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MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS First Quarter 2014
REUTERS / Paulo Whitaker
8
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
M&A Legal Advisory ReviewTable of Contents
9
13
Any Asian (ex-Japan) Involvement Announced (AE31)
Any Asian (ex-Japan) Involvement Completed (AG32)
13
Global M&A
18
10 Japan M&A5
Mergers & Acquisitions Criteria Summary
6
16
Any Benelux Involvement Completed (AG47)
Global Deals Intelligence
Scorecard: Worldwide Announced M&A
Scorecard: Worldwide Completed M&A
Top Fifteen Worldwide Announced Deals
US Target Announced (AE2)
Any US Involvement Completed (AG34)
Americas M&A
Worldwide Completed (AG1)
Americas Deals Intelligence
Any US Involvement Announced (AE33)
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Japan Deals Intelligence
19
18
Regional Contacts
Any Canadian Involvement Completed (AG35)
Any US Public Involvement Completed
Criteria Summary
18
16
17
Top Ten US Announced Deals
10
Top Ten Japanese Involvement Announced Deals
11
15
6
6
13
14
15
Any European Involvement Completed (AG40)
Any UK Involvement Announced (AE40)
10
14Any UK Involvement Completed (AG41)
Any French Involvement Announced (AE41)
Any Italian Involvement Announced (AE44)
12
10Any French Involvement Completed (AG42)
Any Spanish Involvement Announced (AE42)
Worldwide Announced (AE1) 3
US Target Completed (AG2)
Any Canadian Involvement Announced (AE34)
6
Asia Pacific (ex-Japan) M&A
Asia Pacific (ex-Japan) Deals Intelligence
Top Ten Any Asia (ex-Japan) Involvement Announced Deals
12
Any German Involvement Completed (AG44)
2
11
EMEA M&A
Any European Involvement Announced (AE39)
European Deals Intelligence
1
2
1
7
Any Nordic Involvement Completed (AG46) 12
Any Nordic Involvement Announced (AE45)
Any Benelux Involvement Announced (AE46)
3
8
7
7
5
5
2
9
Top Ten European Involvement Announced Deals
12
Any Italian Involvement Completed (AG45) Any Japanese Involvement Completed (AG52)
8
Any Spanish Involvement Completed (AG43)
11
Any German Involvement Announced (AE43)
11
Any Australia or NZ Involvement Announced (AE27)
Any Australia or New Zealand Involvement Completed (AG28)
9
9
17
Thomson Reuters Soultions for the Deal Making Community
14
14Any Asia Pacific (ex-Japan) Involvement Announced (AE30)
16
Any Japanese Involvement Announced (AE51)
Any Asia Pacific (ex-Japan) Involvement Completed (AG31)
*tie
Worldwide Cross Border Activity
WORLDWIDE M&A UP 36% NET OF COMPETING BIDS; NUMBER OF DEALS FALLS TO DECADE LOW - The value of worldwide M&A totalled US$756.1 billion during the first quarter of 2014, a 52% increase from comparable2013 levels. Net of the competing bids for US-based Time Warner Cable and France’s SFR, worldwide M&A hasincreased 36% compared to first quarter 2013, marking the best annual start for worldwide deal making since 2011.Just over 8,200 worldwide deals were announced during the first quarter of 2014, a 10% decline from a year ago andthe slowest opening period for M&A, by number of deals, since 2004. CROSS BORDER UP 86%; EMERGING MARKETS ACCOUNT FOR 17% OF M&A – Cross Border M&A activitytotalled US$245.2 billion during the first quarter of 2014, accounting for 32% of overall M&A volume and up 86%compared to first quarter 2013. Accounting for 17% of worldwide announced activity, M&A involving companieslocated in the emerging markets totalled US$125.6 billion during first quarter 2014, a 5% decrease from 2013.
TRIPLE-DIGIT PERCENTAGE GAINS IN MEDIA, HEALTHCARE, TECH DRIVE M&A - The media andentertainment sector was most active during the first quarter of 2014, commanding 21% of announced M&A, while thereal estate and energy and power sectors each accounted for 10%. Net of competing bids, media, healthcare,technology and consumer products led all sectors by growth rate with triple-digit percentage increases over 2013. Thefirst quarter marks the strongest opening period for worldwide media and technology M&A since 2000. Consumerstaples deal making was the only sector to register a deficit compared to first quarter 2013, down 30%.
BUYSIDE PRIVATE EQUITY M&A UP 21% COMPARED TO 2013 –Worldwide private equity-backed buyouts andportfolio company acquisitions totalled US$139.1 billion during the first quarter of 2014. Private equity deal making inthe high tech, telecommunications and energy sectors accounted for 51% of the activity during the first quarter, upfrom 29% during 2013. Accounting for 18% of worldwide M&A during the first quarter 2014, private equity-backedM&A increased 21% compared to first quarter 2013 levels.
Global Deals Intelligence
612
8,237
-162* 0.2-26
18
▲2.2
▼
Cravath, Swaine & Moore 24
756,093.4
52.3% ▲
252*12.2
Industry % Change from Same Period Last Year
100.0Franklin Firm LLP 25Industry Total
- 16,287.827
▼
17,452.818,527.7
2.3 ▼-3.4
Linklaters 22 34Allen & Overy 2323
21,643.7
2.720,247.1 28-3.6
▼
2.5 47-1.9
30*203.0 2.9
2.2▲
▲
41 ▼
-
0.2
30*
▼
7*
0.5
-3.5 ▼
4.3
0.5
0.220
18
-8
-200.2
19*53*30*
20
0.3
▼
▲▲25,905.0
3.1
-6.6
2.9
Mayer Brown LLP 20 80 21,576.032
0.237*Hogan Lovells 21 10 20,790.0 2.8 15
First Quarter 2014 LEGAL ADVISORS
MERGERS & ACQUISITIONS REVIEWWorldwide Deal Making Up 36% Net of Competing Bids; Number of Deals at Decade Low l Best Start for Telecom, Media Since 2000 l Skadden Top Advisor
0.80.3
▼
1▼
0.2 ▲
-6
▲
17
▲
0.3▼
-38
3
▼
▼
-40.4
0.6
▼
▼
-16
0.2 0
26
-1.07.9 -6.55.0
41
▲ 14
19
0.4
-10.2% ▼
1-938
▲
Nishimura & Asahi2.92.9
0.0
2.0 ▲
89
-7.1
-9.1
38,028.6
14
Latham & Watkins 10
Paul, Weiss 7
9
11
41
▼59,681.2 ▼
▼
7*36
-170.2
▼▲2.7 -45 0.1122*
▼
2
-9
64-1019*26
▼ ▲3
1525*46*
11.110.0
66,176.6
12
▲
2
-2.1 0.253*▲
8.3
3.8
▼
-1.9▲
8.9 0.3 41422
-3.5 ▼
▲
4
6Wachtell Lipton Rosen & Katz
▼10
0.813352
▲
0 -
0.6▲
692
0.4-1140
0.40.5
16
Market
11
Change in
White & Case LLP123,685.1 16.4 ▲
3
5
6 3.8 ▲
Legal Advisor
153,039.8Skadden 1
2014
Rank
Simpson Thacher & Bartlett
2013
Rank
Rank Value
4920.28.5 36
Market
11.4
Market
2 130
12 103,152.9106,325.0
12
Davis Polk & Wardwell
-
114,284.8 15.114.1
83,992.7
1
3 95,436.147
13.6
Sullivan & Cromwell
Sidley Austin LLP
5.6Kirkland & Ellis 5
Willkie Farr & Gallagher 8 20 75,671.6
12.6
9
424
3.3
Freshfields Bruckhaus Deringer2
Fried Frank Harris Shriver & Jacobson
Weil Gotshal & Manges
101
7Cleary Gottlieb Steen & Hamilton
16 9617
Arthur Cox
8.862,899.0
3.44.0
13 32,374.7
15
18 168
25,093.8
22,337.8
30,472.5
23,711.518
# of Deals
# of Deals per Advisor
Sh (%)RankDeals
▲
-19.6%
# of
Clifford Chance
▼
Worldwide Announced (AE1)
19
Industry % Change from Last Quarter 12.6%
US$m Sh (%)
Jan 1 – Mar 31
Rank Value per Advisor (US$m)
Share Ch.
Fenwick & West LLP
▲ ▼
Worldwide Announced Buyside Financial Sponsor Activity
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$73.7 $154.2
$201.8
$78.3 $16.3
$61.1 $114.6 $139.1
$109.9
$191.9
$319.7
$82.7
$24.7
$86.2 $68.4
$79.6
$73.6
$160.6
$161.8
$55.7
$36.6
$73.9
$69.7 $89.9
$79.1
$96.9
$281.0
$101.1
$35.7
$51.6
$86.0
$104.4 $120.2 $112.6
13.2%
21.8% 19.0%
8.8%
6.5%
10.4%
12.9% 13.3%
16.0% 18.4%
0%
5%
10%
15%
20%
25%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
% o
f Glo
bal M
&A
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of YTD Global M&A
$145.5 $281.0
$406.1 $258.1
$113.4 $175.1 $234.2 $171.4 $131.8 $245.2
$241.2
$273.3
$642.8
$364.0
$112.3
$202.2 $246.3
$270.7
$166.9
$262.9
$254.4
$371.7
$326.3
$149.2
$271.1 $204.0
$203.2
$210.2
$406.2
$430.9
$154.3
$167.9
$263.0
$200.5 $259.1
$241.9
33.6% 33.6%
44.8%
38.3%
27.2%
37.5%
35.1%
35.5%
31.2%
32.4%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
% o
f Glo
bal M
&A
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD Global M&A
1
Western Europe
South East Asia
Worldwide Announced M&A by Target Industry
1/1/2013 - 3/31/2013
▼
Rank Val
US$m
North Africa
Europe
11,205.6
-20.2
68
-18.6
17
No.
Deals
276,458.7
65.0
50.7Canada
▲
-73.2
-1.6
38
-39.1
-47.3
27
28.8
41.6
-91.31696
33.3
▲
397
92,687.6
▲
59.3
2,120
▼
▼
3,318.6
-27.4 ▼
-1.3
▼
192,194.5
517.4
364
▼
224.5
Australasia
647
61.37,214.6
121,723.1
25.1284
-55.9-76.8
2,759.0-54.8
2,231.9 22
Chile6,888.5Africa/Middle East
3920
-59.6
3,450.8
Middle East 1,761.2243
2,767
▼
11,793.5
143,991.5
199
▲
▼
544
62160
North Africa
801,838.95,016.5
Chile
3,250.6
2,368.510,293.3
Retail / Food & Beverage Retailing
▼
Energy and Power / Oil & Gas
Telecommunications / Telecommunications Services
Real Estate / Other Real Estate
High Technology / Internet Software & Services
Industrials / Automobiles & Components
Target Macro / Mid Industry
United StatesNorth America
58.1
226
Central America
▲
1,860
▼
18
▲28.2
▲
10,048.0
-33.2
▲
▲
11,788.4272
South America330
▼14924,336.3
322,868.4
26
223,922.936,526.4
14.6
2,190
-4.9
1,7782,050
2,576.9
▲9.6
▼-33.444.2
200105
▲
357.0 142,447
260,449.3
2,891.01,330.1
28333,705.1
347,204.7
Caribbean
Worldwide31.1Americas
19
5,898 7,186548,301.42,246
539,511.8
604 27,231.1
1,955 74,404.0
2,700
5,498.4
102▼ 288.6
Middle East
▼
Africa/Middle East
Brazil
-21.6
▼
-81.9 ▼
2,791.4 ▲
72,731.0
273
▼
▲
▲
▼
▲
France / France
Anheuser-Busch Inbev
Vodafone Holdings Europe SLU
Telecommunications / Telecommunications Services
▲
▲
▲
Scorecard: Worldwide Completed M&A
1/1/2014 - 3/31/2014
189 13,222.5
87 4,357.9 14223
379
119
15,251.5
Asia-Pacific
South America422261
18,251.7
Asia-Pacific 124,256.3
Papua New Guinea
67.0
9,640.4Australasia
2,164 225,579.0
-61.4244,721.9
62.72,519
4637
2,0972,543
52.3
3,648.1-71.5
▼
▲
▲
265.053.6 362,472.5
Mexico
24
9,175
709.62,868
8,237 496,479.4
8,438.8 62
▼
▲
5,936.3
▲
19,142.9 -4.7
▼
57.4
No.
Deals
1/1/2014 - 3/31/2014 1/1/2013 - 3/31/2013Rank Val
US$mTarget Region/Nation
% Change
in Rank
Value
Rank Val
US$m
No.
Deals
AmericasWorldwide
Target Region/Nation
Rank Val
US$m
756,093.4
% Change
in Rank
Value
Scorecard: Worldwide Announced M&A
2,589.8Caribbean 26
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
Mergers & Acquisitions
No.
Deals
410,200.1 2,802 267,092.7▼
North America
Central AmericaMexico
2,401.8
385,287.82,290.2
46
367,036.1United States
19,920.8150.811,970.6 99Brazil 4,773.2
Canada
Sub-Saharan Africa
1,7332,406 91.6 73,993.9▼
8,125.6
11,108.9Europe57.9 165,418.6
2,504.0Sub-Saharan Africa
13,147.7 481
3,711.6 122 8,422.7▲3,242
357
79
Western Europe 181,085.6 2,096435France
87,141.6 2,214Eastern Europe
62,481.2
France
Eastern Europe836▲94,492.0▲
▲
-59.2
4249,139.7Germany
766.014,745.6▼-1.8 24619,744.9United Kingdom 32,413.1
United Kingdom 24,631.3 42410,872.925,092.8 599
334 75.1Germany 19,033.3 312▲2,219
5,973.3 126.1▼58,783.1
401 2,642.0981 74,990.1 1,394
17,345.3 278 10,512.9Australia 15,242.3 239
▲ ▲12,797.820,390.0 200 306272
3New Zealand 1,155.8 32 872.5 ▲32.53616,920.8
2194
327 43.5Australia 176116.03,354.0
11,792.3
▲121.9-50.3▲ 13,003.66,457.7
2927147
10,787.1Singapore 12,376.1 79 2,917.3 Singapore324.290
17,773.5
2,270.6 21Indonesia 1,946.2 16.733 ▲
51,459.2 1,115
▼
87 2,389.7
335 8,010.9 21,239.6 -49.2
36,914.5
446 South East Asia
24,676.264.8 589475147 -5.7
740▲ North Asia
37.9
Malaysia 2,252.8 ▼
North Asia 84,828.2 1,136China 50,325.9 712 36,490.3 23,395.1 ▼-52.1243
▲ South Korea 1738,008.711,213.9▲ China 341
294 -2.5206 4,421.0South Korea 20,338.8 262 9,252.6 119.8
South Asia 4,309.4 ▼
7,903.5 160South Asia 2,929.9 112 4,038.2 207
379275.9 ▲
▲ Japan25.2 19,321.1 2975 479.3Central Asia 898.3 11 239.0
Japan 22,553.9 537 18,008.119Central Asia
562 21,140.7128.7 -73.1 ▼
-8.6
Media and Entertainment / Cable
Jan 1 - Mar 31 2014
Media and Entertainment / Cable
Healthcare / Pharmaceuticals
Consumer Staples / Food and BeverageMedia and Entertainment / Cable
Consumer Products and Services / Other Consumer Products
Telecommunications / Telecommunications Services
9,161.6Germany / Sweden
7,099.18,235.3
16,287.8
France / France
15,693.310,854.2
19,467.7France / France
Bouygues Telecom SASFR (100%)Actavis PLC
2/19/2014
3/6/2014Pending
Pending WhatsApp Inc (100%)
1/13/2014
2/18/2014 Pending
Pending
United States / United States
Forest Laboratories Inc (100%)
Acquiror / Target Nation
Time Warner Cable Inc (100%) Comcast Corp
Numericable Group SA
Rank Value (US$m)Rank Date Date Effective Target (% Sought/Acquired) Acquiror
United States / United StatesTime Warner Cable Inc (100%)Pending
Charter Communications Inc70,677.162,576.6
United States / United States
2/13/2014
23,980.2Ireland-Rep / United States 23,286.3
Facebook Inc
1/27/2014 Ziggo NV (71.6%)Suntory Holdings LtdLiberty Global PLC
Pending
Pending Beam Inc (100%)1/13/2014Pending
10,025.13/6/20142/21/2014
China / China
Japan / United StatesUnited Kingdom / Netherlands
Shanghai Jinfeng Investment CoSpain / Spain
AB Acquisition LLC United States / United States
L'Oreal SARWE Dea AG (100%)
3/18/2014 Pending
Scania AB (37.4%)Pending
Greenland Holding Group Co Ltd (100%)
3/16/2014
3/17/2014 Pending9,199.4
L'Oreal SAUnited Kingdom / Germany
2/11/2014
Grupo Corporativo ONO SA (100%)
3/11/2014 Pending SFR
5,800.0
Volkswagen AG
L1 EnergyOriental Brewery Co Ltd (100%)
Intended
Consumer Staples / Food and BeveragePending Belgium / South Korea1/20/2014
PendingSafeway Inc (100%)
Top Fifteen Worldwide Announced Deals
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21%
10%
10%
9% 9%
9%
7%
7%
5%
5% 4%
4%
Media and Entertainment Real Estate Energy and Power High Technology Industrials Telecommunications Financials Healthcare Materials Consumer Staples Retail Consumer Products and Services Government and Agencies
2
†Note: Industry Totals include multiple bids for the same target.
1.0
0.015.0
-11.0-4.0-1.014.0
Industry Total 774,491.5 100.0
†Created in response to market demand following the 2013 Legal League Table Criteria Review, our annual forum for determining and responding tothe evolving concerns and demands of our Leagal contributors. For more information on our Legal League Table Criteria, or for information on howyou can participate in our annual Criteria Reviews, please refer to the contact information at the end of this Release.
