GLOBAL M&A MARKET REVIEW€¦ · injection component of recapitalization according to Bloomberg standards. Bloomberg M&A delivers real-time coverage of the M&A market from nine countries

GLOBAL M&A MARKET REVIEW LEGAL RANKINGS 2019

CONTENTS

1. Introduction2. Global M&A Heat Map3. Global M&A Regional Review4. Global M&A League Tables6. Americas M&A Regional Review7. Americas M&A League Tables10. EMEA M&A Regional Review11. EMEA M&A League Tables16. APAC M&A Regional Review17. APAC M&A League Tables22. Disclaimer

DATA SUBMISSIONS AND QUERIES

North America

EMEA

Asia Pacific

Contact Nageen Qasim

Madeeha Ahmad

Eewen Tay

Phone +1-646-324-2878

+44-20-3525-3754

+65-6231-3404

Email [email protected]

[email protected]

[email protected]

General M&A queries may be submitted to: [email protected], [email protected], [email protected]

The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards.

Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends.

Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/.

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

2019

GLOBAL M&A LEGAL ADVISORY RANKINGS

©2019 Bloomberg Finance L.P. All rights reserved.

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mailto:[email protected]



http://www.bloomberg.com/professional/solutions/investment-banking/

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DateTotal Value

(Mln.)Amount

(Bln.) % of Total% YoY

Change

Number of deals 46,193 Financial $864.1 23.1% -3.5%

Volume (Bln.) $3,731.8 Consumer Non-cyclical $767.5 20.5% -5.9%

Avg Deal Size (Mln.) $80.8 Industrial $436.5 11.7% 13.9%

Communications $368.3 9.8% -15.8%

Consumer Cyclical $354.3 9.5% 1.4%

Wachtell Lipton Rosen & Katz Technology $313.5 8.4% -16.5%

Number of deals 70 Energy $301.8 8.1% -34.0%

Volume (Bln.) $585.3 Basic Materials $256.4 6.9% 43.9%

Avg Deal Size (Bln.) $8.4 Utilities $76.0 2.0% -41.1%

Diversified $4.2 0.1% -31.1%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $1,965.8 -3.7% -7.3%

Cross Border $1,480.8 -2.6% -14.9%

Private Equity $1,100.9 1.8% -0.1%

Asset sale $760.8 -0.6% 12.8%

Tender Offer $248.2 -10.4% -8.0%

Venture Capital $206.2 9.8% -10.7%

Spin-off $74.9 -38.4% -48.0%

Minority purchase $486.1 3.5% -13.1%

Majority purchase $305.4 -9.8% -11.0%

Quarterly Volume represents any involvement (target, seller, or acquirer).

Global M&A Regional Review

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Global M&A: Premium Breakdown

Global M&A: Highlights of 2019 Global M&A: Industry Breakdown

Summary Target Acquirer Seller Industry

6/9/19 Raytheon CoUnited

Technologies Corp

- $90,016.9

Top Adviser6/25/19 Allergan PLC AbbVie Inc -

1/3/19 Celgene CorpBristol-Myers

Squibb Co- $87,646.9

$83,791.2

8/26/19Saudi Basic

Industries CorpSaudi Arabian

Oil Co

Public Investment Fund/The

$69,094.5

Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown

Deal Type

5/9/19Anadarko

Petroleum Corp

Occidental Petroleum

Corp- $55,162.5

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4

Volume $(Bln.) Deal Count

19%

30%29%

19%

2% 1%0-10%

10-25%

25-50%

50-75%

75-100%

100%+

• Global merger and acquisition activity reached $3.7 trillion in 2019, representing a 4.6%decrease compared to the same period last year. Deal activity in the basic materialsreached a high of $256.2 billion, an increase of 44.9% year-over-year. The pending sale of a70% stake in Saudi Basic Industries Corp by the Public Investment Fund to Saudi Arabian OilCo for $69.1 billion was the largest transaction in the industry.

• Private equity activity increased by 1.5% year-on-year to $1.1 trillion in transactions. TheUnited State country was the most acquisitive country in 2019, accounting for 45.3% theglobal private equity volume. The divestiture of Refinitiv Holdings Ltd by a consortium ofsellers led by Thomson Reuters Corp to the London Stock Exchange for $27.0 billion was thelargest private equity transaction in North America.

3

Global Announced Deals (By Volume) 01/01/2019 - 12/23/2019 Global Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

Wachtell Lipton Rosen & Katz 1 15.7 585,260 70 6 9.6 6.2 Kirkland & Ellis LLP 1 12.1 451,020 639 2 7.0 5.1Sullivan & Cromwell LLP 2 13.9 516,684 164 2 11.1 2.8 Latham & Watkins LLP 2 8.4 312,942 514 3 11.1 -2.7Kirkland & Ellis LLP 3 12.1 451,020 639 11 7.0 5.1 Jones Day 3 5.9 217,886 466 1 4.3 1.6Cleary Gottlieb Steen & Hamilton LLP 4 11.0 408,044 112 5 10.2 0.8 Orrick Herrington & Sutcliffe LLP 4 0.6 22,735 411 13 0.7 -0.1Simpson Thacher & Bartlett LLP 5 10.3 381,742 168 8 8.6 1.7 DLA Piper LLP 5 0.7 24,291 356 4 3.2 -2.5Davis Polk & Wardwell LLP 6 10.0 371,443 132 3 10.7 -0.7 CMS Legal Services EEIG/EWIV 6 0.6 21,272 288 8 1.3 -0.8White & Case LLP 7 9.4 350,455 281 9 8.5 1.0 White & Case LLP 7 9.4 350,455 281 9 8.5 1.0Cravath Swaine & Moore LLP 8 8.7 321,851 78 10 7.4 1.3 McGuireWoods LLP 8 0.5 17,833 272 7 0.8 -0.3Skadden Arps Slate Meagher & Flom LLP 9 8.6 320,401 204 4 10.3 -1.7 Allen & Overy LLP 9 3.4 126,815 250 6 3.8 -0.4Weil Gotshal & Manges LLP 10 8.5 317,571 201 13 6.3 2.3 Clifford Chance LLP 10 5.6 207,595 234 11 4.2 1.4Latham & Watkins LLP 11 8.4 312,942 514 1 11.1 -2.7 Hogan Lovells US LLP 11 0.8 31,341 214 10 5.7 -4.8Slaughter and May 12 7.8 291,322 65 21 4.4 3.4 Skadden Arps Slate Meagher & Flom LLP 12 8.6 320,401 204 19 10.3 -1.7Fried Frank Harris Shriver & Jacobson LLP 13 7.1 265,052 73 16 5.9 1.2 Gowling WLG 13 0.3 9,781 203 23 0.2 0.1Shearman & Sterling LLP 14 6.5 240,610 135 17 5.7 0.8 Weil Gotshal & Manges LLP 14 8.5 317,571 201 15 6.3 2.3Freshfields Bruckhaus Deringer LLP 15 6.1 226,874 188 7 9.1 -3.0 Baker & McKenzie LLP 15 1.0 38,447 197 4 3.0 -2.0Jones Day 16 5.9 217,886 466 22 4.3 1.6 Mori Hamada & Matsumoto 16 1.4 53,464 196 27 3.3 -1.8Clifford Chance LLP 17 5.6 207,595 234 23 4.2 1.4 Ropes & Gray LLP 17 1.7 61,214 194 35 1.9 -0.2Blake Cassels & Graydon LLP 18 5.5 204,652 113 44 2.3 3.2 Goodwin Procter LLP 18 1.1 38,922 190 12 3.7 -2.6Debevoise & Plimpton LLP 19 5.1 190,430 84 28 3.5 1.6 Freshfields Bruckhaus Deringer LLP 19 6.1 226,874 188 16 9.1 -3.0Baker Botts LLP 20 4.3 159,974 72 46 1.9 2.4 Linklaters LLP 20 3.1 116,048 182 18 6.3 -3.2TOTAL 3,717,367 46,117 TOTAL 3,717,367 46,117

Global Announced Deals- Principals (By Volume) 01/01/2019 - 12/23/2019 Global Announced Deals- Principals (By Deal Count) 01/01/2019 - 12/23/2019

Wachtell Lipton Rosen & Katz 1 21.4 585,260 70 2 12.5 8.9 Kirkland & Ellis LLP 1 15.5 423,369 633 2 8.2 7.4Kirkland & Ellis LLP 2 15.5 423,369 633 7 8.2 7.4 Latham & Watkins LLP 2 10.7 293,130 502 3 11.0 -0.3Skadden Arps Slate Meagher & Flom LLP 3 10.9 298,228 198 1 12.8 -1.9 Jones Day 3 7.9 214,662 459 1 5.4 2.4Latham & Watkins LLP 4 10.7 293,130 502 4 11.0 -0.3 Orrick Herrington & Sutcliffe LLP 4 0.8 22,630 410 13 0.9 -0.1Slaughter and May 5 10.6 290,360 64 15 5.8 4.9 DLA Piper LLP 5 0.9 24,291 356 5 3.8 -2.9Simpson Thacher & Bartlett LLP 6 10.4 282,867 161 11 6.8 3.6 CMS Legal Services EEIG/EWIV 6 0.8 21,272 288 7 1.7 -1.0Cleary Gottlieb Steen & Hamilton LLP 7 9.3 252,776 89 13 6.6 2.7 McGuireWoods LLP 7 0.2 4,224 258 7 0.8 -0.6Sullivan & Cromwell LLP 8 8.5 231,201 112 5 9.8 -1.3 Allen & Overy LLP 8 4.6 126,416 249 5 4.7 -0.1Freshfields Bruckhaus Deringer LLP 9 8.2 224,906 187 3 11.8 -3.6 White & Case LLP 9 6.8 184,936 236 12 3.0 3.8Jones Day 10 7.9 214,662 459 16 5.4 2.4 Clifford Chance LLP 10 7.6 207,315 233 10 5.0 2.6Clifford Chance LLP 11 7.6 207,315 233 20 5.0 2.6 Hogan Lovells US LLP 11 1.2 31,341 213 9 7.4 -6.3Weil Gotshal & Manges LLP 12 7.6 206,005 195 14 6.0 1.5 Gowling WLG 12 0.4 9,781 203 22 0.2 0.2Cravath Swaine & Moore LLP 13 7.5 204,798 52 31 3.5 4.0 Skadden Arps Slate Meagher & Flom LLP 13 10.9 298,228 198 21 12.8 -1.9Blake Cassels & Graydon LLP 14 7.1 192,362 112 38 3.0 4.1 Mori Hamada & Matsumoto 14 2.0 53,464 196 26 1.6 0.4White & Case LLP 15 6.8 184,936 236 37 3.0 3.8 Weil Gotshal & Manges LLP 15 7.6 206,005 195 15 6.0 1.5Shearman & Sterling LLP 16 6.3 172,959 117 34 3.2 3.1 Baker & McKenzie LLP 15 1.4 38,163 195 4 3.6 -2.2Baker Botts LLP 17 5.8 158,926 71 45 2.1 3.7 Goodwin Procter LLP 17 1.4 38,922 190 11 4.8 -3.4Paul Weiss Rifkind Wharton & Garrison LLP 18 5.0 137,671 146 12 6.8 -1.8 Ropes & Gray LLP 17 1.1 30,309 190 37 1.3 -0.2Bennett Jones LLP 19 5.0 136,009 36 241 0.1 4.9 Freshfields Bruckhaus Deringer LLP 19 8.2 224,906 187 16 11.8 -3.6Mayer Brown LLP 20 4.7 129,388 121 47 2.0 2.7 Linklaters LLP 20 4.2 114,965 180 18 7.9 -3.7TOTAL 2,729,176 11,737 TOTAL 2,729,176 11,737

FIRM

2019 2018MKT SHR CHANGE FIRM

2019

FIRM

VOLUME USD (Mln)

DEAL COUNT

2018MKT SHR CHANGE FIRM

2019VOLUME USD

(Mln)DEAL

COUNTVOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)

2019

RANKMKT SHR

(%)

RANKMKT SHR

(%)

2018MKT SHR CHANGE RANK

MKT SHR (%)


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

4

Cross Border Announced Deals (By Volume) 01/01/2019 - 12/23/2019 Global Private Equity Deals (By Volume) 01/01/2019 - 12/23/2019

