Global and regional M&A: H Including league tables of legal advisors

Transcription

1 Global and regional M&A: Including of legal advisors Global Europe US Asia-Pacific Japan Africa & Middle East League tables Criteria

2 Regional M&A comparison $721.5bn 42.4% $449.8bn 26.4% $ $14.3bn 0.8% $408.4bn 24.0% $18.9bn 1.1% 9.3 $bn * The % value on the map indicates market share in global M&A Global M&A $1.70tn, +11.6% vs. Total $1.70tn 11.6 % Cross-border $635.1bn -9.2% Energy, Mining & Utilities $307.1bn 27.7% US $721.5bn, +20.7% vs. Inbound $144.1bn 1.4% Outbound $98.5bn -32.8% Pharma, $120.7bn 15.7% Medical & Biotech Africa & Middle East $18.9bn, -29.4% vs. Inbound $9.8bn 26.0% Outbound $20.9bn 47.0% Energy, Mining & Utilities $8.1bn 84.5% Europe $449.8bn, -8.1% vs. Inbound $160.7bn 1.1% Outbound $73.2bn -42.7% Energy, Mining & Utilities $104.6bn 127.4% Japan $14.3bn, -15.8% vs. Inbound $1.6bn 52.8% Outbound $54.1bn 68.3% Real Estate $4.5bn 797.0% Asia-Pacific (excl. Japan) $408.4bn, +42.2% vs. Inbound $45.6bn -5.1% Outbound $62.2bn 45.7% Energy, Mining & Utilities $69.9bn 78.6% Global and regional M&A: 2

3 Global Confident management teams and shareholders in continue to rally M&A totals. The value of M&A announcements during increased 11.6% compared to the same period last year with US$ 1.70tn-worth of deals versus US$ 1.52tn this time last year, marking the highest half-year period since 2007 following Q2 s third consecutive quarterly increase. Shareholders are not only encouraging, they are expecting companies to use bold M&A for growth in. The mega-deals (>US$ 10bn) phenomenon continued at an even greater pace in with 28 deals amounting to US$ 678.1bn, the highest value and deal count for any period on Mergermarket record, and a giant 87.2% leap in value with twelve more announcements compared to. A digitised world results in multiple industries needing to acquire companies that will provide new technologies, or those able to help build them so they can advance. Telecommunications, Industrial & Chemicals and Consumer firms are hot on the tail of Technology targets this year. As a result, Technology M&A is well on its way to reaching the highest annual value on record, with deals reaching US$ 198.3bn so far in, just 10.7% from s record total (US$ 222.1bn). US, Asia-Pacific and Europe are taking different paths for growth when it comes to accessing global opportunities. Total cross-border M&A between different countries slowed during compared to last year, down 9.2% from with deals valued at US$ 635.1bn versus US$ 699.1bn. US firms turned their attention to domestic activity and European firms focused on cross-border M&A mainly within European borders. It was only Asian firms that showed a keen interest to gain a presence in other regions, mostly targeting European companies (see graphic). Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) : $1.70tn , Total 3,663.8 Total 2,413.1 $1.70tn Second highest on record, third highest half-year on record Total 1,712.6 Total 2,094.1 Q2 vs. Q1 19.9% Fourth highest valued quarter on record Total 2,273.6 Average daily value spent $9.4bn Average daily M&A value up from $8.4bn in Total 2,306.4 Total 2,216.4 Cross-border activity Total 1, Total 3,216.3 Cross-border share in global M&A 37.3% Share in global M&A value down from 45.9% in Sector breakdown in vs Energy, Mining & Utilities Technology Consumer Pharma, Medical & Biotech Telecommunications Industrials & Chemicals Financial Services Other $240.4bn $307.1bn 18.0% $120.5bn $198.3bn $141.8bn $197.8bn $205.6bn $187.5bn $157.9bn $176.1bn $154.6bn $145.5bn $114.1bn $117.8bn $389.6bn $371.7bn 7.9% 7.5% 6.9% 9.3% 11.6% 13.5% 11.0% 10.4% 10.3% 10.1% 8.6% 11.7% 15.8% 25.6% 21.8% Domestic activity Asia investing into Europe Miscellaneous Cash & Equity consideration Private equity buyouts Private equity exits 29.2% 130.1% % % -34.8% s valued at $1,066.6bn vs. $825.4bn in Second highest half-year on record, up from with 127 deals worth $48.2bn Up to 361 deals worth $502.4bn from, a record half-year value $141.9bn down from $189.1bn in, with 14 deals >$2bn versus 17 Down from to $174.2bn, with no deals above $10bn versus three * % indicates market share Global and regional M&A: 3

4 Global Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target country Target sector Apr Royal Dutch Shell Plc Netherlands BG Group Plc UK May Charter Communications Inc USA Time Warner Cable Inc USA Mar HJ Heinz Company USA Kraft Foods Group Inc USA Jan Cheung Kong (Holdings) Limited Hong Kong Hutchison Whampoa Limited (50.03% Stake) Hong Kong Apr Mylan NV UK Perrigo Company plc Ireland (Republic) Sector key Energy Telco Consumer Pharma League table by value Rank Company name Regional ranking comparison % Europe US Asia-Pac Japan , , % Latham & Watkins 281, , % Sullivan & Cromwell 279, , % Freshfields Bruckhaus Deringer 271, , % Davis Polk & Wardwell 252, , % Cravath, Swaine & Moore 251, , % Kirkland & Ellis 232, , % Wachtell, Lipton, Rosen & Katz 221, , % White & Case 197, , % Fried Frank Harris Shriver & Jacobson 181, , % Linklaters 159, , % Allen & Overy 146, , % Paul Weiss Rifkind Wharton & Garrison 138, , % Slaughter and May 135, , % Simpson Thacher & Bartlett 130, , % King & Wood Mallesons 114, , % Cleary Gottlieb Steen & Hamilton 109, , % De Brauw Blackstone Westbroek 107, ,879 1,733.6% Gibson Dunn & Crutcher 101, , % Ashurst 100, , % Africa & Middle East Global and regional M&A: 4

5 Europe Europe s rebound in has slowed in with ongoing discussions for a potential Grexit, UK euro scepticism and a slide in the Euro value affecting outbound M&A. Announcements valued at US$ 449.8bn during were 8.1% below. Inversion deals were a theme in, but US regulations have visibly hindered deal making between US and European firms. Inbound M&A worth US$ 160.7bn has seen 40.0% of this come from the US (US$ 64.3bn), down from 67.1% in. The expected Monsanto/Syngenta deal could be an indication of how future inversion deals are likely to turn out, pending approvals. European firms have withdrawn from being active foreign acquirers with the continued weak Euro rate likely to be a deterrent. Outbound M&A in Q1 and Q2 were the lowest quarterly values in eighteen months, resulting in s US$ 73.2bn-worth of deals dropping 42.7% compared to and with 133 fewer deals. Attraction to Europe s technological edge by Chinese and Japanese investors has intensified to a point that the region s growth rate in Technology M&A has overtaken the US during. European Technology M&A value reached US$ 41.7bn in, up 20.9% from the whole of, meanwhile in the US, values are consistently strong but are still down 12.0% on the whole of last year. Chinese and Japanese companies have taken their highest share on record at 15.8% with US$ 6.6bn-worth of deals. The UK has sprung back to life in and shareholders are confident, supportive and positive, with the Brexit debate not likely to cause an issue in the near future. The UK has already reached its highest annual total M&A value since 2008 and contributes 44.8% towards total European M&A, with deals valued at US$ 201.5bn. Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) : $449.8bn Total 1,495.6 Total 1, % Second highest first six months of any year since Total Total Total Total Total Q2 vs. Q1 Europe s share in global M&A value 39.3% 26.4% Second highest Q2 on record post-2007, up from Q1 First period to drop below 30% since 2010 Top three targeted countries Sector breakdown in vs Energy, Mining & Utilities Pharma, Medical & Biotech Telecommunications Consumer Industrials & Chemicals Technology Financial Services Other $46.0bn $104.6bn $85.0bn $47.8bn $68.4bn $47.5bn $39.1bn $47.4bn $56.9bn $45.4bn $14.5bn $41.7bn $29.0bn $25.7bn $150.5bn $89.7bn 3.0% 5.9% 5.7% Total % 9.4% 10.1% 9.3% 10.6% 10.6% 10.5% 11.6% % 17.4% 19.9% Total % 30.7% UK: $201.5bn France: $52.8bn Ireland: $37.8bn Miscellaneous Inbound M&A: $160.7bn Asia overtakes US for rate of inbound investment Intra-regional cross-border 44.8% -56.0% -28.7% 35.7% 0.4% 1.9% Share in European M&A highest since 2010, value up 29.7% from entire Down from with both Q1 and Q2 failing to surpass $30bn Down from but Q2 was the second highest quarter on record ($36.3bn) Inbound M&A accounts for the highest share to any total since 2011 Asia ($48.2bn) already up 0.4% on whole of, US slows 39.7% from Focus on cross-border within Europe ($202.7bn) rather than outbound * % indicates market share Global and regional M&A: 5