Industry % Change from Last Quarter 13.8% ▲ 13.8% ▲
0.2-6.2
-1,055
Industry % Change from Same Period Last Year 35.7% ▲ 35.7% ▲
▲Franklin Firm LLP 25 - 16,287.8 2.1 2.1 ▲ 1 56*▼ 12 13 0.4 ▲Cravath, Swaine & Moore 24 29 17,452.8 2.3 -2.6 12.0▼ 47 21 0.3 ▼-26.0Allen & Overy 23 25 18,527.7 2.4 -2.9▼ 28 - - ▼-38.0Linklaters 22 35 20,247.1 2.6 -1.4▼ 32 34* 0.2 ▼-19.0Hogan Lovells 21 5 20,790.0 2.7 -10.2▲ 18 8 0.6 ▲18.0Mayer Brown LLP 20 86 21,576.0 2.8 2▲ 20 19 0.4 ▲20.0Nishimura & Asahi 19 93 21,643.7 2.8 2.2▲ 20 4 0.8 ▲20.0Fenwick & West LLP 18 178 22,337.8 2.9 2.8▼ 41 6 0.7 ▼-21.0Clifford Chance 17 21 23,711.5 3.1 -2.7▲ 5 68* 0.2 ▲5.0Arthur Cox 16 100 25,093.8 3.2 2.7▲ 26 7 0.7 ▲17.0Sidley Austin LLP 15 106 25,905.0 3.3 2.9▲ 14 65* 0.2 ▲14.0Cleary Gottlieb Steen & Hamilton 14 41 30,472.5 3.9 0.8▼ 21 12 0.5 ▼-8.0Sullivan & Cromwell 13 8 34,069.0 4.4 -6.8▼ 19 5 0.8 ▲19.0Fried Frank Harris Shriver & Jacobson 12 26 38,028.6 4.9 -0.4▼ 41 89* 0.1 ▼-17.0Freshfields Bruckhaus Deringer 11 7 59,681.2 7.7 -4.8▼ 64 54* 0.2 ▼-1.0Latham & Watkins 10 3 62,899.0 8.1 -7.3▲ 15 71* 0.1 ▲15.0Willkie Farr & Gallagher 9 13 75,671.6 9.8 0.4▼ 27 1 1.0 ▼-14.0Weil Gotshal & Manges 8 2 81,113.3 10.5 -6.6▲ 22 15* 0.4 ▲2.0Paul, Weiss 7 51 83,992.7 10.8 8.8
Wachtell Lipton Rosen & Katz 6 4 95,436.1 12.3 -2.2▲ 70 11 0.5 ▼
▼ 14 3 0.8 ▲
0.4 ▼
Kirkland & Ellis 5 6 104,847.3 13.5 0.8106,325.0 13.7 -8.5 ▼ 35 17
▲ 40 14 0.4 ▼
0.2
Davis Polk & Wardwell 4 1White & Case LLP 3 11 114,284.8 14.8 4.9
7.4 ▲ 36 43* 0.2 ▲
16 154,734.2 20.0 12 -Simpson Thacher & Bartlett 2 14 123,685.1 16.0
Legal Advisor US$m Sh (%)
1Share Ch. Deals Rank
2014
Rank
2013
Rank
Rank Value Market Market # of
WW Announced Incl. Withdrawn (AE71)† Jan 1 – Mar 31
Rank Value per Advisor (US$m) # of Deals per Advisor
https://www.thomsonone.com
▼
▼
-1.6%
539,511.8
-17.9%
▲
▼
▼
0.2
▼
▼
46▲22
56*
▼
▲2▲
-2.6 ▼
330.4
27.32612▲
20.6 028.7 ▲
15 7.5
Macfarlanes 414*
27.2 12.2 ▲ 41 6
73*26
▼10
-4
▼
11
Cravath, Swaine & Moore
Blake Cassels & Graydon 1831,706.8 5.9
24.2
16
▲24.224.8133,737.7 ▲
8.413 47 ▲46,281.2
Market
7.0
21.5
31.2 13.6 ▲ 16
16* 0.5-6
0.2▼
-1
▼-23
-17
-8 ▼
▼ Simpson Thacher & Bartlett 0.640* 38
▼
Sh (%)Rank
Jan 1 – Mar 31
▼
-
▼
▼
▲
11
0.620*
Change in
-140.7
# of Deals per Advisor
180.3
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
0.2
0.6 -1
56*
3 35
Market
# of Deals
28.044*
Debevoise & Plimpton
AllensJones Day
De Brauw Blackstone Westbroek
33
136,284.3
Change in
Sh (%)
9
11 29
8.6
8
12
57
137,237.0
164,245.230.6165,048.4
Hogan Lovells135,010.1
37,862.91015
45,354.4Fried Frank Harris Shriver & Jacobson
130,352.2
Latham & Watkins 15
5.4
7.514
7.0Freshfields Bruckhaus Deringer
29,330.5
Skadden 6
1717
154,991.2
320
# of Deals
18
21,689.7
0.724,999.627
40,511.3
27,712.6 5.14.7
Kirkland & EllisLinklatersWhite & Case LLP 9
Slaughter & May4Baker & McKenzie 6
TorysClifford Chance
▲
-3.5-0.8
5
▼
▼
25
0.68
2023 90*
-1.24.0
-1,288-0.4 12Sullivan & Cromwell
1921,619.2 ▼
▼2424
▼
100.021,474.1 56*
5,898
▼
Worldwide Completed (AG1) - Based on Number of Deals
▲
-
2013
Rank
2014
Rank
Market
22.60.7
-0.8
▲
# of Deals
Market
Share Ch.
#
-19.1%
Sh (%)
25.44.6
-5.6
-4.7 ▼
-
▼
▼
▲
▲ 50 0.4
▼52▼ -9
0.1
0.5160*
8
0.8
3
0.2
838
0.94
27 18*45
112
▼
▼
▲
0.1
0.4
1.5
30
▲ 89
90*
-4.7-1.8
0.6
▼ 5
13 50*
-5.6
9*37
▼ -7-12
40 7-35
27 18*▼ 0.5-15
31-5.3 0.7
-11.9 15▼ 0.5
4.02.4
4.6 ▲
▲
4.14.0
Industry Total
Industry % Change from Same Period Last Year
Osler Hoskin & Harcourt LLP
23.3 ▲
22.6
25.0
25.325.4
21.3 ▲25.323.9
5 52
10
4 13
146,784.1
136,634.9377
Davis Polk & WardwellSimpson Thacher & Bartlett
Legal Advisor
Weil Gotshal & MangesWachtell Lipton Rosen & Katz
Rank Value per Advisor (US$m)
Value US$m
1 31.3
2013
Rank Sh (%) Share Ch.
Worldwide Completed (AG1)
36▲16.3
2014
Rank
Market
5 168,590.722
Worldwide Rankings
# of Rank
2134 21,920.0
29*
1.1
0.3-11
10
▼Industry % Change from Last Quarter -7.5%
Rank Value
0.2
-2
0.1
Of Deals Sh (%)
Worldwide Announced (AE1) - Based on Number of Deals Jan 1 – Mar 31
Market
Jan 1 – Mar 31
# of Deals per Advisor Rank Value per Advisor (US$m)
Deals
-20
-6
▼
371.4
25,122.2
9
168,103.6
Change in
Legal Advisor
# of Deals per Advisor Rank Value per Advisor (US$m)
66
33*-3-7
Market
Market
Legal Advisor Of DealsShare (%) # of Deals
2014
Rank
2013
Rank
# Market
1 97RankUS$m Share Ch.Sh (%)
Change in Rank Value Market
103,152.9Kirkland & Ellis 2 5 691.2 -6 ▼Jones Day 1
1 ▲ 62,899.00.8 13.6
9,439.7 - -0 -
10 8.3 ▼
5 ▲
Latham & Watkins 3 7 64 0.8▼ -DLA Piper LLP 4 2 57 -
Skadden 5 13* 490.7 -31
▼ 18,527.70.6 20.2
13,962.7 - -0 - 153,039.8
Allen & Overy 6 4 47 0.6 -26 23 2.5 ▼
1 ▲11.4-3.6
▼ ▼Clifford Chance 7* 8* 41 -3.5Freshfields Bruckhaus Deringer 7* 10 41
0.5 -20
▼ 10,961.90.5 7.9
23,711.5 17 3.1-17 ▼ 59,681.2
Baker & McKenzie 7* 3 41 0.5 -43 35 1.5 ▼
11 ▼-6.5-2.6
▼ ▲White & Case LLP 10 12 40 3.8CMS 11 8* 38
0.5 -11
▲ 123,685.10.5 -
114,284.8 3 15.1-23 ▼ 572.0
Simpson Thacher & Bartlett 12 39* 36 0.4 16 2 16.4 ▲
- --8.5
▲ ▼Davis Polk & Wardwell 13 20* 35 -4Mori Hamada & Matsumoto 14 17 33
0.4 2
▼ 20,790.00.4 -
106,325.0 4 14.1-5 ▼ 5,984.4
Hogan Lovells 15 15 32 0.4 -16 21 2.8 ▼
- ---7.1
▲ -Lee & Ko 16 59* 30 -Cooley LLP 17 67* 29
0.4 14
▼ 20,247.10.4 -
6,781.7 - -14 ▲ 2,137.5
Linklaters 18 6 28 0.3 -38 22 2.7 ▼
- ---1.9
▲ ▲Sidley Austin LLP 19* 117* 26 2.9Morgan Lewis & Bockius 19* 20* 26
0.3 17
▼ 66,176.60.3 -
25,905.0 15 3.4-7 ▼ 6,929.6
Weil Gotshal & Manges 19* 18 26 0.3 -10 9 8.8 ▼
- ---1.9
▼ ▲Ashurst 22* 24 25 7,861.8 48 1.0Bryan Cave LLP 22* 44* 25
0.3 -50.3 6
Kim & Chang 24 49* 24 0.3 6 ▼
-
▲ 2,108.1 - -- -
-0.3 -13 -▲ 9,017.3
-▼
44 1.2
756,093.4Industry Total 8,237 -938
Stikeman Elliott 25* 19 22 5,203.4
12.6%
Industry % Change from Same Period Last Year -10.2% ▼ 52.3% ▲
100.0▼
1.5 -14 ▼ 137,237.0Jones Day 1 1 89
40,511.3
US$m Rank
721
- -24,999.6
▼ 12,067.60.9 -91.1 -181.1 -2 ▼Kirkland & Ellis 2 4 66
▼
DLA Piper LLP 3 2 62Latham & Watkins 4 7 52
12.2 ▲6 27.20.7 -23Baker & McKenzie 6 6 41▼ 45,354.45Skadden
7 12* 40▼ 146,784.1
8.411 45
▼ 27,712.6▲
19 5.1▲ 165,048.48
-5.3 ▼
18 28.0White & Case LLP 0.7 -7
17 5.9
140.8 -6
3 30.6
21,920.0Freshfields Bruckhaus Deringer 9* 10 37 0.6 -15 ▼ 31,706.8
Weil Gotshal & Manges 11 17 36Clifford Chance 9* 8 37
0.6 -1 16.3 ▲
22 4.1▼ 168,590.7
0.6 -20
52 1.6
1.4 ▲
1 31.3
▲ 20,710.4Allen & Overy 12 3 34 0.6 -36 ▼ 8,797.5
Herbert Smith Freehills 13* 14 32Shearman & Sterling LLP 13* 40* 32
0.5 -13 -1.9 ▼
26 3.8▼ 17,366.3
0.5 12
-11.9 ▼20 4.7
-5.0 ▼
31 3.2
▼ 1,821.0Linklaters 15 5 31 0.5 -35 ▼ 25,122.2
Hogan Lovells 16* 12* 30CMS 16* 9 30
0.5 -17 21.3 ▲
- -▼ 136,284.3
0.5 -23
7.0 ▲13 8.6
- -9 25.3
▼ 29,330.5Fried Frank Harris Shriver & Jacobson 18* 51* 27 0.5 10 ▲ 46,281.2
Davis Polk & Wardwell 20* 22* 26Blake Cassels & Graydon 18* 15 27
0.4 0 20.6 ▲
18 5.4- 164,245.2
0.5 -12
- -- -
-1.8 ▼
4 30.4
▼ 9,355.4Morgan Lewis & Bockius 20* 26* 26 0.4 1 ▲ 2,757.3Stikeman Elliott 22* 26* 24 0.4 -1
▲ 7,930.5Sidley Austin LLP 22* 101* 24-2.8 ▼
- -0.4 14 - -49 1.7
-- -0.4 -5 ▼ 12,161.9 --Nagashima Ohno & Tsunematsu 25* 22* 23 0.4
Mayer Brown LLP 22* 20* 24
Mori Hamada & Matsumoto 25* 16 23-
-17.9%
-1,288Industry Total 5,898
-3 ▼
▼▼
7,788.1 - -
100.0▼ 539,511.8
▼
▲
*tie
Industry % Change from Last Quarter -19.1%
Industry % Change from Same Period Last Year
▼
- Skadden
-7.5%
-1.6%
5.6-9.1
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Industry % Change from Last Quarter -19.6% ▼
Shearman & Sterling LLP 25* 34* 22 0.3 0
-
▼- 12,141.3 32 1.6 -5.5
-
-
Paul, Weiss 25* 49* 22 0.3 4 ▲ 83,992.7
0.4
7 11.1 8.9 ▲
--15 ▼ 9,797.9 -
3
https://www.thomsonone.com
36.1
-
33.3
* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2013 - 3/31/2014 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.
22.6
38.8
24.4
22.4
7.6-19.526.5 -
30.4 34.5
26.3 -
27.6
3.2
41.2
24.1
12.3
30.4
33.3
27.4 9.6
21.8 11.2
36.4
22.7
18.223.4
21.4
34.4
-
33.9
23.3 23.410.1
31.426.128.1 28.5 50.3
-
34.4
-
26.8
- 10.1
26.2
- 27.429.8
-Average Industry Total 26.1 36.5 34.127.8
-Telecommunications 33.6
30.927.4
31.8 21.6- 9.3-22.1 - 10.0- 26.130.030.4 -
Retail 22.5 30.4 34.2
Real Estate 23.6
27.9
3.9
24.4 50.9
23.0 26.3-21.144.8 - 25.6
23.3 28 23.3 28 -Media and Entertainment 22.8 26.7 39.9 31.2 51.9 31.2
34.1 30.0 31.8 30.018.2 35.7
-
26.7Materials 33.0 29.6 32.227.6
37.5 - 56.1 35.325.7
32.9
55.9 20.0
25.6 27.5 - - 17.9
30.1
28.0 23.0
25.3 13.6 32.6Industrials 21.1 25.4 35.7 20.8 17.2
Healthcare 24.7 40.5
37.972.6 9.5
High Technology 25.5 28.6 24.8 33.9 24.7 36.4
16.2 17.8 -
24.6
- - 16.2 31.623.4 23.412.5 20.3 20.6 - 28.642.9 12.5 20.330.424.6 54.6 57.5
31.5
46.4 40.834.9 43.0
19.3
- 35.931.3 2641.3Financials 30.9 34.7 33.4
27.0 22.1 16.2 33.6 -1940.4 55.1 34.7
32.4
8
32.2 17.6 45.425.4
34.7 8 - - 11.619 -
22.1 54.9
34.8Energy and Power 30.9 25.0 37.4 41.5 -
Consumer Staples28.2
21.0 33.326.724.0
33.8
5.3 28.2 17.0 6.643.3 54.9 - - 11.4 13.6
2013World Americas UK Asia ex. Japan
Consumer Products and Services 18.1 18.1 21.5 22.3
Average Industry Total 12.8x
USA Canada
12.7x 11.7x
EMEA Europe Japan2014 UP 2014 DOWN
6.0x
11.5x 12.7x11.7x 7.4x 18.9x 13.9x12.8x
-
11.7x 12.2x 10.6x 12.2x14.2x 11.6x 7.3x11.4x
6.8x
4.9x 15.3x
13.9x- 6.0x - - 18.0x 13.9x 12.6x15.3x 10.7x
11.2x
10.8x16.6x-
- - 4.9x 10.8xTelecommunications 14.0x 11.2x9.5x - --
- 20.5x
6.2x
Retail 12.2x 12.7x 10.7x - 19.1x
11.0x
12.7x
13.4x
12.7x
15.4x 8.4x
- 13.0x
18.4x 22.3x -
11.0x 13.0x 13.4xReal Estate 18.9x 17.2x 16.3x 21.1x 1.0x
Media and Entertainment
9.0x 10.6x
13.0x 12.0x
- 16.5x 18.6x 19.3x
3.6x -11.5x 13.0x 8.9x
- 22.6x
12.1x
8.6x 12.9x
12.1x 10.2x
12.6x 11.7x5.8x 8.6x - -Materials 12.1x 10.2x 16.7x
12.1x 12.9x12.1x 11.7x
8.5x 12.0x6.9x 11.0x 8.5x
9.9x 18.2x
14.6x 14.2x
9.7x 5.8x 8.3x
Industrials 10.7x 9.8x 11.0x 8.2x 9.8x19.0x 14.5x
9.3x -21.9x
11.2x14.2x
High Technology 13.7x 10.1x 19.0x 12.9x 11.5x8.7x6.4x - 11.6x 12.7x
22.8x
8.7x
22.8x 8.8x- 22.8x
12.0x 12.7x 5.7x23.2x 12.9x
5.1x 9.4x
8.8x 10.3x 10.3x
5.1x 5.2xHealthcare 19.8x 16.7x 20.1x 8.8x 25.2x 21.9x 9.3x
14.7x - -15.7x 5.2x - 3.1x 10.7x 11.8x15.7x
13.8x 11.7x 4.8 4.8xEnergy and Power 10.2x 9.7x 5.9x 11.8x
Consumer Staples 11.7x 11.2x 12.7x 14.6x- 11.7x 14.6x10.7x 15.0x 8.4x - 12.2x-7.4x12.2x 13.1x 5.7x -10.0x 10.0x 11.6x 28.9x 13.0x 28.9x 26.8x10.7x3.6x 7.4x - 29.0x 11.7x
15.9x
Consumer Products and Services
Canada EMEA EuropeUSA JapanAsia ex. Japan
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
Worldwide M&A Matrix
World Americas2014 UP 2014 DOWN 2013
UK
Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA Jan 1 – Mar 31
Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price Jan 1 – Mar 31
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4
Telecommunications Media
Energy & Power Industrials
Real Estate Financials
Healthcare
MaterialsHigh Technology
Paul, Weiss
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21,093.3 42.016.4
7,302.0
Ropes & Gray 1,230.0
15,645.2
3,500.01 1*
3
22.7
13.43
2,432.32,432.3
24,790.7
2,432.3
Fenwick & West LLP
5 1
Hogan Lovells242
1,150.0
Simpson Thacher & BartlettAlston & Bird
2
1*
21,747.2
Osler Hoskin & Harcourt LLP
3,298.2 14.3
53.8
2
43.3
Net of the competing bids for Time Warner Cable, Americas volume increased 30% over totals reached last year,accruing US$457.7 billion in activity, from 3,358 announced deals.
US Targeted M&A also posted significant gains, rising 35% (net of competing bids for TWC) over announced M&Aduring the first three months of 2013. Driven by 2,164 deals, US-targeted volume including both offers for Time WarnerCable accrued a total of US$367 billion during the first quarter of 2014.
The Media & Entertainment sector dominated the US market for the first three months of 2014, with deal volume totaling US$140.6 billion, a 38.3% market share. High Technology placed second, accruing US$50.2 billion for a 13.7% share.Healthcare trailed closely behind, with US$46.1billion and a 12.6% share of the market.
Accumulating US$35.7 billion in transaction value, announced Canadian Involvement activity rose by 20% over thetotals reached in the same period last year. Completed Canadian Involvement however, fell to US$34.04 billion from393 deals, a 26% decrease from completed activity during the first quarter of 2013.
Buoyed by extremely high multiples in several sectors, US targets enjoyed the highest average exit multiples worldwideduring the first quarter of 2014. Average Healthcare multiples rose to 25.2x from 8.8x in the first quarter of 2013.Average High Tech multiples rose to 23.2x from 12.9x, and average Materials multiples rose to 18.2x from the 9.0xaveraged during the same period last year.
Weil Gotshal & Manges
1 22.7
(US$m)
23,148.0
38,219.0Skadden
No. Deals
2 62.980.0
16,564.7
Shearman & Sterling LLP
46,115.5
50,190.0
1 2
3,103.1
29,017.2 5
ShareMkt. Mkt.