Sullivan & Cromwell LLP 1 10.1 148,630 80 2 15.5 -5.4 Simpson Thacher & Bartlett LLP 1 13.2 144,259 103 2 11.9 1.3Freshfields Bruckhaus Deringer LLP 2 9.9 145,203 149 1 15.8 -5.9 Blake Cassels & Graydon LLP 2 11.4 124,917 36 66 1.1 10.3Cleary Gottlieb Steen & Hamilton LLP 3 9.6 140,748 63 13 7.0 2.6 Kirkland & Ellis LLP 3 11.4 124,576 384 1 13.5 -2.2Simpson Thacher & Bartlett LLP 4 9.2 134,516 87 19 5.6 3.5 Clifford Chance LLP 4 11.1 121,967 119 6 8.0 3.1Latham & Watkins LLP 5 8.2 120,259 266 4 11.2 -3.0 White & Case LLP 5 10.7 116,923 102 4 8.5 2.2Kirkland & Ellis LLP 6 8.1 118,207 186 8 8.1 0.0 Weil Gotshal & Manges LLP 6 8.1 88,407 125 3 9.7 -1.6Skadden Arps Slate Meagher & Flom LLP 7 7.4 108,363 99 14 6.9 0.5 Shardul Amarchand Mangaldas & Co 7 7.9 86,894 42 33 2.4 5.5Allen & Overy LLP 8 7.1 103,436 192 12 7.1 -0.1 Latham & Watkins LLP 8 7.5 81,639 320 5 8.4 -0.9Weil Gotshal & Manges LLP 9 7.0 102,819 102 6 8.8 -1.8 Allen & Overy LLP 9 6.5 71,530 114 16 4.1 2.4White & Case LLP 10 7.0 102,524 168 18 5.9 1.1 Freshfields Bruckhaus Deringer LLP 10 6.5 70,847 73 7 7.1 -0.7Clifford Chance LLP 11 6.4 93,211 181 11 7.4 -1.0 Cleary Gottlieb Steen & Hamilton LLP 11 6.4 70,198 39 18 3.7 2.7Linklaters LLP 12 5.8 85,453 136 5 11.0 -5.2 Sullivan & Cromwell LLP 12 6.4 69,953 52 8 6.7 -0.3Cravath Swaine & Moore LLP 13 5.6 81,580 31 26 5.1 0.5 Skadden Arps Slate Meagher & Flom LLP 13 6.1 66,624 70 12 6.0 0.1Blake Cassels & Graydon LLP 14 5.0 73,603 69 52 1.9 3.1 Cravath Swaine & Moore LLP 14 4.5 49,364 21 34 2.3 2.2Osler Hoskin & Harcourt LLP 15 5.0 72,719 63 35 2.9 2.1 Sidley Austin LLP 15 4.1 45,137 91 24 3.1 1.0Shearman & Sterling LLP 16 4.5 66,038 66 17 6.7 -2.2 Wachtell Lipton Rosen & Katz 16 3.9 42,636 20 9 6.6 -2.7Paul Weiss Rifkind Wharton & Garrison LLP 17 4.0 58,035 67 31 4.4 -0.5 Paul Weiss Rifkind Wharton & Garrison LLP 17 3.8 41,993 78 14 5.4 -1.6Herbert Smith Freehills LLP 18 3.9 57,213 96 10 7.4 -3.5 Linklaters LLP 18 3.6 39,592 84 10 6.4 -2.8Jones Day 19 3.7 54,832 220 29 4.7 -0.9 Dechert LLP 19 3.6 39,014 34 30 2.5 1.0Davis Polk & Wardwell LLP 20 3.7 54,053 55 3 11.9 -8.2 Herbert Smith Freehills LLP 20 3.5 38,451 60 46 1.9 1.6TOTAL 1,467,225 16,725 TOTAL 1,095,409 15,532


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

2019

5

Country

United States $313.9 88.2% -27.0%

Canada $27.6 7.7% -43.5%

Brazil $5.8 1.6% -53.5%

Mexico $2.7 0.8% 114.4%

British Virgin Islands $1.4 0.4% 113.5%

Colombia $1.3 0.4% 439.3%

Chile $0.8 0.2% -65.2%

Bermuda $0.1 0.0% -98.0%

DateTotal Value

(Mln.)Amount


Change

Number of deals 19,618 Consumer Non-cyclical $115.0 32.3% 98.0%

Volume (Bln.) $2,045.2 Financial $73.3 20.6% -36.4%

Avg Deal Size (Mln.) $104.2 Communications $38.4 10.8% 4.2%

Technology $36.1 10.1% -47.3%

Industrial $32.9 9.2% 3.7%

Wachtell Lipton Rosen & Katz Energy $30.6 8.6% -77.1%

Number of deals 67 Consumer Cyclical $20.5 5.8% -32.7%

Volume (Bln.) $582.2 Basic Materials $5.7 1.6% -77.6%

Avg Deal Size (Bln.) $8.7 Utilities $3.2 0.9% 33.8%

Diversified $0.4 0.1% -21.1%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $181.1 -13.8% -43.2%

Cross Border $133.7 -12.1% -18.2%

Private Equity $124.2 -15.7% -13.3%

Asset sale $120.4 -18.1% 64.0%

Tender Offer $6.3 -23.1% 55.3%

Venture Capital $24.7 -5.4% -13.6%

Spin-off $0.0 -36.0% -100.0%

Minority purchase $39.5 -7.8% -13.1%



Americas M&A Regional Review

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Americas M&A: Country BreakdownAmount


Change

Americas M&A: Highlights of 2019 Americas M&A: Industry Breakdown


7/29/19Upjohn medicine business/Pfizer

Mylan NV Pfizer Inc $32,684.8

Top Adviser8/13/19 Viacom Inc CBS Corp -

8/01/19 Refinitiv Holdings LtdLondon Stock

Exchange Group PLC

Multiple Sellers

$27,000.0

$20,456.1

8/26/19 Otezla/Celgene Corp Amgen IncBristol-Myers

Squibb Co$13,400.0

Americas M&A: Quarterly Volume Americas M&A: Deal Type Breakdown

Deal Type

8/8/19Enterprise security

business/Symantec CorpBroadcom Inc

Symantec Corp

$10,700.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

$0

$200

$400

$600

$800

$1,000

2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4


• Deal activity in the Americas reached a volume of $2.0 trillion in 2019, representing a 2.1%increase compared to the same period last year. The United States contributed 90% to theregion’s total deal volume and continued to be most targeted country for M&A transactions.

• The consumer non-cyclical and financial sectors were the most targeted industries in the regionaccounting for approximately 48.1% of the overall deal volume. The announced acquisition ofRaytheon Co by United Technologies Corp for $90.0 billion was the largest transaction on recordglobally.

• Private equity activity increased by 3.9% year-on-year to $563.5 billion in transactions. The UnitedStates was the most acquisitive country in 2019, accounting for 88.4% the global private equityvolume.

6

US Announced Deals (By Volume) 01/01/2019 - 12/23/2019 US Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

Wachtell Lipton Rosen & Katz 1 26.5 584,160 69 3 16.5 10.0 Kirkland & Ellis LLP 1 19.7 432,881 605 1 10.8 8.8Sullivan & Cromwell LLP 2 21.2 466,681 135 1 16.9 4.3 Latham & Watkins LLP 2 11.7 256,933 432 3 16.6 -4.9Kirkland & Ellis LLP 3 19.7 432,881 605 10 10.8 8.8 Jones Day 3 8.3 181,538 327 2 6.5 1.7Simpson Thacher & Bartlett LLP 4 16.6 364,954 146 7 13.9 2.7 Orrick Herrington & Sutcliffe LLP 4 0.8 17,973 306 12 0.8 -Cleary Gottlieb Steen & Hamilton LLP 5 16.4 359,965 75 6 13.9 2.5 McGuireWoods LLP 5 0.8 17,832 271 4 1.4 -0.5Davis Polk & Wardwell LLP 6 16.3 357,882 103 4 16.5 -0.2 DLA Piper LLP 6 0.7 14,744 238 7 4.0 -3.4Skadden Arps Slate Meagher & Flom LLP 7 14.0 307,370 172 5 16.2 -2.3 Ropes & Gray LLP 7 2.4 52,936 176 20 3.0 -0.6Weil Gotshal & Manges LLP 8 13.8 303,468 156 12 9.8 4.0 Skadden Arps Slate Meagher & Flom LLP 8 14.0 307,370 172 10 16.2 -2.3Cravath Swaine & Moore LLP 9 13.3 293,679 69 9 11.6 1.8 Goodwin Procter LLP 8 1.7 36,631 172 5 6.1 -4.4Slaughter and May 10 12.2 268,490 30 30 4.7 7.5 Sidley Austin LLP 10 3.4 75,712 170 19 5.9 -2.5Fried Frank Harris Shriver & Jacobson LLP 11 11.9 261,094 64 11 10.0 1.9 Weil Gotshal & Manges LLP 11 13.8 303,468 156 9 9.8 4.0Latham & Watkins LLP 12 11.7 256,933 432 2 16.6 -4.9 Cooley LLP 12 2.0 44,135 155 6 5.4 -3.4White & Case LLP 13 10.2 225,097 129 8 12.2 -1.9 Willkie Farr & Gallagher LLP 13 4.5 99,487 150 32 2.0 2.5Shearman & Sterling LLP 14 9.1 201,144 88 16 7.4 1.8 Morgan Lewis & Bockius LLP 13 1.2 26,877 150 8 2.1 -0.9Jones Day 15 8.3 181,538 327 22 6.5 1.7 Simpson Thacher & Bartlett LLP 15 16.6 364,954 146 15 13.9 2.7Debevoise & Plimpton LLP 16 8.1 179,192 78 28 5.2 2.9 Paul Weiss Rifkind Wharton & Garrison LLP 16 6.1 133,716 137 11 9.7 -3.6Freshfields Bruckhaus Deringer LLP 17 7.3 160,193 71 21 6.8 0.5 Sullivan & Cromwell LLP 17 21.2 466,681 135 17 16.9 4.3Baker Botts LLP 18 7.3 159,770 64 42 3.3 3.9 White & Case LLP 18 10.2 225,097 129 17 12.2 -1.9Bennett Jones LLP 19 6.1 133,963 21 383 - 6.1 Hogan Lovells US LLP 19 1.2 27,131 124 13 8.0 -6.8Paul Weiss Rifkind Wharton & Garrison LLP 20 6.1 133,716 137 13 9.7 -3.6 McDermott Will & Emery LLP Inc 20 0.7 14,817 121 16 0.8 -0.1TOTAL 2,200,934 21,090 TOTAL 2,200,934 21,090

US Announced Deals- Principals (By Volume) 01/01/2019 - 12/23/2019 US Announced Deals- Principals (By Deal Count) 01/01/2019 - 12/23/2019

Wachtell Lipton Rosen & Katz 1 31.5 584,160 69 1 19.5 12.0 Kirkland & Ellis LLP 1 21.9 405,230 599 1 11.4 10.4Kirkland & Ellis LLP 2 21.9 405,230 599 5 11.4 10.4 Latham & Watkins LLP 2 13.0 240,518 422 3 14.1 -1.1Skadden Arps Slate Meagher & Flom LLP 3 15.4 285,196 166 2 18.1 -2.8 Jones Day 3 9.7 178,981 323 2 7.5 2.2Slaughter and May 4 14.5 268,490 30 22 5.6 8.9 Orrick Herrington & Sutcliffe LLP 4 1.0 17,867 305 10 1.0 0.0Simpson Thacher & Bartlett LLP 5 14.4 266,080 139 9 9.6 4.8 McGuireWoods LLP 5 0.2 4,223 257 4 1.1 -0.9Latham & Watkins LLP 6 13.0 240,518 422 3 14.1 -1.1 DLA Piper LLP 6 0.8 14,744 238 7 4.8 -4.0Cleary Gottlieb Steen & Hamilton LLP 7 11.2 206,988 54 16 7.9 3.3 Ropes & Gray LLP 7 1.4 25,870 174 19 1.8 -0.4Weil Gotshal & Manges LLP 8 10.4 191,901 150 12 8.1 2.2 Goodwin Procter LLP 8 2.0 36,631 172 5 7.1 -5.2Sullivan & Cromwell LLP 9 10.2 188,930 86 4 12.8 -2.6 Sidley Austin LLP 9 4.0 74,894 168 17 3.3 0.8Jones Day 10 9.7 178,981 323 17 7.5 2.2 Skadden Arps Slate Meagher & Flom LLP 10 15.4 285,196 166 11 18.1 -2.8Cravath Swaine & Moore LLP 11 9.6 177,757 44 33 4.1 5.4 Cooley LLP 11 2.1 39,731 152 6 6.0 -3.8Freshfields Bruckhaus Deringer LLP 12 8.6 160,193 71 14 8.0 0.6 Weil Gotshal & Manges LLP 12 10.4 191,901 150 9 8.1 2.2Baker Botts LLP 13 8.6 158,723 63 38 3.3 5.3 Willkie Farr & Gallagher LLP 13 3.6 66,802 149 30 1.8 1.8Shearman & Sterling LLP 14 7.4 136,385 73 46 2.4 5.0 Morgan Lewis & Bockius LLP 13 1.4 26,484 149 8 2.5 -1.1Bennett Jones LLP 15 7.2 133,963 21 382 - 7.2 Simpson Thacher & Bartlett LLP 15 14.4 266,080 139 15 9.6 4.8Paul Weiss Rifkind Wharton & Garrison LLP 16 7.0 129,873 135 8 9.9 -2.8 Paul Weiss Rifkind Wharton & Garrison LLP 16 7.0 129,873 135 11 9.9 -2.8Mayer Brown LLP 17 6.6 122,795 83 43 2.8 3.8 Hogan Lovells US LLP 17 1.5 27,131 124 13 9.4 -8.0Davis Polk & Wardwell LLP 18 6.2 114,218 86 6 11.4 -5.2 McDermott Will & Emery LLP Inc 18 0.8 14,817 121 16 1.0 -0.2Vinson & Elkins LLP 19 6.1 113,828 96 15 7.9 -1.8 Gibson Dunn & Crutcher LLP 19 2.3 43,195 111 14 5.7 -3.4Davies Ward Phillips & Vineberg LLP 20 5.5 102,380 28 59 1.5 4.0 White & Case LLP 20 4.3 80,299 99 25 3.1 1.3