6 Europe Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target country Target sector Seller company Apr Royal Dutch Shell Plc Netherlands BG Group Plc UK Apr Mylan NV UK Perrigo Company plc Ireland (Republic) Feb BT Group plc UK EE Limited UK Orange SA; and Deutsche Telekom AG Mar Hutchison Whampoa Limited Hong Kong Telefonica UK Limited United Kingdom Telefonica SA Apr Nokia Oyj Finland Alcatel-Lucent France Sector key Energy Pharma Telco Technology League table by value Rank Company name % 1 1 Freshfields Bruckhaus Deringer 173, , % Cravath, Swaine & Moore 143, ,933 2,318.9% 3 14 Allen & Overy 140, , % 4 6 Slaughter and May 119, , % De Brauw Blackstone Westbroek 107, ,879 1,733.6% Pinheiro Neto Advogados 88, ,532 1,257% 7 84 King & Wood Mallesons 87, , % 8 80 Ashurst 86, , % Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 81, ,180 1,216.3% , , % 11 4 Linklaters 76, , % 12 8 Wachtell, Lipton, Rosen & Katz 60, , % Latham & Watkins 59, , % Clifford Chance 56, , % Davis Polk & Wardwell 55, , % A&L Goodbody 55, , % White & Case 49, , % 18 5 Sullivan & Cromwell 48, , % Arthur Cox 46, , % 20 7 Simpson Thacher & Bartlett 40, , % Global and regional M&A: 6

7 US Confidence within the US market is on a high, fuelled by low interest rates, stable economic growth and an abundance of corporate cash. deal values mark the third first-half increase in a row, with US$ 721.5bn-worth of deals reaching the highest deal value since 2007, and a 20.7% increase compared to the same period in. The domestic market has been a driving force for M&A in, as companies increasingly search within their borders for prime targets. Domestic deal value reached US$ 577.4bn in, accounting for a 80% of the total deal value targeting the US, and the second highest deal value since Sellers are commanding higher multiples for deals, with EBITDA multiples increasing from 14.7x in to 17.7x in, the highest multiple after 2007 (17.9x). In the attempt to supply consumers all their needs in one place, on demand and quickly, there has been increased level of crossinvestment between the Technology and Telecommunication sectors. A spurt of deals merging the two sectors (30 deals worth US$ 108.1bn) resulted in both Technology (US$ 112.3bn) and Telecommunications (US$ 119.3bn) reaching record deal values. Despite overall outbound activity dropping, the US has still shown a strong amount of interest in UK-based companies, encouraged by corporate tax incentives, low inflation and a high GDP. The US$ 26.9bn-worth of deals targeting the UK jumped 58.1% from, driven by deals targeting Business Services (US$ 9.5bn) and Industrial & Chemicals (US$ 8.8bn) sectors, and with Business Services reaching its highest deal value on Mergermarket record. Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) : $721.5bn Total Total 1, % Increase compared to. Second highest on record, after Total Total Total Total Total Q2 vs. Q1 US s share in global M&A value 5.4% 42.4% Cross-border activity Increae by value even though there were 235 fewer deals Highest % share in global value since Total Total 1,386.8 Domestic activity $577.4bn 26.5% Increase from, reaching the second highest value on record Sector breakdown in vs Pharma, Medical & Biotech Telecommunications Technology Energy, Mining & Utilities Consumer Industrials & Chemicals Business Services Other $104.3bn $120.7bn $74.4bn $119.3bn $72.8bn $112.3bn $98.5bn $79.0bn $60.9bn $78.9bn $57.0bn $57.0bn $39.4bn $45.0bn $90.6bn $109.3bn 6.6% 6.2% 10.2% 9.5% 7.9% 12.4% 12.2% 10.9% 10.9% 15.2% 16.5% 17.4% 15.2% 15.6% 16.7% 16.5% US investing into UK $26.9bn Inbound activity $144.1bn Miscellaneous Technology $112.3bn s over $10bn EBITDA multiples 58.1% 1.9% 54.3% 119.7% 17.7x Third highest period on record Inbound M&A edges above, reaching the highest post-2007 Up from, highest value on record,12.1% away from whole of Increase by deal value compared to, with 9 more deals Up from 14.3x in, and the highest multiple on record * % indicates market share Global and regional M&A: 7

8 US Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target sector May Charter Communications Inc USA Time Warner Cable Inc Mar HJ Heinz Company USA Kraft Food Group Inc May Avago Technologies USA Broadcom Corp Mar Abbvie Inc USA Pharmacyclics Inc Jan Energy Transfer Partners USA Regency Energy Partners Sector key Telco Consumer Technology Pharma Energy League table by value Rank Company name % , , % 2 7 Latham & Watkins 252, , % 3 3 Sullivan & Cromwell 235, , % 4 12 Kirkland & Ellis 230, , % 5 8 Davis Polk & Wardwell 204, , % 6 6 White & Case 185, , % 7 21 Fried Frank Harris Shriver & Jacobson 181, , % 8 9 Wachtell, Lipton, Rosen & Katz 167, , % 9 10 Paul Weiss Rifkind Wharton & Garrison 135, , % Cravath, Swaine & Moore 121, , % 11 2 Simpson Thacher & Bartlett 110, , % Gibson Dunn & Crutcher 99, , % DLA Piper 95, , % Davies Ward Phillips & Vineberg 80, , % 15 5 Cleary Gottlieb Steen & Hamilton 74, , % 16 4 Weil Gotshal & Manges 74, , % Wilson Sonsini Goodrich & Rosati 71, , % Shearman & Sterling 69, , % Debevoise & Plimpton 65, , % Baker Botts 62, , % Global and regional M&A: 8

9 Asia-Pacific (excl. Japan) Asian dealmaking is continuing its bullish streak, shown by three consecutive quarterly record deal values targeting the region. The 1,563 deals valued at US$ 408.4bn announced in marked the highest deal value on Mergermarket record, overtaking the value by 42.2%. A string of mega-deals (>US$10bn) targeting the region has boosted activity in, with five deals worth US$ 124.7bn taking 30.5% of total market share, up from 16.4% in. Asian companies are looking for all round growth by strengthening their position in their home market as well as abroad. saw the highest outbound (US$ 62.2bn) deal value on Mergermarket record, increasing year-on-year by 45.7%. The value of domestic activity (US$ 362.7bn) also saw its highest half year deal value on record, up 51.2% from and accounting for 88.8% of the total Asia-Pacific (excl. Japan) deal value, reaching the highest market share on Mergermarket record. Asian firms have been looking towards European targets so far this year, accounting for 60% of Asia-Pacific's (excl. Japan) highest outbound deal value on record this year, with 89 deals worth US$ 37.3bn announced. The UK attracted US$ 22.4bn-worth of deals, up from US$ 3.3bn in, and the highest deal value since Chinese investors are focusing on their core markets at home which has boosted Asia-Pacific's domestic tally. China's domestic activity leapt to US$ 133.1bn in, the highest on record. Both Technology (130 deals worth US$ 25.2bn) and Industrials & Chemicals (174 deals worth US$ 25.5bn) took the lion's share, reaching their highest deal value and deal count on record. Valuations within Asia's Technology sector remain high as competition for deals heats up. The 269 deals worth US$ 41.4bn during marked a huge increase from 210 deals worth US$ 26.7bn in. Valuations have followed suit, with EBITDA multiples jumping from 20.2x to 22.5x year-on-year, the highest multiple since Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) : $408.4bn Total Total % Increase from reaches highest half-year period on record Total Q2 vs. Q1 21.5% Highest quarterly value on Mergermarket record Total Total Asia s share in global M&A value 24.0% Increased from 18.8% in Total Total Top three targeted countries Energy, Mining & Utilities Consumer Real Estate Technology Industrials & Chemicals Financial Services Transport Other $39.1bn $69.9bn $29.5bn $60.4bn $25.0bn $57.3bn $26.7bn $41.4bn $27.9bn $36.7bn $29.0bn $33.2bn $16.2bn $22.5bn $93.7bn $87.0bn % % 8.7% 9.3% 10.3% 9.7% 10.1% 9.0% 10.1% 8.1% 13.6% % 14.0% 17.1% Total Sector breakdown in vs 21.3% 32.6% * % indicates market share Total China $151.1bn Hong Kong $106.5bn South Korea $62.9bn Miscellaneous China s Outbound M&A Private equity buyouts Private equity exits 16.4% 255.8% 80.1% 13.9% -29.8% 2.9% Increase from, second highest half-year value on record Increase from, highest annual total on record Increase from, likely to be second highest annual total on record $ 23.8bn-worth of deals mark the highest deal value on record Down from, but still the third highest on record Increase from with 7 more exits, reaches second highest half-year on record Global and regional M&A: 9

10 Asia-Pacific (excl. Japan) Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target country Target sector Seller company Jan Cheung Kong (Holdings) Limited Hong Kong Hutchison Whampoa Limited (50.03% Stake) Hong Kong May CK Hutchison Holdings Limited (Shareholders) Hong-Kong Cheung Kong Property Holdings Limited Hong Kong Cheung Kong (Holdings) Limited Apr SK C&C Co Limited South Korea SK Holdings Co Limited (68.18% Stake) South Korea Mar BHP Billiton Ltd (Shareholders) Australia South32 Australia BHP Billiton Ltd May Cheil Industries Inc South Korea Samsung C&T Corporation South Korea - Sector key Consumer Real Estate Energy League table by value Rank Company name % 1 1 Freshfields Bruckhaus Deringer 120, , % 2 5 Linklaters 99, , % 3 97 Commerce and Finance Law Offices 77, ,473 5,153.4% 4 84 Guantao Law Firm 76, ,932 3,845.9% 5 - Woo Kwan Lee & Lo 75, , , % 7 7 Herbert Smith Freehills 47, , % 8 6 Kim & Chang 44, , % 9 71 Stikeman Elliott 42, ,532 1,595.4% 10 3 King & Wood Mallesons 28, , % Bae Kim & Lee 28, , % Lee & Ko 20, , % Baker & McKenzie 19, , % Slaughter and May 17, , % Cleary Gottlieb Steen & Hamilton 15, , % 16 4 Clifford Chance 14, , % Grandall Law Firm 14, , % Ashurst 13, , % Davis Polk & Wardwell 13, , % Kirkland & Ellis 13, , % Global and regional M&A: 10

