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GLOBAL M&A MARKET REVIEW LEGAL RANKINGS 1Q 2020
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]
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: https://www.bloomberg.com/professional/product/league-tables/.
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.
1Q 2020
GLOBAL M&A LEGAL ADVISORY RANKINGS
©2020 Bloomberg Finance L.P. All rights reserved.
1
2
Date
Total Value
(Mln.)
Amount
(Bln.) % of Total
% YoY
Change
Number of deals 10,794 Financial $243.1 37.1% 15.4%
Volume (Bln.) $655.5 Industrial $93.0 14.2% 38.3%
Avg Deal Size (Mln.) $60.7 Consumer Non-cyclical $82.6 12.6% -67.3%
Technology $67.5 10.3% -32.5%
Consumer Cyclical $66.0 10.1% -3.5%
Skadden Arps Slate Meagher & Flom LLP Communications $35.6 5.4% -58.5%
Number of deals 33 Basic Materials $28.0 4.3% -76.2%
Volume (Bln.) $80.9 Energy $26.0 4.0% -44.6%
Avg Deal Size (Bln.) $2.5 Utilities $8.4 1.3% -22.8%
Diversified $5.0 0.8% 619.1%
Amount
(Bln.)
% Change
Deal Count
% Change
Volume
Company Takeover $373.4 -8.0% -22.6%
Cross Border $250.3 -8.2% -16.9%
Private Equity $217.1 -1.6% -23.9%
Asset sale $107.5 2.9% -23.8%
Tender Offer $69.9 -2.9% 107.1%
Venture Capital $58.0 10.9% 10.7%
Spin-off $11.1 -17.4% -77.3%
Minority purchase $102.6 1.2% -16.2%
Majority purchase $40.3 -16.4% -70.6%
Quarterly Volume represents any involvement (target, seller, or acquirer).
Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown
Deal Type
2/3/20Ingenico Group
SAWorldline SA/France - $10,650.4
$18,921.7
$14,507.7
3/3/20 QIAGEN NVThermo Fisher
Scientific Inc- $11,019.9
Top Adviser2/20/20
E*TRADE
Financial CorpMorgan Stanley -
2/28/20thyssenkrupp
Elevator AGMultiple Acquirers thyssenkrupp AG
Global M&A Regional Review
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Global M&A: Premium Breakdown
Global M&A: Highlights of 1Q2020 Global M&A: Industry Breakdown
Summary Target Acquirer Seller Industry
3/9/20Willis Towers
Watson PLCAon PLC/UK - $31,439.7
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
2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1
Volume $(Bln.) Deal Count
24%
46%
19%
8%
0%3%
0-10%
10-25%
25-50%
50-75%
75-100%
100%+
• Global merger and acquisition activity reached $655.5 billion in 1Q2020, representing a 31.5%decrease compared to the same period last year. The Industrial sector experienced massivegrowth with deal activity reaching a high of $93.0 billion, an increase of 39.1% compared to thesame period last year. The pending acquisition of Willis Towers Watson PLC by Aon PLC/UK for$31.4 billion was the largest transaction globally.
• Private equity activity decreased by 23.9% year-on-year to $217.1 billion in transactions. TheUnited States was the most acquisitive country in 1Q2020, accounting for 45.0% of the globalprivate equity volume. The pending sale of thyssenkrupp Elevator AG for $18.9 billion was thelargest private equity deal in the region.
