Global and regional M&A: First quarter 2015 Including league tables of legal advisors

Transcription

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

2 Regional M&A comparison $185.1bn 4.5 % $ $4.9bn -20% $317.9bn 11.6% $171.6bn 45.5% $7.7bn 6.9% 9.3 $bn Global M&A Total $719.1bn 13.4 % Cross-border $184.1bn 12.2% Consumer $142.2bn 66.8% US Europe Asia-Pacific (excl. Japan) Inbound $68.3bn -9.2% Outbound $47.6bn 14.1% Pharma, $78.2bn 67.5% Medical & Biotech Inbound $94.2bn 69.5% Outbound $40.6bn -37.5% Telco $42.6bn 20.8% Inbound $27.7bn 15.7% Outbound $41.9bn 148.7% Consumer $48.4bn 145.8% Africa & Middle East Japan Inbound $4.3bn 39.5% Outbound $8.5bn 58.6% Energy, Mining & Utilities $2.8bn 67.7% Inbound $1.3bn 68.9% Outbound $37.4bn 92.1% Financial Services $1.6bn 313.4% * The % value on the map indicates the total value from last year Global and regional M&A: First quarter 2

3 Global Overview The steam that powered M&A to a post crisis high in rolled over into. The first quarter of the year saw 3,213 deals valued at US$ 719.1bn increasing 13.4% by value compared to. The top two global deals targeted Consumer companies and as a result, boosted the Consumer sector to the highest quarterly value since 2008 with deals valued at US$142.2bn. Energy, Mining & Utilities firms appear to be seeking alternatives to M&A while they ride out the sliding oil price. The 163 fewer deals compared to saw deal values drop 13.4% to US$72.8bn. Cross-regional activity was even higher than, up 12.2% with deals valued at US$ 184.1bn. Transatlantic activity took a back seat while interest from Asia in Europe reached a quarterly peak. Private equity buyouts fell to the lowest quarterly value since Q at US$ 53.8bn, down more than a third compared to every quarter through. At the same time, after a record year for exits in with every quarter posting values above US$ 100bn, exit value fell to US$ 69.1bn. Quarterly M&A activity Q2 Q3 Q4 of deals (US$bn) : $719.1bn , Total 3,660.7 Total 2,411.8 Second highest quarter on record, after Total 1, Total 2,097.0 vs. Q4-10.1% was the third consecutive quarterly decline Total 2,268.7 Average deal size $444.5m Increased from $304.2m in Total 2,304.0 Total 2,234.1 Cross-border activity Total 3,235.8 Transatlantic -46.2% s valued at $68.9bn vs. $128.2bn ('14) Sector breakdown in vs Consumer Pharma, Medical & Biotech Industrials & Chemicals Energy, Mining & Utilities Financial Services Telecommunications Technology Other $85.2bn $142.2bn 19.8% $55.3bn $90.5bn $64.9bn $74.5bn $84.0bn $72.8bn $48.2bn $61.6bn $105.5bn $59.8bn $64.2bn $59.0bn $126.6bn $158.9bn 8.7% 7.6% 10.2% 10.4% 8.6% 8.3% 8.2% 12.6% 13.3% 10.1% 10.1% 13.4% 16.6% 20.0% 22.1% * % indicates market share Asia into Europe vs. Cross-border share Miscellaneous Energy, Mining & Utilities Private equity buyouts Private equity exits 304.1% 25.6% -13.4% -42.1% -39.4% $41bn was the second highest quarter on record Share in global M&A value down from 33% in Q4 Down from, lowest valued quarter since Q Down from, reaches lowest value in five years Down from, dropped +30% compared to -Q4 Global and regional M&A: First quarter 3

4 Global Overview Top deals value (US$bn) Ann. date Bidder Bidder country country sector Seller Mar H.J. Heinz Company USA Kraft Foods Group Inc USA Jan Cheung Kong (Holdings) Limited Hong Kong Hutchison Whampoa Limited (50.03% Stake) Hong Kong Feb BT Group plc UK EE Limited UK Orange SA; and Deutsche Telekom AG Mar AbbVie Inc USA Pharmacyclics Inc USA Jan Energy Transfer Partners LP USA Regency Energy Partners LP USA League table by value Rank Company name Other regional rank % Europe 1 15 Sullivan & Cromwell % Davis Polk & Wardwell % % Freshfields Bruckhaus Deringer % Kirkland & Ellis % Latham & Watkins % Cravath, Swaine & Moore % Linklaters % Simpson Thacher & Bartlett % White & Case % Wachtell, Lipton, Rosen & Katz % Clifford Chance % Stikeman Elliott % Wilson Sonsini Goodrich & Rosati % Woo Kwan Lee & Lo Cleary Gottlieb Steen & Hamilton % Osler, Hoskin & Harcourt % Baker Botts % Baker & McKenzie % Herbert Smith Freehills % US Asia- Pac Japan A&ME Global and regional M&A: First quarter 4 SECTOR KEY Consumer Energy Telco Pharma

5 Europe Overview values in Europe were slightly higher than with M&A valued at US$ 185.1bn, boding well for activity during the rest of seeing as ended on a post-crisis high. The US$ 94.2bn-worth inbound deals increased 69.5% compared to (US$ 55.6bn). Heightened interest from Asian bidders was a key driver, particularly Japan, which has almost overtaken China. Telecommunications commanded the highest deal value at US$ 42.6bn. was the second quarterly increase, up 329.1% from Q3, and 136% from Q4. Private equity buyout value slid to the lowest quarterly level since 2013 with deals valued at US$ 17bn, a 34.2% decline compared to, and a sharp 63.4% drop after Q4 's rebound. The UK s M&A value was more than triple with US$ 75bn-worth of deals, reaching the highest quarterly value since Q Over half (58.5%) of this activity had come from bidders outside of Europe with deals valued at US$ 43.9bn. Quarterly M&A activity Q2 Q3 Q4 of deals (US$bn) : $185.1bn Total 1, Total 1, % Share in global M&A activity Total Total Total vs. Q4 Average deal size -10.1% $424m Decreased from Q4 after three quarters above $200bn Increased from $299m in Total Total Cross-border activity Sector breakdown in vs Telecommunications Industrials & Chemicals Financial Services Energy, Mining & Utilities Consumer Real Estate Technology Other $35.3bn $42.6bn $24.1bn $32.1bn $18.3bn $20.0bn $19.6bn $13.8bn $19.2bn $13.2bn $12.4bn $13.1bn $7.9bn $12.6bn $40.4bn $37.5bn 4.4% % 7.1% 7.0% 7.1% 6.8% 10.4% 10.8% 11.0% 10.8% Total % 19.9% 20.3% 23.0% 22.8% * % indicates market share Investment from Asia-Pacific Investment from Japan Outbound M&A Miscellaneous Telco Private equity buyouts Private equity exits 304.1% 54% -37.5% -34.2% $28.6bn value increased more than 2.5x above every quarter in value higher than the whole of Drop from $65bn in to $40.6bn in 5 deals above $2bn worth $41.6bn vs. 3 in down from, down further from Q4 by 63.4% Up 4.4% from following the year's post-crisis peak Global and regional M&A: First quarter 5