11 Japan Japanese management teams are leading their companies away from a stationary economy and outside of their home market. Total outbound M&A has already hit an annual three-year peak at US$ 54.1bn, with other Asian targets taking a 42.2% proportion, a jump from an average of 23.9% since In a race to regain a position in the technology market, this was the second most sought after industry by deal count for Japanese firms looking towards other Asian companies. Japanese outbound investment targeting Asian technology firms saw seven deals valued at US$ 1.8bn, a jump from just five transactions worth US$ 146m in. Another driving force behind outbound M&A is the effort to acquire technology in Europe. The value of Japan s outbound investment into Europe is already 63.7% above the whole of, with technology reaching its highest level on record and taking a 43.1% share of total outbound M&A into the region. Japanese firms are showing more interest in deals within Japan but they are less bold in their size compared to outbound transactions into developed markets. Domestic activity saw fifteen more deals compared to but with a 6.5% lower deal value with 181 transactions amounting to US$ 12.7bn showing a pick-up in activity but for the lower deal size brackets. The push towards other markets and a lack of inbound investment resulted in Japan targeted M&A continuing its downward cycle. The value of M&A during decreased 15.8% to US$ 14.3bn, down from US$ 17.0bn in. On a quarterly basis however, the value picked up in Q2 with deals worth US$ 8.9bn increasing by 65.5%. Outside of Asia, firms are wary of investing in a country that hasn t yet seen strong enough positive effects from the government s recovery programme to encourage investment into Japan. The US has been the only country to spend on deals in Japan from outside of the region so far this year with six deals worth US$ 1.2bn. Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) : $14.3bn Total 55.8 Total % Down from, lowest period since Total 35.3 Total Total 83.7 Total 70.5 Total 78.5 Q2 vs. Q1 Domestic M&A: 181 deals, $12.7bn 65.5% + 15 deals Outbound activity Q2 value increases after Nomura Real Estate mergers Domestic activity sees more deals than in both and H Total Total 31.2 Sector breakdown in vs Real Estate Financial Services Consumer Other Leisure Industrials & Chemicals Pharma, Medical & Biotech Business Services s y $56m $4,548m $2,633m $1,962m $2,287m $1,806m $68m $1,578m $5,894m $1,241m $351m $633m $685m $625m $4,984m $1,890m 0.3% 0.4% 2.1% 4.4% 4.0% 4.4% 8.7% 12.6% 11.1% 13.7% 13.2% 13.5% 15.5% 31.8% 29.4% 34.8% * % indicates market share outbound value: $54.1bn Outbound to other Asian countries Financial Services outbound activity Miscellaneous Mid-market M&A value ($10m-$250m) Private equity buyouts Consumer buyouts 1.4% 30.8% 36.4% 19.8% $496m 7 deals up from whole of and already the second annual increase Highest annual value ($22.8bn) on record, up 30.8% from peak in % higher value ($14.5bn) compared to whole of Mid-market deals worth $5.2bn take higher share than 26.5% in value increases compared to, and 45.1% from 2013 Most targeted sector for buyouts, one deal away from matching Global and regional M&A: 11

12 Japan Top deals value Ann. date Bidder company Bidder country Target company Target sector Seller company May Nomura Real Estate Master Fund Inc Japan Nomura Real Estate Office Fund 1,.5 27-May Nomura Real Estate Master Fund Inc Japan Nomura Real Estate Residential Fund Inc Mar The Higo Bank Ltd Japan The Kagoshima Bank Apr GungHo Online Entertainment Inc Japan GungHo Online Entertainment Inc (16.4% Stake) SoftBank Corp Feb Bain Capital LLC USA Ooedo-onsen Holdings Co Ltd Hiroshi Hashimoto and family (private investors) Sector key Real Estate Financial Services Leisure League table by value Rank Company name % 1 6 Mori Hamada & Matsumoto 14, , % 2 18 Freshfields Bruckhaus Deringer 13, , % 3 1 Nishimura & Asahi 11, , % 4 20 Sullivan & Cromwell 8, , % , ,463.0% 6 40 Simpson Thacher & Bartlett 8, ,572.4% 7 10 Debevoise & Plimpton 8, , % 8 9 Willkie Farr & Gallagher 7, ,708 31% 9 28 Ashurst 6, % Herbert Smith Freehills 6, ,110.8% Nagashima Ohno & Tsunematsu 6, , % 12= - Clayton Utz 6, = - Simpson Grierson 6, Sidley Austin 5, , % Morrison & Foerster 4, % Global and regional M&A: 12

13 Africa & Middle East Total M&A activity targeting the region has fallen, as a decreased domestic deal value signals a lack of confidence in home markets. The value of M&A dropped 29.4% to US$ 18.9bn compared to, the lowest deal value since domestic activity (92 deals worth US$ 9.1bn) also saw a 52% decrease compared to, with 36 fewer deals. In contrast to the decline in domestic M&A, companies are spending more on acquisitions outside of the region in search for growth. Outbound activity increased 47% year-on-year to reach US$ 20.9bn, the highest value on Mergermarket record since 2011, despite seeing 14 less deals. The increased outbound activity was led by South Africa, following a few high valued deals within the Consumer and Leisure industries. The outbound deal value more than doubled to US$ 6.4bn in from the same period last year, reaching its highest value on record, with the UK being the prime target (five deals worth US$ 6bn). The Energy, Mining & Utilities sector remains the anchor for M&A activity in the region. The 29 deals worth US$ 8.1bn showed a 84.5% increase compared to, not reaching 2013's record deal value (US$ 11.5bn), as some companies come under pressure to sell assets in order to cut costs because of the fall in oil prices. Inbound activity has increased year-on-year, driven by interest from foreign companies towards UAE. A total of six deals worth US$ 3.3bn in took a 33.9% share in total inbound activity, showing a huge increase from the mere US$ 113m recorded in. activity focused on the Construction (one deal worth US$ 1.5bn), Energy, Mining & Utilities (two deals worth US$ 1.8bn) and Industrials & Chemicals (two deals worth US$ 1.6bn) sectors, each substantially overtaking their full deal value. Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) : $18.9bn Total 51.8 Total % Decreased from, reaching the third lowest half-year value since Total 32.7 Q2 vs. Q1 13.4% The lowest Q2 value since Total 54.3 Total 44.9 Total Total 63.3 Inbound deal value $ % Top three acquirers Increased from, but Q2 was the second quarterly decline Total Total 18.9 Sector breakdown in vs South Africa $6.4bn UAE $3.3bn 124% 31.0% marks the highest outbound deal value on record at $6.4bn Decreased from with nine fewer deals Energy, Mining & Utilities Technology $4,366m $8,054m $2,243m $1,900m 8.4% 10.0% 16.3% 42.6% Qatar $3.2bn 3.4% Down from, with five fewer deals Financial Services $2,240m $1,590m 8.4% 8.4% Miscellaneous Construction Pharma, Medical & Biotech Leisure Industrials & Chemicals Other $1,638m $1,565m $417m $1,176m $813m $875m $416m $857m $14,657m $2, 895m 6.1% 8.3% 1.6% 3.0% 1.6% 6.2% 4.6% 4.5% 15.3% 54.7% Energy, Mining & Utilities Africa Inbound (excl. Middle East) Total outbound M&A 84.5% 21.5% 47.0% Increasedcompared to, with two more announcements Increased compared to, and with five more deals ($20.9bn)marks the highest half-year value since 2011 * % indicates market share Global and regional M&A: 13

14 Africa & Middle East Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target country Target sector Seller company Jun Emirates National Oil Company Ltd UAE Dragon Oil Plc (46.1% stake) UAE Feb OCI NV (Shareholders) Netherlands Orascom Construction Ltd UAE OCI NV Apr Inpex Corporation Japan ADCO Onshore Concession (5% stake) UAE Abu Dhabi National Oil Company Jan Israel Corporation (Shareholders) Israel Kenon Holdings Limited Israel Israel Corporation Mar Sun International (South Africa) Limited Sector key Energy Construction Leisure South Africa Peermont Global Limited South Africa Mineworkers Investment Company (Pty) Ltd; and Peermont Global Limited (Creditors) League table by value Rank Company name % 1 3 Freshfields Bruckhaus Deringer 7, , % 2 29 DLA Cliffe Dekker Hofmeyr 6, , % 3 13 Allen & Overy 6, , % 4 2 Linklaters 5, , % 5 4 Clifford Chance 5, , % Cravath, Swaine & Moore 4, Macfarlanes 3, , % 8 57 Goodwin Procter 3, % 9 1 White & Case 3, , % Cooley 3, % Eversheds 3, Maitland & Co 2, = - Arthur Cox 2, = - Mason Hayes & Curran 2, Slaughter and May 2, ,903.9% ENSafrica 1, , % 17 8 Shearman & Sterling 1, , % , ,594.0% 19 - Zulficar & Partners 1, Meitar Liquornik Geva Leshem Tal & Co 1, , % Global and regional M&A: 14