3
Global Announced Deals (By Volume) 01/01/2020 - 03/31/2020 Global Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Skadden Arps Slate Meagher & Flom LLP 1 12.4 80,971 33 9 11.5 0.9 Goodwin Procter LLP 1 1.1 7,110 108 18 2.4 -1.3
Freshfields Bruckhaus Deringer LLP 2 11.8 77,223 35 29 3.3 8.5 Kirkland & Ellis LLP 2 8.9 58,013 104 1 18.5 -9.7
Latham & Watkins LLP 3 11.5 75,655 99 15 10.0 1.6 Jones Day 2 2.8 18,634 104 2 11.4 -8.6
Cleary Gottlieb Steen & Hamilton LLP 4 9.4 61,312 26 13 10.4 -1.0 Latham & Watkins LLP 4 11.5 75,655 99 4 10.0 1.6
Kirkland & Ellis LLP 5 8.9 58,013 104 1 18.5 -9.7 Orrick Herrington & Sutcliffe LLP 5 0.3 2,120 69 3 1.0 -0.6
Sullivan & Cromwell LLP 6 8.5 55,533 39 11 11.0 -2.6 DLA Piper Global 6 1.2 7,539 66 121 - 1.2
Weil Gotshal & Manges LLP 7 8.0 52,484 37 26 4.4 3.6 McGuireWoods LLP 7 0.8 5,371 64 8 0.1 0.7
Wachtell Lipton Rosen & Katz 8 7.2 47,159 25 4 14.7 -7.5 Sidley Austin LLP 8 2.8 18,529 62 23 1.2 1.7
Cravath Swaine & Moore LLP 9 7.1 46,354 14 22 6.9 0.2 White & Case LLP 9 4.7 30,884 51 7 11.7 -7.0
Linklaters LLP 10 7.1 46,300 36 39 1.5 5.6 Allen & Overy LLP 10 6.9 45,297 49 10 1.6 5.3
Allen & Overy LLP 11 6.9 45,297 49 37 1.6 5.3 Morgan Lewis & Bockius LLP 11 1.4 9,281 47 20 0.2 1.2
Simpson Thacher & Bartlett LLP 12 6.3 41,152 34 2 17.3 -11.1 Ropes & Gray LLP 12 3.6 23,861 45 20 0.5 3.2
Davis Polk & Wardwell LLP 13 5.7 37,299 27 3 15.3 -9.6 Willkie Farr & Gallagher LLP 12 2.7 17,778 45 35 4.7 -2.0
Arthur Cox 14 4.8 31,440 1 - - 4.8 Hogan Lovells US LLP 12 2.2 14,295 45 9 0.6 1.6
Matheson 14 4.8 31,440 1 - - 4.8 Clifford Chance LLP 15 2.2 14,155 43 12 12.9 -10.7
White & Case LLP 16 4.7 30,884 51 8 11.7 -7.0 Cyril Amarchand Mangaldas 16 2.1 13,902 42 56 0.4 1.7
NautaDutilh NV 17 4.6 30,009 12 62 0.8 3.8 McDermott Will & Emery LLP Inc 17 0.2 999 40 32 1.2 -1.0
Debevoise & Plimpton LLP 18 4.4 28,505 26 57 0.9 3.4 Sullivan & Cromwell LLP 18 8.5 55,533 39 43 11.0 -2.6
Ropes & Gray LLP 19 3.6 23,861 45 75 0.5 3.2 Weil Gotshal & Manges LLP 19 8.0 52,484 37 13 4.4 3.6
Wilson Sonsini Goodrich & Rosati PC 20 3.5 22,670 34 77 0.5 3.0 Nishimura & Asahi 19 0.8 5,102 37 34 0.7 0.1
TOTAL 655,534 10,793 TOTAL 655,534 10,793
Global Announced Deals- Principals (By Volume) 01/01/2020 - 03/31/2020 Global Announced Deals- Principals (By Deal Count) 01/01/2020 - 03/31/2020
Skadden Arps Slate Meagher & Flom LLP 1 17.8 80,521 31 10 13.0 4.8 Goodwin Procter LLP 1 1.6 7,110 108 18 3.1 -1.6
Freshfields Bruckhaus Deringer LLP 2 17.0 77,223 35 24 4.1 13.0 Kirkland & Ellis LLP 2 12.6 56,983 103 1 23.9 -11.3
Latham & Watkins LLP 3 15.4 69,763 96 14 12.2 3.2 Jones Day 2 2.8 12,619 103 2 15.0 -12.2
Kirkland & Ellis LLP 4 12.6 56,983 103 1 23.9 -11.3 Latham & Watkins LLP 4 15.4 69,763 96 4 12.2 3.2