6 Europe Overview Top deals value (US$bn) Ann. date Bidder Bidder country country sector Seller Feb BT Group plc UK EE Limited UK Orange SA; and Deutsche Telekom AG Mar Hutchison Whampoa Limited Hong Kong Telefonica UK Limited UK Telefonica SA Mar Consortium led by ChemChina China Pirelli & C SpA Italy Camfin SpA Feb Ball Corporation USA Rexam Plc UK Feb CRH Plc Ireland (Republic) Holcim Ltd and Lafarge SA (Certain assets) France Lafarge SA; and Holcim Ltd League table by value Rank Company name 1 2 Freshfields Bruckhaus Deringer 61, , % 2 7 Linklaters 40, , % % , , % 4 5 Clifford Chance 29, , % 5 35 Slaughter and May 28, , % 6 10 White & Case 28, ,595-5% 7 16 Allen & Overy 24, , % 8 3 Latham & Watkins 22, , % 9 68 Baker & McKenzie 21, , % De Brauw Blackstone Westbroek 20, , % Herbert Smith Freehills 20, , % Davis Polk & Wardwell 20, , % 13 1 Simpson Thacher & Bartlett 19, , % Houthoff Buruma 16, ,448 1,024% Wilson Sonsini Goodrich & Rosati 16, ,703% Gianni, Origoni, Grippo, Cappelli & Partners 14, ,718% Norton Rose Fulbright 11, , % Cleary Gottlieb Steen & Hamilton 11, , % d'urso Gatti e Bianchi - Studio Legale Associato 10, , % Mannheimer Swartling 9, , % Global and regional M&A: First quarter 6 SECTOR KEY Construction Industrials & Chemicals Telco

7 US Overview After a record year by value and deal count in the US during, M&A activity in the first quarter of increased 11.6% compared to with US$ 317.9bn-worth of deals. The bulk of US activity was derived from large-scale domestic transactions taking an 80.9% share of all activity from transactions amounting to US$ 257.2bn. Energy, Mining & Utilities activity increased compared to in the US. The US saw a 120.8% increase from US$ 38.8bn-worth of deals due to the country s third largest deal. Foreign companies resisted US-based companies with inbound deals worth US$68.3bn, dropping 9.2% from following a particular drawback from Europe, down 37.6% to US$ 28.4bn. Outbound activity worth US$ 47.6bn was a stronger result compared to, up 14.1%, but also resulted in a third consecutive quarterly decline. Quarterly M&A activity Q2 Q3 Q4 of deals (US$bn) : $317.9bn Total Total 1, % Share in global M&A up from 41.7% in Q Total vs. Q4-4.6% Decrease in value compared to Q2-Q Total Total Average deal size $758.8m Average deal size increased from $483.5m in Total Total Cross-border activity Total 1,410.2 Inbound from Europe -37.6% Down from to the lowest value in a year at $28.4bn Sector breakdown in vs Pharma, Medical & Biotech Consumer Energy, Mining & Utilities Technology Industrials & Chemicals Business Services Financial Services Other $46.7bn $78.2bn $38.6bn $72.3bn $17.6bn $38.8bn $40.2bn $28.5bn $24.0bn $25.1bn $18.1bn $22.2bn $11.7bn $15.2bn $88.1bn $37.7bn 4.1% 6.3% 4.8% 8.9% 8.4% 7.9% 7.0% 6.2% 13.6% 12.2% 11.9% 14.1% 16.4% 22.8% 24.6% 30.9% * % indicates market share Outbound into UK Domestic M&A Miscellaneous Pharma, Medical & Biotech Private equity buyouts Private equity exits 48.4% 19.8% 67.5% -44.7% $32.2bn UK accounted for almost half of total outbound investment into Europe Up from, highest value since 2007 jumped from to third highest value on record Down to $22.5bn from, below $30bn for the first time in a year dropped more than 30% compared to every quarter in Global and regional M&A: First quarter 7

8 US Overview Top deals value (US$bn) Ann. date Bidder Bidder country country sector Seller Mar H.J. Heinz Company USA Kraft Foods Group Inc USA Mar AbbVie Inc USA Pharmacyclics Inc USA Jan Energy Transfer Partners LP USA Regency Energy Partners LP USA Feb Pfizer Inc USA Hospira Inc USA Mar NXP Semiconductors NV Netherlands Freescale Semiconductor Inc USA - League table by value Rank Company name % 1 18 Sullivan & Cromwell 135, , % 2 4 Davis Polk & Wardwell 123, , % , , % 4 9 Kirkland & Ellis 95, , % 5 23 Cravath, Swaine & Moore 83, , % 6 5 Latham & Watkins 80, , % 7 2 Simpson Thacher & Bartlett 64, , % 8 12 Wachtell, Lipton, Rosen & Katz 60, , % 9 3 White & Case 59, , % Wilson Sonsini Goodrich & Rosati 43, , % Baker Botts 37, , % Osler, Hoskin & Harcourt 35, , % Cleary Gottlieb Steen & Hamilton 35, , % Cadwalader, Wickersham & Taft 33, ,279 1,384% Debevoise & Plimpton 30, , % Gibson Dunn & Crutcher 30, , % Ropes & Gray 27, , % Goodwin Procter 25, , % Greenberg Traurig 24, , % Sidley Austin 23, , % Global and regional M&A: First quarter 8 SECTOR KEY Consumer Pharma, Medical, Biotech Energy, Mining, Utilities Technology

9 Asia-Pacific Overview The start of continued its ascent from a record with a 45.5% higher deal value compared to. The US$ 171.6bn-worth of deals was the highest valued quarter on Mergermarket record. Domestic activity was a key driver, jumping 53.1% to US$ 143.9bn versus US$ 94bn in, reaching the third highest quarterly value for domestic activity on record. Inbound activity saw a dramatic 15.6% increase in with US$ 27.7bn-worth of deals, reaching the highest valued quarter since Q Driven by intra-regional activity, the Consumer sector saw US$ 48.4-worth of deals leaping 145.8% above s value, and reaching the highest valued quarter on record. The Energy, Mining & Utilities sector suffered in, with a 47.8% drop by value from US$ 22.3bn to US$ 11.6bn. The number of transactions saw the lowest quarterly number in five years with 56 deals compared to 82 in. Quarterly M&A activity Q2 Q3 Q4 of deals (US$bn) : $171.6bn Total Total % Share in global M&A activity up from 18.6% in Total vs. Q4 1.4% up from Q4 and reached a record quarterly value Total Total Average deal size $312.6m Average deal size increased from $197m in Total Total Cross-border activity Consumer Real Estate Industrials & Chemicals Technology Financial Services Transport Energy, Mining & Utilities Other $19.7bn $48.4bn $17.8bn $18.3bn $13.9bn $16.3bn $12.1bn $15.5bn $11.5bn $13.3bn $3.4bn $11.7bn $22.3bn $11.6bn $17.4bn $36.5bn % 11.8% 9.5% 10.3% 9.7% 2.8% 7.8% 6.8% 6.8% 9.1% 16.7% 15.1% 14.7% 18.9% Sector breakdown in vs 21.3% 28.2% * % indicates market share Total Inbound from Europe China Outbound Domestic M&A Miscellaneous Pharma, Medical & Biotech Private equity buyouts Private equity exits -92.6% 29.9% 4 ^ $100bn 104.5% -53.2% -44.2% Down from, Europe s investment was under $1bn at $985m for only the third time on record Share of China to total Asia outbound dropped below 30% 's $143.9bn was the fourth quarter in a row to see deals higher than $100bn doubled from, but lower compared to Q2-Q4 Down to $9bn from after a peak year for buyout value in After a record, value decreased compared to Global and regional M&A: First quarter 9