(US$m) Rank ShareRank Val
Skadden
Latham & Watkins202
21.1
2
10,717.3 1
White & Case LLP
36,904.7 13 Skadden
5,601.5
3
1*
134
Vinson & Elkins LLP
3
2 3 Willkie Farr & GallagherWhite & Case LLP 73,250.4
4 Willkie Farr & Gallagher
4
44.1
71,077.1
255
3,239.5
Skadden
Jan 1 - Mar 31 2014
251
Paul, Weiss
1
https://www.thomsonone.com
LBOs as a Percentage of US Targeted Announced M&A
Top Ten US Announced Deals
12.4
146 384
2
22.7
50.550.6
1
Greenberg Traurig
3
3
2
52.1
4
3 56.41
4 3 39.655.8 8 8,726.9
3 2Kirkland & Ellis
2
Davis Polk & Wardwell
2
2
9,953.9
3
35,255.0
2,128.0
8,816.31
140,610.7
Fried Frank Harris Shriver & Jacobson
19.6
6,194.0
11.6
28.028.2
15
159
6
No. Deals
21.4 1
178 1 30.2
5,297.3
Rank Val
71,052.9 3
Sullivan & Cromwell
Consumer Products & Services
5,660.21
Rank
Healthcare / Healthcare Equipment & Supplies
Americas M&A Up 30% From Q1 2013 | Media & Entertainment Volume Drives US Activity | Canadian Activity Rises 20%
Americas M&A
Americas Deals Intelligence Jan 1 - Mar 31 2014
1
5
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
24.2 10 Latham & Watkins18,771.3
Target Macro / Mid Industry
62,576.6
4,150.0
Cravath, Swaine & Moore
1/6/2014 Materials / Paper & Forest ProductsUnited States / United States1/16/2014 Pending
AB Acquisition LLC United States / United States3/6/2014
Acquiror / Target Nation Rank Value (US$m)
2/13/2014 PendingRank Date Date Effective Target (% Sought/Acquired) Acquiror
Time Warner Cable Inc (100%) Comcast Corp1/13/2014 United States / United States
Healthcare / PharmaceuticalsPending United States / United States 19,467.7WhatsApp Inc (100%)
2/18/2014 23,286.32/19/2014
15,693.3Pending
Media and Entertainment / CablePending Forest Laboratories Inc (100%) Actavis PLC Ireland-Rep / United States
9,199.4Japan / United States
Safeway Inc (100%)
United States / United StatesPending Time Warner Cable Inc (100%)
Media and Entertainment / CableCharter Communications Inc
70,677.1
Consumer Staples / Food and BeverageHigh Technology / Internet Software & Services
1/1/2014 1/21/2014 Chrysler Group LLC (41.46%)
Facebook Inc
Healthcare / Healthcare Providers & Services (HMOs)Retail / Food & Beverage Retailing
1/13/2014 Pending Beam Inc (100%) Suntory Holdings Ltd
2/20/2014 Pending Emeritus Corp (100%) Brookdale Senior Living Inc United States / United States 5,373.2
NewPage Holdings Inc (100%) Verso Paper Corp United States / United States 4,332.9Fiat North America LLC Industrials / Automobiles & Components
Jan 1 - Mar 31 2014US Target Announced M&A Target Industry by Value
Ortho-Clinical Diagnostics Inc (100%) The Carlyle Group LP
US Announced Advisors by Target Industry
United States / United States 4,350.0Pending
3,201.7 31 Skadden 2,910.0 1* 90.9 1 Weil Gotshal & Manges 2,910.0 1* 90.9 1 Cleary Gottlieb Steen & Hamilton 2,910.0 1* 90.9 1
Hogan Lovells 2,432.3 1* 22.7 1
38.3%
13.7% 12.6%
6.3%
5.1%
5.1%
4.5% 4.3%
3.6% 2.9% 2.7%
0.9% 0.0% Media and Entertainment High Technology Healthcare Energy and Power Consumer Staples Industrials Financials Materials Retail Real Estate Consumer Products and Services Telecommunications Government and Agencies
0%
5%
10%
15%
20%
25%
30%
35%
$0
$100
$200
$300
$400
$500
$600
3Q06
4Q
06
1Q07
2Q
07
3Q07
4Q
07
1Q08
2Q
08
3Q08
4Q
08
1Q09
2Q
09
3Q09
4Q
09
1Q10
2Q
10
3Q10
4Q
10
1Q11
2Q
11
3Q11
4Q
11
1Q12
2Q
12
3Q12
4Q
12
1Q13
2Q
13
3Q13
4Q
13
1Q14
% o
f US
M&A
Ran
k Va
lue
(US
$b)
Non-LBO LBO LBO as % of US M&A
5
73* 0.1▲2.2 ▲ 6 44* 0.3 1▼
Osler Hoskin & Harcourt LLP 25 105 8,314.4 2.324 36 9,749.4 2.7 2-3.8 ▼ -7
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White & Case LLP 16100.0
Industry % Change from Last Quarter
▼0.8
19.1%
▲
▲
25
44.2%
▼
▼
-137*16*-0.815,393.2 154.8
-75* 0.14.9 4.6 ▲ 2 0WilmerHale 22 82* 16,821.1Kim & Chang 23 79 15,791.1
2 ▲
1 ▲46* 0.454* 0.35.5 4.4 ▲ 5
▲ 75.2 5.0
Paul, Weiss 20 15 18,736.2Norton Rose Fulbright 21 49 17,657.5
-2 ▼
2 ▲24* 0.733* 0.55.9 3.7 ▲ 9
▼ 135.8 -0.6
Blake Cassels & Graydon 18 24 21,546.8Sullivan & Cromwell 19 34 19,037.3
2 ▲
3 ▲37* 0.51 3.06.9 -0.6 ▼ 53
▲ 86.7 3.6
Skadden 16 14 32,767.9Kirkland & Ellis 17 13 22,350.5
6 ▲
-1 ▼4 1.628* 0.610.5 9.5 ▲ 11
▲ 2810.2 3.4
Latham & Watkins 14 7 37,214.4Cravath, Swaine & Moore 15 53 33,950.3
▲
-5 ▼3 2.08* 1.222
▼ 3511.5 -3.0913 25 43,687.2 13.5 10.6 ▲
12 - 130,298.3 ▲ 140.4 40.41 ▲
1 ▲100* 0.175* 0.141* 130,498.3 40.4 39.0 ▲ 2
10 31* 130,913.3 ▲ 240.6 38.4-5 ▼
1 ▲75* 0.137* 0.5
0.3
40.7 32.2 ▲ 8▲ 4140.8 36.0
642.8 11.8
1 ▲
-12 ▼2 2.349*
0 --3 ▼
▲ 159 0.5
4 - 150,689.2 ▲
46.346.746.731.3149,384.2
5 162,028.9
414 ▲
4 ▲58* 0.2
▲
14▲ 24
Simpson Thacher & Bartlett 3 30 157,497.2Weil Gotshal & Manges
48.82
# of Deals
# of
RankDeals
Change in
Sh (%)
Market
2646.4 5 1.527.3
▲
322,868.4Industry Total
Hogan Lovells 9 9 131,525.1
▼20*6*50.2 21.4
0.833*16*
▲
6
39 133,373.72 138,277.9
41.3
22 15,560.824 1.4 ▲ 8
8
-4.8
6
-16.9%
1,778
18 131,638.039.7 ▲
367,036.1 100.0
Jones DayDebevoise & Plimpton 7
▼
11
De Brauw Blackstone Westbroek 11
Baker & McKenzie
67
Allens
MacfarlanesFried Frank Harris Shriver & Jacobson
0.5▼
▼
-10
▲Industry % Change from Same Period Last Year 62.7%
Industry Total
Industry % Change from Last Quarter 49.1% ▲
-20.344*
2,164
-9.7
▲
12
6
22*-0.5
▼
62*3-11.1
Debevoise & Plimpton 23 18 9,782.9▲▼ 11 24* 0.5
2.7Dechert 22 40 10,104.9 2.8
Schulte Roth & Zabel LLP 20 52 11,377.6 ▼
Shearman & Sterling LLP 21 13 10,899.3 3.00.1 -30.6 ▲
1.0
Nishimura & Asahi 18 - 15,693.414,126.9 3.9 -16.1
4.3
3.134* ▼Sullivan & Cromwell 19 10
4.3 1 97*▲
8
▼4.3▼0.5
24* -511-7.6 ▼ 11
0.1 10.5
▲
▼
▲
-130.8
24*▲ 17 14*
6.7 73*
Hogan Lovells 17 9
145.9
Cravath, Swaine & Moore 16
24,598.9 6.7Fenwick & West LLP
-15.617,038.222 4.615,896.8
▲10.15.8
▲
114 21,750.72
-Sidley Austin LLP 13 60 24,640.6 ▲16
024 6
0.8
▲
82
Cleary Gottlieb Steen & Hamilton 12 43 25,073.2 6.836,860.4
▼55,147.0 15.010.0 -2.5
5.86.7
14*174.0
Willkie Farr & Gallagher 8 75,671.6
▲Fried Frank Harris Shriver & Jacobson 11 16-5
4014*5
19▲19.8
Latham & Watkins 9 3 57,458.4 15.7 -16.0
1125.4
-9.86 1 90,176.4
36*
9
24*
-4
Wachtell Lipton Rosen & Katz 5 2 93,231.298,138.8
20*
4
2013
Rank US$m Rank
6.0 6.0
139*
0.4
15
0.5
19
Sh (%)
▲ 428
Market
34
# of Deals per Advisor
▼
Jan 1 – Mar 31
Rank Value
7 50
104,793.2
2014
Rank
30.126 110,406.234
Sh (%)
Simpson Thacher & BartlettWhite & Case LLP
▼
58
Legal AdvisorLegal Advisor
139,120.3
8.3
▲
▼
▼
Market
18.1 ▲
11
1510.8
18
13-6.8
10
24.6
2312
28.610
▲
22.2
15
Baker Botts LLP
-7.7
Paul, Weiss20.6
*tie
Arthur Cox
81,464.2
140
14 39
Freshfields Bruckhaus Deringer
15Sullivan & Cromwell
17
115
Dechert
Weil Gotshal & Manges
Davis Polk & Wardwell
Arthur Cox 13
1112
Skadden
Kirkland & Ellis
Cleary Gottlieb Steen & Hamilton
14.4
22
-13.3Weil Gotshal & Manges
Sidley Austin LLPFried Frank Harris Shriver & Jacobson
9 3
38,028.6
▲
13.2
1▲ 4 0.2
1029
-3▼35.9▼
-13▲
2.65871* -234.78
31.6 ▲
132,463.7 28.011 35.6
35.9
▲
0.8▼
▲ 135.2 71*
19*▲ 4
28 8* 1.113
17Hogan Lovells
Fried Frank Harris Shriver & Jacobson
3735.1
▲
▼
26.7▲
▲
Share Ch.
37.9
▼
Rank Value per Advisor (US$m)
▲
US Target Announced (AE2)
0.7
4715*
19-6.8 ▼
30.7
▼
47*7 ▲
11 133,504.1De Brauw Blackstone Westbroek-7 Jones Day
▲
133,449.719
133,891.0
0.340.8 ▲
▼▲ -69 46* ▲
193
40.81936
559*
36.0 33.9▲
29.57
10*0.4
37.96
3311.2
4
140,706.0
▼18 0.8-10
2 14*▲
0.8-3
-1189.6 2.4▼ 0.5
42.2Slaughter & May
67 ▼ ▲
Wachtell Lipton Rosen & Katz 5 2Kirkland & Ellis 4
-5.524.71122.4
103,040.4
-15.1
1 90,439.4
75,671.6
-0.4
55,147.0
25,092.4
18.2 6.760,021.3
-3.2
-9.81.8
Paul, Weiss 7
10 5
Willkie Farr & Gallagher45
Latham & Watkins
▲
28 -1 ▼7 1.21.6 22536
24.2
45.2168,103.635
162,874.3164,943.5
105,951.5
-4 ▼
1.2 15 ▲ Simpson Thacher & Bartlett23*1Wachtell Lipton Rosen & Katz
10
▲
Simpson Thacher & Bartlett
Davis Polk & Wardwell
Davis Polk & Wardwell
4 1.4
White & Case LLP 3
Skadden
3Weil Gotshal & Manges
Sh (%)Sh (%) Share Ch.
5 ▲
29.2
44.41 12 ▲21.2
29.0138
331
23
93,231.2
142,216.6 34.1
25.4 7.8 -515*120,764.6 ▲ 6
0.4
2
156,964.7
Baker & McKenzie5
-11▼▲ 0.7
81,616.2 Debevoise & Plimpton
Allens-10
18.3
-9.0▲
29*
12* 0.7
17,038.2
6
17
▼
36*
13 ▼
24
820
▲
6.0
11
20
▼
▼
3.8
4.1-13.83.8
-2
19
1.540
▼ 0.9
11
1415
15*
Slaughter & May
Skadden
16 19,972.3
24,029.0
Value US$m
1
22,946.7
44 35,292.9
10
44,675.635.1130,298.3 0.0143*
Kim & Chang
▼
▲
Latham & Watkins
▲
Paul, Weiss
# of Deals
▼
Blake Cassels & Graydon
5
-7
Kirkland & Ellis
-67
1.1
12* 0.824*
40*
3
0.4
2.7
▼
3.2%
17
00.6
0.8
11
# of
▲
Deals Legal Advisor
▲
0
Market
1
▲
▲
Rank Sh (%) # of Deals
2014
Rank Deals Rank
Market
22
151,522.0
Market
9.6
▲
43.842.4
Sh (%) Share Ch.
2.5
3.8
▼
18▼ 1819
▲
1
5
0.0 0
19.6
1.3
17
14
0.724*
▼
Change in
▼
▲
-6.75.1 -14.9
5.2
5.49.1
-10.5
1
5
-10
4
22*
7*
Rank Value per Advisor (US$m)
20 7 14,445.3
US$m
21.717.1
▲
▲
21,355.5
▲ 0.125,073.2 8
8*
145.422,337.8
25
Shearman & Sterling LLP 23 14 11,107.3
Fenwick & West LLP
Nishimura & Asahi
6Cravath, Swaine & Moore
163
# of Market
-3
0.9 17
2▼
-1.7
21
19 199* 15,693.4
65 Macfarlanes 12 216*
Market
21025,808.4
1.7
Market
6.2
Rank
Value US$m
Rank Value per Advisor (US$m) # of Deals per Advisor
Change in
# of Deals
2014
Rank
2013
Rank
Rank Value
Legal Advisor
2013
Rank
# of Deals per Advisor
130,913.3
9.5
0
19
▼
9.3
-1
15 0.7
12.0 10 ▲26
▼
▼
▼
-0.233.3
35,572.212
20▼
9
▲ 48* 0.3175*
6 10.133
3
Any US Involvement Announced (AE33) Jan 1 – Mar 31 Any US Involvement Completed (AG34) Jan 1 – Mar 31
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
▲
2.8 -4.3 -121.86
37,535.012* -7
0.5128.2 ▲
42.1 ▲
1 02.86 ▲-11 ▼ Cravath, Swaine & Moore 16 34*
Hogan Lovells 18 9 15,965.0 0.7-6.5 -1.2 ▼ 63
- Sullivan & Cromwell02.5 ▲ 15 0.7
0.25.45.1
0.5▼18,888.2
-▼▲
23*6.2-6
23*-0.411 37*
21 53 12,745.7 3.13.5
21Schulte Roth & Zabel LLP 2 ▲59* 0.31 ▲0.715▼
86
15
23*Osler Hoskin & Harcourt LLP 22 63 11,559.358* 0.2
▼4.8▲17,959.0 4.8 4.5
17,853.6-22.7
2.855* 0.33.8 ▲
-3.9 154.8
102▼45* 0.3 -4 ▼ Freshfields Bruckhaus Deringer 22 -30.7
24 42 10,461.4▼ 15 ▼22* 0.6 2 ▲ 54 17,682.5 7
0.6 ▲
2316,931.1
Norton Rose Fulbright3 ▲4.6 4.4 ▲ 8 51* 0.4 1
14* 0.8WilmerHale 24 113
16,613.7 -7 ▼-7 ▼ ▼ 19White & Case LLP 25 4.5 -0.6Industry Total
2.5 17Baker Botts LLP 25 36 10,445.3 3 75* 0.1
Industry % Change from Same Period Last Year 60.0% ▲
Industry % Change from Last Quarter 33.9% ▲
416,909.1
1.6
▼ 21
0.718
1.0
8.9
26.1
# of
▲
Deals
Wachtell Lipton Rosen & Katz 1
▲0.5
-
1.9 -9
0.5 0Proskauer Rose LLP
1.1
▲
-13.8% ▼
-82
-4.4%
▼
Industry % Change from Same Period Last Year
100.0 -189
-7.7% ▼
-15.9% ▼
-
Industry Total
11.6%
Americas Rankings
▼
371,742.6
166,203.6 8.8
Davis Polk & Wardwell 5▼
Share Ch.
▲
-4
100.0
US Target Completed (AG2)
# of Deals per AdvisorRank Value per Advisor (US$m)
-2.4% ▼
2,742
0.8▲51.5
2,272
Market
Jan 1 – Mar 31
Sh (%)
Rank Market
▲
39.3%
Market Change in
Industry % Change from Last Quarter
2014
Rank
2013
Rank
Industry % Change from Same Period Last Year
-15.6% ▼
6
*tie
-3.0 ▲ 911.1 - - -
26.11,477.5
2 20* 0.5 1
Rank
10.8
Market
▲
0.5
-1 58.0
1 37.9
26.740.0Jones Day 2.3 -5.0
# of Deals per Advisor
2 2 49.02.7
-83
98,138.81
0.3
100.0
Share ChDeals
Industry Total
30* ▼
30* 900.0 2.6 0.5 ▲ ▲
-11 0.3 -1 ▼
9* 900.0 2.6 -35.8 ▼ 122*
Covington & Burling 24*6 1,165.0
- 1,462.11,097.7
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
Weil Gotshal & Manges 24*
-35.4 ▼3.4
Legal Advisor
1.8
1
https://www.thomsonone.com
30*
30* 10
1
0.3
-17.4%
Industry % Change from Last Quarter
Industry % Change from Same Period Last Year
1.1
▼
▲ -22.3%
-12.1% ▼
▲ 1
319,297.45
18.4%
16,821.1
Industry % Change from Same Period Last Year 53.3%
39334,039.5
Industry % Change from Last Quarter
0.8
-26.0% ▼
-21.7%-21.1%
▲
▼
▼
Kirkland & Ellis▼
38*Cleary Gottlieb Steen & Hamilton
▼
29* ▲
00.2
3.1
22* 1,165.08*3
-▲
Davis Polk & Wardwell13.4 -35.9
29*
▼ ▼51.8
30* -10.3▲ 728 1,292.0
1▲ Fasken Martineau DuMoulin LLP
▲
14* 3.8 1.5 321 ▲
▲4.2 4.2 3.9 3.929* Eversheds 17* - 1,342.6▲
-30* 0.31,342.6 ▲ 13.9 3.81Sutherland Asbill & Brennan LLP 17* 5.0▲A&L Goodbody 17* - 1,342.6 0.3 13.9 30*
29*▼1 ▲ 1
1 ▲
▲
Gibson Dunn & Crutcher 17* 60
▲Cravath, Swaine & Moore 17* - 1,342.6 ▲ 30*3.9 3.9 0.3
6 2.34.11.3
▼
1
-4.4 -14.1 -1.6 5 1▼ 13
1
29* 0.2▲16 17▼McCarthy Tetrault 9
▲
-1
4
▼
1 29* 21
0.2 1▲ 2 ▲Shearman & Sterling LLP 14 - 1,457.6 ▲4.34.3 20* 0.5▲Norton Rose Fulbright 13 49 2,039.1 ▲ 7 8* 1.85.7
-3 ▼Skadden 12 14 2,308.8 20* 0.5-4.2 ▼
▲Drew & Napier 10* - 3,044.8 ▲ 1 30* 10.321 29*
-1 8.914*6.8-
3▲
8.91.9
▼
▼
8.9▼
29*-50.7
▼King & Wood Mallesons 10* 63 3,044.8 ▲ -18.9 1 30* 0.3
McCarthy Tetrault7.3
8 14* 1.09.32Cassels Brock & Blackwell LLP 9.0 ▲Deloitte 9 - 3,046.2 20* 0.5 2▲9.0
4 ▲Ashurst 8 - 3,172.1 ▲ 49.30.9 9.6 0 -Herbert Smith Freehills 7 4 3,260.0▼
2 5.1▼ 20-46.4-30.0 ▼ 3 17* 0.8
9* 0.7▲ -1311.9 ▼Blake Cassels & Graydon 6 1 4,047.21 ▲Stikeman Elliott 5 3 4,071.4 ▼ 2112.0 5.3
12 1.5Torys
13.7 -11.6 14 ▼
-13.7 1-3 ▼Borden Ladner Gervais LLP 4 16 13,615.9 40.0 32.0 ▲ 6
8*Gowling Lafleur Henderson LLP 4,893.4 130 10.7 ▲ 20 2 3.4 ▲Davies Ward Phillips & Vineberg LLP 3 47 16,426.4 8* 1.847.8
-3 ▼
-7 ▼ ▲ 748.3▲ 72 53.4 36.03 12▲ Torys
4 3.855.4 -0.4 ▼▼ ▼2 18,858.3Osler Hoskin & Harcourt LLP 1 415 -5
2014
Rank
Osler Hoskin & Harcourt LLP 1 1 6,212.5 17.4 11 -121.9RankShare Ch. Deals
2013
Rank
Market Change in
Jan 1 – Mar 31
DealsLegal Advisor Sh (%) # of Deals
# of Change in 2014
Rank
# of Deals per AdvisorRank Value per Advisor (US$m)
RankUS$m
Market Market
Legal AdvisorShare Ch.Sh (%)
5 7*-13.0
22
▼
▲
Industry Total43*▲
3
-1
0.2
0
0.2
0.3
1
0.2
12
0.2
6.0▼-1
15 1,402.91,395.71 Jones Day
15▼
18*
-2 3.9
▲ 1
▲
Deals
▲
29*
907-7
2.9
0.7543*
7 31*
-163* 0.3
0.6
▲
5
29*
14,759.0
17,682.5 37*
1.816
▼
-6 ▼
-3 ▼
▲
-3
-56
▲
Gibson Dunn & Crutcher 25 19 14,068.0 4.4 0.2
5.046
4.6
5.5
5.05.3 3
▼
7 -5.3
1
Freshfields Bruckhaus DeringerWhite & Case LLP 23
Paul, Weiss 19
24
20
16,080.4
- 17,699.0
11 22,253.6
102
Skadden
13
9.1
152,280.6
16
Blake Cassels & Graydon 18 21,989.4 6.9
20.0% ▲
Linklaters 23*
US$m
4
160,714.3
35,691.5
Kirkland & Ellis 17
▼
0.6
6▼
12 18,736.2
# of Deals per Advisor
Market
▲
▼
-4
0.2
-7
0.2
▼
-39.6
Any Canadian Involvement Completed (AG35)
# of
Rank Value per Advisor (US$m)
3.6
-1
Jan 1 – Mar 31
# of DealsSh (%)Sh (%)
0.9
▼
18,183.1
-11
0.21,489.0
2.3621
▼
# of
1.7
Change in
29* -1
Rank
0.5
# of Deals
1
Sh (%)
# of Deals per Advisor
Jan 1 – Mar 31
4.1
3.1
4.1
▲
1
Rank Value per Advisor (US$m)
3.1 1.4
▼
▼
Market
▲
- Weil Gotshal & Manges
Rank Market Market
Value US$m
▼
▲
▲
-
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
Americas Rankings
▲
▼
4,546.1
US$m
US Target Announced (AE2) - Based on Number of Deals Jan 1 – Mar 31
Slaughter & May
1514
Davis Polk & Wardwell
Simpson Thacher & Bartlett
Baker & McKenzie
Hogan Lovells11*
Jones Day 9
28
5 6
10 29,001.7
11* 29
162
732
150,604.2151,522.0
Freshfields Bruckhaus Deringer
Neal Gerber & Eisenberg
Wachtell Lipton Rosen & Katz 1
Davis Polk & Wardwell
10*
138,246.3
3
6
7.5
6.1
2,183.4
2,183.42,183.4
2014
Rank
20
3.79.2-12.3
7.22,555.4
168,103.6
1,097.7
Sh (%)
MarketRank Value
-1.1%
1,097.7
2,555.4
Industry % Change from Last Quarter
3
Rank Value
Industry % Change from Same Period Last Year
Industry Total
Skadden
5
33
Norton Rose Fulbright
Stikeman Elliott
2013
Rank
5
3
1813.5
7.2
5.0
3,291.9
▲
De Brauw Blackstone WestbroekDebevoise & Plimpton
Macfarlanes
1.5
43.3
19
Kaye, Scholer LLP
63*
21
▲
▼
▼
-1
5
47.5
4
5
Market
0.2
29*
29*
1.2
-10
-8
0.5
12
▼
9*▼
7*
1
0.2
4
Kim & Chang-1.0
18
1.0
75.9
▼
▲
-1.3
5.5
WilmerHale 22
14-2
Norton Rose Fulbright 21
-0.7
4.3
▼
▼
2.5
5.5
1
588
26
10
-2
1.26
0
-1
11*
6
0.8
2.71*
31*
▲
-18
5
0
3 0.3
-215*
13.715.6
Any Canadian Involvement Announced (AE34)
1,800.0
12*
-
-
4,822.8
7
2
4
5,578.8
3,053.2
Bennett Jones
2
2,183.4
2,662.5
4,873.4
Burnet Duckworth & Palmer
2,594.6
6
9
Davies Ward Phillips & Vineberg LLP 7
74*
1,820.1
1,500.0-
34*
38*
1,800.0
-
Weil Gotshal & Manges47.7
2
23*
13.6
Legal Advisor
10*
Mayer Brown LLP
Sullivan & Cromwell
Paul, Weiss
5.0
4.2
1,800.0Vinson & Elkins LLP 17* 69*
85.1
5.0
5.0
41*
2013
Rank
40.8
41.7
47.2
23*
▼ 58
▼ 7
▲
▼
6.1 5.8 ▲
7.21
21
48.6
6
41.8 40.3
-19.0
Market
-19.5
3.9
▲
6.1
▲
2.5
-10.83.2
▲
4.9
▲
6.1
Davis, Graham & Stubbs 17*
- 6.1
White & Case LLP
12*12*
Gilbert + Tobin
▲
▲
2.0
1
15
-15.6%
9*
37*
▼
0.7
1.2
2.9
133,504.13
13
0.463*
7
50.3
132,351.1
52.733.5
1*47.5
4
▲
▲
▲
41.5 ▲
13*10 39 132,335.715
▲
40.8
26
51*
106*
39.436.9
15*
45.2
11
Fried Frank Harris Shriver & Jacobson 13 ▲
40.8 38.410.2
▲130,298.3Allens
10.1
39.8
37 34,904.1 1.123 42,742.7
8
▲
41.5
10.9 9.2 ▲
18
21
12
10
▲
13.4 ▲
76* 0.2 ▼
-14▲419*
1.5 6
1.30.1
Latham & WatkinsCravath, Swaine & Moore
- 130,298.3
8
16
133,203.741*
32,129.8 ▲1.2 23
19*
▲
8
24
▲
2.5 Fried Frank Harris Shriver & Jacobson▼
100.0
4*
7.0
Share Ch.