1,854,180 6,107 TOTAL 1,854,180 6,107TOTAL

FIRM


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) FIRM

7

Simpson Thacher & Bartlett LLP 1 19.1 143,172 94 2 16.0 3.1Kirkland & Ellis LLP 2 15.0 112,857 370 1 16.9 -1.8Weil Gotshal & Manges LLP 3 11.2 84,039 106 3 12.2 -1.0Latham & Watkins LLP 4 9.5 71,203 281 4 9.8 -0.3Sullivan & Cromwell LLP 5 9.0 67,733 49 6 9.0 0.1Skadden Arps Slate Meagher & Flom LLP 6 8.8 65,656 62 9 7.7 1.0Allen & Overy LLP 7 8.3 62,214 48 20 4.1 4.2Cleary Gottlieb Steen & Hamilton LLP 8 7.8 58,109 27 22 4.0 3.8Blake Cassels & Graydon LLP 9 6.7 50,283 25 73 0.9 5.8Freshfields Bruckhaus Deringer LLP 10 6.7 49,952 43 13 5.9 0.7Cravath Swaine & Moore LLP 11 6.6 49,364 21 28 3.1 3.5Sidley Austin LLP 12 5.9 44,383 89 19 4.2 1.7Wachtell Lipton Rosen & Katz 13 5.7 42,636 20 7 8.9 -3.2Paul Weiss Rifkind Wharton & Garrison LLP 14 5.2 38,912 75 14 5.8 -0.6Dechert LLP 15 5.2 38,690 28 27 3.3 1.9Osler Hoskin & Harcourt LLP 16 5.0 37,524 21 24 3.6 1.4Corrs Chambers Westgarth 17 4.8 35,960 12 197 0.0 4.8Vinson & Elkins LLP 18 4.6 34,795 49 51 2.0 2.6White & Case LLP 19 4.6 34,177 53 5 9.1 -4.5Clifford Chance LLP 20 4.1 30,416 49 8 8.5 -4.5TOTAL 750,145 9,576

FIRM

2019 2018

MKT SHR CHANGE RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

US Private Equity Deals (By Volume) 01/01/2019 -12/23/2019

8

Canada Announced Deals (By Volume) 01/01/2019 - 12/23/2019 Canada Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

Osler Hoskin & Harcourt LLP 1 26.7 85,713 83 4 18.5 8.3 Gowling WLG 1 2.0 6,303 136 3 1.2 0.8Blake Cassels & Graydon LLP 2 25.8 82,850 92 9 12.6 13.3 Blake Cassels & Graydon LLP 2 25.8 82,850 92 1 12.6 13.3Simpson Thacher & Bartlett LLP 3 19.4 62,285 21 5 15.5 3.9 Osler Hoskin & Harcourt LLP 3 26.7 85,713 83 4 18.5 8.3Weil Gotshal & Manges LLP 4 16.9 54,253 29 1 22.3 -5.4 McCarthy Tetrault LLP 4 8.0 25,623 75 6 14.0 -6.0Freshfields Bruckhaus Deringer LLP 5 16.6 53,188 14 13 10.9 5.7 Fasken Martineau DuMoulin LLP 5 1.4 4,562 48 21 2.3 -0.9Herbert Smith Freehills LLP 6 12.5 40,143 11 27 5.2 7.4 Miller Thomson LLP 6 0.7 2,178 47 5 0.9 -0.3Dechert LLP 7 11.9 38,290 7 24 5.8 6.2 Norton Rose Fulbright LLP 7 4.7 15,024 46 12 10.7 -6.0Corrs Chambers Westgarth 8 11.0 35,325 4 168 - 11.0 Torys LLP 8 4.8 15,468 44 7 20.1 -15.3Goodmans LLP 9 11.0 35,306 19 40 2.6 8.4 Davies Ward Phillips & Vineberg LLP 9 5.9 19,065 43 8 8.0 -2.0Kirkland & Ellis LLP 10 10.4 33,499 41 11 11.6 -1.1 Kirkland & Ellis LLP 10 10.4 33,499 41 10 11.6 -1.1White & Case LLP 11 9.4 30,277 13 7 14.4 -5.0 Borden Ladner Gervais LLP 11 0.7 2,277 36 13 2.8 -2.0Allen & Overy LLP 12 8.4 27,013 6 53 1.6 6.8 Stikeman Elliott LLP 12 6.6 21,122 35 2 14.9 -8.3Jones Day 13 8.2 26,210 26 46 2.3 5.9 Cassels Brock & Blackwell LLP 13 7.0 22,432 32 9 1.1 5.9Latham & Watkins LLP 14 8.0 25,677 29 47 2.2 5.8 Weil Gotshal & Manges LLP 14 16.9 54,253 29 17 22.3 -5.4McCarthy Tetrault LLP 15 8.0 25,623 75 8 14.0 -6.0 Latham & Watkins LLP 14 8.0 25,677 29 17 2.2 5.8Wachtell Lipton Rosen & Katz 16 7.9 25,232 5 12 11.3 -3.5 Bennett Jones LLP 16 2.1 6,802 28 32 0.5 1.6Cassels Brock & Blackwell LLP 17 7.0 22,432 32 65 1.1 5.9 Jones Day 17 8.2 26,210 26 13 2.3 5.9Skadden Arps Slate Meagher & Flom LLP 18 6.9 22,143 20 30 4.1 2.8 Simpson Thacher & Bartlett LLP 18 19.4 62,285 21 25 15.5 3.9Cleary Gottlieb Steen & Hamilton LLP 19 6.9 22,098 9 32 3.9 3.0 Skadden Arps Slate Meagher & Flom LLP 19 6.9 22,143 20 27 4.1 2.8Stikeman Elliott LLP 20 6.6 21,122 35 6 14.9 -8.3 Orrick Herrington & Sutcliffe LLP 19 0.4 1,115 20 16 0.8 -0.4TOTAL 320,795 3,631 TOTAL 320,795 3,631

Brazil Announced Deals (By Volume) 01/01/2019 - 12/23/2019 Brazil Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

Machado Meyer Sendacz e Opice Advogados 1 24.5 14,180 35 3 31.5 -7.0 Pinheiro Neto Advogados 1 23.1 13,422 102 1 20.2 3.0Barbosa Mussnich & Aragao 2 23.5 13,604 39 10 12.9 10.6 Mattos Filho Veiga Filho Marrey Jr e Quiroga 2 22.0 12,742 56 2 34.6 -12.7Pinheiro Neto Advogados 3 23.1 13,422 102 9 20.2 3.0 Veirano Advogados 3 3.7 2,156 49 4 2.3 1.4Mattos Filho Veiga Filho Marrey Jr e Quiroga 4 22.0 12,742 56 2 34.6 -12.7 Barbosa Mussnich & Aragao 4 23.5 13,604 39 3 12.9 10.6Jones Day 5 17.1 9,932 7 38 0.5 16.6 Machado Meyer Sendacz e Opice Advogados 5 24.5 14,180 35 5 31.5 -7.0Stocche Forbes Padis Filizzola e Clapis Advo 6 15.6 9,067 34 17 5.0 10.7 Stocche Forbes Padis Filizzola e Clapis Advo 6 15.6 9,067 34 7 5.0 10.7White & Case LLP 7 13.9 8,076 6 5 30.3 -16.4 Tozzini Freire Teixeira E Silva 7 2.9 1,707 29 9 27.1 -24.1Paul Weiss Rifkind Wharton & Garrison LLP 8 9.4 5,425 3 58 0.1 9.3 Lefosse Advogados 8 4.4 2,566 26 8 10.0 -5.6Sullivan & Cromwell LLP 9 9.2 5,330 2 - - 9.2 Lobo de Rizzo Advogados 9 2.7 1,547 19 12 0.3 2.4Cravath Swaine & Moore LLP 10 5.3 3,100 1 - - 5.3 Souza Cescon Barrieu & Flesch Advogados 10 3.1 1,819 18 10 28.2 -25.0Davis Polk & Wardwell LLP 10 5.3 3,100 1 4 31.2 -25.8 Azevedo Sette Advogados 11 1.7 1,008 15 13 1.0 0.7Cleary Gottlieb Steen & Hamilton LLP 12 5.0 2,873 3 1 37.7 -32.7 Simpson Thacher & Bartlett LLP 12 2.3 1,343 12 16 8.1 -5.8Lefosse Advogados 13 4.4 2,566 26 11 10.0 -5.6 Demarest Advogados 13 0.9 525 9 11 1.5 -0.6Veirano Advogados 14 3.7 2,156 49 23 2.3 1.4 Baker & McKenzie LLP 14 0.9 493 8 14 7.3 -6.5Souza Cescon Barrieu & Flesch Advogados 15 3.1 1,819 18 7 28.2 -25.0 Jones Day 15 17.1 9,932 7 21 0.5 16.6Tozzini Freire Teixeira E Silva 16 2.9 1,707 29 8 27.1 -24.1 White & Case LLP 16 13.9 8,076 6 15 30.3 -16.4Lobo de Rizzo Advogados 17 2.7 1,547 19 44 0.3 2.4 Baptista Luz Advogados 17 - 3 5 - - -Simpson Thacher & Bartlett LLP 18 2.3 1,343 12 12 8.1 -5.8 Shearman & Sterling LLP 18 1.5 850 4 - - 1.5Morgan Lewis & Bockius LLP 19 1.9 1,120 2 25 1.6 0.3 Morrison & Foerster LLP 18 1.0 581 4 - - 1.0Azevedo Sette Advogados 20 1.7 1,008 15 30 1.0 0.7 Paul Weiss Rifkind Wharton & Garrison LLP 20 9.4 5,425 3 45 0.1 9.3TOTAL 58,003 620 TOTAL 58,003 620

2018MKT SHR CHANGE

RANKMKT SHR

(%) VOLUME USD

(Mln)FIRM


2019VOLUME USD

(Mln)DEAL

COUNTRANKMKT SHR

(%) RANKMKT SHR

(%) RANKMKT SHR

(%)

2018MKT SHR CHANGE

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

2019VOLUME USD

(Mln)DEAL

COUNT RANK

DEAL COUNT

FIRM

2019MKT SHR

(%)

9

Country

United Kingdom $63.2 32.8% 44.5%

Germany $33.6 17.4% 103.1%

France $11.8 6.2% -9.6%

Netherlands $11.2 5.8% 253.2%

Italy $10.4 5.4% -11.1%

Spain $4.8 2.5% -69.0%

Finland $3.8 2.0% 87.7%

Switzerland $2.4 1.2% 30.3%

DateTotal Value

Amount (Bln.) % of Total

% YoY Change

Number of deals 12,188 Financial $53.4 27.7% -33.2%

Volume (Bln.) $882.9 Consumer Non-cyclical $39.8 20.6% 50.4%

Avg Deal Size (Mln.) $72.4 Consumer Cyclical $25.7 13.4% 55.3%

Communications $25.7 13.4% -17.1%

Industrial $21.7 11.3% 54.5%

Clifford Chance LLP Energy $10.0 5.2% -22.6%

Number of deals 167 Basic Materials $6.5 3.4% -34.9%

Volume (Bln.) $151.8 Technology $5.8 3.0% -37.5%

Avg Deal Size (Bln.) $0.9 Utilities $3.7 1.9% -13.7%

Diversified $0.3 0.2% 967.5%

Amount (Bln.)