10 Asia-Pacific Overview Top deals value (US$bn) Ann. date Bidder Bidder country country sector Seller Jan Cheung Kong (Holdings) Limited Hong Kong Hutchison Whampoa Limited (50.03% Stake) Hong Kong Feb Federation Centres Australia Novion Property Group Australia Feb Japan Post Holdings Co Ltd Japan Toll Holdings Limited Australia Jan Chia Tai Bright Investment Company Limited Japan CITIC Limited (Undisclosed stake) Hong Kong Mar Chia Tai Bright Investment Company Limited Japan CITIC Limited (10% Stake) Hong Kong - CITIC Polaris Limited League table by value Rank Company name % 1 4 Freshfields Bruckhaus Deringer 70, , % 2 5 Linklaters 60, , % 3 97 Stikeman Elliott 40, ,743% 4 - Woo Kwan Lee & Lo 40, Herbert Smith Freehills 31, , % 6 20 Baker & McKenzie 17, , % 7 15 Ashurst 14, , % 8 26 Minter Ellison 9, , % 9 46 Orrick Herrington & Sutcliffe 9, , % 10 - d'urso Gatti e Bianchi - Studio Legale Associato 9, Allens 8, , % 12 1 Clifford Chance 8, , % Latham & Watkins 7, , % Jun He Law Offices 7, , % Kirkland & Ellis 7, , % Clayton Utz 6, ,043% 17= 165 Gianni, Origoni, Grippo, Cappelli & Partners 6, ,005% 17= - Pedersoli e Associati 6, Davis Polk & Wardwell 6, , % Sidley Austin 6, % Global and regional M&A: First quarter 10 SECTOR KEY Consumer Real estate Transport Other -

11 Japan Overview Following three years of annul declines in M&A value, saw US$ 4.9bn-worth of deals decrease 20% compared to the start of. Domestic activity continued the same downward trend as seen in with s US$ 3.7bn-worth of deals dropping 32.1% compared to Japanese companies were highly acquisitive at the beginning of with 71 outbound deals amounting to US$ 37.4bn, a 92.1% increase by value compared to with 13 more deals. 's outbound value already accounts for over two thirds (69.9%) of the whole of (US$ 53.4bn). European targets were valued at US$ 10.2bn, already 54.4% higher than the whole of, and featuring the ninth highest outbound deal on record (Canon/Axis for US$ 2.8bn). Quarterly M&A activity Q2 Q3 Q4 of deals (US$bn) : $4.9bn Total Total % Decline from and the lowest valued quarter in over a decade Total Total 61.4 Total Total 83.7 Total 70.5 vs. Q4 Average deal size -34.3% $79.8m value is the sixth single digit value for a quarter since 2012 Cross-border activity Dropped from to the lowest average deal size on record Total 31.3 Sector breakdown in vs Financial Services Consumer Leisure Technology Industrials & Chemicals Construction Energy, Mining & Utilities Other $395m $1.6bn $1.5bn $1bn $24m $473m $1.4bn $424m $921m $372m $25m $351m $0 $295m $2bn $372m 0.4% 0.4% 6.4% 7.5% 7.1% 0.0% 6.0% 9.6% 8.6% 7.5% 14.9% 20.7% 22.3% 23.6% 33.0% 32.0% * % indicates market share Outbound into Europe Inbound Domestic M&A 27.4% -32.1% Miscellaneous Consumer Private equity buyouts Private equity exits 68.9% -20.7% 28.8% -84.5% Share in total outbound M&A up from just 12.5% in the whole of value up from $741m in Down from, and 29.7% lower than Q4 Lower market share with 29.8% drop by value from Share of buyout value in total M&A with same number of deals in Q4 (9) Down from, lowest value and deal count (5) since Q Global and regional M&A: First quarter 11

12 Japan Overview Top deals value Ann. date Bidder Bidder country country sector Seller 1, Mar The Higo Bank Ltd Japan The Kagoshima Bank Japan Feb Bain Capital LLC USA Ooedo-onsen Holdings Co Ltd Japan Hiroshi Hashimoto and family (Private investors) Mar Bain Capital LLC; and Masayuki Tsukawaki (Private Investor) USA Japan Wind Development Co Ltd (98.76% Stake) Japan Feb Bain Capital LLC USA Yukiguni Maitake Co Ltd (99.99% Stake) Japan An investor group led by Daiwa House Industry Co Ltd Feb The Carlyle Group USA Hitachi Metals Techno Ltd Japan Hitachi Metals Ltd League table by value Rank Company name 1 92 Freshfields Bruckhaus Deringer 10, % 2 1 Nishimura & Asahi 9, , % 3 6 Mori Hamada & Matsumoto 8, , % 4 - Ashurst 6, Herbert Smith Freehills 6, ,067% 6 - Clayton Utz 6, Sidley Austin 5, , % 8 5 Cleary Gottlieb Steen & Hamilton 3, ,428-76% 9 13 Morrison & Foerster 3, % Jones Day 2, % Global and regional M&A: First quarter 12 SECTOR KEY Financial Services Leisure Energy, Mining & Utiltieis Consumer Construction

13 Africa & Middle East Overview The Africa & Middle East region saw a 6.9% increase in compared to the first quarter of (US$ 7.2bn) with US$ 7.7bn-worth of deals.. Private equity exits peaked by deal count and reached a post-crisis high in, continued at the same pace with a quarterly record number at 12 exits valued at US$ 1.2bn, up 9.4% by value. There was a pickup in the Energy, Mining & Utilities sector after a sharp fall in with 14 deals worth US$ 2.8bn increasing 67.7% by value. The majority were domestic but inbound deals increased. Total inbound activity increased 39.5% from. The majority came from European companies (64.9%) with US$ 2.8bn-worth of deals jumping over three times higher than (US$ 928m). The 27 outbound deals represented the lowest number of announcements in any quarter since Q with total deal values at US$ 8.5bn dropping 58.6% compared to. Quarterly M&A activity Q2 Q3 Q4 of deals (US$bn) : $7.7bn Total 87.2 Total 51.8 South Africa 96.4% value up from with nine more transactions Total 32.5 vs. Q4-67.3% 's drop in value came with 37 fewer deals Total 44.9 Total 54.3 Average deal size $147.5m Average deal size increased 41.9% from $103.9m in Total Total 63.8 Cross-border activity Energy, Mining & Utilities Construction Technology Leisure Financial Services Media Consumer Other 19.6 $1.6bn $2.8bn $20m $1.6bn $1.4bn $1.1bn $258m $772m $1bn $631m $18m $396m $1.1bn $267m $1.8bn $227m 0.3% 3.6% 5.2% 3.5% 3.0% 0.3% 8.2% % 13.7% 14.3% 14.8% % 19.1% 22.9% 24.8% Total 59.0 Sector breakdown in vs 36.0% * % indicates market share Inbound Outbound Domestic M&A -17.6% Miscellaneous Energy, Mining & Utilities Private equity buyouts Private equity exits 76.4% -34.7% 36% -51.5% 9.5% Inbound Energy, Mining, Utilities deals increased from with five more deals (nine) value dropped from a high $13bn in Q4 Down from and the lowest deal count (33) since 2005 Share of Energy, Mining & Utilities sector up from 22.9% in value up from with 3 fewer buyouts (12) up from with five more announcements (12) Global and regional M&A: First quarter 13