3.1
▲
Any US Public Involvement Completed
King & Wood Mallesons 12* 31
100.0
6.8
▲
▲
1.4
10.231.3
-8.7%
11
14
0.2 ▼
▲
Market
Rank Value per Advisor (US$m)
2014
Rank
2013
Rank Sh (%)
Change in Rank Value
Sh (%)
▼1.9 -9.0 ▼ 57,458.4- - -▼ -
Skadden 4 5 34.09 15.7Latham & Watkins 3 3
40* 24.0-
40.0▲1.6 5.0 ▲ 139,120.3
-16
5.8- -1.3 14.0 ▲
13 6.71.1 5.0 ▲
-Cooley LLP 5 24* 27.0Sidley Austin LLP 6
24* 23.0-
▲1.1 16.0 ▲ 24,640.6- --Bryan Cave LLP 7* 15 23.0
2 30.12,008.1
Simpson Thacher & Bartlett 7* 18.1 ▲1.1 10.0 ▲ 110,406.2- -1.0 -13.0 ▼ 909.7
Morgan Lewis & Bockius 9* 7* 22.0- -DLA Piper LLP 9* 4 22.0- - - -1.0 0.0 - 5,547.5
-9.8 ▼1.0 0.0 - 90,176.4Vinson & Elkins LLP 12* 13* 18.0
6 24.6Davis Polk & Wardwell 11 10 21.028 1.6 -7.1 ▼0.8 -1.0 ▼ 5,813.0
19.8 ▲0.8 5.0 ▲ 81,464.2Fenwick & West LLP 14* 21* 17.0
7 22.2Paul, Weiss 12* 24* 18.015 5.9 26.1 ▲0.8 3.0 ▲ 21,750.7
-0.8 2.0 ▲ 36,860.4 11 10.014* 20 17.015.0 26.1
-14* 7* 17.0 ▲0.8 -5.0 ▼ 55,147.0 10
- -0.7 5.0 ▲ 1,356.0White & Case LLP 18 21* 15.0
- -King & Spalding 17 28* 16.08.9 ▲0.7 1.0 ▲ 104,793.2 3 28.6
-11.4 ▼0.7 -3.0 ▼ 7,813.6Bracewell & Giuliani 20* 31* 13.0
26 2.1Ropes & Gray 19 16* 14.0
20*-3 ▼0.6 3.0 ▲ 1,367.2 53 0.4
12.0Shearman & Sterling LLP-6.8 ▼0.6 -10.0 ▼ 93,231.2 5 25.4
- -
6 13.0▼0.6 1.0 ▲ 10,899.3 21
12.0Winston & Strawn 24* 40* 11.0
-0.6 -5.0 ▼ 888.1
Industry % Change from Same Period Last Year 62.7% ▲
-11.1
367,036.1+67
Akin, Gump, Strauss, Hauer & Feld
▲Industry % Change from Last Quarter -13.8% ▼ 49.1%
# of
3.2% ▲
# of Deals
Wachtell Lipton Rosen & Katz
-
Industry Total 2,164
3.022* 28*
22 2.8Dechert 24* 31* 11.0
22* 16*
-0.5 ▼0.5 1.0 ▲ 10,104.9
7
*tie
EMEA Involvement Announced Advisors by Target Industry Jan 1 - Mar 31 2014
1
Freshfields Bruckhaus Deringer
De Pardieu Brocas Maffei
8,039.4
3
Hannes Snellman
34,597.7
27,181.7 7,730.5
Announced M&A activity with EMEA involvement totaled US$271.8 billion in the first quarter 2014, up 53.1%compared to the US$177.6 billion reached for the same period last year. Net competing bids for SFR, EMEAmergers are up by 33% compared to the same period last year.
Telecommunications was the highest valued sector of this first quarter 2014, with 44 deals grossing a combinedUS$52.6 billion. Industrials accrued US$31.6 billion, and Healthcare totaled US$30.6 billion worth of activity.
Additionally financial sponsors were more active this year compared to 2012 and 2013. EMEA-targeted buysidefinancial sponsor activity reached US$41.4 billion only in the first quarter, up from US$25.1 billion reported lastyear and the highest first quarter total since 2008. The largest deal in this category was the US$3.1 billion offerfor Danish electronic payments provider Nets Holdings in March.
Acquirors listed on the Euronext Paris stock exchange were EMEA's most acquisitive companies this year, witha combined total of US$50.1 billion in offers. The largest deals are the competing bids for SFR worth US$18.1billion and US$16.3 billion.
Davis Polk & Wardwell2
11,154.8
7,156.1 Linklaters1
113,594.6
19.5
2
36,193.4
1*
13,511.6 37.3
28.5
3
2 2 16.9
2 3
28.4
Liberty Global PLC United Kingdom / Netherlands
Top Ten EMEA Involvement Announced DealsAcquiror / Target Nation Target Macro / Mid Industry
2/18/2014 Forest Laboratories Inc (100%)
236
23,286.3
Real Estate 32,008.1
EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)
14,433.2
1,616.6 Financials
Primary Stock Exch. Listing of Most Acquisitive EMEA Companies - Top 10 (US$ bil)
24.9
3,679.7 2 14.9
1Osler Hoskin & Harcourt LLPCastren & Snellman 4,579.2
Telecommunications / Telecommunications Services
3
Media and Entertainment / CableTelecommunications / Telecommunications Services
2 376
22.2
6.5
17.9
16.9
Bouygues Telecom SA France / France
Vodafone Holdings Europe SLUGrupo Corporativo ONO SA (100%)
Belgium / South KoreaFinland / Finland
SFR (100%)3/6/2014 Pending
SFR
L'Oreal SA
Financials / Banks
https://www.thomsonone.com
OP-Pohjola Group Central Coop
Consumer Products and Services / Other Consumer ProductsEnergy and Power / Oil & Gas
8,235.3
Consumer Staples / Food and Beverage5,800.03/16/2014
Numericable Group SA
L1 Energy
9,161.6
United Kingdom / GermanyL'Oreal SA France / France
7,099.1Anheuser-Busch Inbev
4,579.2
Volkswagen AG
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
2/21/2014
RWE Dea AG (100%)
3/17/2014
Pending3/11/20141/27/2014
Spain / Spain 10,025.1
Actavis PLC
Ziggo NV (71.6%)PendingPending
Scania AB (37.4%)
Pending
Pending
Pending
EMEA Deals Intelligence
Ireland-Rep / United States Healthcare / Pharmaceuticals
2/6/2014
2/11/2014 Intended
Pohjola Pankki Oyj (62.8%)
5
Share
184
4
2
Rank
1
Rank Val US$m
57,097.5 1* 28.5
65 No. Deals
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
EMEA M&A
Clifford Chance
Hengeler Mueller
Franklin Firm LLP 16,287.8
Sullivan & Cromwell
Mkt.
1
EMEA Announced M&A Increases 33% | Telecommunications Highest Valued Sector | Financial Sponsor Activity Rises
Noerr LLP
Energy and Power 32,290.8
Mayer Brown LLP
Telecommunications
16,287.8 3
534 37.6
2
23,980.2
Industrials
Rank Value (US$m)Acquiror
10,854.2France / France 16,287.8
Rank Date Date Effective Target (% Sought/Acquired)
1/20/2014
Pending
Oriental Brewery Co Ltd (100%)Pending
Industrials / Automobiles & ComponentsGermany / Sweden
Jan 1 – Mar 31 2014
Telecommunications / Telecommunications Services
$26.7
$25.6
$16.1
$13.6
$11.7
$7.1 $4.6
$1.8 $1.4 $1.2 Frankfurt
London
Nasdaq
Euronext Brussels
OMX Stockholm
Swiss Stock Exchange
OMX Copenhagen
Zurich
$33.4
$76.4 $73.9
$27.1 $4.0 $15.5 $21.9 $18.5 $25.1
$44.8
$61.2
$45.5 $86.9
$44.4
$9.1 $16.3
$37.9 $20.1
$34.1
$37.1
$60.3
$54.2
$27.8
$14.6
$37.1
$23.1
$18.8
$21.9
$46.0
$90.9 $56.2
$24.9
$18.7
$25.1 $21.6
$24.0
$35.8
17.6%
19.7% 16.3%
10.2%
7.5%
13.1% 13.9%
9.6%
18.2%
22.5%
0%
5%
10%
15%
20%
25%
$0
$50
$100
$150
$200
$250
$300
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
% o
f EM
EA
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of YTD EMEA M&A
8
*tie
Allen & Overy25
https://www.thomsonone.com
4,084.5 ▼-10▼
5*
4,713.8
100.0169,113.7Industry Total
189.1%
100.0
-19.4%
-13.6% ▼
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
746
▲
-179
3
▼
0.90.5
1.8-6
72,786.9
▲ Lee & Ko 22*Covington & Burling
-11
▲
▲
A&L Goodbody
22*
Cravath, Swaine & Moore
9*
Jones Day ▲
Herbert Smith Freehills 19 1 2,441.9▲
▼
119* ▲
▼
Blake Cassels & Graydon
3
▲
Simpson Thacher & Bartlett-2.8 ▼
3.73.4 -19.8 4
20
2.6 ▲
2
3.8
▼
-249-8Clifford Chance 1.2
1.410*
8▲
1.9 7-3.2 ▼
2.4 0.62.1 2.1 ▲
2
4,325.0▲
0.1 901
4 ▲0.3
-02.5▲
2.7
▲ 1 66*2.6 0.2
0.212 35*▲
66*
2-1
▼
2
-12 0.3 1 ▲
2
-41.4-2
1
-55 18*0.335*
35*20*2.2 2.70.5
2.6
0.4 5028*
4,325.04,636.5
▼
▼419▲
2.82.820 2.3 0.3
0.52.720
615 2.9
20*
54*1
-13.017
2,131.5 2.92.9
618
0.126 2,675.446 1
1.0 ▲
4-0.2 ▼
▼
1.035*2
0.9-25.2
-1.6
5 ▲
-10.39
▼
2
-▼ -
0▼
1.7 3.5151740 2,777.5
3.94.5
3.8
3,271.2 ▲ -0.336* 0Latham & Watkins 15 2,804.0Noerr LLP 14
3.5 ▲ ▲
00.3213 Fried Frank Harris Shriver & Jacobson
3.36,017.9
3.9▼▼ 9 4
-10-91.5
3 ▼2.2
9.8Hengeler Mueller 12Hogan Lovells 13 23 4,254.7
119* 7,099.110▼ 6.7-7 11,265.42.8 ▲ 7
▲ 19.8 54*5.9
-3 ▼ 10*Allens0.1
12* 0.9 Freshfields Bruckhaus DeringerWachtell Lipton Rosen & Katz 130,298.3
1 66*10*1.1
-0 6016
3
00.20.266*
73.4 1 -266*77.0
-
▼77.177.1 ▲
76.8
▲ 0.2▼13.3
54*
2.2
14.9▲
214.0 13.4 ▲ 36*228*
▲ 8 110.3 1 -1103▲
77.1130,352.2
▼
0.1 0 -2.6 1 ▲
114.9 ▲
14.8 13.0▲
19 21
▲ 9
Linklaters
6* - ▲77.4 1.48 5*0.1 51NautaDutilh14.9 13.1 ▲
14.9 14.9
15.9 ▲
0.7De Brauw Blackstone Westbroek 2
15.8
130,836.6▲
▲1 77.5 77.5 ▲
Hogan Lovells 7
4.1 ▲ 3*▼ 1
Weil Gotshal & Manges-12135*-1
8
▲ 1 1
1454* 0.154*
▼0.520*3Jones Day8* -7
1.9-1
55.4
1.2
5▼ 131,903.9135*4
▼▲ 21132,119.7
78.078.1Simpson Thacher & Bartlett
9▲ 4
132,312.3-914.8 ▼
3.9 ▲78.2 75.8 ▲ 17 2.9Slaughter & May
80.6 80.6 ▲ 4▼
133,098.6Davis Polk & Wardwell
12 78.7 ▼
4▲ 6
▲
2-
13*72.40.7
12,812.7 17.6 1.28*▲ 9
Sh ($)
28.8 ▲ 14Deals
136,311.93* 11.9 -5Legal Advisor
Change in
Sh ($) Value US$m# of Deals
2013
Rank
Market
40.0%
# of
Share Ch.Sh ($) Rank
Market Market Rank 2014
Rank
Jan 1 - Mar 31
# of Deals per Advisor # of Deals per Advisor
-18.4%
Jan 1 - Mar 31
-14.3%▲ ▼▼
23.4%
263,615.4 -586
▲
Industry % Change from Last Quarter
Industry % Change from Same Period Last Year
Industry Total
▼
▲
325 6267,002.5
122 7,812.1 ▲2.83.0
2,562
▼
-20.6%
100.0
28-6.7▲
745*
-664
▼-271.10.2
Cleary Gottlieb Steen & Hamilton ▼3.0 -27.0 ▼ 7 -338* 0.3
-14.2 ▼
8,067.5
10
225* 0.3 -1 ▼ 238,538.9Latham & Watkins 3.2 1.6 ▲ 25 ▲8* 1.0 12▼
Shearman & Sterling LLP 6 -3.69,472.5 0-3-1
▲20Blake Cassels & Graydon
30
▲
28* 0.4
7216*53* 19
10.2
23Hengeler Mueller▼
0.4▼
53.74.0 -438*
-5 ▼9,769.27
56* 0.23.410,679.7
7▲
0.5 5 ▲ 12,248.318 4.6 -12.6 ▼
▲4.7▼
720* 0.4▲ 11▼1.0
173*30 1.2 ▼
0.7-196
9.4 -30.2 -19▼
▼
8* -2
1.1
254.5
-17.7 129
-2
▲
▼
-4 ▼
20.1
29,768.2
15,688.4
-4.1130,352.2
▲8.2 13
▼
0.1-13▼ 1.230 3*
3▲ 88*2 111*
▼
47.0
21,943.85.9 1.3 ▲
48.8
25,117.2
48.811.2
5
1018
De Brauw Blackstone WestbroekJones Day
127
Debevoise & Plimpton
6Slaughter & May
1
13.3
22
Davis Polk & Wardwell▲
-17
0.3 -40.4
▲
▼
140,607.1
Market
Baker & McKenzieSimpson Thacher & Bartlett
1.0 20
32
# of
▼ 156,203.3# of Deals
Change in
Any European Involvement Completed (AG40)
1.0
46.052.7
3
Change in
# of Deals per AdvisorRank Value per Advisor (US$m)
Sh ($) Share Ch.
▲
Market
7# of DealsDeals
29
Market
Jan 1 - Mar 31
Rank
2013
Rank Value US$mSh ($)
EMEA Rankings
Jan 1 - Mar 31
Legal Advisor Share Ch.
