bn from US$ 27.4bn in the same period last year. Activity from the US specifically fell 17.4% to US$ 4.2bn from US$ 5.1bn over the same time interval, while activity from China remained steady at US$ 5.1bn. However, activity from Europe grew slightly to US$ 9.1bn, a 5.8% increase over US$ 8.6bn registered in Q1-Q3 2017. As Latin America faces its last major election of the year and the US, China, and Europe all face political and economic tensions with each other, it remains to be seen how much activity there may be for the rest of the year.

Latin America AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Mergermarket.com

+12.7%

US$ 21.9bn US$ 1.3bn

Brazilian M&A value increase in Q1-Q3 2018

(US$ 32.1bn) from Q1-Q3 2017 (US$ 28.4bn)

US$ 1.8bnBrookfield Asset Management (Canada)

& Digital Realty Trust (US)/Ascenty Data Centers e Telecomunicacoes SA

(Brazil) - largest deal of Q3 2018

Q1-Q3 2018 inbound M&A, down 10.1% from Q1-Q3 2017 (US$

27.4bn)

Highest Industrials & Chemicals value in LatAm for the Q1-Q3

period on Mergermarket record

Second-highest Q1-Q3 Technology value in LatAm since

2014 (US$ 2.1bn)

Highest inbound Q1-Q3 value from Europe since 2014 (US$ 33.9bn)

US$ 9.1bnUS$ 24.7bn

Mergermarket 21

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0

5

10

15

20

25

OtherFinancialServices

BusinessServices

ConsumerEnergy,Mining

& Utilities

Industrials& Chemicals

Dea

l Val

ue (

US

$b

n)

0

15

30

45

60

75

90

105

120

135

150

2018201720162015201420130

70

140

210

280

350

420

490

560

630

700

29.5

12.2

17.8

28.6

38.1

27.4

11.2

30.2

14.9

25.0

Dea

l Val

ue

(US

$b

n)

Deal C

ount19.6

44.4

14.1

14.0

11.9

24.2

39.9

24.8

22.4

25.6

21.4

21.2

7.3

Q3Q2 Q4Q1

Deal Count

Latin America Quarterly Breakdown Trend2013 - 2018

Latin America Sector Breakdown TrendQ1-Q3 2017 vs Q1-Q3 2018

Q1-Q3 2017 Q1-Q3 2018

22

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Mergermarket Latin America AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Latin America League tables

Latin America league table by value Latin America league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 26 Barbosa, Mussnich & Aragao 22,853 23 889.7% 2,309


3 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados

21,290 29 101.4% 10,571

4 8 Machado Meyer Sendacz e Opice 20,281 17 337.3% 4,638

5 59 Cescon, Barrieu, Flesch & Barreto Advogados

18,800 15 1921.5% 930


7 16 White & Case 16,351 7 384.8% 3,373

8 14 Tozzini Freire Teixeira e Silva Advogados 16,132 12 355.8% 3,539

9 90 Carey y Cia 7,881 9 1931.2% 388

10 3 Lefosse Advogados 6,748 18 -6.1% 7,184

11 27 Demarest Advogados 5,346 21 140.5% 2,223

12 6 Jones Day 5,213 8 -19.2% 6,455

13 96 Claro y Cia 4,461 5 1454.4% 287

14 12 Linklaters 4,309 8 5.4% 4,087

15 82 Fasken Martineau Dumoulin 4,091 2 809.1% 450


17 31 Zhong Lun Law Firm 4,066 1 126.4% 1,796

18 11 Pinheiro Neto Advogados 3,389 30 -19.1% 4,187

19 - E. Munhoz Advogados 3,376 2 - -

20 - Winston & Strawn 3,266 2 - -

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 Pinheiro Neto Advogados 3,389 30 4 26


21,290 29 -9 38

3 11 Barbosa, Mussnich & Aragao 22,853 23 7 16

4 7 Demarest Advogados 5,346 21 1 20

5 8 Philippi Prietocarrizosa, Ferrero DU & Uria 1,207 19 1 18

6 14 Lefosse Advogados 6,748 18 7 11

7 4 Machado Meyer Sendacz e Opice 20,281 17 -5 22


18,800 15 -1 16

9 15 DLA Piper 1,354 15 5 10

10 5 Lobo de Rizzo Advogados 182 13 -8 21

11 6 Tozzini Freire Teixeira e Silva Advogados 16,132 12 -8 20

12 13 Veirano Advogados 2,263 12 -1 13

13 24 Brigard & Urrutia 660 12 4 8

14 3 Baker McKenzie 696 11 -15 26

15 39 Rodrigo Elias & Medrano 1,331 10 5 5

16 19 Creel Garcia-Cuellar Aiza y Enriquez SC 1,039 10 0 10

17 18 Estudio Muniz, Ramirez, Perez-Taiman & Olaya Abogados

237 10 0 10

18 25 Carey y Cia 7,881 9 1 8

19 9 Stocche Forbes Advogados 1,938 9 -8 17

20 16 Jones Day 5,213 8 -2 10

Mergermarket 23

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Mergermarket 24

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Asia Pacific(excl. Japan)Value (US$bn)

Deal details

Announce-ment date


Target sector

16.3 13-Aug-18 APA Group Ltd Consortium for APA Group

Australia Energy, Mining & Utilities

16.0 09-May-18 Wal-Mart Stores Inc Flipkart Internet Pvt Ltd(77% Stake)

India Technology

14.0 29-May-18 A group of 12 investors Zhejiang Ant Small and Micro Financial Services Group Co Ltd

China Financial Services

12.7 10-May-18 Wanhua Chemical Group Co Ltd

Yantai Wanhua Chemical Co, Ltd

China Industrials & Chemicals

10.7 25-Apr-18 Bharti Infratel Limited Indus Towers Limited India Telecoms Drop in value of Chinese investment into the US

compared to Q1-Q3 2017

2018 increase

versus YTD 2017

-54.7%22.3%

Value recorded in Q3 2018, across 882 deals

US$ 164.6bn

Asia Pacific (excl. Japan) AnalysisGlobal & Regional M&A Report Q1-Q3 2018


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“With Trump’s controversial trade policies and Chinese government’s capital outflow curb continuing to cast a shadow on the relationship between the two powerhouses, Chinese dealmakers’ interest in the US continued to fall”

Melissa Yan, Research Analyst, Mergermarket

Asia Pacific (excl. Japan)

• Asia-Pacific (excl. Japan) M&A experienced a significant downturn in the third quarter following a strong first half of 2018 amid trade tension between China and the US. Largely owing to the absence of big ticket transactions, the region dipped to 882 deals worth US$ 164.6bn in Q3 2018, 176 deals fewer compared to 1,058 deals (US$ 171.3bn) in Q3 2017. Only one megadeal (> US$ 10bn) was announced in Q3 - the Hong Kong-based consortium’s US$ 16.3bn acquisition of listed Australian energy infrastructure company, APA Group. Despite Q3’s sharp drop, the US$ 551.8bn (2,861 deals) registered so far this year, represented a 22.3% rise by value compared to the same period of 2017 (US$ 451.1bn, 2,856 deals), marking the second highest YTD value on Mergemarket record - largely driven by the remarkable performance of the first half which reached US$ 382.3bn.

• With the region experiencing a transformation from a low-cost-manufacturer into an economy powered by high-tech products in fields such as robotics, Industrials & Chemicals has remained the most attractive sector by value in the region so far this year. The sector notched up US$ 93.1bn across 599 deals, accounting for 16.9% of the region’s M&A value, 51.6% ahead of YTD 2017’s value (US$ 61.4bn). Energy, Mining & Utilities (EMU) ranked as the top sector in Q3 with US$ 28.5bn as a result of two large deals in Australia. As well as the aforementioned APA Group acquisition, the quarter saw the US$ 2.2bn takeover of oil and gas developer Quadrant Energy Australia by Australian energy company Santos Ltd. Notably, after a surge in the first six months of the year, technology M&A deals saw a 17.4% decline in Q3 value to US$ 19.3bn compared to US$ 23.4bn of the same period last year.

• Inbound M&A deal value declined by 14.6% in Q3 2018 to US$ 20.3bn, from US$ 23.8bn in Q3 2017. India has become an emerging investment hotspot, in which 119 deals announced with US$ 33.8bn recorded this year, contributing 43.2% of the region’s overall inbound activity. The new Indian bankruptcy law has brought news opportunities for investors. Meanwhile, the region’s outbound M&A soared to US$ 128.9bn, increasing 73.9% versus YTD 2017 (US$ 74.1bn), despite a slight dip in the number of deals. With Trump’s controversial trade policies and Chinese government’s capital outflow curb continuing to cast a shadow on the relationship between the two powerhouses, Chinese dealmakers’ interest in the US continued to fall, recording a 54.7% drop by value with 20 fewer deals, versus YTD 2017 (US$ 5.9bn, 49 deals). On the contrary, Canada has become a key Chinese target for energy assets in place of USA, in which eight deals worth US$ 2.2bn were announced, compared to US$ 390.1m in YTD 2017.

• Private equity activity has remained active, registering US$ 103.5bn (355 buyouts), rising 8.2% from last year (US$ 95.6bn, 351 deals). The takeover of Ant Financial, along with Blackstone Group’s US$ 3.1bn takeover of Australia REIT Investa Office Fund, meant that Financial Services has been the most active sector for buyouts in 2018. The sector has seen 27 buyouts worth US$ 23.7bn, up 3.7x by value from the same period last year. Moreover, in August the China Banking and Insurance Regulatory Commission (CBIRC) decided to cancel and revise certain regulations on foreign investment in the banking sector to help open up the sector. The sector is therefore likely to see continued levels of high activity as firms look to break into the market.



Mergermarket.com

Indian share of Asia Pacific (excl. Japan) inbound M&A by value

43.2%Outbound M&A increase versus

Q1-Q3 2017

73.9%

Energy, Mining & Utilities value increase versus YTD 2017

Financial Services value increase versus YTD 2017Value decrease between

Q3 2018 (US$ 164.6bn) and Q2 2018 (US$ 223.8bn)

-26.4% 35.3%26.8%

US$ 103.5bnValue of private equity buyouts so far this year, up 8.2% on YTD 2017

Mergermarket 26

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0

20

40

60

80

100

120

140

160

180

200

OthersReal EstateFinancial Services


TechnologyIndustrials & Chemicals

Valu

e of

dea

ls (

US

$bn

)0

100

200

300

400

500

600

700

800

900

YTD 20182017201620152014201320120

600

1200

1800

2400

3000

3600

4200

116.3

169.2

168.9

85.8

139.7

83.1

113.7

81

65.9

151.4

178

164.6

173.8

140.9 163.3140.2

245.6

171.3

Valu

e of

dea

ls (

US

$b

n)

Deal co

unt

293.5

232.3

152.7

194

139.4

114.9

105.6

107.8

223.8

Q3Q2 Q4Q1

Deal Count

Asia Pacific (excl. Japan) Quarterly Breakdown Trend2013 - 2018

Asia Pacific (excl. Japan) Sector Breakdown TrendQ1-Q3 2017 vs Q1-Q3 2018

Q1-Q3 2017 Q1-Q3 2018

27

mergermarket.com

Mergermarket Asia Pacific (excl. Japan) AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Asia Pacific (excl. Japan) League tables

Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 King & Wood Mallesons 94,617 89 -3 92


3 11 Shardul Amarchand Mangaldas & Co 43,250 77 29 48

4 8 AZB & Partners 40,087 70 20 50

5 4 Kim & Chang 24,787 62 -5 67

6 13 Fangda Partners 33,949 51 5 46

7 18 Cyril Amarchand Mangaldas 31,388 47 5 42

8 3 Baker McKenzie 26,289 47 -21 68

9 29 Allens 56,397 44 16 28

10 10 Khaitan & Co 22,438 43 -6 49

11 7 Lee & Ko 15,415 42 -10 52

12 21 Allen & Overy 35,341 40 1 39

13 6 Clifford Chance 25,309 39 -15 54

14 15 DLA Piper 7,445 39 -5 44

15 30 Jones Day 11,187 36 9 27

16 17 Grandall Law Firm 10,121 36 -6 42

17 12 Gilbert + Tobin 19,205 35 -12 47

18 5 Zhong Lun Law Firm 17,566 35 -24 59

19 20 Ashurst 16,404 35 -6 41

20 28 Trilegal 12,987 34 4 30

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 King & Wood Mallesons 94,617 89 124.3% 42,174