14 Africa & Middle East Overview Top deals value Ann. date Bidder Bidder country country sector Seller 1, Feb OCI NV (Shareholders) Netherlands Orascom Construction Limited UAE OCI NV Jan Israel Corporation (Shareholders) Israel Kenon Holdings Ltd Israel Israel Corporation Mar Sun International (South Africa) Limited South Africa Peermont Global Limited South Africa Mineworkers Investment Company (Pty) Ltd Mar Eroton Exploration & Production Company Limited Nigeria Royal Dutch Shell (Oil mining lease 18) (30% Stake) Nigeria Jan Amazon.com Inc USA Annapurna Labs Ltd Israel The Shell Petroleum Development Company of Nigeria Limited ARM Holdings Plc; Walden International Investment Group; and Avigdor Willenz (Private Investor) League table by value Rank Company name % 1 60 Goodwin Procter 3, ,948% 2 - Cooley 3, Allen & Overy 1, , % 4= 21 Latham & Watkins 1, % 4= - Zaki Hashem & Partners 1, = - Zulficar & Partners 1, Baker & McKenzie 1, % 8 14 DLA Cliffe Dekker Hofmeyr 1, % 9-1, = 82 Ashurst 1, ,611% 10= 37 Ogier 1, % 10= - William Fry 1, Dechert 1, % Linklaters 1, % 15 3 Clifford Chance , % 16 - Allen & Gledhill Bowman Gilfillan Africa Group % ENSafrica % 19= - Addleshaw Goddard = - Macfarlanes = - Simpson Thacher & Bartlett Global and regional M&A: First quarter 14 SECTOR KEY Construction Energy Leisure Technology

15 Global Global by deal value Rank Company name Global by deal count Rank Company name 1 15 Sullivan & Cromwell 146, % 2 4 Davis Polk & Wardwell 132, % , % 4 6 Freshfields Bruckhaus Deringer 113, % 5 11 Kirkland & Ellis 96, % 6 5 Latham & Watkins 93, % 7 34 Cravath, Swaine & Moore 85, % 8 10 Linklaters 82, % 9 1 Simpson Thacher & Bartlett 70, % 10 3 White & Case 65, % Wachtell, Lipton, Rosen & Katz 64, % Clifford Chance 46, % Stikeman Elliott 44, % Wilson Sonsini Goodrich & Rosati 43, % 15 - Woo Kwan Lee & Lo 40, Jones Day 21, Kirkland & Ellis 96, DLA Piper 2, , Allen & Overy 24, Latham & Watkins 93, White & Case 65, CMS 5, Freshfields Bruckhaus Deringer 113, Linklaters 82, Weil Gotshal & Manges 25, King & Wood Mallesons 7, Baker & McKenzie 36, Sullivan & Cromwell 146, Clifford Chance 46, Global *buyouts by deal value Rank Company name Global *buyouts by deal count Rank Company name 1 11 Ropes & Gray 9, % 2 39 Davis Polk & Wardwell 6, % Orrick Herrington & Sutcliffe 5, Kirkland & Ellis 5, % 5 3 Latham & Watkins 5, % 6 4 Weil Gotshal & Manges 2, % 7 28 Stibbe 2, % 8 6 Simpson Thacher & Bartlett 2, % Yulchon 2, ,745% Dechert 2, % Cleary Gottlieb Steen & Hamilton 2, % Kim & Chang 1, Torys 1, % Freshfields Bruckhaus Deringer 1, % 15 - Nabarro 1, Kirkland & Ellis 5, Jones Day Ropes & Gray 9, Weil Gotshal & Manges 2, White & Case DLA Piper Latham & Watkins 5, Willkie Farr & Gallagher Simpson Thacher & Bartlett 2, Clifford Chance Freshfields Bruckhaus Deringer 1, Travers Smith 1, Dechert 2, Allen & Overy Paul Hastings *Based on advisors to bidder on buyout deals only with the target dominant geography being Global Global and regional M&A: First quarter 15

16 Europe Europe by deal value Rank Company name Europe by deal count Rank Company name 1 2 Freshfields Bruckhaus Deringer 61, % 2 7 Linklaters 40, % , % 4 5 Clifford Chance 29, % 5 35 Slaughter and May 28, % 6 10 White & Case 28, % 7 16 Allen & Overy 24, % 8 3 Latham & Watkins 22, % 9 68 Baker & McKenzie 21, % De Brauw Blackstone Westbroek 20, % Herbert Smith Freehills 20, % Davis Polk & Wardwell 20, % 13 1 Simpson Thacher & Bartlett 19, % Houthoff Buruma 16, ,024% Wilson Sonsini Goodrich & Rosati 16, ,703% 1 3 Allen & Overy 24, CMS 5, Linklaters 40, DLA Piper 2, Freshfields Bruckhaus Deringer 61, Jones Day 7, Clifford Chance 29, White & Case 28, Latham & Watkins 22, Baker & McKenzie 21, King & Wood Mallesons 3, Eversheds 1, Slaughter and May 28, Travers Smith 8, Hogan Lovells International 1, Europe *buyouts by deal value Rank Company name Europe *buyouts by deal count Rank Company name 1= - Nabarro 1, = - Torys 1, Weil Gotshal & Manges 1, % 4 10 Freshfields Bruckhaus Deringer 1, % 5 55 Travers Smith 1, ,051% 6 13 Latham & Watkins 1, % Dechert 1, Clifford Chance % 9 6 White & Case % 10 - Ogier Karanovic & Nikolic De Pardieu Brocas Maffei Eversheds Bonelli Erede Pappalardo % Allen & Overy % 1 8 White & Case Travers Smith 1, Clifford Chance DLA Piper Weil Gotshal & Manges 1, Latham & Watkins 1, Accura CMS Freshfields Bruckhaus Deringer 1, Eversheds Allen & Overy King & Wood Mallesons Loyens & Loeff Willkie Farr & Gallagher Gide Loyrette Nouel *Based on advisors to bidder on buyout deals only with the target dominant geography being Europe Global and regional M&A: First quarter 16