Rank Value
# of Deals per Advisor
2014
Rank Sh ($)
Rank Value per Advisor (US$m)
▲
▲
56.752.3
58.5Legal Advisor
1
37.651.651.4
12
Rank
Simpson Thacher & Bartlett
Market
Deals
Market # of
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
Market Rank
50,928.5 19.3US$m
Freshfields Bruckhaus Deringer
Any European Involvement Announced (AE39)
2013
Rank
Slaughter & May
0.3
93426
3.9 ▲
50.0
9013
▼
4-3
26
▲
49.3
47.718 137,038.4
Sh ($)
20*11
Weil Gotshal & Manges
133,053.3
4
49.449.4131,931.4
137,678.9137,162.8
2014
Rank
271*
92510
▲
Wachtell Lipton Rosen & Katz
19133,537.7
1211
16
AllensMacfarlanes
Hogan Lovells
Fried Frank Harris Shriver & Jacobson▼
▲
Linklaters
White & Case LLP
9
17 104
1514
Skadden
-
▼
Clifford Chance
▼
Freshfields Bruckhaus Deringer
22
▼
24 2614
Industry % Change from Same Period Last Year
▲
8,035.5Linklaters
Kirkland & Ellis
92*16
▲
4.8
5,512.1
36.8%
3,228.6
Bredin Prat 21
14
4,905.417
3.6
Shearman & Sterling LLP
4,668.6
2.6
0.81.1
▼0.10.2
0.0 ▲
-17
113* 1
-270.3
11.2
-529*
-10.1
6
20*
33
▼
0.420*11
25*
6-2
▲15.9 8.7
4.1
2
12.512.9
13.7▲
11
10
2.9
▼
▲
5.2 ▲
▲9.3
9.8
-1.9
27
-1.9 ▼
4
▼
▲
▲3.7
42*5 68*7
▲
9.7 ▲
7.8
▲
9.59.3
16.26
-4.8
-8.67.3 96.3
0.20.2
0.27
13
0.2
85
75
11,481.5
109
4.1
124
10 61*36
445
31*
6*
89
Stibbe 10,854.2
5 9,687.2
Loyens & Loeff
72.3%
25
6473*
2Allen & Overy
9
5
36,068.3
Linklaters
Latham & WatkinsFried Frank Harris Shriver & Jacobson 25,854.1
35,058.7
Sullivan & Cromwell
5
17
20
DLA Piper LLP
1011
18
Mayer Brown LLPAllen & OveryFranklin Firm LLP
2 9
312
14
6
3 6794
137
41,779.2
▲
24.5% ▲
▼
19,130.8
89
34,049.0 51.3
13
18
Industry % Change from Last Quarter
▲
36*
Baker & McKenzie
5
54*36*
▲
Macfarlanes
Allen & Overy
67
13
131,131.1
7,990.6
12,509.4
▲
Skadden
21
▲
▲
1
Any UK Involvement Completed (AG41)
24Morrison & Foerster 2.9
Rank Value per Advisor (US$m)
0.1
53*
-353* 0.2
-12
-2
82*1.1
3
3517
42*
12
6
113*
4
42*
6
▲
2*160*
10
-15.6%
3,171
▲
▼
38▼
▲
7.3
6.2-15,419.6 -0.3
13,047.6
▼
19,342.166
-1.80.9
13
5.6
11,923.463
16,287.815
19
16,354.3 6.2
10,894.915
14,801.05.0
5.9
2411,854.2
1.5
▲4.0
Wachtell Lipton Rosen & Katz
5.6
14
▲
7.5
-Roschier
Weil Gotshal & Manges
Clifford Chance
825,093.8
4.5
16.5
Arthur Cox 7
4.14.5
10,406.94.1
10,854.2
16.111,745.1
US$m
37,357.8 51.3
3.1
2.1%
1,524.924
10,854.2
-4.02.11.7
1,504.1
1,607.9 2.2
10,776.2
Garrigues
23
2
Garrigues
22
9
Lee & Ko
Sullivan & Cromwell 21
16
Weil Gotshal & Manges
6*
Cleary Gottlieb Steen & Hamilton
DLA Piper LLP
Industry % Change from Last Quarter
Davis Polk & WardwellSidley Austin LLP
Industry % Change from Same Period Last Year
2014
Rank
10,186.5
2,760.8
1,624.822
3
8
-
2517
31
Rank Value per Advisor (US$m)
100.0
23
21
10,071.7 3.8
10,676.4NautaDutilh
Kim & Chang
Freshfields Bruckhaus Deringer
1.229
Legal Advisor
▲57.1%
Industry % Change from Last Quarter
Mannheimer Swartling AdvokatbyraStibbe 13
24
10,854.2
Rank Value
2.2
4.0
2.0
▲
Industry Total
3
2013
Rank
95
Any UK Involvement Announced (AE40)
11,990.1Clifford Chance
Industry TotalNorton Rose Fulbright
Bredin Prat
Industry % Change from Same Period Last Year
12*4
Davis Polk & Wardwell
Loyens & Loeff
8,054.3
16
8.15
419,774.7 ▲
8-21
▲
0.7
44256* 24,598.91811
21,429.9 36*0.1
0.3
▼
4
111*
1
8▲
2
▲
49.8▲
▼
▼
▲
-2
▼
-1-3
▼
▼
8
▼
6 ▲
-9
0.40.5
15 0.50.9
-90.3
-171016*
1335*
0.1
38*
88*
24
42 1.60.3
8
10*
130,578.9
130,298.3
77.2
1
5,602.7
Change in
▼
Market
▼
6
# of
3▼-10
1.3
11
46.249.2
41.6
Market
0.948.8
Market
▲
▲
▲
131,610.949.1
47.1131,198.3
11
314
18
▲ 7
22131,868.8
Slaughter & May
1,229.0 20*
Debevoise & Plimpton11
7White & Case LLP
18*135*
77.1
3.3
130,298.3
-3
0.7
▼-29.7%
1.0
13*
4-4
23*0.5
Rank
-3
1.0
Deals Sh ($)
5
23*
13*62
▼
# of Deals
▼
590
13*6
35*
1
-16.3%
▼
-57.8
4
▲
▲
-10.6▼
▲
76.9
▲77.1
Share Ch.
0.3
13
78.1 ▲
73.7
1.0
23*
1
9
*tie
▼ 6 7* 1.2 -1 ▼Allen & Overy 25* 7 198.6 1.2 -12.3▲ 1 55* 0.2 0 -
28* 0.4 2 ▲
Blake Cassels & Graydon 25* 114* 371.9 0.5 0.5McCarthy Tetrault 25* - 371.9 0.5 0.5 ▲ 2
Covington & Burling 22 4*
Jan 1 - Mar 31
20* -4
3*
112
2
▲
1
▲
▲
▲
Legal Advisor
Change in Market
# of Deals
Rank Value2013
Rank
Market Market
Sh ($)
# of Deals per Advisor
EMEA Rankings
Jan 1 - Mar 31
0.8▲
25*
0.8
34*Sh ($)
0.250*
17,128.8Legal Advisor
24.811*
1
5
Sh ($)
# of Deals per Advisor
0.250* ▲
▲
50*
▲
1
1.27*
0.2
1
6
0.47* 1.2
11*
0
1.8
50*
25*
0
-1
-
0.2
▼
▼
▲1
-0
▲
-
▼
▲1
Mayer Brown LLP 1 ▲
-5323.3 11*
Change in
0.5
Market2014
Rank US$m
-# of Deals
0Sh ($)
0.8▼ 25.42Linklaters1Bredin Prat
# of
4
Market
Value US$m
41.4RankDeals
6,729.9Share Ch.
▲
Share Ch.
# of
Deals Rank
▲
7.929.6▲
▲
12.63
28.64,636.55*Freshfields Bruckhaus Deringer4,806.5Franklin Firm LLP
1.323.62
Bredin Prat10.2- 55*1
4 2.9
23.6 ▲
116,287.8
14.6 -40.0 ▼10,071.7De Pardieu Brocas Maffei
1▲2,018.5 8
772.7
358 Shearman & Sterling LLP6 0 3*-1.1 28.64,636.5
Paul Hastings-00.250*1▲28.6
10.7114*5 11*4▲2.61,781.5 2.6 ▲ 28.64,636.5-3* 28.6A&L Goodbody20 ▲Blake Cassels & Graydon▼-50.7▼ 11*4
Orrick Herrington & Sutcliffe LLP6Clifford Chance
57
1,563.100.5▲
2.3 -1.420*3
26.628.64,636.525*3*
0.520*8 1.51,035.2114*7 2.12.11,439.4
Herbert Smith Freehills68▼-1.5
324*
0Latham & Watkins
▲ 18.99
19.619.61.3
BDGS Associes-Stikeman Elliott 18.9
--00.425*2▲
▲0.4 2
Skadden 0.7881.7
- 1018211.41.3
54106 White & Case LLP
0.4 0▲ 215.62,533.1 12.4▲
15.115.12,454.0Herbert Smith Freehills-9
Heuking Kuehn Lueer Wojtek▼-20.250*128*736.1 104101.1 ▲
-▲1.1- ▲1.114.18
De Pardieu Brocas Maffei 6719.7
▲1.0▲
▲1.00.255*BDGS Associes
11 1.1732.0 55*Slaughter & May
12719.7
-
0.2 1 Cleary Gottlieb Steen & Hamilton▲
12*1
0.4 228*12* ▲1.0
▲
161312
13.32,152.313.313.42,177.4
DLA Piper LLP
9▲9.2Latham & Watkins
-54
1660.6 114 -50.811*- Mayer Brown LLP6* ▼ 18
0.4 Houthoff BurumaCravath, Swaine & Moore ▲5.79.11,483.200.255*
115* - 6.914
▲
645.4 ▲0.9▲
55*115 6.928*52 ▼2 1,119.11.0656.1 0.6
Shook Lin & Bok LLP▼-10.250*1d'Urso Gatti e Associati ▲5.4-16 6.91,119.110.2 27*15*▲0.9 Debevoise & Plimpton
10.2 6.91,119.1121*15*Stibbe▲17 55*1▲0.90.9644.555*Ropes & Gray
-00.250*1▲6.9-- ▲ 1 1,119.1
-18 10.20.9608.9 6.9 1▲ 15*Hamelink & Van den Tooren NV 6.9-
▼ 2Mijares Angoitia Cortes y Fuentes SC0.7 05▼-2.1 -1.6
Cooley LLP - 0.6 ▲0.6
▲10.250*6.9
55*20* -1
6.9▲1▼
20*-13.4 0.4
Gide Loyrette Nouel 19Shearman & Sterling LLP 5
498.5400.0
2328*
DLA Piper LLP▲
0.20.2
96.9 1
50*0.2
▲
6.9 ▲
Greenberg Traurig1
6.9 ▲ 50*15* 6.9
-1.3▲3.8
659.6▲
12611.4
22 4.1 ▼11*Ropes & Gray 1,119.115*1
2 Davies Ward Phillips & Vineberg LLP1
-▲16 400.0
Uria Menendez20*23 44 399.3
11▼-4.10.615 382.7 2.02*230.520*
Weil Gotshal & Manges 24-3 ▼
1▲0.5371.925* 98 0.5 ▼-10.2
100.0
1.2Sayenko Kharenko LLC 25*
▼
▼-24.9%Industry % Change from Same Period Last Year
-13560
-2.3%
12*
2.07 2*
6.6113
43.63.1
# of Deals
16,240.4
Market
-8.6%
Change in
Any Spanish Involvement Completed (AG43)
▼ ▼
Market
6
6
Sh ($) RankDeals
# of Market
Share Ch.Sh ($)
Jan 1 - Mar 31
# of Deals per Advisor Rank Value per Advisor (US$m)
-6.0%
-0.8%
Jan 1 - Mar 31
▼
-49.0%Industry % Change from Last Quarter
# of Deals
Rank
Value US$m
2013
Rank
2014
RankLegal Advisor
-2
2014
Rank
Market
US$m Sh ($)
MarketRank Value # of
Deals
10,676.4- 46.7 6▲0
Clifford Chance▼ 2 5,073.528 ▲43.47
▲24.53*Freshfields Bruckhaus Deringer
34.446.76,888.7
17 ▲33.71.112*4,992.2-2 33.9 ▲-3 2
8▲2
033.9Skadden▼
▲54.53*59.2 10.512*▲ 1
3 15.5Proskauer Rose LLP 1.1 ▲12* 2Baker & McKenzie
2▲14.85 -1.5 - 12*4
-2 ▲ 6*
82,931.7 19.914.8
▲
2,175.01▲
▲
14.714.7 ▲10.617*Stikeman Elliott-0.410 11.11,875.3▲6.3▼
14.76.3
1,060.1 0 Walkers-▼
0.56.3 1
▲1
▲10.617*-00.617*
14.714.76.614.7
1▲12* 1 ▲
Cleary Gottlieb Steen & HamiltonConyers Dill & Pearman0.5
12* 0.51▲6.36.3
2.4
3.8 1▲
▲2.4 1▲397.1 1 6* 2,169.08.41
0.5 Blake Cassels & Graydon 0.617*14.7- 14.7 11 11
▲1▲12*Uria Menendez0.5 ▲3-0.8
-53.6- ▲0.7 12* 13.5▲1117.0 0.7
106.413
12*0.60.6
7 2*
-01.79*
-00.617*01.1
113.0 ▼-11.80.7 24-7*▼
Osborne Clarke▼
12*8.1 ▲144.811.4
321.5 - Allen & Overy
10.5▲
14Linklaters12* 9*
-4.2
0
15Jones Day 643.73 4.4
1,675.01,554.8
▲1▲
0.6 10.6 0.5 1
12*▲
0.423*▲0.6
102.2
3.60.5
526.32▼
▲22.387▼
▼
▼-63.95*10* -4.2Garrigues1 8161.0 ▲
▼
21
1.00.5
▲ 10* ▲10.617*1▲ 17* ▲402.6 10.6
3.41
500.02.7
▲3.4
295.6
17
Deloitte12* 0.5
Dechert▲
▼
112*
9*
4* ▼
-116
0.53.1
-4
0.6
0.9-0▲
▲
1.1▲11.73
▲112*17*1.5
1.2▲ 1
2
▼
196-6
▲
▲
-5
▲
227.9 1.621*20-1112*
2.0
▼
DLA Piper LLP1.5
▼
-6
▲
14,745.8 178
4
2.7
▲1▼
Industry Total
-
0.8
▼
214.8
-31.4%
▼
https://www.thomsonone.com
100.0
117.0
-2.7%
Industry % Change from Last Quarter 21.7% -14.0%
- 70.8 0.5 1-
21Norton Rose Fulbright
18
12*
Industry % Change from Same Period Last Year
-
2,169.0
3,187.2
2,169.0
1
11
7
6*6*
63
2013
Rank
2014
Rank
5*
6*
Rank Value per Advisor (US$m)
15▼
6
4* 1▲
1▲
89
491
▲
-
14.7
0.2
1,119.1
Rank
17*
2,291.9
Any French Involvement Completed (AG42)
50*3.820*
13
1,990.2
-
1
68.4
330.0
2
Industry Total
Sidley Austin LLP
15*
121*
-
1619
Market
7*4*
55*
Rank
-2
1.0 -8.6
Rank Value per Advisor (US$m)
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
0.7
3,065.4
1
-30.6Willkie Farr & Gallagher
59.763.1
24Jones Day▼
Industry % Change from Last Quarter
Stikeman Elliott
Industry Total 68,958.3
14
2013
Rank
2
90.7%
10,927.5111
3
▲
▲
Any Spanish Involvement Announced (AE42)
Clifford Chance21
61.9
▲
▲
Freshfields Bruckhaus Deringer
Herbert Smith Freehills 7*
Uria Menendez59.2-
1,060.1
Weil Gotshal & Manges 5
-6.50.1
Jones DayPaul, Weiss
Baker & McKenzie
7*
-0.4
--0.2
9
-4.8
22
-0.30.1
Morrison & FoersterGomez Acebo & Pombo
21.96.4
13 6.0
192021
-
Kirkland & Ellis1314*
1211Covington & Burling10
Cuatrecasas Goncalves Pereira
30*17
Ashurst 7*
Bredin PratAllens
6
Legal Advisor
Industry % Change from Same Period Last Year
0.4
▲
0.00.0
Rank Value per Advisor (US$m)
0.0
▼-26.1%
Change in
Market
Sh ($)
1,119.1
11.4 11.2
16,930.7
-22.8%
17.5% -3.0% ▼
16
Garrigues
4 60.6DLA Piper LLP
64.5
400.04
0.6
▼-4.0
Any French Involvement Announced (AE41)
0.6 3
0.9
0.6
1.0
-0.1
100.0
Industry % Change from Last Quarter
14*
100.0
59.8
1
2,169.02,169.0
-
1,675.0
2.0
▲
-
2.0
53.6
▲290.8%
198.6
Industry Total
Industry % Change from Same Period Last Year ▲
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
# of Deals per Advisor
0.6
1
2▲
▲
-46
1 50* 0.2 111*4
0.6
▼
4
0.8
4
1.2 ▲
-7.3 ▼
10▲0.5
PwC Legal LLPPerez LlorcaMarimon Abogados SLP
1718
63.0 0.450.9
30*12
10,482.9
-
10,253.0
102.2-
1,060.1-
24.3
10,025.1
Share Ch.
3
17* 0 -▼ 2 5.6 -1 ▼
17*Cuatrecasas Goncalves Pereira 23 1 113.0 0.8 -38.4Hogan Lovells 24 0.6 1 ▲
PwC Legal LLP 25 21* 63.0 0.4 0.0 9* 1.7 1 ▲
10
*tie
▲ 3 18* 0.7 3 ▲Drew & Napier 25* - 494.7 1.5 1.5▲ 9 5* 2.0 6 ▲Ashurst 25* 50 494.7 1.5 1.5
0.91
-8.6
▲
2
6.8
▼
6.8
5 04.21* -
0.9
15*2
0.3
# of Deals per Advisor
39*
1011*
# of
-20.7
6.5
6
Jan 1 - Mar 31
EMEA Rankings
20.3
▲10.8
21.4
18*
7*
18*
2.1
1
▲
28.6
-3-2
▲10.9▲
11.70
1-
2.5
2,570.0 10.8
Clifford Chance23.2
▲
Nagashima Ohno & Tsunematsu
▲
8.6
18.8
16.716.7
Sh ($)
-0
-18.8% ▼
3
5*2
▼
1
▼
7.3
10.8
61
4.2
38.6
▼
18*1
4-12.42
▼
▲
▲
▼
1
0▲
▲
▲
# of Deals
1
Change in
6
38.81*
Skadden
4*
Rank Value per Advisor (US$m)
Value US$m
5,089.6
16.7
▼
▲
18*
-1
2▲
2.5
-1
▲
3.6 ▲
▼
0.915*
0.9
Deals
4
Rank
0.9
▼
▲
-15.4
3*
18*▲
0.6
9.4▲
Market
Jan 1 - Mar 31
37.6%
10.9 1
4,350.0
-13.8%
5*
▼
7*
845.4
White & Case LLP
7*Hengeler MuellerHannes Snellman
2* 1,165.4
410
16*
8
0.64*
14
16*
1
Jan 1 - Mar 31
3
Market
3
4.5 3 31.8
-18.3
▲
6*1
▲
-10.5
298.7
1,724.9
3
1.8
12*
930.7
-
1 2*
1,724.9▼
2,940.04,114.7
-
36*6
-
▼
3.4▼-7
13*
▲
3* ▲
-4
-
Rank Value per Advisor (US$m)
4,350.0
7*
2.1
Industry % Change from Same Period Last Year
-9.1
▼
1,550.0
3.7
7*
5*
# of Deals per Advisor
▼
-81
▲
# of
Any Italian Involvement Completed (AG45)
Gianni Origoni Grippo Cappelli & Partners
018*
1
▲
▲
1
0.91
0.90.9
▲
18*▼
18*18*
118*
1▲
▼
▲
0.9 -468.8
1▲112.2
18*
68.3
1.71.5
1
181.0
0.90.9
17*
1.72
▲
0.91.1
18*
16
▼ 1.1
1
140.1140.1112.2
20*
-
-
-0.1 ▼
168
-0.6▲
▲
68.80.4
0.3
POGGI&ASSOCIATI
50.0
▼
▲
0.2
3.0%
100.0
Industry % Change from Same Period Last Year ▲3.1%
16*
-
Industry % Change from Last Quarter
Skadden
0.6
▼1.2
-
11820.3
-
261.4
32*
2214
32*12*
16*
352.0Baker & McKenzie 12
Luther Rechtsanwaltsgesellschaft mbHFreshfields Bruckhaus Deringer
7
Bonelli Erede e Pappalardo-
8*8*
16*
4 2,758.2
102 705.4
293.4
562.113
2,886.9
6.6
1.4
1,212.9
1.9
6.615.0
1,212.9
Shearman & Sterling LLP
0.80.8140.1
140.1-
Gattai Minoli & PartnersCleary Gottlieb Steen & Hamilton
15Clifford Chance
▼
▼
6*
2
▲
Linklaters
Kim & ChangJipyong Jisung
18 0.6
0.3
10.4
21*
4.5
1.91.6
3.13.1
5*
32.72324 28*
▲0.230.8
18,334.3
32*
Gianni Origoni Grippo Cappelli & Partners-Eversheds 19*
32*
NCTM
19*
Industry Total
Studio Legale Riolo Calderaro Crisostomo e Assoc50.0Paul Hastings
-7.6%Industry % Change from Last Quarter
9
18*
DLA Piper LLP
Kim & ChangJipyong Jisung
Freshfields Bruckhaus Deringer
2*
58*
24*
8
113.6865.0
3
1,140.2
882.55
11
2
18*
11512*
2*
58*24*
13*
18*58*
Gibson Dunn & Crutcher
Advokatfirmaet Wiersholm AS
49
9*
Weil Gotshal & Manges
12*
-5
0.232*
Wikborg Rein & Co 14
Legal Advisor
2.1
6.5
1,129.8
486.3De Brauw Blackstone Westbroek
2013
Rank
Morrison & Foerster
▼-3
Davis Polk & Wardwell
▲
23▲1
10
0.6
Watson Farley & Williams
16.8
Eversheds 2221* -
▲
32*
0.3 0.3
Hogan Lovells
2*
6 15.5d'Urso Gatti e Associati
0.4 -47.168.8
Davis Polk & Wardwell
Sullivan & Cromwell
-
Chiomenti Studio Legal 5
-Simpson Thacher & Bartlett
Industry Total
Morgan Lewis & Bockius
Clifford Chance 17
-
23.725.3
▲
3.9 -36.2
-6.8
-15.8 ▼
▲
23.7
6.6
0.6 -11
▲
12*
Chiomenti Studio Legal▲
1
6*
4.2
1
▲
▲
1
▼
7
10*0.6
16*
▼
221▲
216*
016*0.6
6.6
16*
5
Sh ($)
-3.6%
15.8
454
# of Deals per Advisor
23.7 ▲
▲
▲
1
Rank # of DealsSh ($)
▲
0.6
-1
1.61.5Allen & Gledhill 25*
11Jones Day 8Heuking Kuehn Lueer Wojtek
19
526.5
744.9
23* -23* 3
1.8Hogan Lovells
▼
1
2013
RankLegal Advisor
23.725.3
23.73
32*
4,638.0-
3,072.3
4,350.0
1
3
0.8▲
10.8
Deals
4,350.0
▲
0.6
1
4*1▼
23.7
US$m
3
Change in
4.80
34.9
16*
4
101.3
4,350.0
26*
2*
2*
Baker & McKenzie
34.9
2014
Rank
▲
▲
Share Ch.