4 17 Allens 56,397 44 173.7% 20,604

5 3 Linklaters 53,953 23 37.4% 39,277


7 13 Shardul Amarchand Mangaldas & Co 43,250 77 96.1% 22,054

8 16 AZB & Partners 40,087 70 89.4% 21,166

9 27 Allen & Overy 35,341 40 130.0% 15,368

10 9 Fangda Partners 33,949 51 13.9% 29,810

11 67 Cyril Amarchand Mangaldas 31,388 47 601.7% 4,473



14= 254 MLGTS Morais Leitao Galvao Teles Soares Da Silva & Associados

28,708 2 11114.1% 256

14= 255 Serra Lopes, Cortes Martins & Associados (SLCM)

28,708 2 11114.1% 256

16 21 Baker McKenzie 26,289 47 38.3% 19,003

17 4 Clifford Chance 25,309 39 -33.9% 38,266

18 15 Kim & Chang 24,787 62 13.3% 21,872

19 2 Kirkland & Ellis 23,295 18 -42.8% 40,728

20 57 Khaitan & Co 22,438 43 214.2% 7,141

Mergermarket 28

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Mergermarket 29

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Japan

Value (US$bn)

Deal details

Announce-ment date

Bidder company Target company Target sector Seller Company

4.4 01-Aug-18 Fukuoka Airport HD Group

30-year Concession for Fukuoka Airport

Transport Japan Ministry of Land, Infrastructure, Transport and Tourism

3.4 19-Apr-18 Itochu Corporation FamilyMart UNY Holdings Co Ltd (8.65% Stake)

Consumer

2.0 09-Jul-18 Yahoo Japan Corporation

Yahoo Japan Corporation (10.73% Stake)

Technology SoftBank Group Corp

1.1 24-Jan-18 Sekisui House Reit Inc Sekisui House Residential Investment Corporation

Financial Services

1.1 20-Feb-18 Mitsubishi Corporation Mitsubishi Motors Corporation (10.76% Stake)

Industrials & Chemicals Number of Japanese

outbound deals worth

over US$ 1bn in Q3

YTD value increase in M&A

targeting Japan vs YTD 2017

51.4%

Japanese outbound M&A in 2018, already higher than FY

2017 value (US$ 79.4bn)

US$ 128.1bn

Japan Analysis

6



Mergermarket 30

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“It appears that large industry players are becoming more aggressive in pursuing valuable assets overseas”

Danni Sun, Senior Research Analyst, Asia-Pacific

Japan

Japan Analysis

• In contrast to the trends seen globally in the third quarter, dealmaking targeting Japan witnessed an upswing with US$ 13bn (96 deals) announced, the first time it has breached the US$ 10bn mark so far this year. Several big-ticket deals drove the country’s activity including the Fukuoka Airport concession and Yahoo Japan share buyback deals. So far this year there have been 322 deals worth a total US$ 30.7bn, indicating that the country’s M&A activity in 2018 may not reach the levels seen in 2017 (468 deals, US$ 45.6bn) and 2016 (464 deals, US$ 62.9bn). However, it appears that after going through the uncertainty before June when the Japan corporate governance code was still under revision process leading to a relatively slack first-half year, transactions in Japan are gradually seeing an uptick in H2.

• Following a stagnant 2017, YTD domestic deals have grabbed the headlines again contributing US$ 28.8bn across 301 deals, already 39.6% ahead of 2017’s full-year value (420 deals, US$ 20.6bn). The third quarter was particularly active, recording US$ 12.9bn over 93 deals, up 63.4% by value in comparison with Q2 2018 (88 deals, US$ 7.9bn). This was largely driven by the US$ 4.4bn-takeover of 30 years’ concession for Fukuoka Airport by Fukuoka Airport HD Group, the second largest airport concession transaction on Mergermarket record following the US$ 13.9bn ORIX & VINCI consortium/Kansai & Osaka International Airport deal in 2015. With the Japan government picking up pace on airport privatisations, more landmark deals are expected with the Hokkaido airports concession also in a bidding process. In respect of the most-favoured sector by value, there has been an obvious swing towards technology targets, with a 5x jump from US$ 1.2bn in YTD 2017 (36 deals) to US$ 6bn in YTD 2018 (51 deals), with investors embracing the increasingly digitalised environment.

• With the Abenomics coming to its sixth year, companies investing abroad are seeing the benefits of quantitative easing with low cost of borrowing. Outbound activity has pushed to US$ 128.1bn with 216 deals announced so far, jumping 130.1% from US$ 55.7bn in YTD 2017 and over double the YTD 2016 value (US$ 62.3bn), significantly helped by the Takeda/Shire deal. With US$ 24.9bn (72 deals) announced in Q3, Japanese outbound M&A has reached the US$ 10bn in each of the last nine quarters. As the six largest outbound deals in Q3 all breached the US$ 1bn mark, it appears that large industry players are becoming more aggresive in pursuing valuable assets overseas. Renesas Electronics’ US$ 7bn-takeover of the US-based Integrated Device Technology and Taiyo Nippon Sanso’s US$ 5.8bn-takeover of the industrial gases business from Praxair were both announced in the last three months. In August, Japan Tobacco conducted its second investment outside the country this year, with the US$ 1.5bn bid for Bangladesh-based United Dhaka Tobacco.

• The absence of deals involving private equity firms has been felt this year, with buyout dealmaking totalling 35 deals worth US$ 712m, down 95.1% by value from YTD 2017 (31 deals, US$ 14.4bn). This represents Japan’s lowest YTD buyout value since 2002, yet the deal count figure remains robust. While private equity investors have been quiet so far this year there are reportedly several ongoing processes, such as TS Group, which has shortlisted six domestic and foreign PEs, according to Mergermarket intelligence. The country has also recorded 22 exits worth US$ 1.5bn so far this year. The largest in Q3 was the US$ 196m sale of Fasford Technology by Advantage Partners, becoming the second largest this year following Innovation Network Corporation of Japan’s US$ 762m partial exit from Renesas Electronics in March.



Mergermarket.com

Value of Fukuoka Airport concession, the largest deal

targeting Japan in Q3

$4.4bnDrop in private equity buyouts

from YTD 2017 to YTD 2018

-95.1%

Number of outbound deals targeting the Pharma, Medical & Biotech sector, the joint-highest

YTD figure on record

Increase in domestic tech value (US$ 6bn) in comparisn to YTD

2017 (US$ 1.2bn)YTD domestic M&A value increase compared to YTD 2017

63.4% 205x

Q3 outbound value, the ninth consecutive quarter over US$ 10bn

US$ 24.9bn

Mergermarket 31

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Japan AnalysisGlobal & Regional M&A Report Q1-Q3 2018




0

2

4

6

8

10

12

14

OthersFinancial Services

Industrials & Chemicals

TransportConsumerTechnology

Valu

e of

dea

ls (

US

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)0

10

20

30

40

50

60

70

80

YTD 20182017201620152014201320120

50

100

150

200

250

300

350

400

450

500

4.89.4

10.8

13.9

26.3

5.5

13.5

7.3

15.2

8.1

13.5

15.2

17.1

17.1

9.19

19.7 13

11.4

Valu

e of

dea

ls (

US

$b

n)

Deal co

unt

16.2

35.3

21.6

9.1

9.1

5.1

7.1

8.6

Q3Q2 Q4Q1

Deal Count

Japan Quarterly Breakdown Trend2013 - 2018

Japan Sector Breakdown TrendQ1-Q3 2017 vs Q1-Q3 2018

Q1-Q3 2017 Q1-Q3 2018

32

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Mergermarket Japan AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Japan League tables

Japan league table by value Japan league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Nishimura & Asahi 102,349 55 4 51

2 2 Mori Hamada & Matsumoto 94,556 47 1 46

3 3 Nagashima Ohno & Tsunematsu 90,214 33 -6 39

4 4 Anderson Mori & Tomotsune 4,108 29 2 27

5 5 Morrison & Foerster 85,271 17 -7 24


7 7 Baker McKenzie 1,794 10 -6 16

8 6 Jones Day 1,327 10 -9 19

9 16 Linklaters 86,010 9 1 8


11 10 Latham & Watkins 147,765 7 -5 12

12 15 TMI Associates 1,476 7 -2 9

13 26 Davis Polk & Wardwell 90,123 6 0 6

14 14 DLA Piper 61,830 6 -4 10

15 18 White & Case 61,667 6 -2 8

16 9 Allen & Overy 43,500 6 -6 12

17 8 Shearman & Sterling 1,604 6 -6 12

18 46 Hibiya-Nakata 184 6 2 4

19 19 Ashurst 80,272 5 -3 8

20 49 Weil Gotshal & Manges 64,090 5 2 3

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 40 Latham & Watkins 147,765 7 5589.8% 2,597

3 2 Nishimura & Asahi 102,349 55 431.9% 19,241

4 12 Mori Hamada & Matsumoto 94,556 47 1213.8% 7,197

5 7 Nagashima Ohno & Tsunematsu 90,214 33 865.8% 9,341


7 14 Linklaters 86,010 9 1432.1% 5,614


9 100 Slaughter and May 81,294 3 19073.1% 424

10 47 Ashurst 80,272 5 4140.5% 1,893

11= - Arthur Cox 79,744 1 - -

11= 30 Mourant Ozannes 79,744 1 2244.7% 3,401

11= - Ogier 79,744 1 - -


15 75 Pillsbury Winthrop Shaw Pittman 63,929 5 7342.3% 859

16 3 Skadden Arps Slate Meagher & Flom 63,389 5 344.0% 14,276

17= 16 Cleary Gottlieb Steen & Hamilton 61,886 2 1164.8% 4,893

17= 168 Sidley Austin 61,886 2 167159.5% 37

19 44 DLA Piper 61,830 6 2827.6% 2,112

20 26 White & Case 61,667 6 1491.4% 3,875

Mergermarket 33

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Japan AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Mergermarket 34

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Middle East & Africa

Value (US$bn)

Deal details

Announce-ment date


Target sector

6.9 07-May-18 International Flavors & Fragrances Inc

Frutarom Industries Ltd

Israel Industrials & Chemicals

3.2 20-Aug-18 SodaStream International Ltd

PepsiCo Inc Israel Consumer

3.1 19-Mar-18 KLA-Tencor Corporation

Orbotech Ltd Israel Technology

1.6 23-Jul-18 Mototolo Joint Venture (39% Stake)

Anglo American Platinum Ltd

South Africa Energy, Mining & Utilities

1.5 18-Feb-18 Compania Espanola de Petroleos SAU

Abu Dhabi National Oil Company (Umm Lulu concession) (20% Stake); Abu Dhabi National Oil Company (Sateh Al Razboot concession) (20% Stake)

United Arab Emirates


Number of deals announced

in Q3 targeting MEA

worth over US$ 1bn

MEA value increase in Q3

2018 versus Q2 2018

55.6%

Value of M&A targeting the Middle East & Africa in Q1-Q3 2018, 8.7% down on YTD 2017

US$ 46.7bn

Middle East & Africa AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Mergermarket 35

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“The global demand for innovative companies is pushing Israeli M&A to new heights, with several multi-billion blockbuster deals already announced this year”


Middle East & Africa

Middle East & Africa Analysis

• In contrast to trends seen globally, M&A targeting the Middle East & Africa rose slightly in Q3. The US$ 14.5bn spent across 71 deals recorded in the last three months represents a 5.6% uptick in value compared to Q2 despite a drop in the number of deals (US$ 13.7bn, 89 deals). The region has now seen more than US$ 10bn change hands in each of the last five consecutive quarters. Q3’s activity was largely driven by five US$ 1bn-plus deals, including PepsiCo’s US$ 3.2bn acquisition of SodaStream – the second largest deal to target the region so far this year. The pipeline appears to be strong, with high levels of foreign interest in assets in the region, particularly in innovative firms in Israel where areas such as driverless cars are propelling inbound investment.

• The global demand for innovative companies is pushing Israeli M&A to new heights, with several multi-billion blockbuster deals already announced this year. A total of US$ 21.3bn across 66 deals has been announced so far, leaving the country on course to break its record full-year total of US$ 25.3bn, announced last year. Three US investments each valued above US$ 3bn – including PepsiCo’s US$ 3.2bn takeover of SodaStream – have been instrumental in guiding the year’s performance so far. The technology and industrials & chemicals sectors continue to be the most attractive, accounting for a 24.2% and 18.2% share of the overall number of deals targeting Israel respectively. The technology sector has been particularly active in 2018, with this year’s value of US$ 4.1bn already 91.8% ahead of the full-year 2017 figure (US$ 2.1bn).