17 Europe UK by deal value Rank Company name UK by deal count Rank Company name 1 1 Freshfields Bruckhaus Deringer 55, % 2 14 Linklaters 21, % 3 38 Herbert Smith Freehills 18, % 4 3 Clifford Chance 17, % 5 44 Baker & McKenzie 15, % 6 23 Slaughter and May 13, % 7 31 Davis Polk & Wardwell 11, % 8 30 Norton Rose Fulbright 10, % , % Travers Smith 8, % 11 4 Allen & Overy 7, % Latham & Watkins 6, % 13 - Paul Weiss Rifkind Wharton & Garrison 4, Debevoise & Plimpton 4, ,447% 15 5 Loyens & Loeff 4, % Ireland by deal value Rank Company name 1 9 Freshfields Bruckhaus Deringer 55, Travers Smith 8, CMS 2, DLA Piper Clifford Chance 17, Pinsent Masons Linklaters 21, Eversheds 1, Slaughter and May 13, Allen & Overy 7, King & Wood Mallesons 1, Squire Patton Boggs Latham & Watkins 6, Jones Day 1, Ashurst 2, Ireland by deal count Rank Company name , % 2 1 Arthur Cox 9, % 3 - Slaughter and May 8, = - ARQIS 7, = - Demarest 7, = - Pinheiro Neto Advogados 7, = - Tozzini Freire Teixeira e Silva Advogados 7, Cleary Gottlieb Steen & Hamilton 5, Davis Polk & Wardwell 4, % 10 7 Fried Frank Harris Shriver & Jacobson 4, % 11 - Debevoise & Plimpton 4, A&L Goodbody 4, % Weil Gotshal & Manges 3, % 14= - Blake, Cassels & Graydon 3, = 21 Freshfields Bruckhaus Deringer 3, % 1 1 Arthur Cox 9, McCann FitzGerald , Debevoise & Plimpton 4, A&L Goodbody 4, White & Case 3, Stikeman Elliott Slaughter and May 8, Cleary Gottlieb Steen & Hamilton 5, Davis Polk & Wardwell 4, Shearman & Sterling 2, Kirkland & Ellis 2, William Fry 1, Latham & Watkins Baker & McKenzie = - Homburger 3, = - Linklaters 3, Global and regional M&A: First quarter 17

18 Europe France by deal value Rank Company name France by deal count Rank Company name 1 91 Arthur Cox 7, Gide Loyrette Nouel = - ARQIS 7, = - Demarest 7, = 61 Pinheiro Neto Advogados 7, ,904% 2= - Tozzini Freire Teixeira e Silva Advogados 7, Allen & Overy 5, % 7 14 Mayer Brown 4, % 8 25 Cabinet Bompoint 4, % 9 6 Cleary Gottlieb Steen & Hamilton 3, % Linklaters 3, ,003% Freshfields Bruckhaus Deringer 3, % 12= 45 Blake, Cassels & Graydon 3, % 12= 5 Homburger 3, % 14 - Franklin Societe d'avocats 2, Jones Day 2, % 2 3 King & Wood Mallesons 1, CMS De Pardieu Brocas Maffei Fidal Allen & Overy 5, Jones Day 2, Willkie Farr & Gallagher 2, Linklaters 3, Latham & Watkins 1, Bredin Prat Mayer Brown 4, Weil Gotshal & Manges Hogan Lovells International = - Hoche Societe D'Avocats = 6 White & Case Italy by deal value Rank Company name Italy by deal count Rank Company name Gianni, Origoni, Grippo, Cappelli & Partners d'urso Gatti e Bianchi - Studio Legale Associato 14, ,787% 10, % 3 24 Bonelli Erede Pappalardo 8, ,951% 4 - Latham & Watkins 8, Chiomenti Studio Legale 7, % 6 17 Pedersoli e Associati 7, ,268% 7 25 Clifford Chance 6, ,065% 8 - Jun He Law Offices 6, Slaughter and May 4, = - Homburger 3, = - Wachtell, Lipton, Rosen & Katz 3, Studio Legale Lombardi Molinari Segni 3, ,728% 13 7 Linklaters 2, % Grimaldi Studio Legale 2, % Legance Avvocati Associati 2, ,981% 1 2 Gianni, Origoni, Grippo, Cappelli & Partners 14, Chiomenti Studio Legale 7, Bonelli Erede Pappalardo 8, NCTM Studio Legale Associato Pedersoli e Associati 7, Legance Avvocati Associati 2, d'urso Gatti e Bianchi - Studio Legale Associato 10, Latham & Watkins 8, Linklaters 2, Allen & Overy 1, Clifford Chance 6, Grimaldi Studio Legale 2, Baker & McKenzie King & Wood Mallesons Pirola Pennuto Zei & Associati Global and regional M&A: First quarter 18

19 Europe Germanic by deal value Rank Company name Germanic by deal count Rank Company name 1 2 Freshfields Bruckhaus Deringer 24, % 2 5 Clifford Chance 15, % Norton Rose Fulbright 10, Homburger 9, % ARQIS 7, ,424% 6 75 Demarest 7, ,039% 7= 138 Arthur Cox 7, = 72 Pinheiro Neto Advogados 7, ,550% 7= 190 Tozzini Freire Teixeira e Silva Advogados 7, Bowman Gilfillan Africa Group 6, Cleary Gottlieb Steen & Hamilton 6, % 12 1 Linklaters 5, % Allen & Overy 5, % Slaughter and May 5, % 15 6 Latham & Watkins 4, % 1 1 CMS 3, Clifford Chance 15, Gleiss Lutz 1, Freshfields Bruckhaus Deringer 24, Allen & Overy 5, White & Case 4, DLA Piper Schoenherr Rechtsanwaelte 2, Noerr Homburger 9, Linklaters 5, Jones Day 3, Heuking Kuhn Luer Wojtek Luther Norton Rose Fulbright 10, Germany by deal value Rank Company name Germany by deal count Rank Company name 1 2 Freshfields Bruckhaus Deringer 20, % 2 5 Clifford Chance 14, % 3 74 Norton Rose Fulbright 10, CMS 3, % 5 - Binder Groesswang Rechtsanwaelte 3, Schoenherr Rechtsanwaelte 2, = - Eisenberger & Herzog Rechtsanwalts 2, = 4 Sullivan & Cromwell 2, % 9 1 Linklaters 1, % White & Case 1, % 11= - City-Yuwa Partners 1, = - Steptoe & Johnson 1, Gleiss Lutz 1, % Allen & Overy 1, % Weil Gotshal & Manges 1, % 1 1 CMS 3, Gleiss Lutz 1, Clifford Chance 14, Freshfields Bruckhaus Deringer 20, DLA Piper Heuking Kuhn Luer Wojtek Noerr Luther Linklaters 1, Jones Day Hengeler Mueller Deloitte Legal White & Case 1, Allen & Overy 1, Norton Rose Fulbright 10, Global and regional M&A: First quarter 19