Weil Gotshal & Manges LLP 5 10.9 49,476 36 21 5.7 5.2 Orrick Herrington & Sutcliffe LLP 5 0.5 2,120 69 3 1.3 -0.8
Linklaters LLP 6 10.2 46,300 36 36 1.8 8.4 DLA Piper Global 6 1.7 7,539 66 121 - 1.7
Allen & Overy LLP 7 10.0 45,297 49 31 2.1 7.9 Sidley Austin LLP 7 4.1 18,529 62 21 1.6 2.5
Wachtell Lipton Rosen & Katz 8 9.4 42,409 23 2 19.4 -10.0 McGuireWoods LLP 8 0.1 449 57 7 0.1 -
Simpson Thacher & Bartlett LLP 9 8.7 39,540 33 17 10.8 -2.1 Allen & Overy LLP 9 10.0 45,297 49 9 2.1 7.9
Arthur Cox 10 6.9 31,440 1 - - 6.9 White & Case LLP 10 2.4 11,046 48 9 13.2 -10.8
Matheson 10 6.9 31,440 1 - - 6.9 Morgan Lewis & Bockius LLP 11 2.1 9,281 47 21 0.2 1.8
NautaDutilh NV 12 6.6 30,009 12 58 1.0 5.6 Willkie Farr & Gallagher LLP 12 3.9 17,778 45 35 6.2 -2.3
Sullivan & Cromwell LLP 13 5.9 26,620 27 16 11.0 -5.1 Hogan Lovells US LLP 12 3.2 14,295 45 8 0.8 2.4
Debevoise & Plimpton LLP 14 5.5 25,042 23 105 0.2 5.3 Ropes & Gray LLP 14 4.9 22,079 43 21 0.6 4.3
Wilson Sonsini Goodrich & Rosati PC 15 5.0 22,670 34 70 0.6 4.4 Clifford Chance LLP 14 3.1 14,155 43 12 17.0 -13.9
Ropes & Gray LLP 16 4.9 22,079 43 71 0.6 4.3 Cyril Amarchand Mangaldas 16 3.1 13,902 42 53 0.5 2.5
Noerr LLP 17 4.6 20,667 27 117 0.2 4.4 McDermott Will & Emery LLP Inc 17 0.2 999 40 32 1.5 -1.3
Cleary Gottlieb Steen & Hamilton LLP 18 4.5 20,582 18 28 3.0 1.5 Nishimura & Asahi 18 1.1 5,102 37 33 0.9 0.3
Bredin Prat 19 4.5 20,389 5 275 - 4.5 Weil Gotshal & Manges LLP 19 10.9 49,476 36 14 5.7 5.2
Yulchon LLC 20 4.3 19,619 8 11 12.7 -8.4 Linklaters LLP 19 10.2 46,300 36 15 1.8 8.4
TOTAL 453,576 2,273 TOTAL 453,576 2,273
FIRM
2020 2019MKT SHR
CHANGE FIRM
2020
FIRM
VOLUME USD
(Mln)
DEAL
COUNT
2019MKT SHR
CHANGE FIRM
2020
VOLUME USD
(Mln)
DEAL
COUNTVOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2020
RANK
MKT SHR
(%)
RANK
MKT SHR
(%)
2019MKT SHR
CHANGE RANK
MKT SHR
(%)
2019MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
4
Cross Border Announced Deals (By Volume) 01/01/2020 - 03/31/2020 Global Private Equity Deals (By Volume) 01/01/2020 - 03/31/2020
Allen & Overy LLP 1 16.3 40,871 36 30 3.1 13.3 Kirkland & Ellis LLP 1 18.1 39,225 58 5 10.5 7.6
Kirkland & Ellis LLP 2 15.6 39,137 33 7 8.5 7.1 White & Case LLP 2 13.5 29,291 31 3 25.3 -11.8
Linklaters LLP 3 13.2 32,966 23 32 2.8 10.4 Allen & Overy LLP 3 12.1 26,329 20 23 2.2 9.9
White & Case LLP 4 11.2 28,039 36 8 8.3 2.9 Linklaters LLP 4 9.4 20,388 12 28 1.7 7.7
Freshfields Bruckhaus Deringer LLP 5 8.9 22,208 25 3 10.4 -1.5 Yulchon LLC 5 9.0 19,597 5 89 0.2 8.8
Yulchon LLC 6 7.7 19,374 3 - - 7.7 NautaDutilh NV 6 8.8 18,989 7 185 - 8.8
Sullivan & Cromwell LLP 7 7.7 19,238 16 16 5.1 2.6 Noerr LLP 7 8.7 18,922 7 102 0.1 8.6