% Change Deal Count

% Change Volume


Cross Border $143.1 -14.9% -4.1%

Private Equity $56.7 -20.4% -21.0%

Asset sale $60.4 -16.8% 22.0%

Tender Offer $13.2 0.0% 21.9%

Venture Capital $7.9 -22.2% 6.7%

Spin-off $0.1 -70.0% -99.3%

Minority purchase $19.9 -18.6% -10.8%

$22.3 -17.4% 54.4%

EMEA M&A Regional Review

Glob

al M

&A

Revi

ew |

201

9

EMEA M&A: Country BreakdownAmount


Change

EMEA M&A Highlights of 2019 EMEA M&A: Industry Breakdown


7/19/19 Cub Pty LtdAsahi Group Holdings

LtdAnheuser-Busch

InBev SA/NV$11,283.2

Top Adviser7/29/19 Just Eat PLC Takeaway.com NV -

8/20/19Animal-health unit/ Bayer

AGElanco Animal Health

IncBayer AG $7,600.0

$6,126.9

7/31/19 GrandVision NVEssilor International

SAHAL Trust $6,082.4

7/26/1911000 Vodafone Telecom

Towers/ItalyInfrastrutture Wireless

Italiane SpA

EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown

Deal Type

Majority purchase


0

1,000

2,000

3,000

4,000

5,000

$0

$100

$200

$300

$400

$500

2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4


• Deal activity for EMEA-based targets decreased by 9.9% from the same period last year to $885.5 billion.The United Kingdom was the most sought-after country in 2019, with $188.9 billion in transactions.Goldman Sachs was the top financial adviser in the region, advising on 97 deals in 2019.

• The financial sector was the most targeted industry in 2019 and accounted for 25.6% of the transactionsfor the period. Saudi Arabian Oil Co’s pending acquisition of a 70% stake in Saudi Basic Industries Corpfor $69.0 billion was the largest deal announced in the sector and region.

• Private equity activity for EMEA-based targets reached a volume of $336.8 billion in 2019, representingan 11.6% increase from the same period last year.

$5,888.0Vodafone Group PLC

10

Europe Announced Deals (By Volume) 01/01/2019 - 12/23/2019 Europe Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

Freshfields Bruckhaus Deringer LLP 1 12.1 139,145 153 1 24.7 -12.6 CMS Legal Services EEIG/EWIV 1 1.8 21,186 280 1 4.0 -2.2Sullivan & Cromwell LLP 2 11.3 130,087 64 5 8.6 2.7 Jones Day 2 4.2 47,917 214 3 4.9 -0.7Cleary Gottlieb Steen & Hamilton LLP 3 9.7 111,612 54 15 5.6 4.1 Allen & Overy LLP 3 8.9 101,686 212 2 7.9 0.9Linklaters LLP 4 9.2 105,523 166 2 11.0 -1.8 Orrick Herrington & Sutcliffe LLP 3 1.0 11,993 212 13 1.1 0.0Allen & Overy LLP 5 8.9 101,686 212 8 7.9 0.9 Latham & Watkins LLP 5 8.6 98,778 210 9 6.8 1.8Clifford Chance LLP 6 8.7 99,655 188 4 9.1 -0.4 Clifford Chance LLP 6 8.7 99,655 188 5 9.1 -0.4Latham & Watkins LLP 7 8.6 98,778 210 10 6.8 1.8 White & Case LLP 7 6.1 70,053 179 7 6.2 -0.1Skadden Arps Slate Meagher & Flom LLP 8 7.6 86,832 62 6 8.1 -0.6 DLA Piper LLP 8 0.9 10,521 172 10 3.0 -2.1Weil Gotshal & Manges LLP 9 7.2 83,076 87 16 5.5 1.8 Linklaters LLP 9 9.2 105,523 166 8 11.0 -1.8Kirkland & Ellis LLP 10 6.9 78,870 142 13 6.1 0.8 Freshfields Bruckhaus Deringer LLP 10 12.1 139,145 153 6 24.7 -12.6Simpson Thacher & Bartlett LLP 11 6.8 77,702 47 25 3.3 3.4 Kirkland & Ellis LLP 11 6.9 78,870 142 15 6.1 0.8White & Case LLP 12 6.1 70,053 179 12 6.2 -0.1 Hogan Lovells US LLP 12 1.1 12,657 139 11 5.1 -4.0Blake Cassels & Graydon LLP 13 5.3 61,079 20 101 0.4 4.9 Cuatrecasas 13 0.5 5,644 119 12 1.5 -1.0Cravath Swaine & Moore LLP 14 5.0 56,956 24 14 5.8 -0.9 Dentons 14 0.5 5,137 117 14 1.4 -1.0Herbert Smith Freehills LLP 15 4.5 51,466 93 7 8.0 -3.5 Baker & McKenzie LLP 15 1.9 21,341 114 4 4.6 -2.7De Brauw Blackstone Westbroek NV 16 4.2 48,124 31 48 1.3 2.9 Herbert Smith Freehills LLP 16 4.5 51,466 93 18 8.0 -3.5Jones Day 17 4.2 47,917 214 19 4.9 -0.7 Weil Gotshal & Manges LLP 17 7.2 83,076 87 17 5.5 1.8Osler Hoskin & Harcourt LLP 18 4.1 47,447 27 67 0.8 3.3 Noerr LLP 18 0.4 4,873 81 20 1.2 -0.8Davis Polk & Wardwell LLP 19 3.7 42,701 39 9 7.5 -3.7 Perez-Llorca 19 0.4 4,453 75 16 2.7 -2.3Ashurst LLP 20 3.4 39,397 48 34 2.0 1.4 Gowling WLG 20 0.3 3,610 73 34 0.2 0.1TOTAL 1,149,641 14,631 TOTAL 1,149,641 14,631

Europe Announced Deals- Principals (By Volume) 01/01/2019 - 12/23/2019 Europe Announced Deals- Principals (By Deal Count) 01/01/2019 - 12/23/2019

Freshfields Bruckhaus Deringer LLP 1 16.5 137,177 152 1 30.5 -14.0 CMS Legal Services EEIG/EWIV 1 2.6 21,186 280 1 4.9 -2.4Linklaters LLP 2 12.6 104,440 164 2 12.5 0.1 Orrick Herrington & Sutcliffe LLP 2 1.4 11,993 212 13 1.3 0.1Allen & Overy LLP 3 12.2 101,287 211 4 9.6 2.6 Allen & Overy LLP 3 12.2 101,287 211 2 9.6 2.6Sullivan & Cromwell LLP 4 12.1 100,569 48 10 7.2 5.0 Jones Day 3 5.7 47,250 211 3 5.9 -0.2Clifford Chance LLP 5 12.0 99,374 187 3 9.7 2.3 Latham & Watkins LLP 5 10.7 89,005 206 9 7.7 3.0Latham & Watkins LLP 6 10.7 89,005 206 8 7.7 3.0 Clifford Chance LLP 6 12.0 99,374 187 5 9.7 2.3Skadden Arps Slate Meagher & Flom LLP 7 10.5 86,832 62 5 8.6 1.8 DLA Piper LLP 7 1.3 10,521 172 10 2.8 -1.5Simpson Thacher & Bartlett LLP 8 9.2 76,551 46 22 4.1 5.1 White & Case LLP 8 6.5 54,110 166 8 5.0 1.5Kirkland & Ellis LLP 9 8.7 72,412 139 14 6.2 2.6 Linklaters LLP 9 12.6 104,440 164 7 12.5 0.1Weil Gotshal & Manges LLP 10 7.9 65,207 86 11 6.6 1.3 Freshfields Bruckhaus Deringer LLP 10 16.5 137,177 152 6 30.5 -14.0Cleary Gottlieb Steen & Hamilton LLP 11 7.4 61,593 46 30 2.7 4.7 Kirkland & Ellis LLP 11 8.7 72,412 139 15 6.2 2.6Blake Cassels & Graydon LLP 12 7.4 61,079 20 95 0.5 6.9 Hogan Lovells US LLP 12 1.5 12,657 138 11 6.3 -4.7White & Case LLP 13 6.5 54,110 166 19 5.0 1.5 Cuatrecasas 13 0.7 5,644 119 12 1.9 -1.2De Brauw Blackstone Westbroek NV 14 5.8 48,124 31 46 1.7 4.2 Dentons 14 0.6 5,137 117 14 1.7 -1.1Jones Day 15 5.7 47,250 211 16 5.9 -0.2 Baker & McKenzie LLP 15 2.6 21,280 113 4 4.7 -2.1Osler Hoskin & Harcourt LLP 16 5.5 45,881 24 66 1.0 4.6 Herbert Smith Freehills LLP 16 2.9 23,716 91 18 8.3 -5.5Cravath Swaine & Moore LLP 17 4.9 40,932 17 15 6.1 -1.2 Weil Gotshal & Manges LLP 17 7.9 65,207 86 17 6.6 1.3Slaughter and May 18 4.5 37,261 50 7 7.8 -3.4 Noerr LLP 18 0.6 4,873 81 20 1.4 -0.9Corrs Chambers Westgarth 19 4.3 35,950 25 223 0.0 4.3 Perez-Llorca 19 0.5 4,453 75 16 3.3 -2.8Stibbe BV 20 3.9 32,348 41 68 1.0 2.9 Gowling WLG 20 0.4 3,610 73 34 0.3 0.2

830,056 4,786 TOTAL 830,056 4,786TOTAL

FIRM

2019 2018MKT SHR CHANGE RANK

MKT SHR (%)

2019

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) FIRM

2019


2019VOLUME USD

(Mln)DEAL

COUNT RANKRANKMKT SHR

(%) MKT SHR

(%) FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

11

Allen & Overy LLP 1 17.3 65,970 87 11 9.1 8.2Linklaters LLP 2 16.9 64,311 57 6 13.5 3.4Freshfields Bruckhaus Deringer LLP 3 14.2 54,062 48 1 28.0 -13.9Weil Gotshal & Manges LLP 4 13.8 52,591 39 13 8.1 5.7Clifford Chance LLP 5 13.1 50,007 56 5 13.6 -0.5Kirkland & Ellis LLP 6 10.7 40,837 70 19 4.9 5.9Simpson Thacher & Bartlett LLP 7 10.5 39,842 22 14 7.4 3.0Herbert Smith Freehills LLP 8 10.2 38,854 44 2 18.5 -8.3Corrs Chambers Westgarth 9 9.2 35,255 10 192 0.0 9.2Slaughter and May 10 8.9 33,999 39 4 15.1 -6.2Ashurst LLP 11 8.7 33,052 35 24 3.4 5.3Osler Hoskin & Harcourt LLP 12 8.5 32,282 11 50 1.3 7.1Cravath Swaine & Moore LLP 13 7.8 29,573 12 17 6.0 1.8Sullivan & Cromwell LLP 14 7.7 29,235 16 9 10.5 -2.8Dechert LLP 15 7.3 27,682 8 121 0.2 7.1Blake Cassels & Graydon LLP 16 7.2 27,542 8 62 0.9 6.3Latham & Watkins LLP 17 6.7 25,408 79 12 8.9 -2.2De Brauw Blackstone Westbroek NV 18 5.9 22,581 6 117 0.2 5.7Stibbe BV 19 4.2 16,051 6 137 0.1 4.1Darrois Villey Maillot Brochier 20 4.0 15,289 1 - - 4.0TOTAL 381,431 5,348

FIRM

2019 2018

MKT SHR CHANGE RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

Europe Private Equity Deals (By Volume) 01/01/2019 - 12/23/2019

12

UK Announced Deals (By Volume) 01/01/2019 - 12/23/2019 UK Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