• African M&A picked up slightly in Q3, recording its highest quarterly value of the year. The US$ 4.9bn announced in the third quarter is almost double the US$ 2.5bn seen in Q2 and pushes the YTD figure to US$ 11.4bn. Three deals worth more than US$ 500m were announced in Q3, including two that breached the US$ 1bn mark. The largest of these saw Anglo American Platinum acquire a 39% stake in the South Africa-based Mototolo joint venture, for US$ 1.6bn, the largest African deal so far this year. After a slow start to 2018, South African M&A is on the up, recording a total US$ 4.9bn (48 deals) so far – 22.3% higher than YTD 2017 (US$ 4bn, 80 deals).

• M&A targeting the Middle East (excl. Israel) stood at US$ 1.7bn in Q3, a slight dip compared to previous quarters, yet is still on course to be one of the most active years in the region on Mergermarket record. A total US$ 13.9bn has been reported so far, making it the fourth highest YTD value on record, and 24.2% ahead of YTD 2017 (US$ 11.2bn). Energy, mining & utilities has seen tremendous growth this year, reaching US$ 9bn across 17 deals, already the highest annual value and number of deals on Mergermarket record. This was assisted by the US$ 849m acquisition of Kuwait Energy by Hong Kong-based United Energy Group, announced in late September.



Mergermarket.com

US$ 32.7bnValue of foreign investment into MEA this year, on par with YTD 2016 (US$ 33.8bn) and YTD 2017 (US$ 34.1bn)

Middle Eastern (excl. Israel) YTD M&A value increase versus YTD

2017

24.2%Value of African M&A in Q3, the highest quarterly value in the continent since Q4 2016 (US$

6.7bn)

$3.1bn

Increase in Energy, Mining & Utilities M&A (US$ 14.7bn) versus YTD 2017

(9.2bn)

Value of Tech M&A so far this year, up 28% compared to YTD 2017

(US$ 3.5bn)

Israeli YTD M&A value, already the third highest annual total

on Mergermarket record

US$ 21.3bn 59%$4.4bn

Mergermarket 36

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0

2

4

6

8

10

12

14

16

18

20

22

OtherFinancial Services

TechnologyConsumerIndustrials & Chemicals


Dea

l Val

ue (

US

$b

n)

0

10

20

30

40

50

60

70

80

90

100

2018201720162015201420130

50

100

150

200

250

300

350

400

450

500

24.5

19.3

15.5

13.7

29.69.4

6.1

8.5

9.7

34.9

Dea

l Val

ue

(US

$b

n)

Deal C

ount

20.5

22.1

9.6

24.7

7.5

9.6

21.6

12.4

11.8

10.9

18.5

13.7

14.5

Q3Q2 Q4Q1

Deal Count

Middle East & Africa Quarterly Breakdown Trend2013 - 2018

Middle East & Africa Sector Breakdown TrendQ1-Q3 2017 vs Q1-Q3 2018

Q1-Q3 2017 Q1-Q3 2018

37

mergermarket.com

Mergermarket Middle East & Africa AnalysisGlobal & Regional M&A Report Q1-Q3 2018


Middle East & Africa League tables

MEA league table by value MEA league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 3 Allen & Overy 6,027 23 0 23

2 10 DLA Piper 951 21 7 14

3 14 Meitar Liquornik Geva Leshem Tal 7,994 17 4 13

4 1 Webber Wentzel 1,034 17 -14 31

5 19 Shearman & Sterling 9,747 13 3 10

6 13 Clifford Chance 9,254 12 -1 13

7 18 Naschitz Brandes Amir & Co 7,704 12 1 11


9 2 Bowmans 640 11 -17 28

10 7 White & Case 6,729 10 -5 15

11 8 Cliffe Dekker Hofmeyr 1,352 10 -5 15

12 15 Linklaters 6,283 9 -3 12

13 4 Herzog, Fox and Neeman 6,000 9 -14 23

14 16 Yigal Arnon & Co 234 9 -2 11

15 5 ENSafrica 1,999 8 -9 17

16 28 Cleary Gottlieb Steen & Hamilton 12,107 7 2 5


18 23 Jones Day 2,826 7 0 7

19 6 Baker McKenzie 961 7 -10 17

20 9 Latham & Watkins 1,869 6 -8 14

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 59 Weil Gotshal & Manges 10,366 2 1398.0% 692


4 12 Shearman & Sterling 9,747 13 4.3% 9,341

5 16 Clifford Chance 9,254 12 81.2% 5,106

6 29 Meitar Liquornik Geva Leshem Tal 7,994 17 242.8% 2,332

7 202 King & Spalding 7,956 5 - -

8 43 Naschitz Brandes Amir & Co 7,704 12 590.9% 1,115

9 78 Gornitzky & Co 7,601 3 2433.7% 300

10 66 Fried Frank Harris Shriver & Jacobson 7,262 2 1624.9% 421

11 - Wachtell, Lipton, Rosen & Katz 6,943 2 - -

12 1 White & Case 6,729 10 -76.1% 28,140

13 9 Linklaters 6,283 9 -55.7% 14,171

14 17 Allen & Overy 6,027 23 24.9% 4,826

15 38 Herzog, Fox and Neeman 6,000 9 338.0% 1,370

16 6 Sullivan & Cromwell 5,603 2 -64.8% 15,903


18 15 Herbert Smith Freehills 3,300 7 -37.4% 5,275

19= - Binder Groesswang Rechtsanwaelte 3,209 1 - -

19= - Paksoy Attorneys at Law 3,209 1 - -

19= 222 Yegin Ciftci Attorney Partnership (YCAP) 3,209 1 - -

Mergermarket 38

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M&A Rankings by deal value and deal count for a wide range of regions.

M&A and PE Legal Advisory League Tables

Mergermarket 39

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Global & Regional M&A Report Q1-Q3

League Tables

Global Advisory League tables

Global league table by value Global league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 Kirkland & Ellis 208,088 416 28 388

2 1 DLA Piper 151,650 394 -71 465

3 4 Jones Day 145,490 319 22 297

4 6 Goodwin Procter 138,239 248 -6 254

5 3 Latham & Watkins 343,198 237 -78 315

6 7 CMS 43,703 211 -14 225

7 5 Baker McKenzie 76,447 210 -68 278

8 12 Allen & Overy 224,581 202 11 191

9 8 White & Case 279,086 175 -48 223


11 9 Clifford Chance 203,035 162 -42 204

12 18 Freshfields Bruckhaus Deringer 352,677 154 -5 159



15 13 Linklaters 294,521 137 -48 185


17 28 Cooley 31,530 130 15 115




Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)



3 7 Latham & Watkins 343,198 237 43.5% 239,238



6 11 Linklaters 294,521 137 42.2% 207,117


8 10 White & Case 279,086 175 31.2% 212,724





13 24 Allen & Overy 224,581 202 151.6% 89,258


15 2 Kirkland & Ellis 208,088 416 -39.5% 344,015

16 15 Clifford Chance 203,035 162 29.3% 156,988



19 18 Gibson Dunn & Crutcher 163,678 90 34.8% 121,456

20 35 DLA Piper 151,650 394 124.5% 67,536

Mergermarket 40

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League Tables


EMEA Advisory League tables

Europe league table by value Europe league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 DLA Piper 68,231 242 -45 287

2 2 CMS 42,253 203 -19 222

3 6 Allen & Overy 150,133 165 9 156

4 3 Baker McKenzie 50,213 158 -25 183

5 5 Clifford Chance 173,946 138 -22 160



8 4 Linklaters 281,425 119 -43 162

9 9 White & Case 37,280 114 -21 135

10 12 Jones Day 29,983 109 1 108

11 8 Latham & Watkins 125,983 96 -39 135

12 17 Kirkland & Ellis 77,312 94 17 77


14 19 PwC legal 10,379 77 0 77

15 28 Vinge 16,700 73 15 58



18 21 Dentons 7,550 68 -6 74


20 20 Garrigues 45,064 66 -10 76

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 4 Linklaters 281,425 119 64.1% 171,514



5 8 Clifford Chance 173,946 138 43.3% 121,410


7 17 Allen & Overy 150,133 165 91.1% 78,559

8 7 Latham & Watkins 125,983 96 2.9% 122,469

9 38 Ashurst 104,347 48 207.2% 33,969

10 142 Ogier 95,570 7 2554.7% 3,600

11 328 Nishimura & Asahi 86,605 7 18056.2% 477

12 135 Mourant Ozannes 85,991 3 2131.2% 3,854


14 25 Arthur Cox 83,313 29 43.4% 58,094



17 1372 Mori Hamada & Matsumoto 80,628 5 - -

18 267 Nagashima Ohno & Tsunematsu 79,923 3 8644.3% 914

19 5 Kirkland & Ellis 77,312 94 -45.4% 141,523

20 36 DLA Piper 68,231 242 95.6% 34,880

Mergermarket 41

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League Tables



UK league table by value UK league table by deal count

Q1-Q3

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 CMS 32,366 92 5 87

2 3 Eversheds Sutherland 5,809 81 7 74

3 1 DLA Piper 6,834 75 -24 99

4 15 Addleshaw Goddard 2,135 56 14 42

5 12 Allen & Overy 20,868 51 4 47

6 7 Squire Patton Boggs 3,652 50 -11 61

7 5 Linklaters 65,128 49 -16 65

8 17 Kirkland & Ellis 25,671 47 9 38


10 10 Clifford Chance 74,764 44 -6 50

11 23 Herbert Smith Freehills 114,274 43 11 32

12 14 Travers Smith 61,220 41 -1 42

13 4 Pinsent Masons 3,473 38 -31 69

14 6 Latham & Watkins 19,142 37 -26 63

15 18 Jones Day 3,607 36 -1 37

16 13 White & Case 23,794 35 -7 42

17 24 Osborne Clarke 831 32 0 32

18 25 Slaughter and May 101,561 31 0 31

19 20 Baker McKenzie 6,229 31 -3 34

20 22 Taylor Wessing 3,455 30 -3 33

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)




4 11 Clifford Chance 74,764 44 24.0% 60,311

5 12 Linklaters 65,128 49 14.2% 57,015

6 38 Travers Smith 61,220 41 589.3% 8,882



9 43 CMS 32,366 92 370.9% 6,873


11 50 Norton Rose Fulbright 26,503 18 330.1% 6,162

12 2 Kirkland & Ellis 25,671 47 -73.0% 95,210

13 164 Hengeler Mueller 25,115 3 4337.3% 566


15 21 White & Case 23,794 35 32.7% 17,934

16 4 Simpson Thacher & Bartlett 23,634 10 -72.1% 84,682

17 - Lakatos, Koves and Partners 21,815 1 - -

18 13 Allen & Overy 20,868 51 -48.9% 40,825


20 14 Latham & Watkins 19,142 37 -50.0% 38,278

Mergermarket 42

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League Tables



Ireland league table by value Ireland league table by deal count

DACH league table by value DACH league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 21 Linklaters 83,997 4 16500.2% 506

2 4 Arthur Cox 82,162 23 1059.5% 7,086

3 48 Davis Polk & Wardwell 82,144 2 79

4 2 Latham & Watkins 81,785 2 990.5% 7,500

5 - Fried Frank Harris Shriver & Jacobson 79,744 2 - -

6= - Ashurst 79,744 1 - -

6= - Mori Hamada & Matsumoto 79,744 1 - -

6= - Mourant Ozannes 79,744 1 - -

6= - Nagashima Ohno & Tsunematsu 79,744 1 - -

6= - Nishimura & Asahi 79,744 1 - -

6= - Ogier 79,744 1 - -

6= - Slaughter and May 79,744 1 - -

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 CMS 25,894 73 -16 89


3 12 Noerr 8,676 45 10 35

4 7 Gleiss Lutz 9,181 40 -3 43

5 3 Baker McKenzie 14,835 38 -13 51

6 9 Allen & Overy 53,263 36 0 36

7 4 Hengeler Mueller 82,167 35 -13 48

8 2 Clifford Chance 12,948 34 -24 58

9 11 Walder Wyss 4,344 34 -1 35

10 6 Latham & Watkins 12,651 33 -11 44

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 3 Arthur Cox 82,162 23 -3 26

2 6 McCann FitzGerald 3,170 18 5 13

3 5 Matheson 1,140 17 -3 20

4 4 Eversheds Sutherland 626 17 -5 22

5 1 A&L Goodbody 1,573 15 -13 28

6 2 William Fry 808 15 -13 28

7 9 Mason Hayes & Curran 363 13 7 6

8 20 Maples and Calder 193 11 8 3

9 24 LK Shields Solicitors 77 8 5 3

10 7 DLA Piper 431 6 -2 8

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)