NautaDutilh NV 8 7.6 18,989 9 34 2.4 5.2 Skadden Arps Slate Meagher & Flom LLP 8 8.7 18,888 11 8 7.8 0.9
Noerr LLP 9 7.6 18,954 18 104 0.3 7.3 Ropes & Gray LLP 9 8.6 18,667 29 36 1.3 7.3
Simpson Thacher & Bartlett LLP 10 6.8 16,888 18 9 7.7 -1.0 Latham & Watkins LLP 10 8.5 18,540 56 6 8.6 -0.1
Skadden Arps Slate Meagher & Flom LLP 11 5.2 12,922 13 1 14.0 -8.8 Simpson Thacher & Bartlett LLP 11 6.9 14,947 20 9 7.3 -0.4
Debevoise & Plimpton LLP 12 4.5 11,280 10 139 0.1 4.4 Wilson Sonsini Goodrich & Rosati PC 12 6.5 14,164 16 32 1.4 5.1
Clifford Chance LLP 13 4.2 10,573 34 4 9.5 -5.3 Sullivan & Cromwell LLP 13 4.4 9,633 11 11 5.8 -1.4
Ropes & Gray LLP 14 3.9 9,825 16 59 1.1 2.8 Cravath Swaine & Moore LLP 14 4.1 8,828 6 13 5.3 -1.2
Bredin Prat 15 3.8 9,453 2 218 - 3.8 Willkie Farr & Gallagher LLP 15 4.0 8,582 28 70 0.5 3.5
Hogan Lovells US LLP 16 3.6 9,118 27 49 1.4 2.2 Jones Day 16 3.9 8,358 48 18 2.8 1.1
Jones Day 17 3.2 8,105 49 36 2.3 0.9 Morgan Lewis & Bockius LLP 17 3.6 7,808 20 82 0.3 3.3
Willkie Farr & Gallagher LLP 18 2.9 7,127 18 65 0.9 2.0 Goodwin Procter LLP 18 3.2 6,893 84 14 4.7 -1.5
DLA Piper Global 19 2.5 6,367 30 211 - 2.5 Gowling WLG 19 2.8 6,015 2 57 0.6 2.2
Wachtell Lipton Rosen & Katz 20 2.5 6,168 6 18 4.8 -2.3 Hengeler Mueller 20 2.8 5,974 3 60 0.6 2.2
TOTAL 250,253 3,768 TOTAL 217,059 3,769
2019MKT SHR
CHANGE FIRM
2020VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) FIRM
2019MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2020
5
Country
United States $269.3 85.8% -41.8%
Canada $24.2 7.7% -23.1%
Bermuda $9.3 3.0% 862.7%
Brazil $5.0 1.6% -13.0%
Mexico $1.1 0.4% -43.3%
British Virgin Islands $0.6 0.2% -74.8%
Chile $0.2 0.1% -86.9%
Colombia $0.1 0.0% -90.0%
Date
Total Value
(Mln.)
Amount
(Bln.) % of Total
% YoY
Change
Number of deals 4,769 Financial $134.0 43.1% 31.0%
Volume (Bln.) $313.9 Consumer Non-cyclical $48.0 15.4% -77.9%
Avg Deal Size (Mln.) $65.8 Industrial $36.8 11.8% 75.3%
Technology $33.8 10.9% -50.4%
Consumer Cyclical $25.3 8.1% -24.2%
Skadden Arps Slate Meagher & Flom LLP Energy $13.7 4.4% -38.4%
Number of deals 26 Communications $12.9 4.1% -16.0%
Volume (Bln.) $80.5 Basic Materials $4.8 1.5% -84.9%
Avg Deal Size (Bln.) $3.1 Utilities $1.3 0.4% -69.6%
Diversified $0.5 0.2% 9796.3%
Amount
(Bln.)
% Change
Deal Count
% Change
Volume
Company Takeover $201.0 -4.9% -41.5%
Cross Border $85.4 -3.7% -39.2%
Private Equity $108.8 -9.7% -6.9%
Asset sale $56.9 8.3% -29.4%
Tender Offer $18.8 -13.3% -14.2%
Venture Capital $36.5 -10.0% 22.7%
Spin-off $0.2 -14.3% -92.1%
Minority purchase $39.4 -11.2% -25.8%
Majority purchase $10.2 -14.5% -61.8%
Quarterly Volume represents any involvement (target, seller, or acquirer).