15 Global Global by deal value Rank Company name Global by deal count Rank Company name , % 2 9 Latham & Watkins 281, % 3 3 Sullivan & Cromwell 279, % 4 2 Freshfields Bruckhaus Deringer 271, % 5 8 Davis Polk & Wardwell 252, % 6 40 Cravath, Swaine & Moore 251, % 7 13 Kirkland & Ellis 232, % 8 12 Wachtell, Lipton, Rosen & Katz 221, % 9 7 White & Case 197, % Fried Frank Harris Shriver & Jacobson 181, % Linklaters 159, % Allen & Overy 146, % Paul Weiss Rifkind Wharton & Garrison 138, % Slaughter and May 135, % 15 5 Simpson Thacher & Bartlett 130, % 1 1 DLA Piper 98, Jones Day 34, Kirkland & Ellis 232, Latham & Watkins 281, , White & Case 197, Allen & Overy 146, Linklaters 159, Clifford Chance 79, Weil Gotshal & Manges 81, CMS 10, Freshfields Bruckhaus Deringer 271, Baker & McKenzie 52, King & Wood Mallesons 114, Stikeman Elliott 62, Global *buyouts by deal value Rank Company name Global *buyouts by deal count Rank Company name 1 15 Ropes & Gray 11, % 2 13 Linklaters 9, % 3 1 Kirkland & Ellis 9, % 4 2 Clifford Chance 8, % 5 6 Weil Gotshal & Manges 7, % 6 32 Fried Frank Harris Shriver & Jacobson 7, % 7 5 Freshfields Bruckhaus Deringer 6, % 8 49 Davis Polk & Wardwell 6, % Orrick Herrington & Sutcliffe 5, ,152.9% 10 3 Latham & Watkins 5, % Paul Weiss Rifkind Wharton & Garrison 5, % Torys 5, % DLA Cliffe Dekker Hofmeyr 4, ,150% 14 7 Cleary Gottlieb Steen & Hamilton 4, % 15 8 White & Case 3, % 1 1 Kirkland & Ellis 9, Ropes & Gray 11, Weil Gotshal & Manges 7, Clifford Chance 8, White & Case 3, Jones Day DLA Piper Willkie Farr & Gallagher 1, Latham & Watkins 5, Linklaters 9, Paul Weiss Rifkind Wharton & Garrison 5, Allen & Overy 2, Morgan Lewis & Bockius 1, Winston & Strawn Freshfields Bruckhaus Deringer 6, *Based on advisors to bidder on buyout deals only with the target domininant geography being Global Global and regional M&A: 15

16 Europe Europe by deal value Rank Company name Europe by deal count Rank Company name 1 1 Freshfields Bruckhaus Deringer 173, % Cravath, Swaine & Moore 143, ,319% 3 14 Allen & Overy 140, % 4 6 Slaughter and May 119, % De Brauw Blackstone Westbroek 107, ,7334% Pinheiro Neto Advogados 88, ,257% 7 84 King & Wood Mallesons 87, % 8 80 Ashurst 86, % Mattos Filho, Veiga Filho, Marrey , ,216.3% Jr. e Quiroga Advogados , % 11 4 Linklaters 76, % 12 8 Wachtell, Lipton, Rosen & Katz 60, % Latham & Watkins 59, % Clifford Chance 56, % Davis Polk & Wardwell 55, % 1 6 Allen & Overy 140, CMS 10, Linklaters 76, DLA Piper 3, Clifford Chance 56, Freshfields Bruckhaus Deringer 173, White & Case 49, Latham & Watkins 59, Jones Day 9, Baker & McKenzie 30, Squire Patton Boggs 1, Weil Gotshal & Manges 21, Hogan Lovells International 4, Loyens & Loeff 10, Taylor Wessing 3, Europe *buyouts by deal value Rank Company name Europe *buyouts by deal count Rank Company name 1 5 Clifford Chance 8, % 2 7 Linklaters 7, % 3 1 Freshfields Bruckhaus Deringer 5, % 4 - DLA Cliffe Dekker Hofmeyr 4, Weil Gotshal & Manges 3, % 6 59 Paul Weiss Rifkind Wharton & Garrison 3, % 7 - Maitland & Co 2, Torys 2, Allen & Overy 2, % Bonelli Erede Pappalardo 2, % 11= - Carlo Pavesi 2, = - Studio Legale Carbonetti 2, Houthoff Buruma 1, ,547% 14 - Deacons 1, Nabarro 1, Clifford Chance 8, White & Case 1, DLA Piper Allen & Overy 2, Linklaters 7, Latham & Watkins 1, Weil Gotshal & Manges 3, Ashurst CMS Accura Travers Smith 1, Willkie Farr & Gallagher Taylor Wessing Freshfields Bruckhaus Deringer 5, Loyens & Loeff 1, *Based on advisors to bidder on buyout deals only with the target domininant geography being Europe Global and regional M&A: 16

17 Europe UK by deal value Rank Company name UK by deal count Rank Company name 1 1 Freshfields Bruckhaus Deringer 152, % 2 45 Cravath, Swaine & Moore 120, ,433% 3 3 Slaughter and May 105, % 4 12 Allen & Overy 97, % 5 39 Ashurst 85, ,482% 6 42 King & Wood Mallesons 83, ,628% 7 66 De Brauw Blackstone Westbroek 81, ,014.7% 8 - Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 81, Pinheiro Neto Advogados 81, ,024% Davis Polk & Wardwell 46, % A&L Goodbody 43, ,786% Arthur Cox 36, ,434.2% 13 4 Clifford Chance 35, % NautaDutilh 35, % Stibbe 35, % 1 4 Clifford Chance 35, Squire Patton Boggs 1, Freshfields Bruckhaus Deringer 152, Allen & Overy 97, Linklaters 33, CMS 5, DLA Piper 1, Travers Smith 15, Slaughter and May 105, Pinsent Masons 2, Addleshaw Goddard 2, Ashurst 85, Taylor Wessing 3, Herbert Smith Freehills 22, Eversheds 4, Ireland by deal value Rank Company name Ireland by deal count Rank Company name 1 5 A&L Goodbody 47, % 2 1 Arthur Cox 45, % 3 27 Davis Polk & Wardwell 40, ,386% 4 2 Wachtell, Lipton, Rosen & Katz 37, % 5 - Stibbe 35, = - Cravath, Swaine & Moore 35, = - NautaDutilh 35, , % Fried Frank Harris Shriver & , % Jacobson Slaughter and May 9, % Ropes & Gray 8, % 12 - O'Melveny & Myers 8, = - ARQIS 7, = - Demarest 7, = - Pinheiro Neto Advogados 7, = - Tozzini Freire Teixeira e Silva Advogados 7, William Fry 2, A&L Goodbody 47, Arthur Cox 45, McCann FitzGerald 1, Mason Hayes & Curran , White & Case 4, Linklaters 4, Davis Polk & Wardwell 40, Stikeman Elliott Baker & McKenzie Matheson Maples & Calder Stibbe 35, Slaughter and May 9, Global and regional M&A: 17

18 Europe Germany by deal value Rank Company name Germany by deal count Rank Company name 1 1 Freshfields Bruckhaus Deringer 24, % 2 5 Clifford Chance 21, % 3 13 Cleary Gottlieb Steen & Hamilton 19, % 4 89 Norton Rose Fulbright 10, ,093.8% 5 3 Hengeler Mueller 7, % 6 29 Allen & Overy 7, % 7 53 CMS 6, % 8 42 P+P Poellath + Partners 5, % 9 2 Sullivan & Cromwell 5, % 10 8 Gleiss Lutz 4, % Milbank Tweed Hadley & McCloy 3, % Noerr 3, % Binder Groesswang Rechtsanwaelte 3, ,710.0% Schoenherr Rechtsanwaelte 2, ,650.3% 15 - Eisenberger & Herzog Rechtsanwalts 2, CMS 6, Clifford Chance 21, Gleiss Lutz 4, Noerr 3, Hengeler Mueller 7, Freshfields Bruckhaus Deringer 24, Heuking Kuhn Luer Wojtek Allen & Overy 7, Latham & Watkins 2, DLA Piper 1, Taylor Wessing Luther Linklaters 2, Baker & McKenzie Jones Day 1, Germanic by deal value Rank Company name Germanic by deal count Rank Company name 1 1 Freshfields Bruckhaus Deringer 29, % 2 3 Cleary Gottlieb Steen & Hamilton 25, % 3 18 Clifford Chance 22, % 4 35 Allen & Overy 11, % 5 23 Norton Rose Fulbright 11, % 6 6 Homburger 9, % Pinheiro Neto Advogados 7, ,556.7% ARQIS 7, ,424.5% 9 73 Demarest 7, % Tozzini Freire Teixeira e Silva Advogados 7, % Arthur Cox 7, ,203.8% Hengeler Mueller 7, % CMS 7, % Latham & Watkins 7, % Sullivan & Cromwell 6, % 1 1 CMS 7, Clifford Chance 22, Freshfields Bruckhaus Deringer 29, Allen & Overy 11, Gleiss Lutz 4, Hengeler Mueller 7, Noerr 4, DLA Piper 1, Latham & Watkins 7, Baker & McKenzie 3, Heuking Kuhn Luer Wojtek Taylor Wessing Walder Wyss Linklaters 5, Jones Day 4, Global and regional M&A: 18