Allen & Overy LLP 1 17.3 65,970 87 11 9.1 8.2 CMS Legal Services EEIG/EWIV 1 4.0 15,048 99 1 6.9 -3.0Linklaters LLP 2 16.9 64,311 57 6 13.5 3.4 Allen & Overy LLP 2 17.3 65,970 87 2 9.1 8.2Freshfields Bruckhaus Deringer LLP 3 14.2 54,062 48 1 28.0 -13.9 DLA Piper LLP 2 0.7 2,692 87 8 2.4 -1.7Weil Gotshal & Manges LLP 4 13.8 52,591 39 13 8.1 5.7 Orrick Herrington & Sutcliffe LLP 4 1.1 4,047 83 17 0.9 0.2Clifford Chance LLP 5 13.1 50,007 56 5 13.6 -0.5 Latham & Watkins LLP 5 6.7 25,408 79 7 8.9 -2.2Kirkland & Ellis LLP 6 10.7 40,837 70 19 4.9 5.9 Jones Day 6 2.5 9,334 74 6 0.9 1.5Simpson Thacher & Bartlett LLP 7 10.5 39,842 22 14 7.4 3.0 Kirkland & Ellis LLP 7 10.7 40,837 70 10 4.9 5.9Herbert Smith Freehills LLP 8 10.2 38,854 44 2 18.5 -8.3 Linklaters LLP 8 16.9 64,311 57 4 13.5 3.4Corrs Chambers Westgarth 9 9.2 35,255 10 192 0.0 9.2 Clifford Chance LLP 9 13.1 50,007 56 3 13.6 -0.5Slaughter and May 10 8.9 33,999 39 4 15.1 -6.2 Squire Patton Boggs US LLP 10 0.3 1,071 52 9 0.4 -0.1Ashurst LLP 11 8.7 33,052 35 24 3.4 5.3 Gowling WLG 11 0.8 2,892 51 21 0.5 0.3Osler Hoskin & Harcourt LLP 12 8.5 32,282 11 50 1.3 7.1 Freshfields Bruckhaus Deringer LLP 12 14.2 54,062 48 5 28.0 -13.9Cravath Swaine & Moore LLP 13 7.8 29,573 12 17 6.0 1.8 White & Case LLP 13 3.3 12,718 47 11 7.4 -4.0Sullivan & Cromwell LLP 14 7.7 29,235 16 9 10.5 -2.8 Travers Smith 14 0.7 2,800 46 14 1.8 -1.0Dechert LLP 15 7.3 27,682 8 121 0.2 7.1 Herbert Smith Freehills LLP 15 10.2 38,854 44 13 18.5 -8.3Blake Cassels & Graydon LLP 16 7.2 27,542 8 62 0.9 6.3 Dentons 15 0.3 1,032 44 18 1.7 -1.4Latham & Watkins LLP 17 6.7 25,408 79 12 8.9 -2.2 Weil Gotshal & Manges LLP 17 13.8 52,591 39 14 8.1 5.7De Brauw Blackstone Westbroek NV 18 5.9 22,581 6 117 0.2 5.7 Slaughter and May 17 8.9 33,999 39 18 15.1 -6.2Stibbe BV 19 4.2 16,051 6 137 0.1 4.1 Hogan Lovells US LLP 19 1.3 4,907 38 16 3.0 -1.7Darrois Villey Maillot Brochier 20 4.0 15,289 1 - - 4.0 A&L Goodbody Solicitors 20 1.0 3,706 37 39 2.2 -1.2TOTAL 381,431 5,348 TOTAL 381,431 5,348

Germany Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019 France Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

CMS Legal Services EEIG/EWIV 1 3.4 7,043 102 1 11.6 -8.2 Jones Day 1 6.3 12,525 92 1 5.2 1.1Noerr LLP 2 2.3 4,819 73 4 5.1 -2.8 Orrick Herrington & Sutcliffe LLP 2 1.4 2,813 51 7 3.1 -1.7Freshfields Bruckhaus Deringer LLP 3 18.3 38,314 52 2 45.9 -27.6 Clifford Chance LLP 3 8.2 16,304 50 2 12.4 -4.2Clifford Chance LLP 4 9.0 18,831 50 5 3.9 5.1 CMS Legal Services EEIG/EWIV 3 1.5 3,044 50 10 5.7 -4.2Hengeler Mueller 5 8.1 17,026 48 6 29.8 -21.6 Hogan Lovells US LLP 5 1.6 3,199 47 3 3.0 -1.4Orrick Herrington & Sutcliffe LLP 5 1.1 2,218 48 13 0.4 0.6 De Pardieu Brocas Maffei 6 2.4 4,780 43 10 4.1 -1.7Luther Rechtsanwaltsgesellschaft mbH 7 0.8 1,599 47 11 0.1 0.6 Latham & Watkins LLP 7 12.3 24,390 42 8 8.0 4.3Jones Day 8 1.5 3,167 45 3 11.4 -9.9 White & Case LLP 8 13.9 27,537 39 14 1.9 12.0Hogan Lovells US LLP 9 1.8 3,691 44 8 1.7 0.1 Weil Gotshal & Manges LLP 9 14.3 28,374 33 5 18.4 -4.1Latham & Watkins LLP 10 8.0 16,806 40 10 14.3 -6.3 Allen & Overy LLP 9 2.5 4,860 33 4 5.5 -3.0Allen & Overy LLP 11 4.9 10,246 35 7 6.5 -1.6 Linklaters LLP 11 10.6 21,099 32 9 16.5 -5.9Linklaters LLP 12 4.6 9,648 30 15 12.4 -7.8 DLA Piper LLP 12 2.8 5,635 30 10 0.7 2.2White & Case LLP 13 7.2 14,978 29 14 0.4 6.8 Herbert Smith Freehills LLP 13 5.4 10,670 24 19 2.8 2.6DLA Piper LLP 14 1.1 2,240 28 15 9.8 -8.8 Freshfields Bruckhaus Deringer LLP 14 3.3 6,479 22 13 11.7 -8.5Baker & McKenzie LLP 15 2.7 5,563 21 9 6.9 -4.3 Dentons 15 0.6 1,262 21 25 1.2 -0.6Dentons 16 0.5 1,110 20 12 2.0 -1.5 Willkie Farr & Gallagher LLP 16 2.5 4,928 20 16 9.8 -7.3Shearman & Sterling LLP 17 5.3 11,005 18 17 13.5 -8.3 Gibson Dunn & Crutcher LLP 17 2.2 4,436 18 28 0.3 1.9Sullivan & Cromwell LLP 18 19.8 41,492 16 27 15.7 4.1 Baker & McKenzie LLP 17 1.8 3,617 18 6 7.4 -5.6Kirkland & Ellis LLP 18 7.0 14,570 16 21 1.5 5.5 Kirkland & Ellis LLP 19 4.8 9,504 17 38 4.3 0.5McDermott Will & Emery LLP Inc 18 1.7 3,651 16 20 0.5 1.3 Cuatrecasas 19 1.5 2,932 17 24 1.4 0.1TOTAL 209,233 2,662 TOTAL 198,710 2,181

FIRM


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

2019

13

Italy Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019 Benelux Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

NCTM Studio Legale Associato 1 11.8 6,292 56 1 0.8 10.9 Allen & Overy LLP 1 10.9 22,109 71 1 15.9 -5.0Gattai Minoli Agostinelli & Partners 2 4.4 2,350 46 3 9.2 -4.8 Loyens & Loeff NV 2 1.8 3,635 62 2 10.4 -8.6Orrick Herrington & Sutcliffe LLP 3 0.7 351 43 4 1.7 -1.1 CMS Legal Services EEIG/EWIV 3 0.6 1,288 52 5 2.1 -1.4Chiomenti Studio Legale 4 6.5 3,469 35 2 12.2 -5.7 Houthoff Buruma 4 1.1 2,316 48 3 2.0 -0.9Allen & Overy LLP 5 14.6 7,799 23 11 3.4 11.2 Clifford Chance LLP 5 7.6 15,473 46 3 12.7 -5.1Latham & Watkins LLP 6 2.6 1,393 18 6 3.8 -1.2 Jones Day 6 1.3 2,536 38 9 10.0 -8.8White & Case LLP 7 2.3 1,239 17 9 12.8 -10.5 Stibbe BV 7 8.0 16,144 37 8 2.3 5.6Legance Avvocati Associati 8 2.2 1,170 16 5 4.9 -2.8 Freshfields Bruckhaus Deringer LLP 8 10.4 21,106 36 7 17.4 -7.0Dentons 9 0.6 298 14 14 0.4 0.2 Latham & Watkins LLP 9 13.3 26,931 34 14 15.7 -2.4Linklaters LLP 10 19.8 10,592 13 15 5.8 14.0 NautaDutilh NV 10 2.4 4,838 33 6 5.0 -2.6CMS Legal Services EEIG/EWIV 11 0.0 18 12 6 0.9 -0.9 Linklaters LLP 11 4.8 9,670 31 12 6.9 -2.1DLA Piper LLP 12 0.5 274 11 19 21.1 -20.6 DLA Piper LLP 12 0.4 814 28 10 1.6 -1.2Shearman & Sterling LLP 13 5.5 2,954 10 12 2.4 3.2 De Brauw Blackstone Westbroek NV 13 15.3 30,994 27 13 9.8 5.5Clifford Chance LLP 14 1.1 578 9 12 9.3 -8.2 Hogan Lovells US LLP 14 2.3 4,708 23 16 1.3 1.0Jones Day 15 8.9 4,755 8 9 4.2 4.7 Dentons 14 1.0 1,938 23 18 1.4 -0.4Freshfields Bruckhaus Deringer LLP 16 1.8 945 7 16 24.6 -22.8 White & Case LLP 16 4.0 8,182 20 14 14.5 -10.5Hogan Lovells US LLP 16 0.9 454 7 17 0.7 0.2 Baker & McKenzie LLP 17 0.7 1,492 19 10 2.6 -1.9Cleary Gottlieb Steen & Hamilton LLP 18 11.3 6,065 6 17 34.0 -22.6 Kirkland & Ellis LLP 18 1.7 3,424 18 19 8.7 -7.0Gianni Origoni Grippo Capelli Partners 18 8.1 4,322 6 19 2.7 5.4 Weil Gotshal & Manges LLP 19 0.8 1,693 17 23 3.5 -2.7Kirkland & Ellis LLP 18 - - 6 28 - - Orrick Herrington & Sutcliffe LLP 20 0.6 1,198 16 17 2.2 -1.6TOTAL 53,481 884 TOTAL 203,102 1,988

Iberia Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019 Nordic Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

Cuatrecasas 1 6.5 4,626 107 1 8.3 -1.7 White & Case LLP 1 5.3 8,719 51 1 12.2 -7.0Perez-Llorca 2 6.1 4,320 72 2 32.0 -25.9 Hannes Snellman Advokatbyra Ab/FI 2 7.5 12,388 36 2 4.8 2.7Uria Menendez Abogados SLP 3 19.5 13,833 66 3 22.9 -3.4 Advokatfirmaet Thommessen AS 3 0.6 938 31 10 0.3 0.3Linklaters LLP 4 14.3 10,144 33 7 18.4 -4.1 Kirkland & Ellis LLP 4 12.2 20,295 28 10 6.6 5.6Clifford Chance LLP 5 8.0 5,701 28 9 9.2 -1.1 Baker & McKenzie LLP 5 1.4 2,390 24 3 8.6 -7.1Latham & Watkins LLP 6 21.5 15,279 21 17 2.4 19.1 Clifford Chance LLP 6 14.0 23,229 23 16 3.3 10.7Herbert Smith Freehills LLP 6 5.4 3,801 21 15 0.5 4.9 Orrick Herrington & Sutcliffe LLP 7 1.6 2,696 20 21 0.9 0.7Garrigues Abogados 8 0.3 209 20 11 2.4 -2.1 DLA Piper LLP 8 1.0 1,698 18 15 7.8 -6.8Hogan Lovells US LLP 9 0.5 326 16 12 0.9 -0.5 Freshfields Bruckhaus Deringer LLP 9 12.7 21,098 17 7 10.2 2.5Jones Day 10 1.2 825 15 16 1.0 0.2 Latham & Watkins LLP 10 5.4 8,979 16 13 7.0 -1.6Orrick Herrington & Sutcliffe LLP 11 4.1 2,919 13 23 0.1 4.0 Linklaters LLP 11 7.5 12,430 15 6 5.3 2.2Allen & Overy LLP 11 3.5 2,452 13 7 9.1 -5.6 Simpson Thacher & Bartlett LLP 12 10.9 18,065 13 43 0.1 10.8Freshfields Bruckhaus Deringer LLP 13 3.9 2,762 11 12 24.8 -20.9 Ellex 12 1.3 2,153 13 7 2.2 -0.9Baker & McKenzie LLP 14 0.2 140 10 6 3.0 -2.8 Allen & Overy LLP 12 0.8 1,330 13 5 2.1 -1.3Rousaud Costas Duran Slp 15 0.0 14 9 4 0.1 -0.1 CMS Legal Services EEIG/EWIV 12 0.4 701 13 9 3.6 -3.2Mattos Filho Veiga Filho Marrey Jr e Quiroga 16 3.0 2,152 8 30 4.3 -1.3 Noerr LLP 12 - - 13 22 2.1 -2.1DLA Piper LLP 16 0.9 602 8 14 18.1 -17.2 Jones Day 17 6.3 10,422 12 13 2.0 4.3Cleary Gottlieb Steen & Hamilton LLP 18 2.5 1,758 5 27 19.9 -17.4 Advokatfirman Vinge KB 17 5.2 8,682 12 4 4.1 1.1Paul Hastings LLP 18 1.1 782 5 53 - 1.1 Skadden Arps Slate Meagher & Flom LLP 19 13.2 21,864 11 30 1.6 11.6CMS Legal Services EEIG/EWIV 18 1.0 715 5 21 0.1 0.9 Hogan Lovells US LLP 19 0.7 1,172 11 17 2.3 -1.5TOTAL 70,973 1,013 TOTAL 166,059 2,150

FIRM


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)


2019VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) FIRM

14

Eastern Europe Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

Ellex 1 1.3 930 46 1 1.5 -0.2Dentons 2 4.3 2,996 37 3 4.9 -0.6COBALT 2 0.1 55 37 5 0.2 -0.1CMS Legal Services EEIG/EWIV 4 1.1 774 36 2 7.1 -6.0SORAINEN 5 0.9 660 33 3 1.9 -1.0White & Case LLP 6 9.0 6,301 27 8 8.4 0.6Linklaters LLP 7 2.1 1,500 24 10 9.7 -7.5Allen & Overy LLP 7 1.3 943 24 7 5.3 -4.0Clifford Chance LLP 9 3.3 2,324 23 9 2.3 1.0Weil Gotshal & Manges LLP 10 1.1 783 17 13 7.6 -6.5Latham & Watkins LLP 11 10.1 7,057 16 26 8.3 1.8DLA Piper LLP 11 0.2 130 16 13 0.2 -Baker & McKenzie LLP 13 0.2 164 13 6 5.1 -4.8Orrick Herrington & Sutcliffe LLP 14 2.8 1,962 12 18 1.3 1.5Norton Rose Fulbright LLP 15 0.2 115 10 21 0.5 -0.3Freshfields Bruckhaus Deringer LLP 16 4.4 3,059 9 18 8.0 -3.6Herbert Smith Freehills LLP 17 1.5 1,026 8 21 0.0 1.4Noerr LLP 17 0.8 560 8 13 0.4 0.4AZB & Partners 19 1.7 1,191 7 50 0.1 1.6Jones Day 19 0.7 512 7 17 1.1 -0.4TOTAL 70,211 1,265

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

15

DateTotal Value

(Mln.)