Americas M&A: Quarterly Volume Americas M&A: Deal Type Breakdown
Deal Type
3/17/20Bombardier
TransportationAlstom SA Bombardier Inc $8,200.0
3/3/20 PartnerRe Ltd Covea Finance SAS EXOR NV $9,000.0
Aon PLC/UK - $31,439.7
Top Adviser3/3/20 QIAGEN NV
Thermo Fisher
Scientific Inc-
2/20/20E*TRADE Financial
CorpMorgan Stanley - $14,507.7
$11,019.9
Americas M&A Regional Review
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Americas M&A: Country BreakdownAmount
(Bln.) % of Total
% YoY
Change
Americas M&A: Highlights of 1Q2020 Americas M&A: Industry Breakdown
Summary Target Acquirer Seller Industry
3/9/20Willis Towers
Watson PLC
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
$0
$200
$400
$600
$800
$1,000
2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1
Volume $(Bln.) Deal Count
• Deal activity in the Americas reached a volume of $314.1 billion in 1Q2020 resulting in a 38.9% decrease compared to the same period last year. This quarter recorded the lowest deal volume since 1Q2014. The United States contributed 85.7% the region’s total and continued to be most targeted country for M&A transactions.
• The financial sector was the most the most targeted industry in the region accounting for approximately 42.7% of the overall deal volume. The announced acquisition of Willis Towers Watson PLC by Aon PLC for $31.4 billion was the largest transaction on record within the financial sector.
• Private equity activity decreased by 6.7% year-on-year to $109.0 billion in transactions.
6
US Announced Deals (By Volume) 01/01/2020 - 03/31/2020 US Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Skadden Arps Slate Meagher & Flom LLP 1 22.2 80,439 25 8 19.1 3.0 Goodwin Procter LLP 1 1.9 6,965 102 9 3.9 -1.9
Latham & Watkins LLP 2 17.6 63,956 76 17 15.3 2.3 Kirkland & Ellis LLP 2 15.5 56,213 98 1 31.7 -16.3
Kirkland & Ellis LLP 3 15.5 56,213 98 1 31.7 -16.3 Latham & Watkins LLP 3 17.6 63,956 76 2 15.3 2.3
Weil Gotshal & Manges LLP 4 14.4 52,284 32 24 6.6 7.8 Jones Day 4 2.6 9,578 73 4 19.2 -16.6
Freshfields Bruckhaus Deringer LLP 5 13.3 48,310 12 28 4.6 8.7 McGuireWoods LLP 5 1.5 5,333 63 5 0.1 1.3
Wachtell Lipton Rosen & Katz 6 13.0 47,159 25 4 25.2 -12.2 Sidley Austin LLP 6 5.1 18,386 59 10 1.9 3.2
Cravath Swaine & Moore LLP 7 12.6 45,707 12 18 11.6 1.0 Orrick Herrington & Sutcliffe LLP 6 0.5 1,850 59 3 1.3 -0.8
Sullivan & Cromwell LLP 8 12.0 43,699 34 9 18.9 -6.9 Morgan Lewis & Bockius LLP 8 2.5 9,198 44 8 0.3 2.2
Cleary Gottlieb Steen & Hamilton LLP 9 11.5 41,723 19 14 16.4 -4.9 Ropes & Gray LLP 9 6.2 22,561 43 10 0.4 5.8
Simpson Thacher & Bartlett LLP 10 11.2 40,583 31 2 29.6 -18.4 Willkie Farr & Gallagher LLP 10 4.8 17,478 41 19 8.0 -3.2