20 Europe Benelux by deal value Rank Company name Benelux by deal count Rank Company name 1 25 De Brauw Blackstone Westbroek 20, ,177% 2 68 White & Case 16, Houthoff Buruma 16, ,181% 4 48 Wilson Sonsini Goodrich & Rosati 16, ,615% 5 2 Simpson Thacher & Bartlett 15, % , % 7 14 Latham & Watkins 4, % 8 6 Allen & Overy 4, % 9 1 Freshfields Bruckhaus Deringer 4, % 10 8 Loyens & Loeff 4, % 11 5 Stibbe 3, % 12 - Paul Weiss Rifkind Wharton & Garrison 2, Davis Polk & Wardwell 2, Linklaters 2, % 15= - Zaki Hashem & Partners 1, = - Zulficar & Partners 1, Iberia by deal value Rank Company name 1 1 Loyens & Loeff 4, Allen & Overy 4, De Brauw Blackstone Westbroek 20, Clifford Chance 1, DLA Piper Baker & McKenzie Freshfields Bruckhaus Deringer 4, Stibbe 3, Houthoff Buruma 16, Simmons & Simmons AKD lawyers & civil law notaries White & Case 16, Wilson Sonsini Goodrich & Rosati 16, Linklaters 2, = 11 De Breij Evers Boon = - Gleiss Lutz Iberia by deal count Rank Company name 1 21 Linklaters 19, ,929% 2 16 Herbert Smith Freehills 17, ,165% 3 27 Baker & McKenzie 16, ,107% 4 3 Freshfields Bruckhaus Deringer 15, % 5 23 Allen & Overy 5, % 6 11 Uria Menendez 3, % 7 2 White & Case 3, % 8 - Slaughter and May 2, Latham & Watkins 1, % 10= - Bowman Gilfillan Africa Group 1, = 34 Cleary Gottlieb Steen & Hamilton 1, % 10= - Cravath, Swaine & Moore 1, Fangda Partners 1, Campos Ferreira, Sa Carneiro e Asociados 1, Dechert 1, Linklaters 19, Allen & Overy 5, Uria Menendez 3, Gomez-Acebo & Pombo Abogados KPMG Abogados Baker & McKenzie 16, Jones Day Freshfields Bruckhaus Deringer 15, King & Wood Mallesons Herbert Smith Freehills 17, White & Case 3, Slaughter and May 2, Latham & Watkins 1, Ashurst = 3 Cuatrecasas, Goncalves Pereira Global and regional M&A: First quarter 20 15= 23 Perez-Llorca = 4 PwC legal - 2-5

21 Europe Spain by deal value Rank Company name Spain by deal count Rank Company name 1 14 Linklaters 19, ,929% 2 - Herbert Smith Freehills 17, Baker & McKenzie 16, ,107% 4 1 Freshfields Bruckhaus Deringer 15, % 5 16 Allen & Overy 5, % 6 5 Uria Menendez 3, % 7 8 White & Case 3, % 8 - Slaughter and May 2, Latham & Watkins 1, % 10= - Bowman Gilfillan Africa Group 1, = 24 Cleary Gottlieb Steen & Hamilton 1, % 10= - Cravath, Swaine & Moore 1, Fangda Partners 1, Campos Ferreira, Sa Carneiro e Asociados 1, Dechert 1, Linklaters 19, Allen & Overy 5, Uria Menendez 3, Gomez-Acebo & Pombo Abogados KPMG Abogados Baker & McKenzie 16, Jones Day Freshfields Bruckhaus Deringer 15, King & Wood Mallesons Herbert Smith Freehills 17, White & Case 3, Slaughter and May 2, Latham & Watkins 1, Ashurst = 3 Cuatrecasas, Goncalves Pereira = 20 Perez-Llorca Nordics by deal value Rank Company name 15= 4 PwC legal Nordics by deal count Rank Company name 1 3 Mannheimer Swartling 9, % 2 4 Vinge 8, % 3 2 Linklaters 7, % 4 33 Avance Attorneys 6, % 5 45 Kromann Reumert 4, % 6 11 Gorrissen Federspiel 4, % 7 - Torys 3, Gernandt & Danielsson 2, % 9 7 Hammarskiold & Co 1, % 10 9 Bech-Brn % White & Case % Plesner % Hannes Snellman % Jones Day % Accura % 1 2 Vinge 8, Schjodt Bech-Brn Mannheimer Swartling 9, Kromann Reumert 4, Accura Wiersholm Ronne & Lundgren Gorrissen Federspiel 4, Roschier Wistrand Avance Attorneys 6, Hannes Snellman Selmer Thommessen Global and regional M&A: First quarter 21

22 Europe Denmark by deal value Rank Company name Denmark by deal count Rank Company name 1 20 Kromann Reumert 4, % 2 2 Gorrissen Federspiel 4, % 3 1 Bech-Brn % 4 6 Accura % 5 14 Plesner % 6 3 Brn & Hjejle % 7 - Mazanti-Andersen, Korso Jensen & Partnere King & Spalding = - Pinsent Masons = - PwC legal LETT Law Firm % 12 - Magnusson Ronne & Lundgren Moalem Weitemeyer Bendtsen Vinge Bech-Brn Kromann Reumert 4, Ronne & Lundgren Accura Gorrissen Federspiel 4, Plesner LETT Law Firm Mazanti-Andersen, Korso Jensen & Partnere Moalem Weitemeyer Bendtsen Brn & Hjejle Vinge King & Spalding = - Pinsent Masons = - PwC legal Magnusson Finland by deal value Rank Company name Finland by deal count Rank Company name 1 6 Vinge 7, % 2 8 Avance Attorneys 6, % 3= - Linklaters 6, = 4 Mannheimer Swartling 6, % 5 - Torys 3, Hammarskiold & Co 1, Hannes Snellman % 8= 32 Jones Day = 7 White & Case % 10 3 Roschier % 11= - Baumgarten Bystrom Rooth & Tallavaara Advokater = - Plesner = 37 Selmer Castren & Snellman % Bird & Bird Avance Attorneys 6, Hannes Snellman Roschier Castren & Snellman Vinge 7, Bird & Bird Weil Gotshal & Manges Krogerus = 5 Borenius Attorneys = 7 Dittmar & Indrenius = - Linklaters 6, = 12 Mannheimer Swartling 6, Torys 3, Hammarskiold & Co 1, = 32 Jones Day = 15 White & Case Global and regional M&A: First quarter 22

23 Europe Norway by deal value Rank Company name Norway by deal count Rank Company name 1 - Plesner Roschier Vinge = - Anjarwalla & Khanna Advocates = - Norton Rose Fulbright Selmer % 7 - Baumgarten Bystrom Rooth & Tallavaara Advokater = - Clifford Chance = - DLA Piper Wiersholm % 11 - Accura Thommessen % Advokatfirmaet Haavind % 14= - Allen & Overy = 52 Linklaters = - Raidla Lejins & Norcous = 56 SORAINEN Sweden by deal value Rank Company name 1 3 Schjodt Wiersholm Selmer Thommessen Advokatfirmaet Simonsen Vogt Wiig Roschier Advokatfirmaet Haavind Plesner Vinge Accura White & Case CMS = 13 Arntzen de Besche = - Bech-Brn = 11 Kluge Advokatfirma = 5 Wikborg Rein & Co Sweden by deal count Rank Company name 1 1 Mannheimer Swartling 9, % 2 2 Vinge 8, % 3 5 Linklaters 7, % 4 11 Avance Attorneys 6, % 5 - Torys 3, Gernandt & Danielsson 2, % 7 7 Hammarskiold & Co 1, % 8 30 Plesner % 9 3 Roschier % Selmer ,107% Baumgarten Bystrom Rooth & Tallavaara Advokater Kromann Reumert Accura % Bech-Brn Brn & Hjejle Vinge 8, Mannheimer Swartling 9, Wistrand Roschier Hannes Snellman Avance Attorneys 6, Linklaters 7, Selmer Kromann Reumert Accura White & Case = 71 Cederquist = 29 Delphi = 15 Schjodt = 11 Wiersholm Global and regional M&A: First quarter 23