Number of deals 14,315

Volume (Bln.) $802.0

Avg Deal Size (Mln.) $56.0

Nishimura & Asahi

Number of deals 136

Volume (Bln.) $61.7

Avg Deal Size (Bln.) $0.5

Deal TypeAmount

(Bln.)% Change

Deal % YoY

Change


Cross Border $74.1 -15.6% -29.4%

Private Equity $53.9 30.5% -17.8%

Asset sale $38.2 -12.8% 12.1%

Tender Offer $17.5 -27.5% 28.8%

Venture Capital $11.8 52.1% -59.1%

Spin-off $4.6 -9.1% 545.7%

Minority purchase $36.1 10.0% -42.4%


Graphs represent any regional involvement (target, seller, or acquirer).

$5,198.2

APAC M&A Regional Review

Glob

al M

&A

Revi

ew |

201

9

APAC M&A: Quarterly Volume

Australia/NZ M&A: Quarterly Volume

APAC M&A: Highlights of 2019

Summary Target Acquirer Seller

9/11/19Portfolio of luxury

hotelsMirae Asset Global Investments Co Ltd

Anbang Insurance Group Co Ltd

$5,800.0

Top Adviser9/12/19 ZOZO Inc Z Holdings Corp -

8/16/19Unizo Holdings Co

LtdFortress Investment

Group LLC-

Greater China M&A: Quarterly Volume

7/19/19 Reliance Jio Infratel Pvt Ltd

Brookfield Asset Management Inc

Reliance Industries Ltd $3,660.9

$3,737.5

Japan M&A: Quarterly Volume

9/18/19Textainer Group

Holdings LtdShareholders Trencor Ltd $3,441.2

APAC M&A: Breakdown

32%

15%13%

12%

9%

8%

6% 3%2% 0%

APAC Industry Breakdown Financial

Consumer Non-cyclical

Consumer Cyclical

Industrial

Communications

Technology

Basic Materials

Energy

Utilities

Diversified

0

2,000

4,000

6,000

$0

$200

$400

$600


0

200

400

600

$0

$20

$40

$60

$80


0

500

1,000

1,500

2,000

$0

$100

$200

$300


0

500

1000

1500

$0

$50

$100

$150


• M&A activity targeting the APAC region for 2019 decreased by 14.4% year-on-year to $802.6 billion withthe number of deals targeting Chinese companies or assets accounting for 39.2% of the total dealvolume. Deals exceeding $1.0 billion in value decreased by 17.83% to 129 deals in the region.

• The financial sector was the most targeted industry, accounting for 29.01% of the region's overallvolume, recording an increase in deal activity by 1.56% year on year.

• Private equity deal volume decreased by 17% year-on-year to $203.8 billion. Sequoia Capital OperationsLLC was the most active investor in 2019 with its involvement in 105 deals. The announced acquisition of Keppel Corp Ltd by Temasek Holdings Pte Ltd for $ 10.3 billion was the largest transaction in the region.

16

APAC Ex Japan Announced Deals (By Volume) 01/01/2019 - 12/23/2019 APAC Ex Japan Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

Simpson Thacher & Bartlett LLP 1 9.5 91,527 32 16 3.3 6.3 Kim & Chang 1 4.5 43,381 140 3 2.8 1.7Allen & Overy LLP 2 7.8 74,652 58 4 5.1 2.6 AZB & Partners 1 2.7 25,862 140 1 3.8 -1.1Latham & Watkins LLP 3 5.2 50,182 78 19 2.8 2.5 Khaitan & Co 3 1.2 11,328 138 6 2.5 -1.3Weil Gotshal & Manges LLP 4 4.9 46,763 23 12 3.9 1.0 King & Wood Mallesons 4 3.3 31,583 106 4 6.4 -3.1Freshfields Bruckhaus Deringer LLP 5 4.8 45,829 29 2 6.4 -1.7 Shin & Kim 5 1.5 14,058 89 9 1.6 -0.2Herbert Smith Freehills LLP 6 4.7 45,483 76 1 6.5 -1.7 Fangda Partners 6 1.1 10,284 84 7 4.7 -3.7Kim & Chang 7 4.5 43,381 140 18 2.8 1.7 Cyril Amarchand Mangaldas 7 2.8 27,095 81 11 3.4 -0.5Shearman & Sterling LLP 8 4.1 39,526 14 78 0.6 3.6 Corrs Chambers Westgarth 8 3.4 32,329 80 36 0.2 3.2Kirkland & Ellis LLP 9 4.1 39,049 26 6 4.7 -0.7 Latham & Watkins LLP 9 5.2 50,182 78 20 2.8 2.5Dechert LLP 10 4.0 38,601 8 37 1.7 2.3 Herbert Smith Freehills LLP 10 4.7 45,483 76 2 6.5 -1.7Cleary Gottlieb Steen & Hamilton LLP 11 4.0 38,065 15 34 1.8 2.2 Bae Kim & Lee 11 2.1 20,515 73 15 1.5 0.6Sullivan & Cromwell LLP 12 3.8 36,519 20 9 4.2 -0.3 Allens 12 3.0 28,514 71 17 4.1 -1.1White & Case LLP 13 3.6 34,626 35 21 2.6 1.0 Gilbert + Tobin 13 3.1 30,052 68 11 4.2 -1.1Corrs Chambers Westgarth 14 3.4 32,329 80 115 0.2 3.2 Lee & Ko 14 1.1 10,071 65 9 1.5 -0.4King & Wood Mallesons 15 3.3 31,583 106 3 6.4 -3.1 Shardul Amarchand Mangaldas & Co 15 1.5 14,693 61 8 3.9 -2.4Gilbert + Tobin 16 3.1 30,052 68 8 4.2 -1.1 Allen & Overy LLP 16 7.8 74,652 58 14 5.1 2.6Nishimura & Asahi 17 3.0 28,591 37 74 0.6 2.4 Ashurst LLP 16 1.1 10,759 58 16 2.3 -1.1Allens 18 3.0 28,514 71 10 4.1 -1.1 Baker & McKenzie LLP 18 1.6 15,303 55 5 2.9 -1.3Blake Cassels & Graydon LLP 19 2.9 28,187 9 64 0.7 2.2 Clifford Chance LLP 19 2.1 20,340 53 17 4.4 -2.3Osler Hoskin & Harcourt LLP 20 2.9 27,419 7 27 2.2 0.7 DLA Piper LLP 20 0.6 5,350 49 23 1.6 -1.1TOTAL 960,739 13,398 TOTAL 960,739 13,398

APAC Private Equity Announced Deals (By Volume) 01/01/2019 - 12/23/2019

Simpson Thacher & Bartlett LLP 1 19.7 80,220 36 7 8.7 11.0Allen & Overy LLP 2 12.2 49,571 35 14 5.9 6.3Weil Gotshal & Manges LLP 3 11.8 47,861 25 2 10.9 0.9Dechert LLP 4 9.4 37,982 7 26 4.3 5.0Kirkland & Ellis LLP 5 9.2 37,417 18 1 12.4 -3.2Herbert Smith Freehills LLP 6 8.3 33,577 34 41 3.0 5.3Freshfields Bruckhaus Deringer LLP 7 8.2 33,392 14 5 9.4 -1.1Sullivan & Cromwell LLP 8 7.7 31,066 13 21 4.8 2.8Corrs Chambers Westgarth 9 7.4 29,970 20 121 0.1 7.3Osler Hoskin & Harcourt LLP 10 6.8 27,405 4 29 4.2 2.6Cleary Gottlieb Steen & Hamilton LLP 11 6.7 27,223 12 47 1.7 5.0Blake Cassels & Graydon LLP 12 6.7 27,200 3 157 0.0 6.7Latham & Watkins LLP 13 6.2 25,359 64 10 6.6 -0.4White & Case LLP 14 5.6 22,875 19 9 6.8 -1.2Wachtell Lipton Rosen & Katz 15 5.2 21,259 2 28 4.3 1.0Sidley Austin LLP 16 5.1 20,841 14 80 0.5 4.6Vinson & Elkins LLP 17 5.1 20,592 6 79 0.6 4.5Baker Botts LLP 18 5.0 20,092 4 - - 5.0Allens 19 4.9 20,069 23 27 4.3 0.6Kim & Chang 20 4.4 17,987 45 40 3.1 1.3TOTAL 406,285 4,332

FIRM

2019 2018MKT SHR CHANGE

MKT SHR CHANGE RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) FIRM

2019 2018

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

17

AU & NZ Announced Deals (By Volume) 01/01/2019 - 12/23/2019 AU & NZ Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

Allen & Overy LLP 1 22.4 26,747 19 20 3.5 18.9 Corrs Chambers Westgarth 1 2.8 3,329 78 9 1.3 1.5Gilbert + Tobin 2 17.5 20,942 67 4 16.9 0.6 Allens 2 16.0 19,145 68 5 24.1 -8.1Allens 3 16.0 19,145 68 2 24.1 -8.1 Gilbert + Tobin 3 17.5 20,942 67 2 16.9 0.6Herbert Smith Freehills LLP 4 11.2 13,350 60 1 36.1 -24.9 King & Wood Mallesons 3 9.0 10,713 67 3 17.7 -8.7Freshfields Bruckhaus Deringer LLP 5 10.0 11,948 4 9 7.8 2.2 Herbert Smith Freehills LLP 5 11.2 13,350 60 1 36.1 -24.9Shearman & Sterling LLP 6 9.8 11,671 4 60 0.6 9.2 Ashurst LLP 6 8.6 10,318 54 6 11.5 -2.9White & Case LLP 7 9.5 11,346 5 58 0.6 8.9 Minter Ellison 7 4.2 5,019 41 4 9.0 -4.8Cleary Gottlieb Steen & Hamilton LLP 8 9.3 11,100 1 16 4.0 5.3 HWL Ebsworth Lawyers 8 0.5 598 39 7 0.6 -0.1Cravath Swaine & Moore LLP 8 9.3 11,100 2 15 4.4 4.9 Thomson Geer 9 0.2 203 31 12 0.2 0.0Baker Botts LLP 8 9.3 11,100 2 11 7.7 1.6 DLA Piper LLP 10 2.0 2,431 28 8 7.8 -5.8Vinson & Elkins LLP 8 9.3 11,100 1 39 1.4 7.9 Norton Rose Fulbright LLP 11 1.7 2,065 22 15 0.8 0.9King & Wood Mallesons 12 9.0 10,713 67 3 17.7 -8.7 Jones Day 11 1.7 2,028 22 10 0.9 0.8Ashurst LLP 13 8.6 10,318 54 5 11.5 -2.9 Allen & Overy LLP 13 22.4 26,747 19 12 3.5 18.9Minter Ellison 14 4.2 5,019 41 6 9.0 -4.8 Baker & McKenzie LLP 13 1.4 1,675 19 14 8.6 -7.2Linklaters LLP 15 4.2 5,012 3 18 3.7 0.5 Clifford Chance LLP 15 2.7 3,280 16 16 3.0 -0.3Latham & Watkins LLP 16 3.0 3,556 11 36 1.6 1.4 Chapman Tripp 16 2.4 2,844 14 11 3.3 -1.0Corrs Chambers Westgarth 17 2.8 3,329 78 40 1.3 1.5 Latham & Watkins LLP 17 3.0 3,556 11 24 1.6 1.4Nishimura & Asahi 18 2.8 3,314 3 132 - 2.8 Hogan Lovells US LLP 18 0.5 582 10 20 4.4 -4.0Clifford Chance LLP 19 2.7 3,280 16 25 3.0 -0.3 Arnold Bloch Leibler 19 1.5 1,811 9 20 0.6 0.9CMS Legal Services EEIG/EWIV 20 2.7 3,253 5 130 - 2.7 Dentons 19 0.1 143 9 24 0.0 0.1TOTAL 119,506 1,863 TOTAL 119,506 1,863