19 Europe France by deal value Rank Company name France by deal count Rank Company name 1 - Wachtell, Lipton, Rosen & Katz 18, Latham & Watkins 17, % , % 4 16 Sullivan & Cromwell 15, % 5 - Roschier 15, = 281 Dittmar & Indrenius 15, = - Fangda Partners 15, Linklaters 10, % 9 27 Darrois Villey Maillot Brochier 10, % Allen & Overy 7, % Demarest 7, ,413% Arthur Cox 7, ,358% Pinheiro Neto Advogados 7, ,911% 14= - ARQIS 7, = - Tozzini Freire Teixeira e Silva Advogados 7, Gide Loyrette Nouel 1, De Pardieu Brocas Maffei Allen & Overy 7, Latham & Watkins 17, Weil Gotshal & Manges 3, Darrois Villey Maillot Brochier 10, CMS 1, Linklaters 10, Mayer Brown 6, Clifford Chance 4, Bredin Prat 4, King & Wood Mallesons 2, DLA Piper Willkie Farr & Gallagher 2, Fidal Benelux by deal value Rank Company name Benelux by deal count Rank Company name 1 41 De Brauw Blackstone Westbroek 107, ,399% 2 3 Allen & Overy 105, % 3 - Cravath, Swaine & Moore 93, Freshfields Bruckhaus Deringer 87, % 5 26 Slaughter and May 81, % King & Wood Mallesons 81, % 7 42 Ashurst 81, ,610.0% 8 59 Pinheiro Neto Advogados 81, ,597% 9 - Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 81, Simpson Thacher & Bartlett 32, % Houthoff Buruma 19, % White & Case 18, % , % 14 4 Sullivan & Cromwell 16, % Linklaters 16, % 1 2 Allen & Overy 105, Loyens & Loeff 6, De Brauw Blackstone Westbroek 107, Stibbe 4, Houthoff Buruma 19, Clifford Chance 5, DLA Piper Linklaters 16, Freshfields Bruckhaus Deringer 87, White & Case 18, NautaDutilh 4, Baker & McKenzie 4, AKD lawyers & civil law notaries De Breij Evers Boon , Global and regional M&A: 19

20 Europe Spain by deal value Rank Company name Spain by deal count Rank Company name 1 8 Linklaters 22, % 2 1 Freshfields Bruckhaus Deringer 19, % 3 38 Herbert Smith Freehills 17, ,868% 4 39 Baker & McKenzie 16, ,626% 5 9 White & Case 7, % 6 24 Latham & Watkins 6, % 7 - Cravath, Swaine & Moore 6, Uria Menendez 6, % 9 12 Allen & Overy 5, % 10= - Baker Botts 4, = 34 Sullivan & Cromwell 4, % 10= - Wiggin & Dana 4, Clifford Chance 2, % 14 - De Brauw Blackstone Westbroek 2, Slaughter and May 2, Cuatrecasas, Goncalves Pereira Uria Menendez 6, Linklaters 22, Garrigues 1, Deloitte Legal Allen & Overy 5, Gomez-Acebo & Pombo Abogados DLA Piper PwC legal Baker & McKenzie 16, Jones Day Ramon & Cajal KPMG Abogados Freshfields Bruckhaus Deringer 19, Latham & Watkins 6, Iberia by deal value Rank Company name Iberia by deal count Rank Company name 1 14 Linklaters 23, % 2 1 Freshfields Bruckhaus Deringer 19, % 3 26 Herbert Smith Freehills 17, % 4 44 Baker & McKenzie 16, ,626% 5 5 White & Case 7, % 6 30 Latham & Watkins 6, % 7 - Cravath, Swaine & Moore 6, Uria Menendez 6, % 9 16 Allen & Overy 5, % 10= - Baker Botts 4, = 40 Sullivan & Cromwell 4, % 10= - Wiggin & Dana 4, Clifford Chance 2, % 14 - De Brauw Blackstone Westbroek 2, Slaughter and May 2, Cuatrecasas, Goncalves Pereira 1, Uria Menendez 6, Linklaters 23, Garrigues 1, Deloitte Legal Allen & Overy 5, Gomez-Acebo & Pombo Abogados DLA Piper PwC legal Baker & McKenzie 16, Jones Day Ramon & Cajal KPMG Abogados Freshfields Bruckhaus Deringer 19, Latham & Watkins 6, Global and regional M&A: 20

21 Europe Italy by deal value Rank Company name Italy by deal count Rank Company name 1 21 Gianni, Origoni, Grippo, Cappelli & Partners 15, % 2 11 Bonelli Erede Pappalardo 11, % 3 13 Latham & Watkins 9, % 4 20 Chiomenti Studio Legale 8, % 5 7 Clifford Chance 7, % 6 12 Pedersoli e Associati 7, % 7 27 Freshfields Bruckhaus Deringer 6, % 8 6 Studio Legale Lombardi Molinari Segni 6, % 9 - JunHe 6, Slaughter and May 4, Linklaters 4, % 12= 15 Homburger 3, % 12= 19 Wachtell, Lipton, Rosen & Katz 3, % Legance Avvocati Associati 3, % Grimaldi Studio Legale 2, % 1 2 Gianni, Origoni, Grippo, Cappelli & Partners 15, Chiomenti Studio Legale 8, NCTM Studio Legale Associato Pedersoli e Associati 7, Bonelli Erede Pappalardo 11, Legance Avvocati Associati 3, Gattai Minoli Agostinelli & 7 6 2, Partners d'urso Gatti e Bianchi - Studio 8 5 2, Legale Associato 9 11 Clifford Chance 7, Studio Legale Lombardi Molinari Segni 6, Linklaters 4, DLA Piper Latham & Watkins 9, Jones Day 1, Pirola Pennuto Zei & Associati Denmark by deal value Rank Company name Denmark by deal count Rank Company name 1 2 Gorrissen Federspiel 5, % 2 17 Kromann Reumert 5, % 3 1 Bech-Brn 1, % 4 6 Accura % 5 14 Plesner % 6 3 Brn & Hjejle % 7 73 Jones Day LETT Law Firm % 9 72 Gernandt & Danielsson White & Case = - Freshfields Bruckhaus Deringer = 12 Wiersholm % 13 - Latham & Watkins Weil Gotshal & Manges % 15 - Holst, Law Firm Bech-Brn 1, Kromann Reumert 5, Ronne & Lundgren Plesner Gorrissen Federspiel 5, Accura LETT Law Firm Brn & Hjejle Moalem Weitemeyer Bendtsen Horten Law Firm White & Case Latham & Watkins Mazanti-Andersen, Korso Jensen & Partnere CMS Schjodt Global and regional M&A: 21

22 Europe Finland by deal value Rank Company name Finland by deal count Rank Company name 1 3 Roschier 16, % 2 34 Dittmar & Indrenius 15, = - Fangda Partners 15, = - Latham & Watkins 15, = - 15, = - Sullivan & Cromwell 15, = - Wachtell, Lipton, Rosen & Katz 15, Vinge 7, % 9 8 Avance Attorneys 6, % 10 5 Mannheimer Swartling 6, % 11 - Linklaters 6, Torys 3, Thommessen 1, % BA-HR 1, % 15 - Hammarskiold & Co 1, Roschier 16, Hannes Snellman Castren & Snellman Krogerus Avance Attorneys 6, Dittmar & Indrenius 15, Borenius Attorneys Bird & Bird Vinge 7, White & Case 1, Weil Gotshal & Manges Mannheimer Swartling 6, Torys 3, Thommessen 1, Wistrand Norway by deal value Rank Company name Norway by deal count Rank Company name 1 4 Thommessen 1, % 2 1 BA-HR 1, % 3 8 Wiersholm % 4 - Plesner Arntzen de Besche % 6 29 Roschier % 7 9 Selmer % 8 20 Vinge % 9 24 Mannheimer Swartling % White & Case % 12= - Anjarwalla & Khanna Advocates = 69 Norton Rose Fulbright Baumgarten Bystrom Rooth & Tallavaara Advokater LETT Law Firm Schjodt Wiersholm Selmer Thommessen 1, Wikborg Rein & Co BA-HR 1, Advokatfirmaet Simonsen Vogt Wiig Arntzen de Besche Roschier Plesner LETT Law Firm Advokatfirmaet Haavind Kluge Advokatfirma Vinge Mannheimer Swartling Global and regional M&A: 22