3 5 Linklaters 74,575 25 6.6% 69,968

4 27 Allen & Overy 53,263 36 210.9% 17,132

5 55 Milbank Tweed Hadley & McCloy 50,267 17 1443.4% 3,257



8 20 Kirkland & Ellis 34,878 18 12.2% 31,087


10 42 CMS 25,894 73 370.2% 5,507

Mergermarket 43

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League Tables



Germany league table by value Germany league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 CMS 23,977 60 -6 66


3 5 Noerr 8,601 43 8 35

4 4 Gleiss Lutz 5,134 37 -4 41

5 3 Hengeler Mueller 82,167 34 -11 45

6 8 P+P Poellath + Partners 3,274 33 0 33

7 12 Allen & Overy 53,158 31 4 27

8 10 Heuking Kuhn Luer Wojtek 1,249 31 2 29

9 11 Baker McKenzie 13,767 26 -2 28

10 2 Clifford Chance 6,582 25 -24 49

11 7 Latham & Watkins 7,471 24 -9 33

12 21 Jones Day 13,969 23 5 18

13 13 White & Case 542 23 -1 24

14 6 DLA Piper 1,318 22 -12 34

15 18 Taylor Wessing 341 21 -1 22

16 32 Shearman & Sterling 28,625 20 9 11

17 38 Watson, Farley & Williams 610 19 10 9

18 20 Luther 20 19 -3 22


20 17 Orrick Herrington & Sutcliffe 333 18 -5 23

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)



3 3 Linklaters 62,174 14 -9.4% 68,657

4 18 Allen & Overy 53,158 31 270.2% 14,359

5 39 Milbank Tweed Hadley & McCloy 50,074 16 1617.8% 2,915

6 82 Gibson Dunn & Crutcher 46,646 2 6488.4% 708


8 36 CMS 23,977 60 507.9% 3,944


10 - Lakatos, Koves and Partners 21,815 1 - -

11 51 Jones Day 13,969 23 621.2% 1,937

12 21 Baker McKenzie 13,767 26 36.2% 10,110


14 61 Noerr 8,601 43 489.1% 1,460

15 6 Latham & Watkins 7,471 24 -87.4% 59,284

16 16 Clifford Chance 6,582 25 -82.9% 38,388

17 17 Kirkland & Ellis 6,433 10 -65.7% 18,779


19 149 McCann FitzGerald 5,835 2 3272.8% 173

20 5 Gleiss Lutz 5,134 37 -91.6% 60,840

Mergermarket 44

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League Tables



Austria league table by value Austria league table by deal count

Switzerland league table by value Switzerland league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 63 Gleiss Lutz 1,581 4 - -

3 1 bpv Huegel Rechtsanwaelte 1,364 6 -75.9% 5,667

4 62 Dorda Brugger Jordis 1,336 3 - -

5= - Lee & Ko 1,336 1 - -

5= - Shin & Kim 1,336 1 - -

7 - Weil Gotshal & Manges 956 2 - -

8 - Greenberg Traurig 956 1 - -

9 2 Schoenherr 904 9 -80.3% 4,584

10 6 Latham & Watkins 752 4 -60.0% 1,881

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Walder Wyss 4,224 32 -3 35

2 3 Baer & Karrer 2,633 20 -5 25

3 2 CMS 1,934 17 -11 28

4 4 Baker McKenzie 1,143 17 -8 25

5 5 Homburger 9,657 12 -5 17


7 10 Linklaters 17,775 11 1 10

8 8 Lenz & Staehelin 2,837 11 -1 12

9 12 Niederer Kraft Frey 5,590 10 1 9

10 13 Clifford Chance 6,366 9 0 9

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Schoenherr 904 9 -10 19

2 15 Eisenberger & Herzog Rechtsanwalts 361 7 4 3

3 12 Wolf Theiss Rechtsanwaelte 51 7 3 4

4 10 bpv Huegel Rechtsanwaelte 1,364 6 2 4

5 4 Binder Groesswang Rechtsanwaelte 42 6 -5 11


7 17 Schindler Rechtsanwaelte 94 5 2 3

8 3 CMS - 5 -6 11

9 29 Gleiss Lutz 1,581 4 2 2

10 13 Latham & Watkins 752 4 1 3

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 14 Kirkland & Ellis 33,774 8 174.4% 12,308

3 42 Linklaters 17,775 11 1186.2% 1,382

4 4 Slaughter and May 16,279 3 -47.3% 30,917

5 74 Herbert Smith Freehills 14,902 2 3760.6% 386

6 - Sullivan & Cromwell 14,249 6 - -


8 - Mayer Brown 13,138 6 - -


10 1 Homburger 9,657 12 -78.6% 45,027

Mergermarket 45

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League Tables



France league table by value France league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 7 Lamartine Conseil 224 45 8 37

2 2 DLA Piper 2,768 40 -1 41


4 11 Gide Loyrette Nouel 4,032 34 1 33

5 9 Jones Day 5,133 30 -3 33

6 10 Clifford Chance 29,683 29 -4 33

7 5 CMS 8,669 29 -8 37

8 14 De Pardieu Brocas Maffei 2,446 29 0 29

9 19 PwC legal 6,352 27 2 25

10 8 Allen & Overy 6,912 26 -9 35

11 15 Baker McKenzie 11,232 25 -3 28

12 12 Latham & Watkins 8,385 25 -5 30

13 23 Fidal 774 23 3 20

14 6 Goodwin Procter 7,901 21 -16 37

15 26 Dentons 1,887 21 4 17

16 4 Bredin Prat 21,222 20 -17 37

17 3 Linklaters 10,273 20 -19 39

18 20 Mayer Brown 1,399 19 -5 24

19 13 McDermott Will & Emery 374 19 -11 30


Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 13 Clifford Chance 29,683 29 39.9% 21,211


3 85 Debevoise & Plimpton 25,730 2 2359.8% 1,046


5 1 Bredin Prat 21,222 20 -70.3% 71,350



8 35 Willkie Farr & Gallagher 15,322 16 148.8% 6,158

9 294 King & Wood Mallesons 14,891 4 - -

10 36 Baker McKenzie 11,232 25 97.9% 5,677

11 121 Paul Weiss Rifkind Wharton & Garrison 10,887 2 3345.3% 316

12 12 Linklaters 10,273 20 -57.6% 24,253

13 7 CMS 8,669 29 -67.6% 26,739

14 14 Latham & Watkins 8,385 25 -52.7% 17,739


16 43 Goodwin Procter 7,901 21 103.1% 3,890

17 18 Allen & Overy 6,912 26 -50.6% 13,989

18 42 Kirkland & Ellis 6,835 11 73.2% 3,946

19 44 PwC legal 6,352 27 74.7% 3,635

20 6 Darrois Villey Maillot Brochier 5,940 8 -80.9% 31,170

Mergermarket 46

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League Tables



Benelux league table by value Benelux league table by deal count

Iberia league table by value Iberia league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 10 Allen & Overy 15,031 53 39.6% 10,766

3 7 De Brauw Blackstone Westbroek 14,837 23 20.7% 12,289

4 15 Latham & Watkins 14,686 14 75.7% 8,359

5 67 Van Doorne 14,223 20 1268.9% 1,039

6 72 Kirkland & Ellis 13,623 11 1226.5% 1,027

7 - Mannheimer Swartling 12,552 2 - -

8 - ENSafrica 12,545 1 - -

9 4 Clifford Chance 8,125 33 -43.5% 14,386

10 24 Linklaters 7,764 18 66.4% 4,667

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Garrigues 44,382 62 -10 72

2 2 Cuatrecasas 11,816 61 1 60

3 3 Uria Menendez 68,158 33 -17 50

4 7 PwC legal 3,271 25 0 25

5 15 Allen & Overy 53,664 24 9 15

6 12 Perez-Llorca 24,738 22 3 19

7 5 Baker McKenzie 4,239 19 -11 30

8 4 Deloitte Legal 703 19 -13 32

9 10 Gomez-Acebo & Pombo Abogados 345 17 -5 22

10 6 Clifford Chance 50,573 16 -12 28

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Allen & Overy 15,031 53 -2 55

2 2 Loyens & Loeff 7,358 45 6 39

3 9 Stibbe 2,068 40 9 31

4 6 Houthoff 2,578 34 1 33


6 4 DLA Piper 1,514 33 -3 36

7 3 Lexence 738 31 -7 38

8 10 CMS 547 27 -2 29

9 5 NautaDutilh 7,154 25 -8 33


Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 2 Uria Menendez 68,158 33 371.4% 14,458

2 4 Linklaters 54,726 15 426.6% 10,393

3 15 Allen & Overy 53,664 24 1288.5% 3,865


5 6 Clifford Chance 50,573 16 493.6% 8,519

6 127 Davis Polk & Wardwell 46,643 4 - -

7 17 DLA Piper 45,152 13 1176.2% 3,538

8 5 KPMG Abogados 44,559 12 346.3% 9,984

9 3 Garrigues 44,382 62 260.5% 12,312


Mergermarket 47

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League Tables



Spain league table by value Spain league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Garrigues 44,142 60 -8 68

2 2 Cuatrecasas 11,527 56 2 54

3 3 Uria Menendez 68,158 33 -12 45

4 7 PwC legal 3,271 25 0 25

5 15 Allen & Overy 51,611 23 9 14

6 10 Perez-Llorca 24,738 22 3 19

7 5 Baker McKenzie 4,239 19 -11 30

8 4 Deloitte Legal 703 17 -15 32

9 6 Clifford Chance 50,573 16 -12 28

10 9 Gomez-Acebo & Pombo Abogados 345 15 -6 21

11 14 DLA Piper 45,152 13 -3 16


13 8 KPMG Abogados 44,559 12 -12 24

14 11 Linklaters 26,584 11 -7 18


16 31 EY (law) 383 10 5 5

17 20 Latham & Watkins 3,580 9 2 7

18 24 Hogan Lovells International 1,210 9 3 6

19 13 CMS 985 9 -7 16

20 28 Ashurst 5,193 8 3 5

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 2 Uria Menendez 68,158 33 394.9% 13,772


3 16 Allen & Overy 51,611 23 1745.2% 2,797

4 6 Clifford Chance 50,573 16 493.6% 8,519

5 118 Davis Polk & Wardwell 46,643 4 - -

6 20 DLA Piper 45,152 13 1734.0% 2,462

7 5 KPMG Abogados 44,559 12 346.3% 9,984

8 3 Garrigues 44,142 60 277.2% 11,701


10 137 Gianni, Origoni, Grippo, Cappelli & Partners

40,276 3 - -

11 56 Cleary Gottlieb Steen & Hamilton 39,622 2 12933.6% 304

12 120 Legance Avvocati Associati 39,622 1 - -

13 4 Linklaters 26,584 11 155.9% 10,387

14 18 Perez-Llorca 24,738 22 866.7% 2,559

15 70 BonelliErede 11,946 1 8253.8% 143

16 8 Cuatrecasas 11,527 56 82.7% 6,310

17 - Kirkland & Ellis 6,467 5 - -

18 - Greenberg Traurig 6,128 2 - -

19 - A&L Goodbody 5,842 2 - -

20= - Eubelius 5,842 1 - -

20= 122 McDermott Will & Emery 5,842 1 - -

20= - Nishimura & Asahi 5,842 1 - -

20= - Vinge 5,842 1 - -

Mergermarket 48

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League Tables



Italy league table by value Italy league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 Nctm Studio Legale 1,719 41 3 38


46,244 40 -1 41

3 6 Pedersoli Studio Legale 11,987 36 10 26

4 4 Chiomenti 7,597 35 -1 36

5 5 Gatti Pavesi Bianchi 5,241 29 3 26

6 3 BonelliErede 22,066 23 -13 36

7 10 Gattai Minoli Agostinelli & Partners 8,184 23 4 19


9 24 Pavia e Ansaldo 716 19 9 10

10 14 DLA Piper 41,588 17 2 15

11 7 Orrick Herrington & Sutcliffe 961 17 -5 22

12 9 Legance Avvocati Associati 44,578 16 -3 19

13 13 Lombardi Segni e Associati 9,077 15 0 15

14 26 Giovannelli & Associati 2,115 15 6 9

15 18 Latham & Watkins 5,475 14 2 12

16 20 Dentons 1,687 14 3 11

17 29 Baker McKenzie 793 13 6 7

18 8 Linklaters 16,219 12 -9 21

19 11 PwC legal 214 12 -4 16

20 16 CMS 6 12 0 12

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 27 Allen & Overy 52,081 10 5269.2% 970