Japan Announced Deals (By Volume) 01/01/2019 - 12/23/2019 Japan Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

Nishimura & Asahi 1 21.9 57,488 146 2 35.5 -13.6 Mori Hamada & Matsumoto 1 20.4 53,464 195 1 40.7 -20.3Mori Hamada & Matsumoto 2 20.4 53,464 195 1 40.7 -20.3 Nagashima Ohno & Tsunematsu 2 18.1 47,592 153 2 32.5 -14.4Nagashima Ohno & Tsunematsu 3 18.1 47,592 153 4 32.5 -14.4 Nishimura & Asahi 3 21.9 57,488 146 3 35.5 -13.6Anderson Mori & Tomotsune 4 11.7 30,701 98 7 28.8 -17.1 Anderson Mori & Tomotsune 4 11.7 30,701 98 4 28.8 -17.1Latham & Watkins LLP 5 9.6 25,186 24 8 28.0 -18.4 Morrison & Foerster LLP 5 7.8 20,446 28 5 8.7 -0.9Kim & Chang 6 8.1 21,371 17 60 0.7 7.4 Orrick Herrington & Sutcliffe LLP 6 1.1 2,844 25 13 0.4 0.7Shearman & Sterling LLP 7 7.9 20,737 11 35 2.8 5.1 Latham & Watkins LLP 7 9.6 25,186 24 11 28.0 -18.4Morrison & Foerster LLP 8 7.8 20,446 28 16 8.7 -0.9 Hibiya-Nakata 8 0.4 978 21 15 0.5 -0.1Allen & Overy LLP 9 7.5 19,797 14 21 6.7 0.9 Baker & McKenzie LLP 9 3.3 8,759 20 8 5.2 -1.9Freshfields Bruckhaus Deringer LLP 10 7.2 18,808 13 30 5.0 2.2 Kim & Chang 10 8.1 21,371 17 15 0.7 7.4Simpson Thacher & Bartlett LLP 11 6.5 17,063 12 39 2.3 4.3 White & Case LLP 10 3.9 10,236 17 9 1.7 2.2Takai & Partners 12 6.1 16,057 2 - - 6.1 Cooley LLP 12 2.1 5,496 15 40 0.3 1.8Gilbert + Tobin 13 5.8 15,218 7 141 0.0 5.8 Allen & Overy LLP 13 7.5 19,797 14 15 6.7 0.9Cleary Gottlieb Steen & Hamilton LLP 14 5.8 15,195 4 42 2.2 3.6 Freshfields Bruckhaus Deringer LLP 14 7.2 18,808 13 12 5.0 2.2Davis Polk & Wardwell LLP 15 4.7 12,305 9 6 28.9 -24.2 TMI Associates 14 2.4 6,394 13 14 1.0 1.4Skadden Arps Slate Meagher & Flom LLP 16 4.5 11,838 10 33 3.8 0.7 Herbert Smith Freehills LLP 14 1.6 4,278 13 6 4.2 -2.6Sullivan & Cromwell LLP 17 4.4 11,528 11 3 33.7 -29.3 Simpson Thacher & Bartlett LLP 17 6.5 17,063 12 119 2.3 4.3Clifford Chance LLP 18 4.2 10,928 10 66 0.5 3.7 Allen & Gledhill LLP 17 1.5 3,830 12 28 5.7 -4.2White & Case LLP 19 3.9 10,236 17 49 1.7 2.2 Shearman & Sterling LLP 19 7.9 20,737 11 10 2.8 5.1Shiomizaka Law 20 3.4 9,050 1 - - 3.4 Sullivan & Cromwell LLP 19 4.4 11,528 11 22 33.7 -29.3TOTAL 262,741 4,419 TOTAL 262,741 4,419

FIRM

2019 2018MKT SHR CHANGE

MKT SHR CHANGE RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) FIRM

2019 2018

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

18

South Korea Announced Deals (By Volume) 01/01/2019 - 12/23/2019 South Korea Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

Kim & Chang 1 31.4 43,036 136 1 29.0 2.4 Kim & Chang 1 31.4 43,036 136 1 29.0 2.4Latham & Watkins LLP 2 19.5 26,754 13 10 3.8 15.7 Shin & Kim 2 10.1 13,837 88 2 17.4 -7.3Bae Kim & Lee 3 15.0 20,515 73 3 16.1 -1.1 Bae Kim & Lee 3 15.0 20,515 73 4 16.1 -1.1Shearman & Sterling LLP 4 14.7 20,098 5 18 1.7 13.0 Lee & Ko 4 7.3 10,071 65 2 15.8 -8.5Anderson Mori & Tomotsune 5 14.4 19,758 5 - - 14.4 Yulchon LLC 5 14.2 19,454 45 5 4.5 9.7Yulchon LLC 6 14.2 19,454 45 7 4.5 9.7 Yoon & Yang LLC 6 1.1 1,477 41 8 1.1 -0.1Takai & Partners 7 11.7 16,057 2 - - 11.7 Seum 7 0.3 377 36 6 0.1 0.1Mori Hamada & Matsumoto 7 11.7 16,057 2 52 0.1 11.6 Veat 8 0.1 144 28 - - 0.1Simpson Thacher & Bartlett LLP 9 10.4 14,324 4 - - 10.4 WeAdvise Law 9 0.4 542 18 - - 0.4Shin & Kim 10 10.1 13,837 88 2 17.4 -7.3 Jipyong LLC 10 2.3 3,165 16 6 1.0 1.3Cleary Gottlieb Steen & Hamilton LLP 11 9.7 13,317 5 15 2.7 7.0 Kim Choi & Lim 11 0.2 261 15 9 0.6 -0.4Nishimura & Asahi 12 9.6 13,096 5 28 0.6 8.9 Latham & Watkins LLP 12 19.5 26,754 13 28 3.8 15.7Nagashima Ohno & Tsunematsu 13 9.5 12,995 2 - - 9.5 LAB Partners 12 0.4 525 13 - - 0.4Lee & Ko 14 7.3 10,071 65 4 15.8 -8.5 Baker & McKenzie LLP 14 0.7 1,020 7 11 1.3 -0.6Vinson & Elkins LLP 15 4.5 6,192 2 - - 4.5 Clifford Chance LLP 15 2.0 2,702 6 10 2.3 -0.4Sidley Austin LLP 16 4.2 5,692 1 47 0.2 4.0 Shearman & Sterling LLP 16 14.7 20,098 5 18 1.7 13.0Bracewell LLP 16 4.2 5,692 1 - - 4.2 Anderson Mori & Tomotsune 16 14.4 19,758 5 - - 14.4Baker Botts LLP 16 4.2 5,692 1 - - 4.2 Cleary Gottlieb Steen & Hamilton LLP 16 9.7 13,317 5 18 2.7 7.0Sullivan & Cromwell LLP 19 3.3 4,550 3 12 2.9 0.4 Nishimura & Asahi 16 9.6 13,096 5 51 0.6 8.9Ropes & Gray LLP 20 3.2 4,348 3 6 6.0 -2.8 Khaitan & Co 16 0.2 336 5 51 0.0 0.2TOTAL 137,180 1,881 TOTAL 137,180 1,881

China Announced Deals (By Volume) 01/01/2019 - 12/23/2019 China Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

King & Wood Mallesons 1 5.2 20,958 36 2 7.6 -2.3 Fangda Partners 1 2.6 10,284 84 1 9.7 -7.1Linklaters LLP 2 3.0 11,982 11 23 1.3 1.7 King & Wood Mallesons 2 5.2 20,958 36 3 7.6 -2.3Fangda Partners 3 2.6 10,284 84 1 9.7 -7.1 Zhong Lun Law Firm 3 1.6 6,563 25 16 0.6 1.0Allen & Overy LLP 4 2.4 9,459 8 13 2.4 -0.1 Latham & Watkins LLP 4 1.2 4,860 18 5 1.0 0.2Clifford Chance LLP 5 2.0 7,920 16 4 4.2 -2.2 Grandall Law Firm 5 0.4 1,545 17 2 2.0 -1.6Sullivan & Cromwell LLP 6 1.9 7,688 6 7 3.5 -1.6 Clifford Chance LLP 6 2.0 7,920 16 8 4.2 -2.2White & Case LLP 7 1.8 6,998 10 3 4.7 -2.9 Orrick Herrington & Sutcliffe LLP 6 0.2 774 16 16 0.8 -0.7Zhong Lun Law Firm 8 1.6 6,563 25 47 0.6 1.0 Jingtian & Gongcheng 8 0.5 2,102 15 7 0.8 -0.3Paul Weiss Rifkind Wharton & Garrison LLP 9 1.6 6,204 5 8 2.8 -1.3 Baker & McKenzie LLP 9 1.5 6,006 13 6 1.0 0.5Baker & McKenzie LLP 10 1.5 6,006 13 35 1.0 0.5 DLA Piper LLP 9 0.5 1,979 13 11 0.6 -0.1Haiwen & Partners 11 1.5 5,971 2 17 1.6 -0.1 Skadden Arps Slate Meagher & Flom LLP 11 1.2 4,802 12 11 1.5 -0.3Yulchon LLC 12 1.5 5,929 3 143 0.0 1.5 Freshfields Bruckhaus Deringer LLP 11 0.7 2,700 12 25 2.6 -2.0Shearman & Sterling LLP 13 1.4 5,400 1 77 0.2 1.2 Linklaters LLP 13 3.0 11,982 11 21 1.3 1.7Latham & Watkins LLP 14 1.2 4,860 18 31 1.0 0.2 Davis Polk & Wardwell LLP 13 0.7 2,655 11 34 1.2 -0.6Skadden Arps Slate Meagher & Flom LLP 15 1.2 4,802 12 18 1.5 -0.3 White & Case LLP 15 1.8 6,998 10 16 4.7 -2.9Simpson Thacher & Bartlett LLP 16 1.1 4,408 9 10 2.8 -1.7 Slaughter and May 15 1.1 4,292 10 57 0.2 0.9Slaughter and May 17 1.1 4,292 10 66 0.2 0.9 Allbright Law Offices 15 0.3 1,066 10 26 1.9 -1.6Tian Yuan Law Firm 18 0.9 3,713 7 20 1.5 -0.6 Simpson Thacher & Bartlett LLP 18 1.1 4,408 9 33 2.8 -1.7Zhejiang T&C Law Firm 19 0.8 3,138 2 44 0.7 0.1 Allen & Overy LLP 19 2.4 9,459 8 11 2.4 -0.1Kirkland & Ellis LLP 20 0.7 2,789 5 21 1.5 -0.8 Jia Yuan Law Offices 19 0.7 2,614 8 9 2.5 -1.9TOTAL 400,816 5,194 TOTAL 400,816 5,194

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Hong Kong Announced Deals (By Volume) 01/01/2019 - 12/23/2019 Hong Kong Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

Linklaters LLP 1 7.8 7,398 3 80 0.1 7.7 Fangda Partners 1 5.5 5,193 18 1 16.6 -11.2Norton Rose Fulbright LLP 2 6.8 6,443 3 44 0.6 6.1 Allen & Overy LLP 2 4.6 4,397 13 9 12.0 -7.4Clifford Chance LLP 3 6.6 6,294 10 2 13.0 -6.4 Khaitan & Co 2 2.0 1,862 13 32 0.1 1.8Kim & Chang 4 6.5 6,189 7 32 0.9 5.6 Latham & Watkins LLP 4 4.4 4,185 12 3 2.2 2.2Paul Weiss Rifkind Wharton & Garrison LLP 5 5.7 5,474 5 13 3.5 2.3 King & Wood Mallesons 4 0.5 441 12 5 10.3 -9.8Slaughter and May 6 5.7 5,432 8 26 1.5 4.2 Clifford Chance LLP 6 6.6 6,294 10 2 13.0 -6.4Fangda Partners 7 5.5 5,193 18 1 16.6 -11.2 AZB & Partners 6 1.7 1,582 10 32 0.2 1.4Yulchon LLC 8 5.3 5,014 4 69 0.2 5.0 Slaughter and May 8 5.7 5,432 8 13 1.5 4.2Sullivan & Cromwell LLP 9 4.9 4,630 5 6 11.0 -6.1 Shardul Amarchand Mangaldas & Co 8 2.8 2,643 8 32 0.7 2.0Bae Kim & Lee 10 4.8 4,549 3 34 0.9 3.9 Freshfields Bruckhaus Deringer LLP 8 1.5 1,467 8 9 12.8 -11.3Ropes & Gray LLP 11 4.7 4,500 6 15 2.9 1.8 Kim & Chang 11 6.5 6,189 7 32 0.9 5.6Allen & Overy LLP 12 4.6 4,397 13 5 12.0 -7.4 Cyril Amarchand Mangaldas 11 1.4 1,335 7 24 0.4 1.0Latham & Watkins LLP 13 4.4 4,185 12 17 2.2 2.2 Ropes & Gray LLP 13 4.7 4,500 6 32 2.9 1.8Shardul Amarchand Mangaldas & Co 14 2.8 2,643 8 40 0.7 2.0 Mayer Brown LLP 13 1.1 1,051 6 41 1.6 -0.5Kirkland & Ellis LLP 15 2.7 2,584 4 106 - 2.7 Paul Weiss Rifkind Wharton & Garrison LLP 15 5.7 5,474 5 7 3.5 2.3Zhejiang T&C Law Firm 16 2.4 2,299 1 75 0.1 2.3 Sullivan & Cromwell LLP 15 4.9 4,630 5 18 11.0 -6.1Simpson Thacher & Bartlett LLP 17 2.2 2,126 4 9 9.6 -7.4 WongPartnership LLP 15 1.6 1,501 5 41 0.3 1.3Blank Rome LLP 18 2.2 2,081 1 - - 2.2 Davis Polk & Wardwell LLP 15 1.5 1,451 5 24 2.1 -0.6Herbert Smith Freehills LLP 19 2.0 1,903 4 27 1.5 0.5 Rajah & Tann 15 1.5 1,396 5 24 0.4 1.1Khaitan & Co 20 2.0 1,862 13 76 0.1 1.8 O'Melveny & Myers LLP 15 1.1 1,024 5 32 0.4 0.7TOTAL 95,349 1,336 TOTAL 95,349 1,336