23 Europe Sweden by deal value Rank Company name Sweden by deal count Rank Company name 1 1 Mannheimer Swartling 11, % 2 2 Vinge 8, % 3 4 Linklaters 7, % 4 18 Avance Attorneys 7, % 5 - Torys 3, Gernandt & Danielsson 3, % 7 26 Freshfields Bruckhaus Deringer 2, % 8 40 Hannes Snellman 1, % 9 3 Roschier 1, % 10 8 Hammarskiold & Co 1, % Wistrand % Wiersholm % Cederquist % Allen & Overy % 15= 12 BA-HR % 1 1 Vinge 8, Mannheimer Swartling 11, Hannes Snellman 1, Roschier 1, Wistrand Advokatfirman Lindahl Gernandt & Danielsson 3, Cederquist Avance Attorneys 7, Delphi Setterwalls Selmer White & Case Schjodt Linklaters 7, = - Hansen Law Nordics by deal value Rank Company name Nordics by deal count Rank Company name 1 1 Roschier 17, % 2 39 Dittmar & Indrenius 16, ,120.2% , ,058% 4 41 Latham & Watkins 15, ,201% 5= - Fangda Partners 15, = 8 Sullivan & Cromwell 15, % 5= - Wachtell, Lipton, Rosen & Katz 15, Mannheimer Swartling 11, % 9 3 Vinge 8, % 10 4 Linklaters 7, % Avance Attorneys 7, % Gorrissen Federspiel 5, % Kromann Reumert 5, % 14 - Torys 3, Gernandt & Danielsson 3, % 1 3 Bech-Brn 1, Vinge 8, Mannheimer Swartling 11, Hannes Snellman 1, Schjodt Roschier 17, Wiersholm 1, Gorrissen Federspiel 5, Kromann Reumert 5, Plesner Ronne & Lundgren Accura White & Case 1, LETT Law Firm Wistrand Global and regional M&A: 23

24 Europe Turkey by deal value Rank Company name Turkey by deal count Rank Company name 1 - Stibbe = - Gide Loyrette Nouel = 41 White & Case Herguner Bilgen Ozeke % 5 4 Balcioglu Selcuk Akman Keki % 6= 34 Gleiss Lutz = - GLNS Rechtsanwaelte Steuerberater Partnerschaft = - King & Spalding = - Paul Weiss Rifkind Wharton & Garrison Shearman & Sterling = - Cetinkaya Avukatlik Ortakligi = 5 Yegin Ciftci Attorney Partnership (YCAP) % 13 7 Gen & Temizer Ozer % YukselKarkinKucuk Law Firm % Baker & McKenzie % 1 1 YukselKarkinKucuk Law Firm Herguner Bilgen Ozeke Balcioglu Selcuk Akman Keki Baker & McKenzie Kolcuoglu Demirkan Kocakli Attorneys at Law Gen & Temizer Ozer Stibbe Egemenoglu Law Firm Paksoy Attorneys at Law = - Gide Loyrette Nouel = 41 White & Case = 34 Gleiss Lutz = - GLNS Rechtsanwaelte Steuerberater Partnerschaft = - King & Spalding = - Paul Weiss Rifkind Wharton & Garrison CEE by deal value Rank Company name CEE by deal count Rank Company name 1 7 Linklaters 3, % 2 3 Clifford Chance 2, % 3 45 Allen & Overy 2, ,394% 4 5 Weil Gotshal & Manges 1, % 5 10 De Brauw Blackstone Westbroek 1, % 6 - Vinson & Elkins 1, , = - Appleby 1, = - Maples & Calder 1, = 4 BBH, advokatni kancelar 1, % 10= - Bonelli Erede Pappalardo 1, = - Ploum Lodder Princen OWA 1, Wolf Theiss 1, % 14 - Loyens & Loeff 1, Baker & McKenzie 1, % 1 12 Havel, Holasek & Partners Allen & Overy 2, White & Case 1, CMS Weil Gotshal & Manges 1, Schoenherr Rechtsanwaelte Linklaters 3, DLA Piper Wolf Theiss 1, Dentons 1, SORAINEN Raidla Lejins & Norcous Clifford Chance 2, Baker & McKenzie 1, Domanski Zakrzewski Palinka 1, Global and regional M&A: 24

25 Europe Poland by deal value Rank Company name Poland by deal count Rank Company name 1 1 Weil Gotshal & Manges 1, % 2 14 Clifford Chance 1, ,938% 3 11 Domanski Zakrzewski Palinka 1, ,258% 4= - Latham & Watkins 1, = - Loyens & Loeff 1, = - Orrick Herrington & Sutcliffe 1, Allen & Overy ,133% 8 24 Dentons ,590% 9 9 Soltysinski Kawecki & Szlezak % 10 2 White & Case % 11 - Studio Legale Lombardi Molinari Segni Linklaters % 13 - Greenberg Traurig SORAINEN % 15= - Raidla Lejins & Norcous Weil Gotshal & Manges 1, Allen & Overy Linklaters CMS Domanski Zakrzewski Palinka 1, Dentons Soltysinski Kawecki & Szlezak White & Case WKB Wiercinski, Kwiecinski, Baehr Clifford Chance 1, Greenberg Traurig SORAINEN Squire Patton Boggs Deloitte Legal Kubicki Komosa Imielowski = - Wiersholm Russia by deal value Rank Company name Russia by deal count Rank Company name 1 - Vinson & Elkins 1, , = 32 Allen & Overy 1, ,676% 3= - Appleby 1, = 6 Linklaters 1, % 3= - Maples & Calder 1, Norton Rose Fulbright % 8= 4 Akin Gump Strauss Hauer & Feld % 8= 2 Herbert Smith Freehills % 8= - Osborne Clarke King & Spalding Dacheng Law Offices White & Case % Morgan Lewis & Bockius DLA Piper % 1 3 DLA Piper Vinson & Elkins 1, , White & Case Dechert Sayenko Kharenko = 12 Allen & Overy 1, = - Appleby 1, = 22 Linklaters 1, = - Maples & Calder 1, Norton Rose Fulbright = 5 Akin Gump Strauss Hauer & Feld = 2 Herbert Smith Freehills = - Osborne Clarke King & Spalding Global and regional M&A: 25

26 Americas Americas by deal value Rank Company name Americas by deal count Rank Company name , % 2 8 Latham & Watkins 252, % 3 3 Sullivan & Cromwell 241, % 4 13 Kirkland & Ellis 230, % 5 7 Davis Polk & Wardwell 209, % 6 6 White & Case 185, % 7 22 Fried Frank Harris Shriver & Jacobson 181, % 8 9 Wachtell, Lipton, Rosen & Katz 167, % 9 10 Paul Weiss Rifkind Wharton & Garrison 138, % Cravath, Swaine & Moore 123, % 11 2 Simpson Thacher & Bartlett 115, % Gibson Dunn & Crutcher 99, % DLA Piper 96, % McCarthy Tetrault 86, % Davies Ward Phillips & Vineberg 83, % 1 1 Kirkland & Ellis 230, Jones Day 29, Latham & Watkins 252, , DLA Piper 96, Stikeman Elliott 20, White & Case 185, Weil Gotshal & Manges 78, Goodwin Procter 33, Fenwick & West 4, Morgan Lewis & Bockius 12, Sullivan & Cromwell 241, Davis Polk & Wardwell 209, Paul Weiss Rifkind Wharton & Garrison 138, Ropes & Gray 60, US by deal value Rank Company name US by deal count Rank Company name , % 2 7 Latham & Watkins 252, % 3 3 Sullivan & Cromwell 235, % 4 12 Kirkland & Ellis 230, % 5 8 Davis Polk & Wardwell 204, % 6 6 White & Case 185, % 7 21 Fried Frank Harris Shriver & Jacobson 181, % 8 9 Wachtell, Lipton, Rosen & Katz 167, % 9 10 Paul Weiss Rifkind Wharton & Garrison 135, % Cravath, Swaine & Moore 121, % 11 2 Simpson Thacher & Bartlett 110, % Gibson Dunn & Crutcher 99, % DLA Piper 95, % Davies Ward Phillips & Vineberg 80, % 15 5 Cleary Gottlieb Steen & Hamilton 74, % 1 1 Kirkland & Ellis 230, Jones Day 29, Latham & Watkins 252, DLA Piper 95, , White & Case 185, Weil Gotshal & Manges 74, Goodwin Procter 33, Fenwick & West 4, Morgan Lewis & Bockius 10, Davis Polk & Wardwell 204, Ropes & Gray 60, Sullivan & Cromwell 235, Stikeman Elliott 12, Paul Weiss Rifkind Wharton & Garrison 135, Global and regional M&A: 26

27 Americas US *buyouts by deal value Rank Company name US *buyouts by deal count Rank Company name 1 6 Ropes & Gray 9, % 2 1 Kirkland & Ellis 7, % 3 29 Fried Frank Harris Shriver & Jacobson 6, % 4 25 Davis Polk & Wardwell 6, % 5 - Orrick Herrington & Sutcliffe 5, Latham & Watkins 4, % 7 10 Cleary Gottlieb Steen & Hamilton 3, % 8 3 Simpson Thacher & Bartlett 2, % 9 22 Stibbe 2, % Torys 2, % Paul Weiss Rifkind Wharton & , % Garrison , % White & Case 2, % 14 8 Weil Gotshal & Manges 1, % Morgan Lewis & Bockius 1, % 1 1 Kirkland & Ellis 7, Ropes & Gray 9, Weil Gotshal & Manges 1, Jones Day Paul Weiss Rifkind Wharton & Garrison 2, Winston & Strawn Morgan Lewis & Bockius 1, Simpson Thacher & Bartlett 2, White & Case 2, Dechert 1, Willkie Farr & Gallagher 1, Fried Frank Harris Shriver & , Jacobson , Goodwin Procter O'Melveny & Myers *Based on advisors to bidder on buyout deals only with the target domininant geography being US Canada by deal value Canada by deal count Rank Company name Rank Company name 1 1 Osler, Hoskin & Harcourt 59, % 2 6 Norton Rose Fulbright 36, % 3 7 Torys 32, % 4 8 McCarthy Tetrault 31, % 5 41 Debevoise & Plimpton 27, ,316% 6 26 Cadwalader, Wickersham & Taft 26, % 7 17 Dentons 25, % 8 4 Sullivan & Cromwell 23, % 9 61 Willkie Farr & Gallagher 19, ,296% 10 5 Stikeman Elliott 17, % 11 3 Blake, Cassels & Graydon 17, % , % 13 - Covington & Burling 14, Linklaters 13, % Davis Polk & Wardwell 12, % 1 1 Stikeman Elliott 17, Osler, Hoskin & Harcourt 59, McCarthy Tetrault 31, Blake, Cassels & Graydon 17, Borden Ladner Gervais 1, Torys 32, Norton Rose Fulbright 36, Gowling Lafleur Henderson 1, Davies Ward Phillips & Vineberg 5, Bennett Jones Fasken Martineau Dumoulin 3, Goodmans 1, Cassels Brock & Blackwell 2, Weil Gotshal & Manges 10, Paul Weiss Rifkind Wharton & Garrison 6, Global and regional M&A: 27