3 19 Clifford Chance 50,335 21 2362.6% 2,044


46,244 40 654.5% 6,129

5 24 Legance Avvocati Associati 44,578 16 4240.6% 1,027

6 86 Davis Polk & Wardwell 44,367 3 38480.0% 115

7 26 DLA Piper 41,588 17 4152.4% 978


9 95 KPMG Abogados 40,240 2 48973.2% 82


11 28 Uria Menendez 39,622 1 4062.0% 952

12 131 Garrigues 29,424 4 101362.1% 29

13 1 BonelliErede 22,066 23 -51.0% 44,999

14 11 Linklaters 16,219 12 5.2% 15,410

15 264 Perez-Llorca 13,786 2 - -

16 21 Pedersoli Studio Legale 11,987 36 590.1% 1,737

17 35 White & Case 11,126 8 1500.9% 695

18 22 Lombardi Segni e Associati 9,077 15 645.9% 1,217

19 25 Gattai Minoli Agostinelli & Partners 8,184 23 736.8% 978

20 4 Chiomenti 7,597 35 -73.9% 29,141

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League Tables



Nordics league table by value Nordics league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 DLA Piper 13,230 78 -5 83

2 3 Vinge 10,858 71 14 57

3 7 Bech-Bruun 4,012 46 3 43

4 4 Schjodt 3,713 44 -11 55

5 13 Accura 1,841 43 9 34

6 17 White & Case 10,178 41 15 26

7 5 Mannheimer Swartling 9,722 41 -11 52

8 2 BA-HR 6,921 40 -18 58

9 15 Wikborg Rein & Co 4,414 40 12 28

10 19 Baker McKenzie 18,398 38 14 24

11 9 Wiersholm 2,558 35 -1 36

12 10 Selmer 2,641 32 -3 35

13 11 Thommessen 2,943 31 -3 34

14 12 Roschier 23,298 30 -4 34

15 6 Kromann Reumert 15,820 30 -14 44

16 8 Plesner 18,294 26 -10 36

17 23 Eversheds Sutherland 4,846 26 3 23

18 18 Hannes Snellman 5,034 22 -3 25

19 25 Castren & Snellman 1,379 21 1 20

20 14 Gorrissen Federspiel 5,433 20 -12 32

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 18 Roschier 23,298 30 126.6% 10,281

2 16 Clifford Chance 21,364 9 106.8% 10,333

3 33 Baker McKenzie 18,398 38 249.8% 5,260

4 19 Plesner 18,294 26 81.1% 10,101


6 12 Kromann Reumert 15,820 30 24.9% 12,663

7 55 DLA Piper 13,230 78 888.8% 1,338

8 26 Linklaters 12,506 19 53.4% 8,155

9 2 Vinge 10,858 71 -60.8% 27,690

10 8 White & Case 10,178 41 -25.1% 13,586

11 4 Mannheimer Swartling 9,722 41 -55.5% 21,857

12 54 Bruun & Hjejle 9,172 18 585.0% 1,339

13 46 Gernandt & Danielsson 8,038 14 225.0% 2,473

14 3 BA-HR 6,921 40 -71.3% 24,086

15 10 Latham & Watkins 6,783 7 -46.7% 12,736




19 5 Gorrissen Federspiel 5,433 20 -71.9% 19,325

20 17 Kirkland & Ellis 5,298 15 -48.6% 10,298

Mergermarket 50

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League Tables



Denmark league table by value Denmark league table by deal count

Norway league table by value Norway league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 16 Clifford Chance 19,542 3 248.9% 5,601

2 7 Plesner 18,294 26 81.1% 10,101

3 19 Baker McKenzie 16,112 8 406.3% 3,182

4 5 Kromann Reumert 15,820 30 24.9% 12,663

5 31 DLA Piper 11,114 36 4062.5% 267

6 22 Bruun & Hjejle 9,172 18 585.0% 1,339


8 2 Gorrissen Federspiel 5,433 18 -71.8% 19,244

9 6 Bech-Bruun 3,867 43 -66.1% 11,423

10 28 Roschier 3,262 3 576.8% 482

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 Schjodt 3,713 43 -10 53

2 6 Wikborg Rein & Co 4,414 39 11 28

3 1 BA-HR 3,195 37 -17 54

4 4 Selmer 2,641 32 -2 34

5 3 Wiersholm 1,981 32 -3 35

6 5 Thommessen 2,943 30 0 30

7 10 DLA Piper 2,028 16 -2 18

8 7 CLP 699 16 -6 22

9 9 Arntzen de Besche 1,301 15 -5 20

10 12 Advokatfirmaet Haavind 1,087 14 -1 15

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 Bech-Bruun 3,867 43 0 43

2 5 Accura 1,841 43 10 33

3 4 DLA Piper 11,114 36 2 34

4 1 Kromann Reumert 15,820 30 -14 44

5 3 Plesner 18,294 26 -9 35

6 9 Bruun & Hjejle 9,172 18 4 14

7 6 Gorrissen Federspiel 5,433 18 -12 30

8 10 Horten Law Firm 1,158 18 6 12

9 7 Moalem Weitemeyer Bendtsen 42 17 -1 18

10 8 Lundgrens 42 15 -1 16

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 3 Wikborg Rein & Co 4,414 39 -51.6% 9,116

2 10 Latham & Watkins 3,779 3 -29.7% 5,375

3 1 Schjodt 3,713 43 -65.7% 10,828

4 8 White & Case 3,497 11 -36.5% 5,503

5 105 Karanovic & Nikolic 3,440 2 - -

6= - Djingov, Gouginski, Kyutchukov & Velichkov

3,440 1 - -

6= 114 Schoenherr 3,440 1 - -

8 33 Simonsen Vogt Wiig 3,224 9 920.3% 316

9 4 BA-HR 3,195 37 -62.9% 8,602

10 44 Plesner 3,059 4 2009.7% 145

Mergermarket 51

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League Tables



Sweden league table by value Sweden league table by deal count

Finland league table by value Finland league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 6 Roschier 20,976 23 882.9% 2,134

2 56 Shearman & Sterling 17,067 2 6221.1% 270

3 2 Vinge 10,422 68 -50.5% 21,065

4 1 Mannheimer Swartling 9,722 41 -55.5% 21,842

5 59 Linklaters 9,235 14 3732.0% 241

6 4 Gernandt & Danielsson 7,918 13 220.2% 2,473

7 87 Skadden Arps Slate Meagher & Flom 5,838 6 7107.4% 81

8 34 Sullivan & Cromwell 4,804 3 459.3% 859

9 15 BA-HR 4,792 10 341.7% 1,085

10 19 Plesner 4,082 5 288.8% 1,050

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 Castren & Snellman 341 20 1 19

2 7 Avance Attorneys 2,497 18 8 10

3 6 Hannes Snellman 3,251 16 5 11

4 5 Eversheds Sutherland 275 15 -2 17

5 3 Borenius Attorneys 419 13 -5 18

6 1 Krogerus 335 12 -8 20

7 9 DLA Piper - 12 4 8

8 11 Bird & Bird 2,345 11 4 7

9 4 Roschier 2,322 10 -7 17

10 8 Dittmar & Indrenius 422 9 1 8

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Vinge 10,422 68 13 55

2 2 Mannheimer Swartling 9,722 41 -9 50

3 12 Baker McKenzie 2,749 32 17 15

4 3 DLA Piper 479 30 -8 38

5 6 White & Case 859 27 10 17

6 7 Roschier 20,976 23 6 17

7 14 MAQS Advokatbyra 1,359 18 5 13

8 4 Advokatfirman Lindahl 509 18 -10 28

9 13 Cederquist 3,532 17 4 13

10 5 Wistrand 100 15 -8 23

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 4 White & Case 4,196 6 -13.1% 4,828

2 14 Hannes Snellman 3,251 16 183.4% 1,147

3 19 Avance Attorneys 2,497 18 663.6% 327

4 26 Bird & Bird 2,345 11 3202.8% 71

5 2 Roschier 2,322 10 -70.2% 7,790

6= - Kirkland & Ellis 2,121 1 - -

6= 9 Linklaters 2,121 1 1.5% 2,090

8 - Jones Day 1,817 1 - -

9 - Accura 510 2 - -

10 57 Arntzen de Besche 497 2 - -

Mergermarket 52

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League Tables



CEE league table by value CEE league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 7 COBALT 1,258 23 8 15

2 13 Ellex 2,182 22 12 10

3 1 CMS 3,077 21 -7 28

4 9 SORAINEN 1,033 20 8 12


6 5 White & Case 4,063 13 -5 18

7 4 DLA Piper 60 13 -6 19

8 30 Allen & Overy 5,071 12 8 4

9 14 Dentons 998 12 3 9

10 3 Schoenherr 3,479 11 -10 21


12 20 TGS Baltic 127 10 3 7

13 16 Linklaters 7,313 9 2 7

14 25 Hogan Lovells International 302 8 2 6

15 40 Kinstellar 192 8 5 3



18 19 Eversheds Sutherland 541 7 0 7

19 39 Deloitte Legal 92 7 4 3


Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 2 Linklaters 7,313 9 -24.9% 9,737

2 39 Allen & Overy 5,071 12 2422.9% 201

3 33 Freshfields Bruckhaus Deringer 5,000 7 1845.5% 257

4 17 Clifford Chance 4,632 14 345.0% 1,041


6 4 White & Case 4,063 13 -1.6% 4,128


8 7 Latham & Watkins 3,873 4 95.1% 1,985


10 30 Schoenherr 3,479 11 1040.7% 305

11= 54 Djingov, Gouginski, Kyutchukov & Velichkov

3,440 2 3145.3% 106

11= 21 Karanovic & Nikolic 3,440 2 511.0% 563

13= 136 Binder Groesswang Rechtsanwaelte 3,209 1 - -


13= - Yegin Ciftci Attorney Partnership (YCAP) 3,209 1 - -

16 3 CMS 3,077 21 -32.4% 4,551

17 162 Kirkland & Ellis 2,605 6 - -

18 122 PwC legal 2,205 2 - -

19 35 Ellex 2,182 22 772.8% 250

20 28 COBALT 1,258 23 263.6% 346

Mergermarket 53

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League Tables



Russia league table by value Russia league table by deal count

Poland league table by value Poland league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 2 Linklaters 7,313 5 -24.4% 9,672

2 13 Clifford Chance 4,288 4 628.0% 589





5= - Yegin Ciftci Attorney Partnership (YCAP) 3,209 1 - -

8 20 Freshfields Bruckhaus Deringer 2,529 3 2220.2% 109

9 43 Allen & Overy 991 2 - -

10 - Slaughter and May 780 1 - -

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 CMS 597 12 -1 13


3 12 Clifford Chance 254 7 3 4

4 13 Greenberg Traurig 1,018 5 2 3

5 7 White & Case 299 5 0 5

6 6 Domanski Zakrzewski Palinka (DZP) 292 5 -1 6

7 18 Soltysinski Kawecki & Szlezak (SK&S Legal)

358 4 2 2

8 9 Dentons 345 4 0 4

9 8 Wardynski and Partners 70 4 -1 5


Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 12 Bryan Cave Leighton Paisner (BCLP) 26 6 3 3

2 14 Linklaters 7,313 5 3 2



5 13 Hogan Lovells International 292 4 1 3

6 2 DLA Piper 55 4 -6 10


8 18 Goodwin Procter 650 3 1 2

9 17 Orrick Herrington & Sutcliffe 412 3 1 2

10 8 White & Case 258 3 -1 4

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 4 Greenberg Traurig 1,018 5 -28.8% 1,429

3 2 CMS 597 12 -70.6% 2,033

4 17 Soltysinski Kawecki & Szlezak (SK&S Legal)

358 4 148.6% 144

5 - Willkie Farr & Gallagher 349 1 - -

6 3 Dentons 345 4 -77.7% 1,549

7 1 White & Case 299 5 -89.3% 2,789

8 18 Domanski Zakrzewski Palinka (DZP) 292 5 110.1% 139

9 - Freshfields Bruckhaus Deringer 273 1 - -

10 14 Clifford Chance 254 7 57.8% 161

Mergermarket 54

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League Tables



Turkey league table by deal countTurkey league table by value

Africa league table by value Africa league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 7 Paksoy Attorneys at Law 3,381 5 250.0% 966