Davis Polk & Wardwell LLP 11 9.9 35,860 25 3 25.5 -15.6 DLA Piper Global 11 1.8 6,626 39 86 - 1.8
Arthur Cox 12 8.7 31,440 1 - - 8.7 McDermott Will & Emery LLP Inc 12 0.3 973 36 17 2.0 -1.7
Matheson 12 8.7 31,440 1 - - 8.7 Sullivan & Cromwell LLP 13 12.0 43,699 34 21 18.9 -6.9
Linklaters LLP 14 8.5 30,914 12 74 0.4 8.1 Wilson Sonsini Goodrich & Rosati PC 14 6.2 22,670 33 17 0.8 5.5
NautaDutilh NV 15 8.3 29,982 6 51 1.3 6.9 Weil Gotshal & Manges LLP 15 14.4 52,284 32 10 6.6 7.8
White & Case LLP 16 7.9 28,758 18 25 6.6 1.3 Paul Weiss Rifkind Wharton & Garrison LLP 15 4.1 14,885 32 20 5.0 -0.9
Allen & Overy LLP 17 7.0 25,419 19 58 0.9 6.1 Simpson Thacher & Bartlett LLP 17 11.2 40,583 31 14 29.6 -18.4
Wilson Sonsini Goodrich & Rosati PC 18 6.2 22,670 33 61 0.8 5.5 Cooley LLP 17 2.1 7,783 31 14 1.1 1.0
Ropes & Gray LLP 19 6.2 22,561 43 72 0.4 5.8 Skadden Arps Slate Meagher & Flom LLP 19 22.2 80,439 25 7 19.1 3.0
Debevoise & Plimpton LLP 20 5.4 19,505 23 48 1.6 3.8 Wachtell Lipton Rosen & Katz 19 13.0 47,159 25 61 25.2 -12.2
TOTAL 363,191 5,114 TOTAL 363,191 5,114
US Announced Deals- Principals (By Volume) 01/01/2020 - 03/31/2020 US Announced Deals- Principals (By Deal Count) 01/01/2020 - 03/31/2020
Skadden Arps Slate Meagher & Flom LLP 1 27.8 79,989 23 9 18.9 8.9 Goodwin Procter LLP 1 2.4 6,965 102 9 4.5 -2.0
Latham & Watkins LLP 2 20.2 58,064 73 13 16.3 3.9 Kirkland & Ellis LLP 2 19.2 55,184 97 1 36.0 -16.8
Kirkland & Ellis LLP 3 19.2 55,184 97 1 36.0 -16.8 Latham & Watkins LLP 3 20.2 58,064 73 2 16.3 3.9
Weil Gotshal & Manges LLP 4 17.1 49,276 31 19 7.6 9.5 Jones Day 4 1.2 3,563 72 4 22.2 -21.0
Freshfields Bruckhaus Deringer LLP 5 16.8 48,310 12 21 5.4 11.4 Sidley Austin LLP 5 6.4 18,386 59 10 2.2 4.2
Wachtell Lipton Rosen & Katz 6 14.7 42,409 23 2 29.1 -14.4 Orrick Herrington & Sutcliffe LLP 5 0.6 1,850 59 3 1.5 -0.8
Simpson Thacher & Bartlett LLP 7 13.5 38,971 30 14 16.1 -2.5 McGuireWoods LLP 7 0.1 411 56 5 0.2 0.0
Arthur Cox 8 10.9 31,440 1 - - 10.9 Morgan Lewis & Bockius LLP 8 3.2 9,198 44 7 0.3 2.9
Matheson 8 10.9 31,440 1 - - 10.9 Ropes & Gray LLP 9 7.2 20,779 41 10 0.5 6.7
Linklaters LLP 10 10.7 30,914 12 68 0.5 10.3 Willkie Farr & Gallagher LLP 9 6.1 17,478 41 19 9.3 -3.2
NautaDutilh NV 11 10.4 29,982 6 46 1.5 8.9 DLA Piper Global 11 2.3 6,626 39 84 - 2.3
Allen & Overy LLP 12 8.8 25,419 19 52 1.0 7.8 McDermott Will & Emery LLP Inc 12 0.3 973 36 17 2.3 -2.0
Wilson Sonsini Goodrich & Rosati PC 13 7.9 22,670 33 55 0.9 7.0 Wilson Sonsini Goodrich & Rosati PC 13 7.9 22,670 33 17 0.9 7.0
Ropes & Gray LLP 14 7.2 20,779 41 67 0.5 6.7 Weil Gotshal & Manges LLP 14 17.1 49,276 31 12 7.6 9.5
Noerr LLP 15 6.6 18,922 4 134 0.1 6.5 Paul Weiss Rifkind Wharton & Garrison LLP 14 4.2 12,146 31 20 5.8 -1.6