28 Americas US North East by deal value Rank Company name US North East by deal count Rank Company name 1 9 Kirkland & Ellis 190, % , % Fried Frank Harris Shriver & , % Jacobson 4 4 White & Case 133, % 5 12 Wachtell, Lipton, Rosen & Katz 126, % 6 5 Davis Polk & Wardwell 109, % 7 11 Sullivan & Cromwell 108, % 8 7 Latham & Watkins 105, % 9 3 Paul Weiss Rifkind Wharton & Garrison 96, % DLA Piper 94, % Cravath, Swaine & Moore 88, % 12 - Davies Ward Phillips & Vineberg 77, McCarthy Tetrault 55, ,253% 14 1 Simpson Thacher & Bartlett 44, % Ropes & Gray 42, % 1 1 Kirkland & Ellis 190, Latham & Watkins 105, Jones Day 7, DLA Piper 94, Goodwin Procter 6, , Weil Gotshal & Manges 42, White & Case 133, Paul Weiss Rifkind Wharton & Garrison 96, Sullivan & Cromwell 108, Ropes & Gray 42, Morgan Lewis & Bockius 9, Davis Polk & Wardwell 109, Fried Frank Harris Shriver & Jacobson 138, Dechert 20, US Mid West by deal value Rank Company name US Mid West by deal count Rank Company name 1 15 Davis Polk & Wardwell 112, % 2 5 Kirkland & Ellis 99, % 3 3 Sullivan & Cromwell 90, % 4 7 Davies Ward Phillips & Vineberg 71, % 5 21 Cravath, Swaine & Moore 65, % 6 30 Latham & Watkins 64, % 7 77 McCarthy Tetrault 54, ,214% 8 14 White & Case 46, % 9 6 Wachtell, Lipton, Rosen & Katz 34, % Sidley Austin 34, % Ropes & Gray 34, % , % Cadwalader, Wickersham & Taft 28, % Simpson Thacher & Bartlett 23, % 15 2 Cleary Gottlieb Steen & Hamilton 22, % 1 1 Kirkland & Ellis 99, Jones Day 12, Latham & Watkins 64, , Sidley Austin 34, Dorsey & Whitney 2, Weil Gotshal & Manges 6, Ropes & Gray 34, Goodwin Procter 21, Davis Polk & Wardwell 112, DLA Piper Hogan Lovells International 3, Cleary Gottlieb Steen & Hamilton 22, Honigman Miller Schwartz & Cohn Bryan Cave Global and regional M&A: 28

29 Americas US South by deal value Rank Company name US South by deal count Rank Company name , % 2 4 Simpson Thacher & Bartlett 74, % 3 2 Sullivan & Cromwell 49, % 4 14 Baker Botts 47, % 5 3 Debevoise & Plimpton 43, % 6 24 Gibson Dunn & Crutcher 42, % 7 10 Latham & Watkins 42, % 8 7 Cleary Gottlieb Steen & Hamilton 40, % 9 16 White & Case 35, % Kirkland & Ellis 34, % 11 6 Shearman & Sterling 32, % Fried Frank Harris Shriver & Jacobson 29, % Cravath, Swaine & Moore 29, % 14 1 Weil Gotshal & Manges 25, % Osler, Hoskin & Harcourt 23, % 1 1 Kirkland & Ellis 34, Jones Day 16, Latham & Watkins 42, DLA Piper 3, , White & Case 35, Haynes and Boone King & Spalding 15, Baker Botts 47, Vinson & Elkins 13, Norton Rose Fulbright 13, Debevoise & Plimpton 43, Goodwin Procter 4, Cooley 1, Wachtell, Lipton, Rosen & Katz 16, US West by deal value Rank Company name US West by deal count Rank Company name 1 36 Davis Polk & Wardwell 102, ,644% 2 8 Latham & Watkins 87, % 3 1 Sullivan & Cromwell 74, % , % 5 22 Wilson Sonsini Goodrich & Rosati 55, % 6 70 Fried Frank Harris Shriver & Jacobson 40, ,120% 7 16 Wachtell, Lipton, Rosen & Katz 38, % 8 26 Paul Weiss Rifkind Wharton & Garrison 36, % WongPartnership 35, % Goodwin Procter 29, % Gibson Dunn & Crutcher 29, % 12 2 Weil Gotshal & Manges 26, % Kirkland & Ellis 18, % 14 3 Simpson Thacher & Bartlett 15, % Freshfields Bruckhaus Deringer 15, % 1 3 Fenwick & West 4, Latham & Watkins 87, Kirkland & Ellis 18, Wilson Sonsini Goodrich & Rosati 55, DLA Piper 4, Cooley 6, , Weil Gotshal & Manges 26, Morgan Lewis & Bockius 5, Goodwin Procter 29, Jones Day 2, O'Melveny & Myers 2, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian 1, Davis Polk & Wardwell 102, Gibson Dunn & Crutcher 29, Global and regional M&A: 29

30 Americas C&S America by deal value Rank Company name C&S America by deal count Rank Company name Ulhoa Canto, Rezende e Guerra - Advogados 3, % 2 97 Galicia Abogados 2, % 3 - Santamarina y Steta 2, Simpson Thacher & Bartlett 2, % Creel, Garcia-Cuellar, Aiza y , % Enriquez Mattos Filho, Veiga Filho, Marrey , % Jr. e Quiroga Advogados 7= 17 Cleary Gottlieb Steen & Hamilton 2, % 7= - Fried Frank Harris Shriver & Jacobson 2, Jones Day 1, % 10 8 Sullivan & Cromwell 1, % 11 - Kramer Levin Naftalis & Frankel 1, Barbosa, Mussnich & Aragao 1, % Mijares Angoitia Cortes y Fuentes 1, % Freshfields Bruckhaus Deringer 1, % 15 9 Linklaters 1, % 1 3 Pinheiro Neto Advogados Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 2, Barbosa, Mussnich & Aragao 1, Machado Meyer Sendacz e Opice Creel, Garcia-Cuellar, Aiza y Enriquez 2, Demarest 1, Souza, Cescon, Barrieu & Flesch Advogados Jones Day 1, Rodrigo Elias & Medrano Azevedo Sette Advogados Galicia Abogados 2, Mijares Angoitia Cortes y Fuentes 1, Clifford Chance White & Case Global and regional M&A: 30

31 Asia-Pacific Asia-Pacific (excl. Japan) by deal value Rank Company name Asia-Pacific (excl. Japan) by deal count Rank Company name 1 1 Freshfields Bruckhaus Deringer 120, % 2 5 Linklaters 99, % 3 97 Commerce and Finance Law Offices 77, ,153% 4 84 Guantao Law Firm 76, ,846% 5 - Woo Kwan Lee & Lo 75, , % 7 7 Herbert Smith Freehills 47, % 8 6 Kim & Chang 44, % 9 71 Stikeman Elliott 42, ,595% 10 3 King & Wood Mallesons 28, % Bae Kim & Lee 28, % Lee & Ko 20, % Baker & McKenzie 19, % Slaughter and May 17, % Cleary Gottlieb Steen & Hamilton 15, % 1 1 King & Wood Mallesons 28, Herbert Smith Freehills 47, Kim & Chang 44, AZB & Partners 3, Baker & McKenzie 19, Grandall Law Firm 14, Allens 12, Linklaters 99, , Minter Ellison 11, Bae Kim & Lee 28, JunHe 12, Allen & Overy 8, Shin & Kim 4, Clifford Chance 14, A-Pac (excl. Japan) *buyouts by deal value Rank Company name A-Pac (excl. Japan) *buyouts by deal count Rank Company name 1 56 Yulchon 2, ,622.2% 2 6 Kim & Chang 2, % 3 7 King & Wood Mallesons 1, % 4 5 Fangda Partners 1, % 5 86 Norton Rose Fulbright 1, Haiwen & Partners 1, Linklaters 1, % 8 45 Allens 1, % 9 - Loyens & Loeff 1, AZB & Partners % 11= 16 Ashurst % 11= - HWL Ebsworth Lawyers = - Mayne Wetherell Khaitan & Co % Kirkland & Ellis % 1 6 AZB & Partners Fangda Partners 1, Khaitan & Co Nishith Desai Associates Kim & Chang 2, Shin & Kim King & Wood Mallesons 1, Haiwen & Partners 1, J Sagar Associates Herbert Smith Freehills Luthra & Luthra Law Offices Tatva Legal Yulchon 2, Norton Rose Fulbright 1, Linklaters 1, *Based on advisors to bidder on buyout deals only with the target domininant geography being Asia-Pacific (excl. Japan) Global and regional M&A: 31