2= - Clifford Chance 3,209 1 - -

2= 14 Herbert Smith Freehills 3,209 1 1692.7% 179

2= 19 Yegin Ciftci Attorney Partnership (YCAP) 3,209 1 6192.2% 51

6 9 Baker McKenzie 3,131 11 502.1% 520

7 2 White & Case 1,428 5 -29.4% 2,023

8 12 Verdi Law Firm 1,172 2 244.7% 340

9 - Kirkland & Ellis 1,172 1 - -

10 - Herguner Bilgen Ozeke 751 2 - -

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Webber Wentzel 1,034 17 31 -14

2 7 DLA Piper 701 14 9 5

3 2 Bowmans 640 11 28 -17

4 4 Cliffe Dekker Hofmeyr 1,352 10 15 -5

5 3 ENSafrica 1,999 8 17 -9

6 5 Allen & Overy 1,651 7 11 -4

7 8 Anjarwalla & Khanna Advocates 120 6 9 -3

8 25 Shearman & Sterling 979 5 2 3

9 67 Shardul Amarchand Mangaldas & Co 760 5 1 4

10 14 Norton Rose Fulbright 372 5 5 0

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Baker McKenzie 3,131 11 2 9

2 6 Paksoy Attorneys at Law 3,381 5 1 4

3 2 White & Case 1,428 5 -3 8

4 4 Kolcuoglu Demirkan Kocakli Attorneys at Law

76 5 0 5

5 8 Caliskan Okkan Toker 501 4 1 3

6 9 Moral & Partners 18 3 0 3

7 15 Verdi Law Firm 1,172 2 1 1

8 - Herguner Bilgen Ozeke 751 2 2 0

9 - Pekin & Bayar Law Firm - 2 2 0

10= - Binder Groesswang Rechtsanwaelte 3,209 1 1 0

10= - Clifford Chance 3,209 1 1 0

10= 17 Herbert Smith Freehills 3,209 1 0 1

10= 19 Yegin Ciftci Attorney Partnership (YCAP) 3,209 1 0 1

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 86 Platinum Partners 2,220 3 14 15757.1%

2 3 ENSafrica 1,999 8 3,597 -44.4%

3 6 Allen & Overy 1,651 7 2,995 -44.9%

4 9 Cliffe Dekker Hofmeyr 1,352 10 2,276 -40.6%

5 38 Nishith Desai Associates 1,310 3 260 403.8%

6 52 Cleary Gottlieb Steen & Hamilton 1,239 2 129 860.5%

7 - J Sagar Associates 1,220 3 - -

8 92 Jones Day 1,200 1 - -

9 48 AZB & Partners 1,158 4 140 727.1%

10 39 Clifford Chance 1,041 4 221 371.0%

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League Tables


Americas Advisory League tables

Americas league table by value Americas league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Kirkland & Ellis 181,596 389 23 366

2 4 Jones Day 140,320 259 31 228

3 5 Goodwin Procter 128,451 220 7 213

4 3 DLA Piper 88,682 187 -57 244

5 2 Latham & Watkins 244,482 180 -64 244

6 15 Cooley 31,366 125 15 110





11 17 Sidley Austin 141,319 107 3 104


13 11 Ropes & Gray 36,251 101 -19 120

14 18 Stikeman Elliott 49,680 96 -3 99

15 55 McGuireWoods 18,174 94 50 44

16 16 Blake, Cassels & Graydon 42,948 91 -14 105





Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)





5 10 White & Case 252,582 79 48.0% 170,643


7 7 Latham & Watkins 244,482 180 21.4% 201,385



10 2 Kirkland & Ellis 181,596 389 -41.2% 308,701





15 28 Sidley Austin 141,319 107 114.4% 65,907

16 12 Jones Day 140,320 259 -11.8% 159,159

17 42 Goodwin Procter 128,451 220 194.7% 43,585




Mergermarket 56

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League Tables



US league table by value US league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Kirkland & Ellis 180,595 385 23 362

2 4 Jones Day 135,261 251 30 221

3 5 Goodwin Procter 128,301 217 5 212

4 2 Latham & Watkins 242,530 174 -66 240

5 3 DLA Piper 84,997 167 -62 229

6 13 Cooley 31,366 125 15 110




10 15 Sidley Austin 137,855 106 4 102


12 10 Ropes & Gray 36,251 101 -17 118


14 52 McGuireWoods 18,174 94 51 43






20 19 O'Melveny & Myers 24,412 76 -15 91

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)




4 7 Latham & Watkins 242,530 174 21.5% 199,581


6 10 White & Case 234,076 72 39.6% 167,688




10 2 Kirkland & Ellis 180,595 385 -40.4% 302,894





15 26 Sidley Austin 137,855 106 111.0% 65,338

16 12 Jones Day 135,261 251 -11.6% 152,965

17 40 Goodwin Procter 128,301 217 207.9% 41,665




Mergermarket 57

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League Tables



US North East league table by value US North East league table by deal count

US Mid West league table by value US Mid West league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)










10 8 Kirkland & Ellis 72,779 194 -31.2% 105,755

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Kirkland & Ellis 60,184 122 2 120

2 2 Jones Day 85,920 82 0 82

3 4 Skadden Arps Slate Meagher & Flom 183,755 44 3 41

4 5 Sidley Austin 78,601 40 -1 41


6 6 DLA Piper 64,991 35 -5 40

7 7 Goodwin Procter 90,288 33 -7 40


9 24 Paul Hastings 4,347 29 10 19

10 10 Morgan Lewis & Bockius 3,233 29 0 29

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Kirkland & Ellis 72,779 194 5 189

2 4 Jones Day 54,066 128 14 114

3 3 Goodwin Procter 45,238 124 2 122

4 2 Latham & Watkins 49,574 88 -40 128


6 5 DLA Piper 8,662 69 -37 106


8 11 Ropes & Gray 28,742 65 -8 73



Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 6 Cravath, Swaine & Moore 182,759 18 288.8% 47,003






8 80 Goodwin Procter 90,288 33 4741.2% 1,865



Mergermarket 58

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League Tables



US South league table by value US South league table by deal count

US West league table by value US West league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 9 Latham & Watkins 135,641 67 41.1% 96,155

2 8 White & Case 134,655 25 27.8% 105,369


4 17 Vinson & Elkins 105,164 60 106.0% 51,041


6 1 Kirkland & Ellis 84,874 164 -54.8% 187,704


8 60 Richards Layton & Finger 65,437 7 910.1% 6,478



Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Kirkland & Ellis 43,720 164 14 150

2 2 Goodwin Procter 81,106 123 8 115

3 5 Cooley 14,400 94 25 69

4 3 Latham & Watkins 104,466 85 -12 97

5 7 Jones Day 14,484 76 11 65

6 4 DLA Piper 66,888 69 -14 83

7 8 Wilson Sonsini Goodrich & Rosati 45,457 58 3 55

8 20 Fenwick & West 17,563 53 18 35


10 9 O'Melveny & Myers 12,319 51 -4 55

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Kirkland & Ellis 84,874 164 7 157

2 4 Jones Day 60,519 95 9 86

3 3 DLA Piper 15,941 69 -32 101

4 2 Latham & Watkins 135,641 67 -40 107

5 28 McGuireWoods 17,585 63 32 31

6 6 Vinson & Elkins 105,164 60 0 60




10 19 Sidley Austin 45,940 46 3 43

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Latham & Watkins 104,466 85 57.5% 66,332






7 17 Goodwin Procter 81,106 123 226.6% 24,831



10 9 Sidley Austin 71,121 29 126.1% 31,458

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League Tables



Canada league table by value Canada league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 Stikeman Elliott 33,234 83 -4 87

2 1 Blake, Cassels & Graydon 27,868 80 -8 88

3 3 Osler, Hoskin & Harcourt 52,534 47 -22 69

4 5 McCarthy Tetrault 29,239 42 -4 46

5 10 Torys 49,533 33 4 29

6 4 Davies Ward Phillips & Vineberg 18,490 29 -21 50

7 14 Cassels Brock & Blackwell 3,405 27 6 21

8 13 Gowling WLG 2,010 27 5 22

9 6 Norton Rose Fulbright 34,548 26 -12 38

10 8 Fasken Martineau Dumoulin 6,850 22 -12 34

11 16 Bennett Jones 6,330 22 4 18

12 12 Kirkland & Ellis 8,388 21 -3 24

13 7 Borden Ladner Gervais 13,938 20 -18 38

14 22 Jones Day 5,347 20 9 11


16 91 Wildeboer Dellelce 964 15 12 3

17 9 Goodmans 7,332 14 -17 31

18 26 DLA Piper 3,500 14 3 11

19 29 Dorsey & Whitney 2,540 14 4 10

20 30 McMillan 5,767 13 3 10

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Osler, Hoskin & Harcourt 52,534 47 18.8% 44,230

2 19 Torys 49,533 33 423.1% 9,469


4 16 Norton Rose Fulbright 34,548 26 172.9% 12,661

5 5 Stikeman Elliott 33,234 83 15.3% 28,828


7 8 McCarthy Tetrault 29,239 42 38.1% 21,173


9 2 Blake, Cassels & Graydon 27,868 80 -31.5% 40,698




13 21 Davies Ward Phillips & Vineberg 18,490 29 117.7% 8,495

14 22 Allen & Overy 17,790 8 119.0% 8,122

15 84 Gilbert + Tobin 17,486 4 984.1% 1,613

16 18 Clifford Chance 17,421 4 58.0% 11,024

17 241 Shardul Amarchand Mangaldas & Co 17,000 1 13


19 68 Borden Ladner Gervais 13,938 20 517.8% 2,256


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League Tables



Latin America league table by value Latin America league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 2 Pinheiro Neto Advogados 3,389 30 4 26


21,290 29 -9 38

3 11 Barbosa, Mussnich & Aragao 22,853 23 7 16

4 7 Demarest Advogados 5,346 21 1 20

5 8 Philippi Prietocarrizosa, Ferrero DU & Uria 1,207 19 1 18

6 14 Lefosse Advogados 6,748 18 7 11

7 4 Machado Meyer Sendacz e Opice 20,281 17 -5 22


18,800 15 -1 16

9 15 DLA Piper 1,354 15 5 10

10 5 Lobo de Rizzo Advogados 182 13 -8 21

11 6 Tozzini Freire Teixeira e Silva Advogados 16,132 12 -8 20

12 13 Veirano Advogados 2,263 12 -1 13

13 24 Brigard & Urrutia 660 12 4 8

14 3 Baker McKenzie 696 11 -15 26

15 39 Rodrigo Elias & Medrano 1,331 10 5 5

16 19 Creel Garcia-Cuellar Aiza y Enriquez SC 1,039 10 0 10

17 18 Estudio Muniz, Ramirez, Perez-Taiman & Olaya Abogados

237 10 0 10

18 25 Carey y Cia 7,881 9 1 8

19 9 Stocche Forbes Advogados 1,938 9 -8 17

20 16 Jones Day 5,213 8 -2 10

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 26 Barbosa, Mussnich & Aragao 22,853 23 889.7% 2,309



21,290 29 101.4% 10,571

4 8 Machado Meyer Sendacz e Opice 20,281 17 337.3% 4,638


18,800 15 1921.5% 930


7 16 White & Case 16,351 7 384.8% 3,373

8 14 Tozzini Freire Teixeira e Silva Advogados 16,132 12 355.8% 3,539

9 90 Carey y Cia 7,881 9 1931.2% 388

10 3 Lefosse Advogados 6,748 18 -6.1% 7,184

11 27 Demarest Advogados 5,346 21 140.5% 2,223

12 6 Jones Day 5,213 8 -19.2% 6,455

13 96 Claro y Cia 4,461 5 1454.4% 287

14 12 Linklaters 4,309 8 5.4% 4,087

15 82 Fasken Martineau Dumoulin 4,091 2 809.1% 450


17 31 Zhong Lun Law Firm 4,066 1 126.4% 1,796

18 11 Pinheiro Neto Advogados 3,389 30 -19.1% 4,187

19 - E. Munhoz Advogados 3,376 2 - -

20 - Winston & Strawn 3,266 2 - -

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League Tables


Asia Pacific Advisory League tables

Asia Pacific (excl. Japan) league table by value Asia Pacific (excl. Japan) league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count




4 8 AZB & Partners 40,087 70 20 50

5 4 Kim & Chang 24,787 62 -5 67



8 3 Baker McKenzie 26,289 47 -21 68

9 29 Allens 56,397 44 16 28

10 10 Khaitan & Co 22,438 43 -6 49

11 7 Lee & Ko 15,415 42 -10 52

12 21 Allen & Overy 35,341 40 1 39

13 6 Clifford Chance 25,309 39 -15 54

14 15 DLA Piper 7,445 39 -5 44

15 30 Jones Day 11,187 36 9 27


17 12 Gilbert + Tobin 19,205 35 -12 47


19 20 Ashurst 16,404 35 -6 41

20 28 Trilegal 12,987 34 4 30

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)