24 Europe CEE by deal value Rank Company name CEE by deal count Rank Company name 1 6 Linklaters 3, % 2 29 Allen & Overy 1, ,271% 3= - Appleby 1, = - Maples & Calder 1, = - 1, = - Vinson & Elkins 1, = - BBH, advokatni kancelar 1, = - Bonelli Erede Pappalardo 1, = 4 De Brauw Blackstone Westbroek 1, % 7= - Ploum Lodder Princen 1, = 63 Domanski Zakrzewski Palinka 1, = - Latham & Watkins 1, = - Loyens & Loeff 1, White & Case % 15= - Jones Day = - Karanovic & Nikolic Russia by deal value Rank Company name 1 3 Allen & Overy 1, Linklaters 3, White & Case CMS Schoenherr Rechtsanwaelte Weil Gotshal & Manges Baker & McKenzie = 9 Raidla Lejins & Norcous = 10 SORAINEN DLA Piper = 26 Borenius Attorneys = 64 Eversheds = - Appleby 1, = - Maples & Calder 1, = - 1, = - Vinson & Elkins 1, Russia by deal count Rank Company name 1= 15 Allen & Overy 1, ,676% 1= - Appleby 1, = 4 Linklaters 1, % 1= - Maples & Calder 1, = - 1, = - Vinson & Elkins 1, Akin Gump Strauss Hauer & Feld Dacheng Law Offices White & Case % 10= 9 Baker & McKenzie = 6 DLA Piper = - Sayenko Kharenko - 1-1= 17 Allen & Overy 1, = - Appleby 1, = 10 Linklaters 1, = - Maples & Calder 1, = - 1, = - Vinson & Elkins 1, Akin Gump Strauss Hauer & Feld Dacheng Law Offices White & Case = 12 Baker & McKenzie = 3 DLA Piper = - Sayenko Kharenko Global and regional M&A: First quarter 24

25 Europe Poland by deal value Rank Company name Poland by deal count Rank Company name 1= 9 Domanski Zakrzewski Palinka 1, = - Latham & Watkins 1, = - Loyens & Loeff 1, Weil Gotshal & Manges Orrick Herrington & Sutcliffe Linklaters Allen & Overy = - Raidla Lejins & Norcous = - SORAINEN = - Wiersholm Weil Gotshal & Manges Linklaters Allen & Overy = 9 Domanski Zakrzewski Palinka 1, = - Latham & Watkins 1, = - Loyens & Loeff 1, Orrick Herrington & Sutcliffe = - Raidla Lejins & Norcous = - SORAINEN = - Wiersholm Turkey by deal value Rank Company name Turkey by deal count Rank Company name 1 11 Baker & McKenzie % 2= - Freshfields Bruckhaus Deringer = - Verdi Law Firm Shearman & Sterling Gen & Temizer Ozer YukselKarkinKucuk Law Firm % 7 2 Herguner Bilgen Ozeke % 8 13 Allen & Overy % 9= - Curtis, Mallet-Prevost, Colt & Mosle = - Stibbe = - Egemenoglu Law Firm = - Gilbert + Tobin = 1 Balcioglu Selcuk Akman Keki = - Kolcuoglu & Demirkan Attorneys at Law Baker & McKenzie YukselKarkinKucuk Law Firm Gen & Temizer Ozer Herguner Bilgen Ozeke = 4 Balcioglu Selcuk Akman Keki = - Kolcuoglu & Demirkan Attorneys at Law - 2-7= - Freshfields Bruckhaus Deringer = - Verdi Law Firm Shearman & Sterling Allen & Overy = - Curtis, Mallet-Prevost, Colt & Mosle = - Stibbe = - Egemenoglu Law Firm = - Gilbert + Tobin Global and regional M&A: First quarter 25

26 Americas Americas by deal value Rank Company name Americas by deal count Rank Company name 1 17 Sullivan & Cromwell 141, % 2 4 Davis Polk & Wardwell 128, % , % 4 9 Kirkland & Ellis 95, % 5 23 Cravath, Swaine & Moore 85, % 6 5 Latham & Watkins 80, % 7 1 Simpson Thacher & Bartlett 69, % 8 12 Wachtell, Lipton, Rosen & Katz 60, % 9 3 White & Case 59, % Wilson Sonsini Goodrich & Rosati 43, % Osler, Hoskin & Harcourt 37, % Baker Botts 37, % Cleary Gottlieb Steen & Hamilton 35, % Debevoise & Plimpton 35, % Cadwalader, Wickersham & Taft 33, ,384% 1 1 Kirkland & Ellis 95, Jones Day 18, , Latham & Watkins 80, Weil Gotshal & Manges 25, DLA Piper 1, Goodwin Procter 25, Fenwick & West 1, Sullivan & Cromwell 141, Davis Polk & Wardwell 128, Cooley 5, White & Case 59, Wilson Sonsini Goodrich & Rosati 43, Stikeman Elliott 2, Ropes & Gray 27, US *buyouts by deal value Rank Company name US buyouts by deal count Rank Company name 1 6 Ropes & Gray 9, % 2 31 Davis Polk & Wardwell 6, % 3 - Orrick Herrington & Sutcliffe 5, Kirkland & Ellis 5, % 5 2 Latham & Watkins 4, % 6 21 Stibbe 2, % 7 18 Cleary Gottlieb Steen & Hamilton 2, % 8 12 Simpson Thacher & Bartlett 1, % 9 10 Weil Gotshal & Manges 1, % Dechert 1, % Thompson & Knight % 12 - Sullivan & Cromwell Morrison & Foerster Paul Weiss Rifkind Wharton & Garrison % 15 - Baker Botts Kirkland & Ellis 5, Ropes & Gray 9, Jones Day Weil Gotshal & Manges 1, Willkie Farr & Gallagher = 63 Morgan Lewis & Bockius = 92 Winston & Strawn Davis Polk & Wardwell 6, Latham & Watkins 4, Simpson Thacher & Bartlett 1, Dechert 1, Paul Weiss Rifkind Wharton & Garrison Shearman & Sterling DLA Piper Orrick Herrington & Sutcliffe 5, *Based on advisors to bidder on buyout deals only with the target domininant geography being US Global and regional M&A: First quarter 26