▲
16*
▼
-
0.6 1
1.8
2.4
▲0.6
2.4
1
0.7
▼
1.1 ▼
1.8 -4
Allen & Overy0.7
15*
-58
▲
Fried Frank Harris Shriver & Jacobson
Milbank Tweed Hadley & McCloy
18*
Industry Total18*
58*-3.9
720*
39*
4.8
1,550.0
2,603.9
3,959.854
▲
6.5-2
2,570.0
12
-9
0
1131*
329.3▲
11
1.2 -6
1
10*
16*
39*
▲2
-00.339*
1-21.77*
0.9
18*
0.9
3.4
1
1.7
118*7*
5*
23-
12
-
0.4
-23.0
1
16*
▼
20*Fried Frank Harris Shriver & Jacobson▲
Industry % Change from Last Quarter
Studio Legale Riolo Calderaro Crisostomo e Assoc
https://www.thomsonone.com
10.9
-20118
Gattai Minoli & PartnersHogan Lovells
--
Bonelli Erede e Pappalardo
850.96.3
0.6 -
3.0
Cooley LLP
▼
Weil Gotshal & Manges
23.6
7.5 -5.06.8
845.4845.4
6.8
13.8 13.8
6.8
4,350.0
-7.3
▲ Simpson Thacher & Bartlett-Sullivan & Cromwell
5-
36*
Skadden 355.56,920.3
23.6
Davis Polk & Wardwell
Sh ($)
13.8
33.0
1.8
▲
Industry % Change from Same Period Last Year
494.7
68.0%
Rank Value per Advisor (US$m)
Any Italian Involvement Announced (AE44)
Rank Value
100.0Industry Total
▲3
▼-11.3%▲
1.5
33,835.8
Market # of
▼-17.3%
Jan 1 - Mar 31
349
4.1%
▲
23,775.3
▲Industry % Change from Last Quarter
3-Sh ($)Value US$m
2014
Rank Share Ch.
▲
Rank 2013
Rank
▲
▲
Market
1
Market
100.0
Legal Advisor
Market
▲▲
223 23
1.6 0.4 226*2-
1.8
1.6526.5 1.6-41.77*486.3
▲
-Chiomenti Studio Legal606.422
32*36
1.852* 612.320*1.4
200
Latham & Watkins21
▼ 1
Noerr LLP▲ White & Case LLP
-31.77*▼0.6 -3▲Shearman & Sterling LLP -00.232*612.320* 1.8 4.8▼-10.339*1▼
52.0▼
2.2 Sullivan & Cromwell 4 -10.6-5.5-3.7
▼
749.137 14▲
17 1,129.81.818 2.2
3.3 -8.6▲10.620*
7.31,724.9 20.93Luther Rechtsanwaltsgesellschaft mbH ▼-42.05*White & Case LLP
92.73 18*
58*16 2,036.3▲
▼ Hannes Snellman 17Shearman & Sterling LLP
0.7
Latham & Watkins ▲41.312*1,236.727 3.716
12* 1,910.210 5.7 6 1313*-0.3 ▼ ▼-10.339*▲
1 ▲10.3▲12*Blake Cassels & Graydon ▼-20.232*▲1,910.246 5.712*Squire Sanders LLP ▼-10.232*52* 5.71,910.2
5.6▲ 1 Cravath, Swaine & Moore
-5.7
13*Selmer113*
-00.6▲
12,570.0 ▲10.339*20*5.5 2
-11.010.8
Thompson Hine LLP ▲10.232*- 1,910.2 5.75.712*Clifford Chance 11 3.11*31 ▲6.1 5.42,054.4 14 ▼3 -10.915*9* 3,959.8 ▲16.316.7
7 9*Mori Hamada & Matsumoto 1-2.6 0.3▲16.6Allen & Overy ▲22.24106.310 ▼2,126.8 03,959.8 1▲
39*▲10.3-
Noerr LLP 17 8▲3,762.3 7.911.17*
9 ▼-41.88* 39*-▲4,815.0
Linklaters -01.32 6.67,123.87 ▲21.1-8 ▲7,099.1 21.0
▼-72.649▲
▲51.7
Hengeler Mueller -01.88*8,039.41 ▲1.4
▼
6 -6Nishimura & Asahi23.8 5,509.827.1 ▲
20*220.2 -
▲20.620*
8
▲10.3▲20.61 6,952.0
Roschier 27.1-27.19,161.63* -
1
3.2
1.4
Market
Hengeler Mueller0
Rank
36.5▲19.6
3*-▲0.2▲
94 15*
0.24
Rank Value
-5
Market
13,518.7
▲29.6 5
12.93
6
Change in
▼
2014
Rank
1
2014
Rank
35.927.1
122
1
32*
2013
Rank Sh ($)
21.0
14
▲
8*
▼-20.90.2
1
▼-4
32*
8
20.37
10.8
55.5
▲
34.9
29.2▲29.2
23.2
6,952.0
56.9
Any German Involvement Completed (AG44)
29.2
▲
▲
▲
3*Mannheimer Swartling Advokatbyra 9,171.2-
23.313*
5*0.9
Market
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
▲
-1230.4
3
9,161.6
12,154.6
4*
1
▲
127.1
58*
Linklaters27.1
Rank Value per Advisor (US$m)
Market
Deals
Any German Involvement Announced (AE43)
Sh ($)
Change in
1US$m
Market
132*27.19,161.6
Freshfields Bruckhaus Deringer# of DealsShare Ch.
# of
Davis Polk & Wardwell
Legal Advisor
0.2
Slaughter & May
1
▼-13.4%
16*1
-12
2.0
8,676.9Freshfields Bruckhaus Deringer
12,469.7
00.6
▲
▼-10.1
Rank
34.9
13.8
-5.2
2.4
9,227.1
6*5
1
50.0
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
0.6
6.8
Sullivan & Cromwell
# of Deals per Advisor
3
▼ ▲
Share Ch.
1125.4
29.2 1
▲
-7.1
# of DealsSh ($)Rank
0.9
2.6
0.6
1.1
Deals
2
34.9
▲
1
▼
▲
2▲
▲
33.0
1
▼-14.5%
1
3▼
▼
▲
▼
▲
▼
Industry % Change from Same Period Last Year
▲
23.7%
▲
1Paul Hastings 36* ▲
-22.4%-40.9%
1
100.0
Market
5-5.5 ▼ 2 10* 1.2 0 -
1 16* -Allen & Overy 25 17 18.9 0.1 50.0
118* 0.9 118* 0.9 0- 0.4 0.424*
24* 0.4 0.4 ▲
11
*tie
*tie
-0.6
4,328.74,516.8
7,586.9
▲
1,605.6
281
35*
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
1,190.2
1,605.6
11.0
11.0
Greenberg Traurig
Industry Total
https://www.thomsonone.com
1
19*
6.7
11.0
1,964.4
1,964.4
23.2
▼
1,964.4
18.94,325.0
3,506.6
▲
Share Ch.
16.3
6
Industry Total
22
100.0
-
0.2
Jones DayHerbert Smith Freehills 20*
192.12.1
▲
Skadden
-1.7
Morrison & Foerster
-13.0%
Watson Farley & Williams
20*
1.4
Industry % Change from Same Period Last Year
Any Benelux Involvement Announced (AE46)
13*
17*
▼
-29.8%
--
-16.0%Industry % Change from Last Quarter ▼ ▼
38,991.3
Macfarlanes 24* 69*
25*
Demarest E Almeida 1,000.0
Allen & Overy
Clifford ChanceAshurst 43*
9
Argo BCVBA
Sullivan & Cromwell12 14
Rank Value per Advisor (US$m)
238.2
7,136.1
20.3
18.3 ▼
5
Market
27.8
▲
15.4
▲
10*
▲
2,717.4
Rank
44.1%
Simpson Thacher & BartlettKim & Chang 33* ▲
5,800.0
4.8
Value US$m
318.5
4 20.7 0
23.20.7
24
9
7,931.96
55*
3
940.3
10*
8
EMEA Rankings
Change in
0.3
0
Share Ch.
Market
16.2
2,602.5
24,733.3
3
Industry % Change from Same Period Last Year
BA-HR
Blake Cassels & Graydon
▲
1
1
▼
4
▼
1
5,984.2
5,800.0
13*
-
15*
Industry % Change from Last Quarter
Mannheimer Swartling AdvokatbyraLatham & Watkins
Kirkland & Ellis
35*
▲
-19.0
-23.4%
Weil Gotshal & Manges
53*18*
▲
11
-46.3%
12
-2-
1,964.415*28*0.4
28*
▲
▼
▼-2
0.4
111.0
▲
▼
-86
1,964.4
Dentons▲
Hinckley Allen & Snyder LLP33*
-15*0.4
25
11.0
16
-
28*
▼
2
6.72,602.5 ▲
0.4
6.7
11.3
3.6
12.2
1
6.1 1312.1
-0.4
3.6
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
▲ 6
▲
▼
11.0White & Case LLPOsler Hoskin & Harcourt LLP
▼
-23.9%
▼
17,850.8
▼
100.0
-33.3%
-43.8%
111.0
16.216.216.3
15.5
▲
11.0
11.0
▲
▲
12.8
13.2
Sh ($)
▲
▲
▲
▲
6.6
-41.9
-5
7.0
30*
30*
4*
15.4
10.26
22.0
Sh ($)Rank
0.6
-0.330*18.1
4▲
2▲
3
▲
▲
0.3
12*
41.3
0.3
0.9
0.617*8*
0
30*30*
22.4
34.734.7
4.8
7.0
15.4
▲
▲
7.0 ▲5.9
▼15.2
29.4▲
18.2
▲
25.3
▼-25.9
▼
1
▲
42.4
32063.4
▼
6
9
1.912*4
1*
2.85*
2
▲0.5▲
▲
▼
▼-1
3
▲2▲
-6
0.533*
-8
▲1
▼
1
11.0-3▲
4
33*11
1
0▲
10.5
1.9
-134▲
▼
-
▲
▲
1
1
0.5
0.50.9
-
0.5
0.9
▲ 33*
33*12*
▲
1
1
18*
4▲
1.9436.7
▼
100.0
261.9
5*▲
33*33*
▲10.51
▲115* ▲
-108216
0.5-1
33*▼2.8
▲
Norton Rose Fulbright15*Hill Smith King & Wood
1,964.415*
Gibson Dunn & Crutcher 11.0
11.0
15*10.1
15*
▲
▲
-
-12.6
-2.0
19.819.8
1 -10.7
11.0 10.111.0
0.5
11.0
-
-
0
33*11
0.5
0
1
0.50.5
33*33*
0.5
1,964.461*33*45 33*
11.0 0
1
Gilbert + Tobin
1,964.4-1,964.416
▲
328*
-1.23,947.013* 2,602.5
11,854.2
10.1
20.3
-1.612.9
1.4832.8
14*
526.569*
▲
2.5
1 0.4
0.4
1▼
▲ 12.6980.0832.8 1.1
▼
-4▲2.1▼
2.5 ▲2.5
4*
1
-42.917* 1,000.0
128*1▲
2.6
De Brauw Blackstone Westbroek 4.21,625.3 72.6Souza, Cescon, Barrieu & Flesch Advogados
61*15*
12.6
28*▲ Borden Ladner Gervais LLP15*Goodwin Procter LLP-6
12.22,173.00.712.111.0
2,162.91,964.4
14▼
0.4
6.728*18* K&L Gates
6.7 --1 ▼
-1-
10
0.7
3
Cleary Gottlieb Steen & Hamilton
0.42,285.0-1 ▼ 12
▼-2Latham & Watkins
-Stocche Forbes Advogados29
10* 13.22,346.8 33*2,346.85*
13.2- Davis Polk & Wardwell 10*0▲
33*114.9 28*
18*14.9▲5.4▼-10.1
12
2.39*2,659.3 5▲1.4 6.514.9119-19.912*
Linklaters8▼-91.4 Allen & Overy
12* 3Linklaters
▼-11.414*32Hengeler Mueller 5*-11
Slaughter & May7,625.6
-7 18*
▲ 14*19.639 - Shearman & Sterling LLP 7 2,896.7
6▲
1.1-
3,239.34,137.4
▲ 1De Brauw Blackstone Westbroek0 5
3 ▼-102.39*524.74,412.8 3.0 ▲4NautaDutilh 10,854.2Loyens & Loeff
4*4* 7
371* 4.3 Freshfields Bruckhaus Deringer▲3
-27.810,854.2
2 18*26.0 Simpson Thacher & Bartlett
3 28.3121211,028.4
▲7.22 -15.8 4.31*
-2▼
27* SkaddenSouza, Cescon, Barrieu & Flesch Advogados-5
2.125.3
52▼
42.5
4,519.95,767.9 32.3
-3
16.8 6
▼
Clifford Chance
2013
Rank
2014
Rank# of Deals
▼-4
Change in
Legal Advisor
Stibbe 2030.42.17*
61Freshfields Bruckhaus Deringer ▲ 64 63.4
Sh ($)Legal Advisor Share Ch.
Market# of
Sh ($)US$m
Rank Value
Deals
Market
100.0
Jan 1 - Mar 31
# of Deals per Advisor
2013
Rank
2014
Rank Rank
Market
Industry % Change from Last Quarter
Industry Total 38,299.5
112.0%Industry % Change from Same Period Last Year
▲
▲
29.6% -20.1%
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter▼
-90
-16.9%
Industry Total
▼ 68.7%
0 235.51122,841.8
▲
0.519* 25Kromann Reumert442
2*111.0980.0
2.51.21.2▲2.6 1
25Hengeler Mueller- 24
-2▲2.52.6Argo BCVBA ▲
▼
17*2 0.620 ▲76.313.13.1 35* 1 ▲ 23
Gleiss Lutz 0
53*20* -Fried Frank Harris Shriver & Jacobson 1,167.8 ▲ 1 0.2
0.519*2.43.1 2▲
20* 3.1 201,100.053*- 221,167.820* 37*
Sidley Austin LLP ▲10.235*1▲1,167.8 3.1- -00.30.3
Dittmar & Indrenius ▼-10.713*1720* ▼-20.330*7.01,605.6 6.7 1▲393▲1,167.813.5
3.1 18*0.7 CMS▲10.330*
Fangda Partners-18*Maples & Calder 1
1,605.6Bruun & Hjejle I/S -00.235*33* 1,344.819 ▲2.5
1Allen & Overy ▼-20.519*18 2,126.823 -7.017* ▲20.912*
▲7.0 0Cleary Gottlieb Steen & Hamilton2.85.6 4
5.6 23.7 ▲
3▲5.97.21,642.217Freshfields Bruckhaus Deringer ▲10.911*2,147.813172,488.1-3,103.0
16▲
6.77.61,724.9250.2▼-11.38*15Linklaters 55* 11.3 4▲
6.50.5 ▲19* 2,570.022
1 35* 16▲6.58.18.1 14*Selmer2▲
1 Hannes Snellman1
Kirkland & Ellis -00.235*▲29* 6.58.23,151.311* ▲1.911.32,570.0 11 514*Advokatfirmaet Wiersholm AS▼-100.617*13Wikborg Rein & Co 11.4 3.4▼30*
11*Travers Smith -00.235*1▲3,151.333* 7.28.21▲
2,603.96 2▲
11*Accura Advokataktieselskab ▲10.519*3,151.333* 8.2 -8.2
2▲7.2 1253*
Torys1111*
3,166.1-BA-HR ▲10.235*1▲3,151.3 8.2
3,727.753*8.38.3Waselius and Wist LLP
10Hengeler Mueller3,698.4
▲1▼-20.617*
10Bech-Bruun ▲20.519*2▲
-▲1
2▲ ▲10.31Lee & Ko9Advokatfirmaet Wiersholm AS ▼-10.519*3,354.818.9 1▲▼-11.4
18.925* 4,325.0-7.08.8 18.97*▼
4,716.3 2▲
4,325.028*7*Covington & Burling10
6*55* 12.3
White & Case LLP 3,898.14 -11.410.2Castren & Snellman 7
8
6Gorrissen & Federspiel ▲11.846,325.936 8▲ 6Skadden16.519* 012.3 -0.5 7*Freshfields Bruckhaus Deringer
▲19.019.0-5 511.520.4
15.7 -
23.9Hannes Snellman ▼-31.657▲7,795.89
30.912*▲ 3Sullivan & Cromwell ▲10.235*
▼
4White & Case LLP 5,108.4373* 1▲9,161.6-
38.7 38.7
23.9 6
2 -2.73 27.1-
-6,192.4
▲
2 ▲
▲30.90.6
12*1 ▲30.230.2
▲-0.9 7,933.46,895.0
Davis Polk & Wardwell 1▲9,161.63 1.83* 23.9
Share Ch.