4 17 Allens 56,397 44 173.7% 20,604

5 3 Linklaters 53,953 23 37.4% 39,277



8 16 AZB & Partners 40,087 70 89.4% 21,166

9 27 Allen & Overy 35,341 40 130.0% 15,368

10 9 Fangda Partners 33,949 51 13.9% 29,810





28,708 2 11114.1% 256


28,708 2 11114.1% 256

16 21 Baker McKenzie 26,289 47 38.3% 19,003

17 4 Clifford Chance 25,309 39 -33.9% 38,266

18 15 Kim & Chang 24,787 62 13.3% 21,872

19 2 Kirkland & Ellis 23,295 18 -42.8% 40,728

20 57 Khaitan & Co 22,438 43 214.2% 7,141

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League Tables



Asia (excl. Australasia & Japan) league table by value Asia (excl. Australasia & Japan) league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count


2 6 AZB & Partners 40,087 70 20 50

3 1 Kim & Chang 24,787 62 -4 66




7 8 Khaitan & Co 22,438 43 -6 49

8 5 Lee & Ko 15,415 42 -10 52



11 19 Trilegal 12,987 34 4 30

12 21 Allen & Overy 30,112 33 6 27

13 4 Baker McKenzie 15,442 32 -21 53

14 9 Clifford Chance 21,417 31 -17 48

15 16 Shin & Kim 12,478 29 -5 34

16 7 Bae Kim & Lee 6,875 27 -22 49

17 61 Nishith Desai Associates 6,338 26 14 12


19 15 AllBright Law Offices 4,669 23 -12 35

20 49 JunHe 17,597 22 8 14

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 3 Linklaters 46,590 20 30.2% 35,789



5 15 AZB & Partners 40,087 70 89.4% 21,166


7 7 Fangda Partners 33,949 51 13.9% 29,810

8 39 Allens 31,841 11 220.2% 9,943



11 56 Allen & Overy 30,112 33 329.1% 7,017


28,708 2 11114.1% 256


28,708 2 11114.1% 256


15 14 Kim & Chang 24,787 62 16.2% 21,340

16 55 Khaitan & Co 22,438 43 214.2% 7,141

17 62 Han Kun Law Offices 21,788 14 355.1% 4,787

18 4 Clifford Chance 21,417 31 -40.1% 35,758

19 13 Allen & Gledhill 20,840 12 -5.1% 21,961

20 53 Hogan Lovells International 19,042 14 154.9% 7,469

Mergermarket 63

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League Tables



Australasia league table by value Australasia league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count


2 3 King & Wood Mallesons 42,878 50 6 44

3 8 Allens 55,961 41 13 28

4 2 Gilbert + Tobin 19,205 35 -12 47

5 11 Clayton Utz 10,795 30 9 21

6 5 Ashurst 15,036 29 -9 38

7 4 MinterEllison 10,931 27 -17 44

8 9 Norton Rose Fulbright 9,303 24 -2 26

9 6 Corrs Chambers Westgarth 1,712 23 -11 34

10 12 DLA Piper 3,009 20 1 19

11 10 Chapman Tripp 2,757 18 -4 22

12 15 Baker McKenzie 11,798 17 0 17

13 14 HWL Ebsworth Lawyers 657 17 -1 18

14 7 Thomson Geer 164 17 -15 32

15 25 Jones Day 436 15 6 9

16 19 Simpson Grierson 1,425 14 1 13

17 31 Lander & Rogers 457 14 9 5

18 21 McCullough Robertson 1,305 13 2 11

19 17 Talbot Sayer Lawyers 169 13 -3 16

20 23 Clarendon Lawyers 84 13 3 10

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 2 Allens 55,961 41 171.6% 20,604



5 5 Gilbert + Tobin 19,205 35 52.2% 12,618

6 4 Ashurst 15,036 29 13.1% 13,295

7 56 Kirkland & Ellis 14,779 6 3221.1% 445

8 - Davis Polk & Wardwell 13,087 2 - -

9 9 Baker McKenzie 11,798 17 40.2% 8,415

10 73 Sullivan & Cromwell 11,030 4 4982.9% 217

11 14 MinterEllison 10,931 27 198.4% 3,663

12 - Baker Botts 10,800 2 - -

13 40 Clayton Utz 10,795 30 1376.7% 731

14 58 Shearman & Sterling 10,500 1 2565.0% 394

15 11 Linklaters 9,487 8 97.2% 4,810

16 41 Norton Rose Fulbright 9,303 24 1313.8% 658

17 6 Allen & Overy 8,840 11 -25.8% 11,919

18= 34 Cleary Gottlieb Steen & Hamilton 6,709 1 615.2% 938

18= - Cravath, Swaine & Moore 6,709 1 - -

18= - Faegre Baker Daniels 6,709 1 - -

Mergermarket 64

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League Tables



Greater China league table by value Greater China league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count





5 6 AllBright Law Offices 4,669 23 -12 35

6 23 JunHe 17,597 22 8 14

7 5 Clifford Chance 14,097 19 -17 36

8 18 DeHeng Law Offices 9,078 19 0 19

9 17 Sidley Austin 9,471 18 -1 19

10 8 JiaYuan Law Offices 15,017 15 -9 24

11 20 Haiwen & Partners 8,968 15 -2 17

12 12 Jingtian & Gongcheng 8,276 15 -5 20


14 11 Han Kun Law Offices 21,788 14 -8 22

15 26 Tian Yuan Law Firm 10,268 14 2 12

16 10 Grandway Law Offices 6,673 14 -9 23

17 14 DLA Piper 3,931 14 -6 20

18 9 Linklaters 43,412 12 -11 23

19 29 Allen & Overy 14,106 12 1 11

20 42 Morrison & Foerster 6,012 12 4 8

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 3 Linklaters 43,412 12 34.2% 32,344


4 6 Fangda Partners 33,949 51 13.9% 29,810

5 29 Allens 29,098 6 193.9% 9,899


28,708 2 11114.1% 256


28,708 2 11114.1% 256



10 50 Han Kun Law Offices 21,788 14 355.1% 4,787


12 30 JunHe 17,597 22 84.6% 9,530

13 14 Zhong Lun Law Firm 17,566 35 -1.3% 17,791

14 21 JiaYuan Law Offices 15,017 15 10.3% 13,614

15 48 Allen & Overy 14,106 12 185.5% 4,940


17 4 Clifford Chance 14,097 19 -55.9% 31,957

18 141 Zhongzi Law office 12,855 2 2491.7% 496


20 128 Gilbert + Tobin 11,922 1 1887.0% 600

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League Tables



India league table by value India league table by deal count

South Korea league table by value South Korea league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 2 AZB & Partners 40,087 70 94.0% 20,666


4 8 Khaitan & Co 22,188 42 211.5% 7,123

5 - Fried Frank Harris Shriver & Jacobson 18,580 2 - -

6 14 Allen & Gledhill 17,658 3 1003.6% 1,600

7 10 Gunderson Dettmer Stough Villeneuve Franklin & Hachigian

16,794 3 545.9% 2,600

8 - Hogan Lovells International 16,125 3 - -

9= - Dentons Rodyk & Davidson 16,000 1 - -

9= 97 Gibson Dunn & Crutcher 16,000 1 25

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Kim & Chang 24,787 62 -2 64

2 2 Lee & Ko 14,715 41 -10 51

3 4 Shin & Kim 12,478 29 -5 34

4 3 Bae Kim & Lee 6,875 27 -22 49

5 5 Yulchon 1,159 14 -11 25

6 6 Yoon & Yang 592 9 -4 13

7 7 JIPYONG 211 6 -2 8

8 10 Hankyul Law Firm 191 6 0 6

9 11 Baker McKenzie 1,738 4 -1 5

10 - Freshfields Bruckhaus Deringer 1,764 3 3 0

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count


2 1 AZB & Partners 40,087 70 21 49


4 3 Khaitan & Co 22,188 42 -5 47

5 5 Trilegal 12,987 33 5 28


7 6 J Sagar Associates 5,231 18 -4 22

8 14 L&L Partners 9,557 14 6 8

9 7 DSK Legal 383 13 -5 18

10 20 Bathiya Legal 495 11 7 4

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Kim & Chang 24,787 62 16.2% 21,331

2 2 Lee & Ko 14,715 41 34.4% 10,951

3 4 Shin & Kim 12,478 29 173.5% 4,562

4 3 Bae Kim & Lee 6,875 27 -17.2% 8,306

5 - Greenberg Traurig 3,165 2 - -

6= - Alston & Bird 3,127 1 - -

6= - Paul Weiss Rifkind Wharton & Garrison 3,127 1 - -

6= 11 Sullivan & Cromwell 3,127 1 102.7% 1,543

9= 32 Barun Law 2,740 1 996.0% 250

9= 71 Latham & Watkins 2,740 1 - -

Mergermarket 66

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League Tables



Japan league table by value Japan league table by deal count

South East Asia league table by value South East Asia league table by deal count

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 40 Latham & Watkins 147,765 7 5589.8% 2,597

3 2 Nishimura & Asahi 102,349 55 431.9% 19,241

4 12 Mori Hamada & Matsumoto 94,556 47 1213.8% 7,197

5 7 Nagashima Ohno & Tsunematsu 90,214 33 865.8% 9,341


7 14 Linklaters 86,010 9 1432.1% 5,614


9 100 Slaughter and May 81,294 3 19073.1% 424

10 47 Ashurst 80,272 5 4140.5% 1,893

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 8 Allen & Overy 13,442 19 8 11

2 1 Baker McKenzie 10,283 16 -12 28

3 7 WongPartnership 4,498 15 3 12

4 20 AZB & Partners 3,156 15 10 5


6 2 Allen & Gledhill 4,840 11 -10 21


8 4 Clifford Chance 5,691 10 -4 14



Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Nishimura & Asahi 102,349 55 4 51

2 2 Mori Hamada & Matsumoto 94,556 47 1 46

3 3 Nagashima Ohno & Tsunematsu 90,214 33 -6 39

4 4 Anderson Mori & Tomotsune 4,108 29 2 27

5 5 Morrison & Foerster 85,271 17 -7 24


7 7 Baker McKenzie 1,794 10 -6 16

8 6 Jones Day 1,327 10 -9 19

9 16 Linklaters 86,010 9 1 8


Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)



3 49 Allen & Overy 13,442 19 2125.5% 604


5 11 Baker McKenzie 10,283 16 50.6% 6,826

6 13 Clifford Chance 5,691 10 1.8% 5,593

7 147 Stibbe 5,177 3 18389.3% 28

8 4 Kirkland & Ellis 4,937 5 -72.6% 18,002

9 2 Allen & Gledhill 4,840 11 -76.2% 20,327

10 6 Morrison & Foerster 4,666 1 -73.0% 17,289

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League Tables


Private Equity Advisory League tables*

Global (buyouts+exits) league table by value Global (buyouts+exits) league table by deal count

US (buyouts+exits) league table by value US (buyouts+exits) league table by deal count

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Kirkland & Ellis 88,996 234 -29.9% 126,907


3 2 Latham & Watkins 59,809 99 -39.9% 99,495


5 7 Linklaters 38,064 41 6.1% 35,866

6 5 Weil Gotshal & Manges 37,358 82 -31.9% 54,846


8 11 Clifford Chance 32,042 46 27.0% 25,228



Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Kirkland & Ellis 55,965 177 -24 201

2 2 Goodwin Procter 8,019 88 5 83

3 3 Latham & Watkins 29,420 53 -20 73


5 5 Ropes & Gray 6,322 45 -3 48

6 9 Cooley 6,738 44 8 36

7 12 Jones Day 4,692 43 12 31

8 7 Simpson Thacher & Bartlett 57,458 41 2 39

9 32 McGuireWoods 54 39 25 14

10 11 McDermott Will & Emery 928 33 0 33

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Kirkland & Ellis 88,996 234 -14 248

2 3 Goodwin Procter 12,059 112 -11 123

3 2 Latham & Watkins 59,809 99 -30 129

4 4 DLA Piper 7,276 93 -16 109


6 9 Jones Day 7,698 70 12 58

7 6 Ropes & Gray 12,864 62 -9 71


9 16 McDermott Will & Emery 1,339 55 6 49

10 8 White & Case 17,960 53 -9 62

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 1 Kirkland & Ellis 55,965 177 -18.7% 68,832