Taiwan Announced Deals (By Volume) 01/01/2019 - 12/23/2019 Taiwan Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

Sullivan & Cromwell LLP 1 20.1 2,362 4 5 6.6 13.5 Lee & Li 1 7.4 869 14 1 16.5 -9.1Skadden Arps Slate Meagher & Flom LLP 2 17.3 2,034 3 - - 17.3 LCS & Partners 2 15.8 1,853 6 4 3.0 12.8LCS & Partners 3 15.8 1,853 6 13 3.0 12.8 Jones Day 2 6.3 737 6 2 2.7 3.6Tsar & Tsai 4 14.8 1,739 2 - - 14.8 Sullivan & Cromwell LLP 4 20.1 2,362 4 16 6.6 13.5Simpson Thacher & Bartlett LLP 5 14.5 1,707 1 3 12.0 2.5 Lexcel Partners Attorney-at-Law 4 4.0 468 4 5 2.7 1.3Morrison & Foerster LLP 6 8.5 1,000 2 4 8.3 0.2 Mori Hamada & Matsumoto 4 3.6 418 4 - - 3.6Davies Ward Phillips & Vineberg LLP 7 7.9 925 1 - - 7.9 Nishimura & Asahi 4 0.4 52 4 16 - 0.4Lee & Li 8 7.4 869 14 2 16.5 -9.1 Skadden Arps Slate Meagher & Flom LLP 8 17.3 2,034 3 - - 17.3Jones Day 9 6.3 737 6 15 2.7 3.6 Tsar & Tsai 9 14.8 1,739 2 - - 14.8Lexcel Partners Attorney-at-Law 10 4.0 468 4 14 2.7 1.3 Morrison & Foerster LLP 9 8.5 1,000 2 7 8.3 0.2Mori Hamada & Matsumoto 11 3.6 418 4 - - 3.6 Chen & Lin 9 3.2 375 2 7 3.2 0.0Chen & Lin 12 3.2 375 2 12 3.2 0.0 Allen & Gledhill LLP 9 2.1 251 2 - - 2.1Allen & Overy LLP 13 3.0 350 1 32 - 3.0 Shearman & Sterling LLP 9 0.7 77 2 - - 0.7Weil Gotshal & Manges LLP 13 3.0 350 1 - - 3.0 Simpson Thacher & Bartlett LLP 14 14.5 1,707 1 10 12.0 2.5Shin & Kim 13 3.0 350 1 - - 3.0 Davies Ward Phillips & Vineberg LLP 14 7.9 925 1 - - 7.9Kirkland & Ellis LLP 13 3.0 350 1 - - 3.0 Allen & Overy LLP 14 3.0 350 1 10 - 3.0Bae Kim & Lee 17 2.5 298 1 17 1.7 0.9 Weil Gotshal & Manges LLP 14 3.0 350 1 - - 3.0Gibson Dunn & Crutcher LLP 18 2.3 271 1 - - 2.3 Shin & Kim 14 3.0 350 1 - - 3.0Allen & Gledhill LLP 19 2.1 251 2 - - 2.1 Kirkland & Ellis LLP 14 3.0 350 1 - - 3.0Miura & Partners 20 2.1 250 1 - - 2.1 Bae Kim & Lee 14 2.5 298 1 16 1.7 0.9TOTAL 11,747 192 TOTAL 11,747 192

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20

South East Asia Announced Deals (By Volume) 01/01/2019 - 12/23/2019 South East Asia Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

Simpson Thacher & Bartlett LLP 1 27.6 67,370 9 2 14.2 13.3 Allen & Gledhill LLP 1 7.4 18,053 43 1 3.7 3.7Weil Gotshal & Manges LLP 2 16.7 40,757 10 3 14.0 2.7 WongPartnership LLP 2 8.5 20,759 39 3 3.4 5.1Dechert LLP 3 15.3 37,367 3 14 7.7 7.6 Latham & Watkins LLP 3 7.1 17,320 33 6 7.7 -0.6Allen & Overy LLP 4 14.5 35,454 23 26 3.7 10.8 Rajah & Tann 4 1.8 4,369 24 5 2.5 -0.7Kirkland & Ellis LLP 5 13.5 33,018 14 7 9.5 4.0 Allen & Overy LLP 5 14.5 35,454 23 4 3.7 10.8Herbert Smith Freehills LLP 6 13.2 32,143 13 32 2.8 10.3 Baker & McKenzie LLP 6 2.3 5,695 18 2 5.1 -2.8Freshfields Bruckhaus Deringer LLP 7 12.7 30,948 10 4 12.0 0.7 Nishimura & Asahi 6 1.8 4,448 18 19 2.5 -0.7Corrs Chambers Westgarth 8 11.9 29,105 6 136 - 11.9 Shook Lin & Bok LLP 8 0.6 1,419 17 7 1.0 -0.5Blake Cassels & Graydon LLP 9 11.1 27,200 4 120 0.0 11.1 Mori Hamada & Matsumoto 9 0.1 123 15 35 0.0 0.0Osler Hoskin & Harcourt LLP 10 11.1 27,000 3 15 7.7 3.4 Kirkland & Ellis LLP 10 13.5 33,018 14 31 9.5 4.0Sullivan & Cromwell LLP 11 10.5 25,684 7 8 8.4 2.1 Orrick Herrington & Sutcliffe LLP 10 0.5 1,297 14 98 - 0.5Wachtell Lipton Rosen & Katz 12 8.7 21,259 2 15 7.7 1.0 Herbert Smith Freehills LLP 12 13.2 32,143 13 12 2.8 10.3WongPartnership LLP 13 8.5 20,759 39 28 3.4 5.1 Allens 13 4.5 11,072 11 23 1.5 3.0Sidley Austin LLP 14 7.6 18,661 7 99 0.1 7.6 AZB & Partners 13 0.4 1,049 11 11 3.7 -3.2Allen & Gledhill LLP 15 7.4 18,053 43 25 3.7 3.7 Weil Gotshal & Manges LLP 15 16.7 40,757 10 45 14.0 2.7Latham & Watkins LLP 16 7.1 17,320 33 13 7.7 -0.6 Freshfields Bruckhaus Deringer LLP 15 12.7 30,948 10 15 12.0 0.7White & Case LLP 17 4.8 11,785 9 19 7.2 -2.3 Kim & Chang 15 1.9 4,663 10 17 1.0 0.9Allens 18 4.5 11,072 11 46 1.5 3.0 Hogan Lovells US LLP 15 0.5 1,168 10 14 1.3 -0.8Baker Botts LLP 19 4.5 10,992 4 - - 4.5 King & Wood Mallesons 15 0.2 577 10 27 7.2 -6.9Goodwin Procter LLP 20 4.3 10,386 4 10 8.0 -3.8 Simpson Thacher & Bartlett LLP 20 27.6 67,370 9 39 14.2 13.3TOTAL 244,328 2,487 TOTAL 244,328 2,487

India Announced Deals (By Volume) 01/01/2019 - 12/23/2019 India Announced Deals (By Deal Count) 01/01/2019 - 12/23/2019

Cyril Amarchand Mangaldas 1 28.2 27,025 80 3 26.3 1.8 AZB & Partners 1 26.7 25,662 139 1 27.8 -1.1AZB & Partners 2 26.7 25,662 139 2 27.8 -1.1 Khaitan & Co 2 10.9 10,461 132 2 19.2 -8.3Shardul Amarchand Mangaldas & Co 3 14.0 13,401 57 1 30.8 -16.8 Cyril Amarchand Mangaldas 3 28.2 27,025 80 4 26.3 1.8Khaitan & Co 4 10.9 10,461 132 5 19.2 -8.3 Shardul Amarchand Mangaldas & Co 4 14.0 13,401 57 3 30.8 -16.8S&R Associates 5 8.4 8,029 17 25 4.7 3.7 J Sagar Associates 5 4.6 4,455 39 5 6.6 -2.0L&L Partners 6 8.1 7,789 6 27 3.8 4.3 Trilegal 6 3.5 3,329 28 6 19.3 -15.8Nishimura & Asahi 7 7.3 6,985 2 104 - 7.3 S&R Associates 7 8.4 8,029 17 7 4.7 3.7Alvarez & Marsal Inc 8 7.3 6,981 1 - - 7.3 Jerome Merchant + Partners 7 0.3 324 17 11 0.1 0.2J Sagar Associates 9 4.6 4,455 39 23 6.6 -2.0 Veritas Legal 9 1.3 1,290 15 8 0.8 0.5Trilegal 10 3.5 3,329 28 4 19.3 -15.8 Simpson Thacher & Bartlett LLP 10 2.1 1,989 8 18 11.4 -9.3Argus Partners 11 3.3 3,146 1 - - 3.3 L&L Partners 11 8.1 7,789 6 11 3.8 4.3Cleary Gottlieb Steen & Hamilton LLP 12 3.2 3,052 2 30 2.9 0.3 Herbert Smith Freehills LLP 11 1.4 1,329 6 29 0.1 1.3Kirkland & Ellis LLP 13 2.9 2,814 4 7 12.7 -9.7 Baker & McKenzie LLP 13 1.4 1,382 5 13 1.0 0.4Simpson Thacher & Bartlett LLP 14 2.1 1,989 8 12 11.4 -9.3 Allen & Overy LLP 13 0.9 868 5 18 11.3 -10.4Davis Polk & Wardwell LLP 15 2.0 1,959 4 36 2.0 0.1 Talwar Thakore & Associates 13 0.3 261 5 18 3.9 -3.7Latham & Watkins LLP 16 1.7 1,583 4 29 3.0 -1.3 Pioneer Legal 13 0.3 255 5 - - 0.3Baker & McKenzie LLP 17 1.4 1,382 5 43 1.0 0.4 Kirkland & Ellis LLP 17 2.9 2,814 4 18 12.7 -9.7Herbert Smith Freehills LLP 18 1.4 1,329 6 78 0.1 1.3 Davis Polk & Wardwell LLP 17 2.0 1,959 4 71 2.0 0.1Veritas Legal 19 1.3 1,290 15 47 0.8 0.5 Latham & Watkins LLP 17 1.7 1,583 4 16 3.0 -1.3White & Case LLP 20 1.1 1,036 4 21 9.7 -8.7 White & Case LLP 17 1.1 1,036 4 56 9.7 -8.7TOTAL 95,976 2,126 TOTAL 95,976 2,126

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Bloomberg League Criteria

Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are

converted to US dollars at the time of announcement.

Credit will be given to transactions in which Bloomberg classifies as mergers, acquisitions, divestitures, self-tenders, or spin-offs.

Regional and industry League Tables will be based on the country of risk and industry of the ultimate publicly traded parent of a privately held company where applicable.

Advisors to any member of an investor group, consortium, or joint venture are eligible for full credit.

Advisory fees hold no weight over advisory credit.

General Database Criteria

A transaction is considered to have been announced upon the release of terms offered by the acquirer, and acknowledgement of the offer by

the target company.

Deals that are considered to be in proposed status will not be granted credit.

Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional:

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

22

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GLOBAL M&A MARKET REVIEW€¦ · injection component of recapitalization according to Bloomberg standards. Bloomberg M&A delivers real-time coverage of the M&A market from nine countries