Yulchon LLC 15 6.6 18,922 1 10 18.2 -11.6 Simpson Thacher & Bartlett LLP 16 13.5 38,971 30 14 16.1 -2.5
Sidley Austin LLP 17 6.4 18,386 59 38 2.2 4.2 Cooley LLP 16 2.6 7,611 30 14 1.2 1.4
Willkie Farr & Gallagher LLP 18 6.1 17,478 41 16 9.3 -3.2 Paul Hastings LLP 18 1.0 2,960 24 23 8.1 -7.1
Hengeler Mueller 19 6.0 17,143 6 127 0.1 5.9 Skadden Arps Slate Meagher & Flom LLP 19 27.8 79,989 23 8 18.9 8.9
Davis Polk & Wardwell LLP 20 5.7 16,490 22 40 2.1 3.6 Wachtell Lipton Rosen & Katz 19 14.7 42,409 23 58 29.1 -14.4
TOTAL 288,023 1,277 TOTAL 288,023 1,277
FIRM
2020 2019MKT SHR
CHANGE FIRM
2020VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
2019MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2019MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2020 2019MKT SHR
CHANGE FIRM
2020
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) FIRM
7
Kirkland & Ellis LLP 1 23.2 38,145 57 1 18.6 4.5
White & Case LLP 2 17.1 28,234 16 68 0.4 16.8
Allen & Overy LLP 3 12.4 20,449 9 21 3.0 9.4
Linklaters LLP 4 12.1 19,894 7 37 1.1 11.0
NautaDutilh NV 5 11.5 18,962 3 134 - 11.5
Noerr LLP 6 11.5 18,922 3 83 0.2 11.3
Yulchon LLC 6 11.5 18,922 1 - - 11.5
Skadden Arps Slate Meagher & Flom LLP 8 11.4 18,850 7 2 13.6 -2.2
Ropes & Gray LLP 9 11.3 18,667 29 40 0.9 10.4
Latham & Watkins LLP 10 11.0 18,065 43 5 12.0 -1.1
Simpson Thacher & Bartlett LLP 11 9.1 14,929 19 3 12.7 -3.6
Wilson Sonsini Goodrich & Rosati PC 12 8.6 14,164 16 24 2.5 6.1
Sullivan & Cromwell LLP 13 5.9 9,633 10 6 10.3 -4.4
Cravath Swaine & Moore LLP 14 5.4 8,828 6 7 9.4 -4.0
Willkie Farr & Gallagher LLP 15 5.0 8,282 25 45 0.8 4.2
Jones Day 16 4.9 8,020 33 14 4.7 0.1
Morgan Lewis & Bockius LLP 17 4.7 7,725 18 58 0.6 4.1
Goodwin Procter LLP 18 4.1 6,748 81 8 8.1 -4.0
Gowling WLG 19 3.7 6,015 1 134 - 3.7
Hengeler Mueller 20 3.6 5,974 1 75 0.3 3.3
TOTAL 164,727 2,291
FIRM
2020 2019
MKT SHR
CHANGE RANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
US Private Equity Deals (By Volume) 01/01/2020 - 03/31/2020
8
Canada Announced Deals (By Volume) 01/01/2020 - 03/31/2020 Canada Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Freshfields Bruckhaus Deringer LLP 1 26.3 11,556 5 24 8.2 18.1 McCarthy Tetrault LLP 1 5.9 2,586 17 3 9.4 -3.5
Davies Ward Phillips & Vineberg LLP 2 23.6 10,386 14 16 13.0 10.6 Gowling WLG 2 0.4 174 16 1 6.0 -5.6
Norton Rose Fulbright LLP 3 21.5 9,472 9 33 4.3 17.3 Davies Ward Phillips & Vineberg LLP 3 23.6 10,386 14 9 13.0 10.6
Fried Frank Harris Shriver & Jacobson LLP 4 18.6 8,200 3 90 - 18.6 Blake Cassels & Graydon LLP 4 9.1 4,009 12 2 17.6 -8.5
Cleary Gottlieb Steen & Hamilton LLP 4 18.6 8,200 2 9 15.7 2.9 Fasken Martineau DuMoulin LLP 5 0.3 129 11 5 0.5 -0.2
Jones Day 4 18.6 8,200 2 54 0.8 17.8 Osler Hoskin & Harcourt LLP 6 8.9 3,899 10 3 19.0 -10.2