Mannheimer Swartling AdvokatbyraRoschier 1 -
# of Deals
414,801.011,923.4 31.1
-1
4
Fried Frank Harris Shriver & JacobsonCravath, Swaine & Moore 2
0.253.9
Davis Polk & Wardwell▲
17
2014
Rank
▼
Deals
▲
Market
11*Rank Sh ($)
1
Market
Legal Advisor
Rank Value per Advisor (US$m)
Value US$mLegal Advisor Sh ($)US$m
2014
Rank
2013
Rank
Market # of Rank Value Market
Any Nordic Involvement Announced (AE45)
Change in 2013
Rank
Rank Value per Advisor (US$m)
Any Nordic Involvement Completed (AG46)
Sh ($)
# of Deals per Advisor
# of Deals
Market
Deals
17*
Jan 1 - Mar 31
Rank
# of
# of Deals per AdvisorRank Value per Advisor (US$m)
Any Benelux Involvement Completed (AG47)
Market
Jan 1 - Mar 31
# of Deals per Advisor
2 -
▲11.94*▲
Market Change in
▲27.12
0
217*▲
32
9Deals
4.21*
30*
1
▲2▲
19*11.414*
4.2
4
Sh ($)Rank
Jan 1 - Mar 31
# of Deals
2
2
▲3
-29.5% ▼
-2.1% ▼
3
# of
Cleary Gottlieb Steen & Hamilton 23 10 352.0 0.9 -18.4 ▼ 1 28*
0.8 0.7 1293.5 0.8 0.8 ▲ 01 28* -
▲ 2 18*Addleshaw Goddard 24* 69* 293.5 0.80.4
12
Consumer Staples
Healthcare
18.8 1
Simpson Thacher & Bartlett 5,800.0 2* 47.1 1 Nishimura & Asahi 1,012.0 3* 7.0 5
Davis Polk & Wardwell
Hong Kong / Hong Kong
3,463.9 Materials / Containers & Packaging
2,781.8
Vaish & Associates 1,637.8 1* 14.4 1
Real Estate / Other Real EstateChina / China
Singapore / ChinaHong Kong / United States
Real Estate / Other Real EstateConsumer Staples / Agriculture & Livestock
Telecommunications / Telecommunications Equipment
Trilegal
China Cross Border Announced M&A
10,048.0
Retail / Other RetailingBelgium / South Korea 5,800.0
1,637.8
1,360.4DLA Piper LLPHairun Law Firm
St James Holdings Ltd
AZB & Partners
Allen & Overy
1,360.4
Real EstateKing & Wood MallesonsAllen & Gledhill
10,048.0
FinancialsHerbert Smith Freehills
10,339.3
1,637.8
785.2
New World China Land Ltd (31.4%)Hong Kong / China
2,620.4Perennial RE Hldg-Asts (100%)
25.7
* tie2
Industrials / Transportation & InfrastructureInvestor Group 2,357.5
Singapore / Singapore
Iowa China Offshore Holdings (34%)Easywin Enterprises Corp Ltd Real Estate / Other Real Estate
Pending
Cheil Industries Inc (100%)
Greenland Holding Group Co Ltd (100%)Consumer Staples / Food and Beverage
Real Estate / Other Real Estate
3/13/2014 Intended
Shanghai Jinfeng Investment Co1/20/2014
Olam International Ltd (52.9%)
1/9/2014
3/14/2014
AS Watson Holdings Ltd (25%)
Breedens Investments Pte Ltd
Motorola Mobility Holdings Inc (100%)
6.71
160
3,000.9 Fangda Partners
13.27.6
74.2
2.9
2 2 15.1
1 2* 74.2
Cleary Gottlieb Steen & Hamilton2,910.0
Target (% Sought/Acquired) Rank Value (US$m) Target Macro / Mid Industry
851.5 3
199.9
Materials
3,923.9
Announced M&A activity with Asian involvement in the first quarter of 2014 grossed at US$127.3 billion in value,a 52.2% increase over the US$83.6 billion recorded in the same period last year. China remains the mosttargeted nation in the region with a 39.5% share from 712 deals.
Companies in the Real Estate sector were the most targeted, with US$29.2 billion accumulated from 160 deals.This is the strongest start to a year for Real Estate driven by Greenland Holdings’ plans to list on the ShanghaiStock Exchange through a reverse merger (valued at US$10.05 billion) with Shanghai Jinfeng Investments. TheMaterials and High Technology sector followed, with US$14.5 billion and US$13.6 billion, respectively.
China cross-border activity accrued US$22.0 billion, a slight increase from the US$21.8 billion accumulated inthe same period last year. Outbound investment volume recorded US$8.8 billion, a 40% decrease from theUS$14.6 billion in the first quarter of 2013.
Australian announced M&A activity increased by 91%, reaching US$21.6 billion as compared to the US$11.3billion accumulated in the same period of 2013. Australia cross border activity totalled US$12.4 billion; inboundinvestments into the Energy and Power sector led the market, with a 70% share, while outbound activityamounted to US$3.7 billion.
2*
Acquiror
1 1
14.4
Sullivan & Cromwell5,800.0
102
11 Freshfields Bruckhaus Deringer
47.62*
127
1
1
203
14.4 1 2
5,862.2 2
1*
(US$m)
1*
ShareIndustrials
Morrison & Foerster
Stamford Law Corp
5,800.0
Share
3,717.62,444.3
1
2,357.5 3*
Rank
47.1
1
Mkt.
1 WongPartnership LLP
Kim & Chang
14.4
2,357.5 3*
Asia Pacific (ex-Japan) Deals Intelligence
Rank Val (US$m) Rank
4,398.8
14,535.0
13.21*
3
1,403.9
29,170.4
No. Deals
No. Deals
Mkt.Rank Val
1 47.1
233 12,311.1
2
Pending3/14/2014Pending
3/18/2014
1/9/2014
34.5
Fangda Partners
Date EffectiveRank Date
1/29/2014
Anheuser-Busch InbevMayon Investments Pte Ltd
3/31/2014
3/21/2014Oriental Brewery Co Ltd (100%)
Lenovo Group Ltd
Shareholders
Pending
PendingPending
PendingFrasers Centrepoint Ltd (100%)
Samsung SDI Co Ltd
Singapore / Hong KongSingapore / Singapore
South Korea / South Korea
5,667.0
2 Bae Kim & Lee 3,729.7
1
1*
Skadden2 1
Nagashima Ohno & Tsunematsu
2,910.0
2,369.9
Acquiror / Target Nation
4,398.8
2 9.7 4 Herbert Smith Freehills3* 7.0
Pending
https://www.thomsonone.com
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
Asia Pacific (ex-Japan) M&AAsian M&A Rises 52% I US$22 bil of Cross Border Activity I Australian M&A Up 91%
Any Asian (Ex-Japan) Announced M&A by Target Industry
Top Ten Asia Pacific (ex-Japan) Announced Deals Jan 1 - Mar 31 2014
Jan 1 - Mar 31 2014
296 2
2*
18.83
29.719.5
2/18/2014
1
Any Asian (Ex-Japan) Involvement Advisors by Target Industry Jan 1 - Mar 31 2014
12,511.9
1,012.0
5.7 1 3
Hairun Law Firm 172.3
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables
31 3,274.2 1 83.4 2
Telecommunications
1 Weil Gotshal & Manges 2,910.0
Energy & Power 11,378.8 144 1*1,637.8
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
$50
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
% O
utbo
und
Ran
k Va
lue
(US
$b)
Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound
14%
14%
12%
12% 11%
10%
10%
5% 4%
3% 3% 2%
0%
Real Estate Consumer Staples Industrials High Technology Energy and Power Materials Financials Consumer Products and Services Telecommunications Media and Entertainment Healthcare Retail Government and Agencies
13
▼ ▼
▼ ▼
▼ ▼
▼ ▼
Amarchand Mangaldas 9-5 ▼
▲ 2,755.6 ▲ 9
Rank
Value US$m
Change in
0.52
0.2
2014
RankLegal Advisor
Simpson Thacher & Bartlett
# of Deals per Advisor
Market Change in# of MarketMarket
Rank Value per Advisor (US$m)
Market Market2013
Rank US$m
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
# of Deals per Advisor
▲
Legal Advisor
Kim & Chang
▲6,146.5
Sullivan & Cromwell
▼
61.24.20.7
Sh (%)
Market2014
Rank
15,227.7
44
8.312.017
4
Rank
# of Rank Value
Sh (%)
72 7.19,017.3
▲
▲
67 5,222.13
4.84 36*
6,154.85.0
* tie
Freshfields Bruckhaus Deringer 1
4
Skadden 6 9
Allen & Gledhill 8 27Cleary Gottlieb Steen & Hamilton 9
Clifford Chance 7 48
6,387.6
5,272.9
5
Simpson Thacher & Bartlett 3 9,031.4
Rank Value per Advisor (US$m)
8,577.613* Allen & Gledhill# of DealsShare Ch.
0.4
2013
Rank
▼
# of Deals
▼
8.8▼
2
Sh (%) Share Ch.
6.3
5 15* -150
Any Asian (ex-Japan) Involvement Completed (AG32)
-Deals
7.1 ▲
6.9 25*▲
2.3
24
4.1 20*▲
9 7*
1 14.79.436*-1.0
▲ 70.2 ▲Herbert Smith Freehills 2 6 5,252.5
1329.0 -10.0 5*4 -15 1.0▼
Deals Rank
1.9 ▲ 0.5Sh (%)
King & Wood Mallesons 2 1 10,533.3 9▲Simmons & Simmons 3 - 5,115.0 ▲ 247*8.8 0.20.3
1.325
▲104 ▲
▲1.2 -Kim & Chang 4 21 4,153.5 7.1 1 2.321 0-1 ▼Shin & Kim 5 25 4,075.5 7.0 1.12 ▲Minter Ellison 6 85 3,771.2 21*6.4
3.9 4▲▲
310
▲
-10.3▲ 3Allens
30.4▲ 46.5
0.9▲ 8
6.2 ▲ 877 30*
8*5.135 3,696.01.1
0.34.8▼Bae Kim & Lee 8 22 3,607.24.1 2.0 13* 0.4
-564 5,176.3 5* 1.02 -16▲
▲ 7
-1652* 0.1 1 ▲
4.7 2.3Baker & McKenzie 10 27 ▼
4.1 3.8 4.8 3.131 2,808.9 ▼8* 0.9
11Bae Kim & Lee 11 7 4,925.5Davis Polk & Wardwell 10
▲51 2,746.4 4.7 4.0 3▲
4.1 3.8-4 ▼
13* 0.43.9 -0.8 4
3 ▲
▼ 15 30* 0.313 Slaughter & May 12
23.2 -1.4
0.80.4▲ 44.4 3.5▲ 2,536.8 21*42
Morrison & Foerster 138 4,020.8 1 1.5Lee & Ko 12 ▼ 29
20* 0.3 5 ▲137* 3,871.2 3.0 3.0 ▲ 6 ▲Wachtell Lipton Rosen & Katz 13 - 2,300.0 47* 0.2▲ 2 23.8 3.8 ▲ 124.0 4.0
-2 ▼ Fangda Partners 14 129* 2,186.3 7 ▲2 1.32.5 -5.1 10* 0.4▼ 8Herbert Smith Freehills 14 2 3,141.3Weil Gotshal & Manges 15 36 2,910.0 1.1 68* 0.1▲ 1 -3-1 ▼ 3 ▼Clifford Chance 15 28 2,008.0 3.4 1.1 30* 0.3▲
3.3 3.03 ▲ Paul Hastings 16 67 1,900.0 ▲ 1 0 -63* 0.1Latham & Watkins 16 71 2,699.02.0 1.12.1 1.9 20* 0.3▲ 6
Stamford Law Corp 17 41 2,512.9 45* 0.2 Davis Polk & Wardwell 17 5 1,870.9 3.2 -15.8 -2 ▼21* 0.4▼ 3▼ 4▲ 3 -1 ▼
WongPartnership LLP 18 26 2,500.2 2.0 -0.2 -5 ▼ 2 ▲Cleary Gottlieb Steen & Hamilton 18 8* 1,786.3 30* 0.33.1 -15.5▲ 14
36* 0.2▼ 45 0.7 1 ▲Jones Day 19 89 1,780.3 8* 0.9▲ 8AZB & Partners 19 52 2,383.2 -6 ▼1.9 1.3 3.1 3.0
▼ 3 -3 ▼ Kramer Levin Naftalis & Frankel 201.9 -0.5Hogan Lovells 20 20 2,359.93 ▲
45* 0.2▲ 3▲ 1 1 ▲
2.7 2.7- 1,675.0- 1,576.3
2.9 2.9 63* 0.130* 0.31.8 1.6 Lee and Li 21▲ 1 0 -68* 0.1Cravath, Swaine & Moore 21 82 2,312.1
10* 0.4Allen & Overy 22 47 2,117.0 1.7 1.0 ▲ 8 Sullivan & Cromwell 2211 ▲
-3 ▼ 50 1,501.7 2.6 1.9 0 -▲ 1 63* 0.1-1 ▼Osler Hoskin & Harcourt LLP 23 8* 1,432.5 63* 0.1▼ 1
1.5 -0.92.5 -16.13 1.1▼ 201.6 -0.7
Jones Day 24 19 1,851.7Fangda Partners 23 21 2,070.9
2 ▲Ropes & Gray 24 37 1,361.3 30* 0.31.2▼ 7 13* 0.4 ▲ 30 - 2.3Zhong Lun Law Firm 25 39 1,805.7 -11.4 0.4 7
-1711,910▼▲
MarketRank
127,310.1
Any Asia Pacific (ex-Japan) Involvement Completed (AG31)
# of Deals per Advisor
-36.2% ▼
Jan 1 – Mar 31
▼1,298.0 21* 0.4-9.6 4 -132.2
Change in
13* 0.4
Industry % Change from Same Period Last Year 52.2%
Jan 1 – Mar 31
Industry Total 100.0
Any Asia Pacific (ex-Japan) Involvement Announced (AE30)
Industry % Change from Same Period Last Year▲ -8.2%
Linklaters 25 14Industry Total
# of
-38.5%
Industry % Change from Last Quarter -10.7% ▼
Deals
2013
Rank
Rank Value per Advisor (US$m) # of Deals per Advisor
Sh (%)
-25.6%
-25.5%
Market Market Market
Industry % Change from Last Quarter-24.5%
Rank Value per Advisor (US$m)
▼
-# of DealsShare Ch.Value US$m
Market Change in# of
Rank
Market
15,227.7 16.4Sh (%)Legal Advisor US$m Deals
2014
Rank
2013
RankLegal Advisor
21*# of DealsRank Sh (%)
Freshfields Bruckhaus Deringer 1 18 0Sh (%)
2014
Rank
▼▲
Rank Value
Share Ch.
0.51110.4 8.0
▼
0.3-26
7 -7 ▼Herbert Smith Freehills 1 3 12,534.1 1 2.011.2
23-0.4-2.2
King & Wood Mallesons 2 1 13,425.9 9.2 -1.0▲
10 -17 ▼Allen & Gledhill 2 13 8,577.6 23* 0.43
▼ 5Simpson Thacher & Bartlett 3 81 9,031.4 6.2 6.0
▼
3316 -1 ▼Minter Ellison 3 62 6,597.7 8.6 8.0
41.4
6.2 0.3▲ 5 32* 0.2 4 ▲
1.0Kim & Chang 4 3 9,017.3 8.3 6.4▲ 24 Allens3.8 4*
6,336.6 ▲ 11-101.1▲ 13
7*
Simmons & Simmons 6▼
2 1.1 9 ▲ -4 ▼
7.26 ▲ 25 5,536.6▲ 10▲ 10 11* 0.5
11* 0.5Clifford Chance 5 King & Wood Mallesons 556 8,769.2 6.0 5.4Skadden 6 9 8,757.3 6.0 2.6
▲ 21▲ 2- 5,115.0 6.7 6.72 ▲ 2 ▲
2 1.8 -1 ▼
54* 0.2Herbert Smith Freehills 7 5.4 0.14.8 -3.7 ▼ 14 -23 ▼
Ashurst 8 30 6,859.9 4* 0.7▲ 154.7 3.02 6,989.9 Kim & Chang 7 22 4,153.56* 0.6
▲ 105.3 2.60 - 27 4,075.5Baker & McKenzie 9
-1 ▼10 0.9Shin & Kim 84* 1.1▲ 13
2 ▲
32* 0.2 4 ▲
53* 0.1-8 ▼5.2 2.84.7 4.0 30 3,999.1▲ 5-3 ▼Ashurst 10 32 3,918.2 ▲ 115.1 3.2Cleary Gottlieb Steen & Hamilton 10
54 6,795.5Sullivan & Cromwell 976 6,122.1
-16 ▼
▲ 3 7* 1.0-5 ▼ Bae Kim & Lee 11 13* 0.7▲ 84.7 0.1
4.2 3.923 3,607.2
Davis Polk & Wardwell 1228 5,272.9 21* 0.3Allen & Gledhill 11 ▲ 73.6 1.7
-2 ▼Drew & Napier 12 95 3,053.5 54* 0.2▲ 221* 0.3 3 ▲73 5,176.3 3.6 3.3 ▲ 74.0 3.1 ▲ 14.0 3.8
2 ▲ Torys 13* 48 3,044.8 -1 ▼79* 0.13.4 2.5 18* 0.4▲ 8Gilbert + Tobin 13 49 4,963.3Bae Kim & Lee 14 7 4,925.5 3.4 -0.9 4* 0.7▼ 15 1 ▲Deloitte 13* - 3,044.8 4.0 4.0-4 ▼ 79* 0.1▲ 1
4.0 -13.313 ▲ Stikeman Elliott 15 5 3,022.9 ▼ 3 -1 ▼39* 0.32.8 -1.3Lee & Ko 15 8 4,020.8Allens 16 44 3,956.4 2.7 1.7 15* 0.4▲ 9
1 1.3▼ 29-16 ▼Amarchand Mangaldas 16 35 2,808.9 3.7 2.2-3 ▼ 13* 0.7▲ 8
3.05 ▲ Simpson Thacher & Bartlett 17 60 2,746.4 ▲ 3 2 ▲39* 0.3155* 3,871.22.6 0.52.7 2.7 29* 0.3▲ 6
Hogan Lovells 18 20 3,792.4Morrison & Foerster 17
White & Case LLP 18 19 2,637.3 3.5 -3.5 -1 ▼31* 0.4▲ 4▼ 4
31* 0.4-2 ▼
44* 0.2▲ 4 -2Weil Gotshal & Manges 19 42 2,910.0 77* 0.12.0 0.9 ▲ 1
▲ 83 ▲Slaughter & May 19 53 2,536.8 3.3 2.5
-14 ▼9 0.6 1 ▲Gilbert + Tobin 20 26 2,522.5Baker & McKenzie 20 2.0 -1.3 ▼ 12
▲ 7 21* 0.3
10 2,875.6128 2,802.0 1.9 1.9 3 ▲
Latham & Watkins 22 80 2,699.0Paul, Weiss 21
1.9 1.7▲ 4
▲
44* 0.2 0.26Fangda Partners 22
▲
▲
7 ▲
2 ▲3.0 3.01.12.9
54*122.9
WongPartnership LLP 24 271.7 0.9 ▲3 53*
11*95
2Wachtell Lipton Rosen & Katz
0.1 -1240.2
▲
5 -4 Jones Day 0.8▼-22.6▲
31 2,008.0
32 2,389.6 0.1
Stamford Law Corp 23 51 2,512.92,500.2 1.7 -0.3
▲
-28.3%
5925100.0
▼
2
Industry % Change from Same Period Last Year -27.6%
-21.0%
32*
▼ -26.0%
2.3-4▲
▼
▲54*2.5 1▲
23* 0.4
Industry % Change from Same Period Last Year 58.3% ▲ -10.8%
Industry % Change from Last Quarter
▼
653
1.6
▼
2,201
3
Industry Total 145,810.913Allen & Overy 25
76,460.6-557Sullivan & Cromwell
Industry % Change from Last Quarter
0.6 2.5
Clifford Chance2,186.3
91 1,932.38
100.0
1.9
3.3
149*
-31.2%
0.1
3.6
Any Asian (ex-Japan) Involvement Announced (AE31) Jan 1 – Mar 31 Jan 1 – Mar 31
1,909.7▼
2,300.0
0.5
0.2
▼
1,145 329
-
100.0
23
21
▼
58,288.3
https://www.thomsonone.com
1
13*
-26.5%▼
Industry Total
935
0.7
Asia (Ex-Japan) Rankings
Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables14
▼
▼
▼
▲ 3 13* 0.9 3 ▲Drew & Napier 25* - 494.7 2.3 2.3
▼-27.8%-6.3%
Australian Cross Border Announced M&A Asia (ex-Japan) Buyside Financial Sponsor Activity
Industry % Change from Last Quarter
* tieIndustry % Change from Last Quarter ▼ -31.0%
▼
-1.1
-8.8
247
Industry % Change from Same Period Last Year 51.7% ▲ -33.4%
22,853.7Industry Total 1,539
1-17.1 ▼
1.0
100.0
23*2524Creel, Garcia-Cuellar y Muggenburg
349
-52.7%
-22.1%▲78.7%
▲
1.1250.010.4
▲10.423*1
Industry Total 1,462
▲
223.2
21,688.0
Lander & Rogers Lawyers585.0▲22
100.0
- 494.7 2.3 2.3
794.8- 3.73.7--
2▲1.31 297.05622Kirkland & Ellis ▲10.814*1.3Guantao Law Firm ▲10.324*
1.81.818*Willkie Farr & Gallagher ▲10.324*1▲ 319.121 53-
▲900.0900.0 4.2 00.423*1▲
1▲
19Clayton Utz- 407.920Sullivan & Cromwell
428.19▲10.423*
Simpson Grierson18*
4.2 1.31.4 -Ropes & Gray ▲10.324*- 4.24.2 1
▲1900.0
4.24.24.24.2 1
▲15▼ ▼-42.07*
0.423*1.918*Dechert ▲10.324*▲-
1▲1▲ 2.32.30.324* 529.2-18Maddocks17Sullivan & Cromwell 4.34.318*Cleary Gottlieb Steen & Hamilton 900.0-
933.3- 585.03417King & Spalding2▲ 0.618*0.423*1▲
0.814*2▲
16Chapman Tripp ▼-21.48*1,019.722 3.34.7▲1▲2▲1
1.82.62.72.7
2▲
5▲
15*Drinker Biddle & Reath LLP15*Latham & Watkins
15Linklaters ▼-20.618*1,020.015 0.34.7▼-5
615.0-0.423*615.0- ▲12.72.7 1▲
14Hogan Lovells ▲10.324* 1,265.72514Baker & McKenzie 2.07*5▲2.45.51,432.5- 6.66.69▼-7.48.31▲
13Allen & Overy▼-172.6213Minter Ellison 1,789.72 4▲1,489.046 6.26.5 ▼-11.69*▲10.423*1▲2,454.0- 10.710.711*Burnet Duckworth & Palmer ▲10.324*1▲ 12White & Case LLP2,183.4- 10.110.1
1▲ 11Gilbert + Tobin-00.324*9.110.111*Davies Ward Phillips & Vineberg LLP 2,183.424* ▲13.263▲
8▼2,522.51 -11.511.0-01.211*3,022.919▼-70.618*2▲10Norton Rose Fulbright 2,220.535
10.810.89.910.2 7.813.210Stikeman Elliott
▲10.423*1▲7*Drew & Napier9Paul, Weiss ▲20.618*2,335.4- 2▲
13.313.33,044.8- 13.313.33,044.8-8Baker & McKenzie ▼-22.062,524.05 2.311.6 ▲10.423*7*Deloitte 1▲7▲
13.313.31▲ Torys▼-10.3 1▲ ▲10.423*Clifford Chance
3,044.8-11.212.110.712.07Skadden 7*24*2,602.523
2,622.727 ▲1▲3 16.0Allen & Gledhill 3,657.359*8.317.15AshurstKing & Wood Mallesons ▼-152.33*-5.913.32,892.715
▲
▲
6 4▲ 1.210*▼
16.06
-84.53*▼-1
211
0.814*4.58
53,918.210
4King & Wood Mallesons 5,500.9Herbert Smith Freehills 6▲3,848.63 4.4414.527.76,336.67
11▲9.624.1▲ 11
22.9
▼-271.7717.8
15.82.33*8▲
3*▼-4
2Minter Ellison8▲
3AllensGilbert + Tobin
8 10.5Allens 18.22 11 4,963.33 3,949.5
▲6,597.72348.8 19▲1 35.44.3 6
24.928.92.3 ▲2
Rank Value
US$m
2013
Rank Sh (%) Share Ch.