3 2 Latham & Watkins 29,420 53 -49.6% 58,383



6 - Freshfields Bruckhaus Deringer 20,300 2 - -


8 151 Osler, Hoskin & Harcourt 17,510 5 17


10 - Gilbert + Tobin 17,000 1 - -

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League Tables



Europe (buyouts+exits) league table by value Europe (buyouts+exits) league table by deal count

Asia Pacific (excl. Japan) (buyouts+exits) league table by value Asia Pacific (excl. Japan) (buyouts+exits) league table by deal count

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 3 Linklaters 37,295 40 24.7% 29,907


3 6 Clifford Chance 26,357 30 26.0% 20,926

4 1 Latham & Watkins 23,762 37 -38.1% 38,410

5 4 Kirkland & Ellis 21,552 39 -22.7% 27,870

6 8 White & Case 15,718 35 -24.3% 20,752

7 73 Mannheimer Swartling 13,023 16 754.5% 1,524

8 - ENSafrica 12,545 1 - -



Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Kim & Chang 6,588 23 -3 26

2 2 AZB & Partners 3,719 23 2 21



5 6 Khaitan & Co 17,292 15 1 14


7 8 Trilegal 5,881 13 0 13


9 4 Cyril Amarchand Mangaldas 17,285 11 -4 15


Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 DLA Piper 4,736 57 -1 58

2 7 Allen & Overy 7,428 41 6 35

3 4 Linklaters 37,295 40 -6 46

4 2 CMS 3,369 40 -9 49

5 12 Kirkland & Ellis 21,552 39 14 25

6 3 Latham & Watkins 23,762 37 -11 48


8 10 White & Case 15,718 35 1 34


10 9 Clifford Chance 26,357 30 -4 34

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 24 Khaitan & Co 17,292 15 440.7% 3,198

3 48 Cyril Amarchand Mangaldas 17,285 11 1931.1% 851

4 4 Allen & Gledhill 17,195 3 4.8% 16,408

5 - Dentons Rodyk & Davidson 16,252 2 - -


16,000 1 515.4% 2,600


8 16 Fangda Partners 11,547 17 188.9% 3,997

9 60 Han Kun Law Offices 10,880 6 2647.5% 396

10 - Kochhar & Co 10,654 2 - -

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League Tables



Global Buyouts league table by value Global Buyouts league table by deal count

US Buyouts league table by value US Buyouts league table by deal count

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 1 Kirkland & Ellis 52,569 162 -42.9% 92,059

3 2 Latham & Watkins 37,922 69 -43.7% 67,311


5 7 Clifford Chance 23,452 31 0.0% 23,451

6 4 Linklaters 22,225 25 -25.1% 29,661

7 123 Osler, Hoskin & Harcourt 22,210 5 3776.1% 573


9 27 Gilbert + Tobin 17,418 6 160.4% 6,689


Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Kirkland & Ellis 31,255 121 -13 134


3 2 Latham & Watkins 17,306 37 -9 46


5 4 Ropes & Gray 2,493 31 -6 37

6 23 McGuireWoods 8 31 22 9

7 5 Simpson Thacher & Bartlett 39,273 30 0 30

8 8 McDermott Will & Emery 283 25 -1 26

9 11 Jones Day 664 21 2 19

10 22 Paul Hastings 4,997 20 11 9

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Kirkland & Ellis 52,569 162 -13 175

2 2 Latham & Watkins 37,922 69 -15 84


4 4 DLA Piper 2,061 53 -4 57


6 5 Ropes & Gray 8,760 44 -10 54


8 12 McDermott Will & Emery 520 39 3 36

9 10 Jones Day 2,125 36 -3 39

10 8 White & Case 11,824 34 -9 43

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 1 Kirkland & Ellis 31,255 121 -23.1% 40,629

3 - Freshfields Bruckhaus Deringer 20,300 2 - -

4 2 Latham & Watkins 17,306 37 -52.8% 36,658


6 111 Osler, Hoskin & Harcourt 17,085 4 - -

7 - Gilbert + Tobin 17,000 1 - -




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League Tables



Europe Buyouts league table by value Europe Buyouts league table by deal count

Asia Pacific (excl. Japan) Buyouts league table by value Asia Pacific (excl. Japan) Buyouts league table by deal count

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 3 Linklaters 21,456 24 -9.5% 23,702

2 5 Clifford Chance 21,286 19 2.7% 20,722

3 1 Latham & Watkins 18,530 26 -35.2% 28,587


5 4 Kirkland & Ellis 15,019 26 -29.3% 21,245

6 87 Mannheimer Swartling 12,545 6 4428.9% 277

7 - ENSafrica 12,545 1 - -

8 6 White & Case 11,295 22 -28.3% 15,760


10 60 Perez-Llorca 8,115 5 1192.2% 628

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Kim & Chang 4,369 20 -2 22



4 2 AZB & Partners 1,435 14 -2 16

5 8 Khaitan & Co 958 10 1 9


7 5 Cyril Amarchand Mangaldas 800 8 -3 11

8 11 Kirkland & Ellis 6,212 7 0 7



Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 DLA Piper 1,693 31 -2 33

2 11 Allen & Overy 6,643 27 9 18

3 2 Latham & Watkins 18,530 26 -6 32

4 9 Kirkland & Ellis 15,019 26 3 23

5 5 Linklaters 21,456 24 -1 25


7 10 White & Case 11,295 22 0 22

8 7 CMS 2,837 22 -2 24

9 17 PwC legal 5,962 20 6 14

10 6 Clifford Chance 21,286 19 -6 25

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)



3 10 Fangda Partners 7,847 16 96.3% 3,997

4 - Clayton Utz 6,899 5 - -

5 1 Kirkland & Ellis 6,212 7 -75.1% 24,985

6 6 Kim & Chang 4,369 20 -30.7% 6,305

7 17 Ropes & Gray 4,145 5 58.0% 2,624

8 36 Allen & Overy 3,019 4 310.7% 735

9 44 Shardul Amarchand Mangaldas & Co 2,797 17 432.8% 525


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League Tables



Global Exits league table by value Global Exits league table by deal count

US Exits league table by value US Exits league table by deal count

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 3 Kirkland & Ellis 36,427 72 4.5% 34,848



22,413 32 247.2% 6,455

4 4 Latham & Watkins 21,887 30 -32.0% 32,184




8 9 Allen & Gledhill 17,187 2 6.3% 16,165

9 57 Khaitan & Co 16,890 8 370.3% 3,591


Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Kirkland & Ellis 24,710 56 -11 67


3 3 Cooley 4,853 29 0 29


5,496 27 7 20

5 13 Jones Day 4,028 22 10 12



8 16 Paul Weiss Rifkind Wharton & Garrison 2,453 18 7 11

9 4 Latham & Watkins 12,114 16 -11 27

10 15 Ropes & Gray 3,829 14 3 11

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 Kirkland & Ellis 36,427 72 -1 73


3 3 DLA Piper 5,215 40 -14 54


5 16 Jones Day 5,573 34 15 19


22,413 32 9 23

7 6 Cooley 5,503 32 -1 33

8 4 Latham & Watkins 21,887 30 -15 45


10 25 Paul Weiss Rifkind Wharton & Garrison 2,453 20 6 14

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Kirkland & Ellis 24,710 56 -12.4% 28,203




5 3 Latham & Watkins 12,114 16 -44.2% 21,725



8 16 Wilson Sonsini Goodrich & Rosati 8,306 19 9.0% 7,618

9 87 Debevoise & Plimpton 8,079 4 5395.9% 147

10 27 Fenwick & West 7,847 11 138.0% 3,297

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League Tables



Europe Exits league table by value Europe Exits league table by deal count

Asia Pacific (excl. Japan) Exits league table by value Asia Pacific (excl. Japan) Exits league table by deal count

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

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)


2 23 Linklaters 15,839 16 155.3% 6,205


4 21 Kirkland & Ellis 6,533 13 -1.4% 6,625

5 92 A&L Goodbody 6,182 3 1235.2% 463


7 7 Latham & Watkins 5,232 11 -46.7% 9,823

8 119 Clifford Chance 5,071 11 2385.8% 204

9 19 Stikeman Elliott 4,524 2 -36.3% 7,097

10 25 White & Case 4,423 13 -11.4% 4,992

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count


2 6 AZB & Partners 2,284 9 4 5

3 10 Trilegal 5,761 7 3 4

4 4 Khaitan & Co 16,334 5 0 5


6 8 Gilbert + Tobin 1,093 5 1 4


8 9 King & Wood Mallesons 3,517 4 0 4

9 11 Cyril Amarchand Mangaldas 16,485 3 -1 4

10 - Nishith Desai Associates 3,595 3 3 0

Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

Count change

Deal count

1 1 DLA Piper 3,043 26 -1 27

2 2 CMS 532 18 -7 25


4 3 Linklaters 15,839 16 -5 21


6 4 Allen & Overy 785 14 -3 17

7 104 Kirkland & Ellis 6,533 13 11 2

8 8 White & Case 4,423 13 1 12

9 27 Addleshaw Goddard 613 12 5 7


Ranking Q1-Q3 2018 Q1-Q3 2017

Q1-Q3 2018

Q1-Q3 2017


Deal count

% Value change

Value (US$m)

1 1 Allen & Gledhill 17,187 2 6.3% 16,165

2 34 Cyril Amarchand Mangaldas 16,485 3 9830.7% 166

3 9 Khaitan & Co 16,334 5 464.8% 2,892

4 - Dentons Rodyk & Davidson 16,252 2 - -


16,000 1 515.4% 2,600


7 - Kochhar & Co 10,654 1 - -

8 - Han Kun Law Offices 9,500 1 - -

9 24 Trilegal 5,761 7 1128.4% 469

10= 31 S&R Associates 4,474 1 2010.4% 212

10= - Slaughter and May 4,474 1 - -

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League Tables


Mergermarket 74Criteria & ContactsGlobal & Regional M&A Report Q1-Q3

Criteria Contacts

mergermarket.com

All data is based on transactions over US$ 5m

and is based on the Mergermarket’s M&A deals

database. Deals with undisclosed deal values

are included where the target’s turnover exceeds

US$ 10m. Deals where the effective stake acquired is less

than 30% will only be included if the value is greater than

US$ 100m. Full deal inclusion criteria can be found here.

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

Global cross-border M&A: Based on the dominant geography of the target and bidder company being in a different region.

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

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

Top deals: Based on the dominant geography of the target company.

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

All values are in US$. M&A Trends and Top Deals correct as of 8am (GMT+1), 28-Sep-18. Cut off date 27-Sep-18 League Tables correct as of 9am (GMT+1), 04-Oct-2018. Cut off date 30-Sep-2018.

Mergermarket record dates back to 01-Jan-01

Deal Submissions

Americas Jason [email protected]+1 646 378 3122

Asia John [email protected]+852 2158 9723

EMEA Zaynab [email protected]+44 20 3741 1294

Commercial

Americas Kurt [email protected]+1 212 390 7812

Asia Laurence [email protected]+852 2158 9771

EMEA Ben [email protected]+44 20 3741 1007

Production

Head of Research, Americas Lana [email protected]+1 646 378 3151

Head of Research, Asia Gerry [email protected]+852 2158 9741

Head of Research, EMEA Andrea [email protected]+44 20 3741 1274

Research Editor, Americas Elizabeth [email protected]+1 212 686 3016

Research Editor, Asia

Jasmine [email protected]+852 2158 9770

Research Editor, EMEA Jonathan [email protected]+44 20 3741 1293

Press Relations

Americas Chrissy [email protected]+1 646 378 3118

Asia Candy [email protected]+852 2158 9706

EMEA Ioiana [email protected]+44 20 3741 1391

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

In M&A, information is the most valuable currency. Mergermarket reports on deals 6-24 months before they become public knowledge, giving our subscribers a powerful competitive advantage. With the largest network of dedicated M&A journalists and analysts, Mergermarket offers the most comprehensive M&A intelligence service available today. Our reporters are based in 67 locations across the Americas, Europe, Asia-Pacific, the Middle East and Africa.

Mergermarket is an Acuris company

EMEA10 Queen Street Place

London

EC4R 1BE

United Kingdom

+44 203 741 1000

[email protected]

Americas330 Hudson St.

4th Floor

New York, NY 10013

USA

+1 212 500 7537

[email protected]

Asia16/F, Grand Millennium Plaza

181 Queen’s Road Central

Hong Kong

+ 852 2158 9790

[email protected]

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Documents

Global & Regional M&A Report Q1-Q3 2018 - Deloitte US · USA Business Services 60.8 29-Apr-18 T-Mobile USA Inc Sprint Corporation USA Telecoms 59.6 01-Aug-18 Energy Transfer Equity