27 Americas Canada by deal value Rank Company name Canada by deal count Rank Company name 1 4 Osler, Hoskin & Harcourt 23, % 2 20 Sullivan & Cromwell 21, ,002% , % 4 22 Debevoise & Plimpton 14, % Willkie Farr & Gallagher 14, = - Cadwalader, Wickersham & Taft 14, = - Covington & Burling 14, Torys 9, % 9 35 Linklaters 8, % 10= - Avance Attorneys 6, = 134 Mannheimer Swartling 6, = - Vinge 6, Wachtell, Lipton, Rosen & Katz 5, Paul Weiss Rifkind Wharton & Garrison 3, % Shearman & Sterling 2, % 1 1 Stikeman Elliott 2, Osler, Hoskin & Harcourt 23, McCarthy Tetrault 1, Blake, Cassels & Graydon 1, Torys 9, Norton Rose Fulbright 1, Borden Ladner Gervais Gowling Lafleur Henderson 1, Sullivan & Cromwell 21, Paul Weiss Rifkind Wharton & Garrison 3, Cassels Brock & Blackwell 2, , Dorsey & Whitney 1, Fasken Martineau Dumoulin 1, Davies Ward Phillips & Vineberg US North East by deal value Rank Company name US North East by deal count Rank Company name 1 6 Davis Polk & Wardwell 87, % 2 16 Kirkland & Ellis 81, % 3 18 Sullivan & Cromwell 77, % 4 23 Cravath, Swaine & Moore 66, % , % 6 1 Simpson Thacher & Bartlett 25, % 7 4 White & Case 24, % 8 10 Wachtell, Lipton, Rosen & Katz 22, % 9 19 Ropes & Gray 22, % Clifford Chance 19, % Gibson Dunn & Crutcher 17, % Debevoise & Plimpton 16, % Cadwalader, Wickersham & Taft 16, ,940% 14 7 Weil Gotshal & Manges 16, % 15 - Sabin, Bermant & Gould 10, Kirkland & Ellis 81, Jones Day 2, Weil Gotshal & Manges 16, Goodwin Procter 2, , Latham & Watkins 10, Davis Polk & Wardwell 87, Sullivan & Cromwell 77, DLA Piper 1, Cravath, Swaine & Moore 66, Locke Lord 1, Wachtell, Lipton, Rosen & Katz 22, Debevoise & Plimpton 16, Shearman & Sterling 8, Morgan Lewis & Bockius 1, Global and regional M&A: First quarter 27

28 Americas US Mid West by deal value Rank Company name US Mid West by deal count Rank Company name 1 12 Davis Polk & Wardwell 100, ,009% 2 1 Kirkland & Ellis 74, % 3 8 Sullivan & Cromwell 73, % 4 36 Cravath, Swaine & Moore 59, ,446% 5 7 Latham & Watkins 42, % 6 2 White & Case 33, % , % 8 33 Wachtell, Lipton, Rosen & Katz 29, ,592% 9 44 Ropes & Gray 25, ,423% 10 4 Sidley Austin 21, % Wilson Sonsini Goodrich & Rosati 21, Goodwin Procter 20, Gibson Dunn & Crutcher 16, % 14= - Cadwalader, Wickersham & Taft 16, = 107 Clifford Chance 16, Kirkland & Ellis 74, Jones Day 3, , Sidley Austin 21, Ropes & Gray 25, Goodwin Procter 20, Davis Polk & Wardwell 100, Latham & Watkins 42, Weil Gotshal & Manges 4, Dorsey & Whitney Hogan Lovells International 1, Wachtell, Lipton, Rosen & Katz 29, Honigman Miller Schwartz & Cohn Sullivan & Cromwell 73, White & Case 33, US South by deal value Rank Company name US South by deal count Rank Company name , % 2 10 Simpson Thacher & Bartlett 56, % 3 39 Sullivan & Cromwell 36, ,189% 4 1 Latham & Watkins 31, % 5 34 Baker Botts 31, % 6 38 Cleary Gottlieb Steen & Hamilton 27, % 7 19 Debevoise & Plimpton 25, % 8 3 White & Case 19, % 9 99 Akin Gump Strauss Hauer & Feld 18, ,102% Richards Layton & Finger 18, % Cadwalader, Wickersham & Taft 17, ,083% Osler, Hoskin & Harcourt 16, % Willkie Farr & Gallagher 16, % Wilson Sonsini Goodrich & Rosati 16, % 15= - De Brauw Blackstone Westbroek 15, Jones Day 14, Kirkland & Ellis 10, Latham & Watkins 31, Baker Botts 31, , DLA Piper Vinson & Elkins 8, Cooley 1, Simpson Thacher & Bartlett 56, Sullivan & Cromwell 36, Haynes and Boone Debevoise & Plimpton 25, King & Spalding 10, Andrews Kurth 2, Goodwin Procter = - Houthoff Buruma 15, Global and regional M&A: First quarter 28

29 Americas US West by deal value Rank Company name US West by deal count Rank Company name 1 25 Davis Polk & Wardwell 42, % 2 45 Wachtell, Lipton, Rosen & Katz 35, ,772% 3 1 Latham & Watkins 28, % 4 18 Wilson Sonsini Goodrich & Rosati 27, % 5 17 Goodwin Procter 23, % 6 8 Sullivan & Cromwell 18, % , % 8 14 Freshfields Bruckhaus Deringer 11, % 9 20 Ropes & Gray 9, % Slaughter and May 8, ,711% Kirkland & Ellis 8, % 12 7 Simpson Thacher & Bartlett 8, % Sidley Austin 6, ,374% Shearman & Sterling 6, % Osler, Hoskin & Harcourt 6, ,027% 1 2 Fenwick & West 1, Kirkland & Ellis 8, Wilson Sonsini Goodrich & Rosati 27, Cooley 4, Latham & Watkins 28, O'Melveny & Myers , Weil Gotshal & Manges 4, Morgan Lewis & Bockius 1, Wachtell, Lipton, Rosen & Katz 35, DLA Piper Davis Polk & Wardwell 42, Goodwin Procter 23, Ropes & Gray 9, Jones Day 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, Galicia Abogados 2, Santamarina y Steta 2, Creel, Garcia-Cuellar, Aiza y Enriquez 1, ,367% 5 78 Jones Day 1, ,621% 6 42 Sullivan & Cromwell 1, % 7 37 Mijares Angoitia Cortes y Fuentes 1, % 8 12 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados % 9 24 Ritch, Mueller, Heather y Nicolau % Gonzalez Calvillo ,127% Machado Meyer Sendacz e Opice % 12 3 Souza, Cescon, Barrieu & Flesch Advogados % 13 2 Simpson Thacher & Bartlett % Stocche Forbes Advogados % 15= - Hogan Lovells International Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados Jones Day 1, Machado Meyer Sendacz e Opice Souza, Cescon, Barrieu & Flesch Advogados Demarest Philippi, Prietocarrizosa & Uría Rodrigo Elias & Medrano Pinheiro Neto Advogados Galicia Abogados 2, Santamarina y Steta 2, Creel, Garcia-Cuellar, Aiza y Enriquez 1, Sullivan & Cromwell 1, Mijares Angoitia Cortes y Fuentes 1, Baker & McKenzie Brigard & Urrutia = - Miranda & Amado Abogados Global and regional M&A: First quarter 29