32 Asia-Pacific Asia (excl. Japan, Australasia) by deal value Rank Company name Asia (excl. Japan, Australasia) by deal count Rank Company name 1 1 Freshfields Bruckhaus Deringer 120, % 2 7 Linklaters 99, % 3 77 Commerce and Finance Law Offices 77, ,153% 4 66 Guantao Law Firm 76, ,846% 5 - Woo Kwan Lee & Lo 75, , % 7 3 Kim & Chang 44, % 8 65 Stikeman Elliott 41, ,017.2% 9 17 Bae Kim & Lee 28, % Lee & Ko 20, % Baker & McKenzie 18, % Herbert Smith Freehills 17, % 13 6 King & Wood Mallesons 14, % Grandall Law Firm 14, % 15 9 Davis Polk & Wardwell 13, % 1 5 King & Wood Mallesons 14, Kim & Chang 44, AZB & Partners 3, Grandall Law Firm 14, Linklaters 99, , Bae Kim & Lee 28, Baker & McKenzie 18, JunHe 12, Shin & Kim 4, Yulchon 9, Khaitan & Co 4, Freshfields Bruckhaus Deringer 120, Lee & Ko 20, Zhong Lun Law Firm 11, Australasia by deal value Rank Company name Australasia by deal count Rank Company name 1 2 Herbert Smith Freehills 30, % 2 1 King & Wood Mallesons 16, % 3 6 Gilbert + Tobin 12, % 4 3 Allens 12, % 5= 37 Cleary Gottlieb Steen & Hamilton 11, % 5= 116 ENSafrica 11, ,500% 5= - Slaughter and May 11, Minter Ellison 11, % 9 7 Ashurst 8, % Clayton Utz 7, % Simpson Grierson 6, ,375% 12 - Nishimura & Asahi 6, Kirkland & Ellis 6, ,55.2% 14 - Orrick Herrington & Sutcliffe 5, Clifford Chance 3, % 1 2 Herbert Smith Freehills 30, Allens 12, Minter Ellison 11, Gilbert + Tobin 12, King & Wood Mallesons 16, Norton Rose Fulbright 3, Baker & McKenzie Ashurst 8, Corrs Chambers Westgarth 2, Talbot Sayer Lawyers Clifford Chance 3, HWL Ebsworth Lawyers 1, DLA Piper Thomson Geer Clayton Utz 7, Global and regional M&A: 32

33 Asia-Pacific Greater China by deal value Rank Company name Greater China by deal count Rank Company name 1 1 Freshfields Bruckhaus Deringer 119, % 2 6 Linklaters 97, % 3 56 Commerce and Finance Law Offices 77, ,153% 4 45 Guantao Law Firm 76, ,846% 5 - Woo Kwan Lee & Lo 75, , % 7 55 Stikeman Elliott 41, ,637% 8 30 Herbert Smith Freehills 17, % 9 27 Baker & McKenzie 16, % 10 4 King & Wood Mallesons 14, % Grandall Law Firm 14, % JunHe 12, % Zhong Lun Law Firm 11, % Davis Polk & Wardwell 10, % 15 3 Clifford Chance 9, % 1 3 King & Wood Mallesons 14, Grandall Law Firm 14, , JunHe 12, Zhong Lun Law Firm 11, Fangda Partners 8, Dacheng Law Offices 2, Grandway Law Offices 1, Freshfields Bruckhaus Deringer 119, Linklaters 97, Tian Yuan Law Firm 5, Baker & McKenzie 16, Jingtian & Gongcheng 8, Allen & Overy 6, Zhejiang T&C Law Firm 1, India by deal value Rank Company name India by deal count Rank Company name 1 16 Khaitan & Co 4, % 2 1 Amarchand & Mangaldas & Suresh A Shroff & Co 4, % 3 12 AZB & Partners 3, % 4 2 Davis Polk & Wardwell 2, % 5= - Gomez-Acebo & Pombo Abogados 2, = - Lee and Li Attorneys at Law 2, = 70 Morrison & Foerster 2, ,678% 5= 89 Orrick Herrington & Sutcliffe 2, Sullivan & Cromwell 2, % 10= - Locke Lord 2, = 5 White & Case 2, % 12 9 Weil Gotshal & Manges 1, % 13 - Vinson & Elkins 1, Latham & Watkins 1, ,816% 15 4 Luthra & Luthra Law Offices 1, % 1 2 AZB & Partners 3, Khaitan & Co 4, Amarchand & Mangaldas & Suresh A Shroff & Co 4, J Sagar Associates 1, Desai & Diwanji Luthra & Luthra Law Offices 1, BMR Legal 1, S&R Associates Krishnamurthy & Co Trilegal P. H. Bathiya & Associates Tatva Legal Nishith Desai Associates Herbert Smith Freehills Shardul Amarchand Mangaldas & Co Global and regional M&A: 33

34 Asia-Pacific South East Asia by deal value Rank Company name South East Asia by deal count Rank Company name 1 1 Allen & Gledhill 5, % 2 8 WongPartnership 5, % 3 13 Baker & McKenzie 2, % 4 77 Shook Lin & Bok Singapore 2, ,119% 5 - The Legists 1, Kirkland & Ellis 1, % 7 - Demarest 1, Linklaters % 9 2 Freshfields Bruckhaus Deringer % Weil Gotshal & Manges % King & Wood Mallesons % Latham & Watkins % Norton Rose Fulbright ,103% Allen & Overy % 15 3 Clifford Chance % 1 3 Baker & McKenzie 2, Linklaters Allen & Gledhill 5, WongPartnership 5, Allen & Overy Shook Lin & Bok Singapore 2, Freshfields Bruckhaus Deringer Clifford Chance Rajah & Tann King & Wood Mallesons Latham & Watkins AZB & Partners Amarchand & Mangaldas & Suresh A Shroff & Co Jones Day Kirkland & Ellis 1, South Korea by deal value Rank Company name South Korea by deal count Rank Company name 1 1 Kim & Chang 44, % 2 3 Bae Kim & Lee 28, % 3 2 Lee & Ko 20, % 4 8 Yulchon 9, % 5 7 Shin & Kim 4, % 6 10 Clifford Chance 1, % 7 - Cleary Gottlieb Steen & Hamilton 1, Paul Hastings 1, ,005% 9 - Fenwick & West 1, Morrison & Foerster 1, Yoon & Yang % 12= 15 DLA Piper % 12= - Kirkland & Ellis = = - WilmerHale Kim & Chang 44, Bae Kim & Lee 28, Shin & Kim 4, Yulchon 9, Lee & Ko 20, Yoon & Yang Clifford Chance 1, Hankyul Law Firm One Law Partners Cleary Gottlieb Steen & Hamilton 1, Paul Hastings 1, Fenwick & West 1, Kim, Choi & Lim Morrison & Foerster 1, = 21 DLA Piper = - Kirkland & Ellis Global and regional M&A: 34

35 Asia-Pacific Japan by deal value Rank Company name Japan by deal count Rank Company name 1 6 Mori Hamada & Matsumoto 14, % 2 18 Freshfields Bruckhaus Deringer 13, % 3 1 Nishimura & Asahi 11, % 4 20 Sullivan & Cromwell 8, % , ,463% 6 40 Simpson Thacher & Bartlett 8, ,572.4% 7 10 Debevoise & Plimpton 8, % 8 9 Willkie Farr & Gallagher 7, % 9 28 Ashurst 6, % Herbert Smith Freehills 6, ,111% Nagashima Ohno & Tsunematsu 6, % 12= - Clayton Utz 6, = - Simpson Grierson 6, Sidley Austin 5, % Morrison & Foerster 4, % 1 1 Mori Hamada & Matsumoto 14, Nishimura & Asahi 11, Nagashima Ohno & Tsunematsu 6, Oh-Ebashi LPC & Partners Morrison & Foerster 4, Anderson Mori & Tomotsune 1, Baker & McKenzie 1, TMI Associates 2, Freshfields Bruckhaus Deringer 13, Sullivan & Cromwell 8, Linklaters 3, , Herbert Smith Freehills 6, City-Yuwa Partners 4, Allen & Overy 1, Global and regional M&A: 35

36 Africa & Middle East Africa & Middle East by deal value Rank Company name Africa & Middle East by deal count Rank Company name 1 3 Freshfields Bruckhaus Deringer 7, % 2 29 DLA Cliffe Dekker Hofmeyr 6, % 3 13 Allen & Overy 6, % 4 2 Linklaters 5, % 5 4 Clifford Chance 5, % Cravath, Swaine & Moore 4, Macfarlanes 3, % 8 57 Goodwin Procter 3, % 9 1 White & Case 3, % Cooley 3, % Eversheds 3, Maitland & Co 2, = - Arthur Cox 2, = - Mason Hayes & Curran 2, Slaughter and May 2, ,904% 1 5 Webber Wentzel 1, Bowman Gilfillan Africa Group 1, ENSafrica 1, DLA Cliffe Dekker Hofmeyr 6, Allen & Overy 6, Yigal Arnon & Co 1, Meitar Liquornik Geva Leshem Tal & Co 1, Clifford Chance 5, Freshfields Bruckhaus Deringer 7, DLA Piper 1, Jones Day Naschitz Brandes & Co Herzog, Fox and Neeman White & Case 3, Werksmans Global and regional M&A: 36