11,158.7
Market
▲▲23.9Legal Advisor
1 9 1
2014
Rank
31.66,859.9
Market
https://www.thomsonone.com
Australia & New Zealand RankingsFirst Quarter 2014 | Mergers & Acquisitions | Legal Advisors
Rank Value per Advisor (US$m)
1Ashurst Herbert Smith Freehills15
-10 ▼
▼7.71▼
-8
3*▼
-1
# of DealsSh (%)RankShare Ch.
▼-44.56.52
RankDeals
2013
RankLegal Advisor# of DealsSh (%)
Market Rank
Any Australia or New Zealand Involvement Announced (AE27) Jan 1 – Mar 31
# of Deals per Advisor
2014
Rank
Rank Value per Advisor (US$m)
# of Change in
Sh (%)Value US$m
Any Australia or New Zealand Involvement Completed (AG28)
Market# of Market Market
Allen & Gledhill2.4
12▲
Industry % Change from Same Period Last Year
232425*
King & SpaldingStephen Blanks & Associates
3
24*18*13* 2 14*
▲1.0-23
0.8
# of Deals per Advisor
2 168.8
Change in
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0.30.6
123
▲
Corrs Chambers Westgarth
▲
▲
Jan 1 – Mar 31
▲
Deals
525.42.72.4
2.7
0.9 0.7▲
3*16
$6.5 $8.4 $3.8
$13.9
$1.5
$14.7 $9.9
$6.0
$23.7
$3.2 $3.3 $9.6
$5.5
$10.0
$10.2
$8.3
$9.0 $19.7 $5.6
$9.9 $4.5
$5.7
$9.1
$12.8 $14.7
$18.2
$5.2
$5.5
$11.7 $4.4
$5.9
$18.0
$9.8
$5.4
$13.6
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
$0
$10
$20
$30
$40
$50
$60
$70
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
% o
f Asi
a (e
x-Ja
pan)
Vol
ume
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of WW FS Volume YTD
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
Out
boun
d
Ran
k Va
lue
(US
$b)
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
15
*tie
Skadden 363.4 2 15.6 1 Nishimura & Asahi 357.1 3 15.3 1
Anderson Mori & Tomotsune 68.0 3* 2.1 1 Mayer Brown LLP 68.0 3* 2.1 1
15,693.4 1* 97.9 1
Nagashima Ohno & Tsunematsu 794.0 3 8.3 9
Cleary Gottlieb Steen & Hamilton 15,693.4
Schulte Roth & Zabel LLP 1,368.11,368.1
Sidley Austin LLP 15,693.4White & Case LLP 15,693.4 1*
1,162.0
3
Nishimura & Asahi 15,693.4
97.9 1 Kirkland & Ellis
Nakamura, Tsunoda & Matsumoto
Retail
Mori Hamada & Matsumoto
Mori Hamada & Matsumoto
Media and Entertainment
https://www.thomsonone.com
1*Clifford Chance
4
192.6
35.9
10.1
1 1 1* 8.7
Jan 1 - Mar 31 2014
2 70
13.9
14.4
Mori Hamada & Matsumoto
68.0
7.5
1,559.2
1
Japanese Involvement Announced M&A Target Industry by Value
Linklaters
Japan / Japan
Nipsea International Ltd
3,174.2 1*Shearman & Sterling LLP
Any Japanese involvement announced M&A volume during the first quarter of 2014 recorded US$44.7 billion, a74.5% increase compared to the first quarter of 2013. This surge came despite a 3.9% decrease in the numberof deals, and was the lowest first quarter deal count since 2004.
Consumer Staples topped the Japanese market, accumulating US$16 billion in value, a significant increase fromthe US$958.8 million posted last year. This total marked both the largest first quarter volume on record and thelargest quarterly volume since the fourth quarter of 2006. This value was primarily driven by Suntory Holdings’
$15.7 billion acquisition of Beam, a US-based producer of liquor.
Japanese outbound activity for the first three months of 2014 recorded the highest first quarter volume on record.Worth US$20.9 billion, this marked a 178.6% increase compared to the first quarter of 2013 and a 31.5%increase compared to 2012’s US$15.3 billion, the previous record holder for the largest first quarter outboundvolume. Outbound activity accounted for about 47% of the Japanese market’s M&A activity during the firstquarter of 2014.
Any Japanese involvement completed M&A volume reached US$32.3 billion from 391 deals.
2 60 1,779.1
165.5192.6
8.7Hogan Lovells
Mori Hamada & Matsumoto
Japan / Japan
Nishimura & Asahi
Morgan Lewis & BockiusConsumer Products and Services
13.9
35.9
AZB & Partners
Financials
Mori Hamada & MatsumotoKhaitan & Co
1247.5 2*
1
14.62
256.4
247.5
Simpson Thacher & Bartlett2,331.6
1 2*
3 1
72.8 4
169.8
1,135.8
Japan M&AJapanese M&A Up 75% | Consumer Staples At Record Volume | Outbound Activity Highest First Quarter Volume
97.9
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
1
Acquiror / Target Nation
Rakuten Inc3/11/2014
21* 97.3
61
7 1,121.3
11.9
1
Mori Hamada & Matsumoto
1 Nagashima Ohno & Tsunematsu
71.9
1
97.9
72
1*1*
1 12 28.4
1
3
34.7
(US$m)
1*
9,600.8 14.3
1,236.4
14.3
3,568.7
No. Deals
Rank Val(US$m)
1 22.645
525.8
RankMkt.
RankNo.
Deals47
Share
Japan Deals Intelligence
16,038.1 Consumer Staples
Rank Val
Any Japanese Involvement Advisors by Target IndustryMkt.
Share
Pending
Materials / Chemicals
Japan / Cyprus
Real Estate / Non Residential
Consumer Products and Services / Other Consumer ProductsKokusai Kogyo Co Ltd (55%)
1
261.5
1*
Acquiror
15,693.3
Telecommunications
1
2,208.2 Industrials
Nishimura & Asahi
7
Hong Kong / Japan
1*
1.4 2
3/27/2014 3/27/2014Japan / JapanJapan / Japan
Real Estate
2/12/2014
50.9
Rank Value (US$m)
2/7/2014
Nakano Ekimae Kaihatsu- (100%)
2/7/2014
1
1,012.0
Anderson Mori & Tomotsune
Real Estate / Real Estate Management & Development
1/13/2014 PendingTelecommunications / Telecommunications Services
2/14/2014
Jan 1 - Mar 31 2014
PendingBeam Inc (100%)
Mori Hamada & Matsumoto
96
Nagashima Ohno & Tsunematsu
1
54
97.9
Rank Date Date Effective
Japan / United StateseAccess Ltd (99.7%)
Top Ten Japanese Involvement Announced DealsTarget (% Sought/Acquired)
3/27/2014
High Technology 2,800.1
Nintendo Co Ltd
Nippon Paint Co Ltd
Anderson Mori & Tomotsune
21.7
12*
96.8
Retail / Food & Beverage Retailing
3
1/29/2014
Nippon Paint(Singapore)Co Pte (11%)1/31/2014
2/3/2014 Pending
Izumiya Co Ltd (100%)Nintendo Co Ltd (7.43%)
Nippon Paint Co Ltd (18.7%)
Pending2/3/2014
124
97.33*
Japan / Singapore
Viber Media Ltd (100%)
Pending
Nishimura & Asahi
Tokyo Prime Stage-Otemachi (30%)
3,263.5 3,174.2
2/4/2014
2* 13.7
Jan 1 - Mar 31 2014
1
Umegae Chuo Legal Profession Corp
13.7
3
2 2.1
1 37.22
5.8
Nishimura & Asahi
8 37.2 3 1 1,040.3
30 1
3 .9
1,042.9
1,805.3
905.0 3* 32.3 1
Healthcare37.0
Japan / JapanJapan / Japan
1,737.8
Consumer Staples / Food and Beverage
High Technology / Software
Real Estate / Non Residential
Suntory Holdings LtdYahoo Japan CorpInvestor GroupMizuho Bank Ltd
H2O Retailing Corp
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Materials / Chemicals
1,101.5
Nagashima Ohno & Tsunematsu
905.0
1,368.1
Materials
1
1,021.8
Kokusai Kogyo Holdings
1,012.0
White & Case LLP 905.0 3* 32.3
1,118.6
.4
Any Japanese Involvement Announced M&A
Target Macro / Mid Industry
3,174.2
35.9%
21.5% 8.0%
7.3%
6.3%
5.2% 4.9%
4.0% 3.5% 2.6%
0.3%
Consumer Staples Real Estate Materials Telecommunications High Technology Financials Industrials Consumer Products and Services Retail Media and Entertainment Healthcare Energy and Power
$71.3
$26.9 $50.5
$34.0 $23.5 $35.1 $38.8 $37.0 $25.6
$44.7
$38.3
$51.8 $31.1
$37.2
$21.6 $19.2
$45.9 $40.1
$32.8
$31.5
$22.5 $28.7 $47.6
$42.4 $50.3
$50.1 $42.4
$39.3
$42.3
$48.5 $51.9 $28.6
$38.8 $30.2
$50.5 $59.2
$38.1
0
500
1,000
1,500
2,000
2,500
3,000
3,500
$0
$25
$50
$75
$100
$125
$150
$175
$200
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) # of Deals 1Q
16
Rank Value per Advisor (US$m)
*tie
▼
6,414.8
Nishimura & Asahi
Rank Value
US$m
11,019.2
Japan M&A
2Nagashima Ohno & TsunematsuLinklaters
0.481
20* 0.1
2
▲
Weil Gotshal & Manges 5
31
Mori Hamada & Matsumoto
6▲ -
▲
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
▲
1 20*
1
0.30.8
0.5
12*
3*
▲11.85
17*0.5
7
8.6
1
-15
10.81
▲
▲
310.2
▼
▲0.335*
▲50.8
2
3
▲
▲
1.0 ▲
-1
3
2 17*1
▲
▲ 1▼
-10.8▼-10.2▼
3▼
5.58.7
20
4.8
3.0
-1,368.11,368.1
1,260.01,260.0
15*
- 41
19*
2,794.5
0.1
▼
26
19*- K&L Gates
17*Cleary Gottlieb Steen & Hamilton
-
9* 0.3
-5 13 7
Morrison & Foerster
2.5
100.0
3.1
-21.6%
1
▲
▼
10*
3.3
▲
0.5
13
4
1
▲
▲
▼
2.3-9.8
35*
3.9
▲ 14.2
6*
35*
22 17*
1
1
35*
62
35*
12*
▲
▲
0.335*
▲
▲
0.31 ▲
0.3
-3
▼-2
-1080 -
1
▼
▼
Shin & Kim0.0 - 1 20*
Industry % Change from Last Quarter
44,711.7
74.5% ▲ ▼
0.3
35* 0.3
-2
1
0.5
-2
1
35*
17*
391
11.50.5
17*
Industry % Change from Same Period Last Year
▲ -14.4% ▼
100.0 690
-3.9%
Jan1 – Mar 31Any Japanese Involvement by Market
17.4% Industry % Change from Last Quarter
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-18.0% ▼
0.1 0-28 Industry Total 32,289.2
▼
▼
1.925Skadden 24
- 71* 1.9-0.8
598.5
0 Bae Kim & Lee 23-▲1▲ 0.11
0.1 -0.20.1
▼ 2 -20*
23 34 41.8Midosuji Legal Profession Corp 24 0.1Kitahama Partners
- 37.2
Bae Kim & Lee 22 23 44.3 Kim & Chang0.1 -0.8 ▼ 0.11 ▼ 37▲ 1 20* 0.1 1
-220*▲Mayer Brown LLP 21 - 68.0 0.2 110.2 ▼
0.30.2 00.1 ▲ 213.9 3.9 ▲
20 48 86.4 9*19 -1
0.1
Shearman & Sterling LLP65* 160.5 19* -0.4 0.4 ▲ 1
▲17* 35 192.6Sato Sogo Law Office ▼20* 0.1
0 -
0.3
Schulte Roth & Zabel LLP0.4▼
1▲ 1
20*0.1
0.2Clifford Chance 17* 67* 192.6 20*0.40.4Hogan Lovells
4.8Kim & Chang ▲ 616 42 3195.2 0.44.2 4.2Morgan Lewis & Bockius 17* --1
0.3-17.7 11,550.0▲
▲ 2 9* 0.30.9
0Khaitan & Co 14* 58* 247.5 0.6▲
-2 ▼2.7 ▲
12*1,550.0
0.6 -9.5 0.1 -9.514▼
-1 0 5.3-
1,769.41,715.0AZB & Partners 8*7* 247.5 20*14*
Anderson Mori & Tomotsune20* 0.11.2 ▼
0.8 -4.4 1 20*-1
13 11Skadden 0.1▼
12363.4
-11.7Anderson Mori & Tomotsune ▼11Linklaters
5▼
Simpson Thacher & Bartlett 1 ▼
1.7 1110 0-8.1 -
1.6-13.5 42 Noerr LLP
10.23 771.0 -43,277.33,277.3Herbert Smith Freehills 10*
7* 905.03.1
2.03.1
▼
1,368.1 3.1 3.1111,368.1
20* 0.1
12.4
▲
8Hogan LovellsAmarchand Mangaldas
7
10.3 9.210.8
2 3.050 10.68* 11.0▼
16.21▼
▼ -3.8Shearman & Sterling LLP-533 4.8 12.4
-
5.5
6
▲
▲ 1 0.1
1 ▲
▲
0.8
23▼ 1* ▼
▲ 1.56*
▲1
4
71*12*▲ 3
6▲
4
▼5.91*-35.9
▲
67* 15,693.4 35.1▲
1.6-6.224.100.1
3
35.1 35.1
Sh (%)
20*1
20*1
35.11
Sh (%)
Market
5
21 -11-10.5▼
35.1
0.6
▲
# of
2.9 3
2
Change in
Sh (%)
2014
Rank
3# of Deals
Market
3,321.6
15,693.4
525.8
▲ 20 34.1
▲
5,984.4 -8.5
▲
Market
# of DealsDeals
▼
Rank
-113.3Sh (%)
▲ 13 3*
35.115,693.4
7.4
US$m
21,643.7 48.4
13.4 3
23
Rank
Jan1 – Mar 31
# of
# of Deals per Advisor
Deals
4
Market
Share Ch.
Rank Value
67* 37.116,598.4 37.135.5
-Morgan Lewis & Bockius 8* -
Sidley Austin LLP 3* --
Mori Hamada & Matsumoto 6
57
Rank Value per Advisor (US$m)
1Nagashima Ohno & Tsunematsu 7
Schulte Roth & Zabel LLP
Legal Advisor
Kirkland & Ellis
8*
3*
-2.3%
-5.1%
Sullivan & Cromwell 15* 4
1,260.0
1,040.2
▼
25Industry Total
Jan1 – Mar 31
2013
Rank
Change in
Nakamura, Tsunoda & Matsumoto
2
2
▲
30.3Nishimura & Asahi 1
Cleary Gottlieb Steen & Hamilton 3*White & Case LLP
2014
Rank
Market
Legal Advisor
Market
# of Deals per Advisor
35
Gibson Dunn & Crutcher
Any Japanese Involvement Announced (AE51)
Share Ch.
1
White & Case LLP
▼
3.23.93.9
4.2
7,788.1
0.1
-
Simpson Thacher & Bartlett 12
Industry % Change from Same Period Last Year
35.9
3,987.03,535.53,477.33,316.0
Clifford Chance
952.51,003.6
10.2
2013
Rank
5
9
33
22
10*
Any Japanese Involvement Completed (AG52)
5,219.8 16.219.9
-15.39,797.9
0
100
200
300
400
500
600
700
0
5
10
15
20
25
30
35
40
3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
# of
Dea
ls
Ran
k Va
lue
(US$
b)
Domestic Inbound Outbound Outbound Inbound Domestic
17
-
-
-
-
-
-
-
https://www.thomsonone.com
Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only aportion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bidsreceive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer.
JapanCatherina Guinto-RoldanTel: +813 6441 1142
Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation.
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, andunconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
Robert Levine
A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.Tel: +1 646 223 5682
E-mail: redina.doda@thomsonreuters.comDeals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalentat the time of announcement of terms.
E-mail: robert.levine@thomsonreuters.com
EMEA
Tel: +44 (0) 20 7542 3558
First Quarter 2014 | Mergers & Acquisitions | Legal Advisors
Ranking Criteria Summary
Redina Doda
If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:
Asia-PacificKelvin Bian
Americas
Announced league tables include all deals that were announced between January 1, 2013 and March 31, 2014 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EDT on March 31, 2014.
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
E-mail: catherina.guintoroldan@thomsonreuters.com
Tel: +852 3761 1852E-mail: kelvin.bian@thomsonreuters.com
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. © 2014 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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