Ropes & Gray LLP 7 17.9 7,864 4 34 3.6 14.2 Norton Rose Fulbright LLP 7 21.5 9,472 9 5 4.3 17.3
Willkie Farr & Gallagher LLP 8 11.4 5,000 2 42 1.9 9.4 Kirkland & Ellis LLP 7 3.7 1,612 9 9 18.8 -15.2
Blake Cassels & Graydon LLP 9 9.1 4,009 12 8 17.6 -8.5 Weil Gotshal & Manges LLP 9 5.9 2,590 8 15 24.1 -18.3
Osler Hoskin & Harcourt LLP 10 8.9 3,899 10 4 19.0 -10.2 Torys LLP 9 4.2 1,847 8 7 10.5 -6.3
Borden Ladner Gervais LLP 11 8.8 3,862 3 52 1.0 7.8 Miller Thomson LLP 9 0.3 125 8 7 1.6 -1.3
Goodmans LLP 12 8.6 3,802 3 10 14.4 -5.8 Bennett Jones LLP 9 0.2 90 8 20 1.0 -0.8
Skadden Arps Slate Meagher & Flom LLP 13 6.3 2,790 6 7 18.4 -12.0 Skadden Arps Slate Meagher & Flom LLP 13 6.3 2,790 6 13 18.4 -12.0
Lenz & Staehelin AG 14 6.3 2,765 1 - - 6.3 Sidley Austin LLP 13 6.1 2,700 6 - - 6.1
Loyens & Loeff NV 14 6.3 2,765 2 - - 6.3 Goodwin Procter LLP 13 0.9 400 6 20 12.9 -11.9
Oberson & Partners 14 6.3 2,765 1 - - 6.3 Freshfields Bruckhaus Deringer LLP 16 26.3 11,556 5 20 8.2 18.1
Sidley Austin LLP 17 6.1 2,700 6 - - 6.1 Simpson Thacher & Bartlett LLP 16 4.9 2,163 5 15 19.6 -14.7
Weil Gotshal & Manges LLP 18 5.9 2,590 8 1 24.1 -18.3 Morgan Lewis & Bockius LLP 16 1.4 605 5 36 0.7 0.7
McCarthy Tetrault LLP 19 5.9 2,586 17 22 9.4 -3.5 Cassels Brock & Blackwell LLP 16 0.7 301 5 12 14.1 -13.4
Simpson Thacher & Bartlett LLP 20 4.9 2,163 5 3 19.6 -14.7 Latham & Watkins LLP 16 - - 5 17 9.5 -9.5
TOTAL 43,985 895 TOTAL 43,985 895
Brazil Announced Deals (By Volume) 01/01/2020 - 03/31/2020 Brazil Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Souza Cescon Barrieu & Flesch Advogados 1 17.1 1,171 6 16 3.4 13.8 Pinheiro Neto Advogados 1 16.5 1,126 18 1 6.0 10.5
Pinheiro Neto Advogados 2 16.5 1,126 18 10 6.0 10.5 Veirano Advogados 2 2.0 135 9 3 3.8 -1.8
Mattos Filho Veiga Filho Marrey Jr e Quiroga 3 15.3 1,048 8 1 24.4 -9.0 Mattos Filho Veiga Filho Marrey Jr e Quiroga 3 15.3 1,048 8 2 24.4 -9.0
Lobo de Rizzo Advogados 4 13.8 944 5 24 - 13.8 Souza Cescon Barrieu & Flesch Advogados 4 17.1 1,171 6 7 3.4 13.8
White & Case LLP 5 12.1 825 1 - - 12.1 Lobo de Rizzo Advogados 5 13.8 944 5 16 - 13.8
Machado Meyer Sendacz e Opice Advogados 6 10.4 713 4 4 18.3 -7.9 Machado Meyer Sendacz e Opice Advogados 6 10.4 713 4 5 18.3 -7.9
Cravath Swaine & Moore LLP 7 9.5 647 1 - - 9.5 Barbosa Mussnich & Aragao 6 1.1 76 4 6 21.5 -20.4
Bredin Prat 8 6.6 453 1 - - 6.6 Lefosse Advogados 8 1.2 83 2 7 0.0 1.2
Goodwin Procter LLP 9 5.0 340 1 - - 5.0 Baptista Luz Advogados 8 0.0 2 2 - - 0.0
Weil Gotshal & Manges LLP 9 5.0 340 1 - - 5.0 Jones Day 8 - - 2 11 18.7 -18.7
Pillsbury Winthrop Shaw Pittman LLP 9 5.0 340 1 - - 5.0 White & Case LLP 11 12.1 825 1 - - 12.1
Baker & McKenzie LLP 12 3.1 211 1 24 - 3.1 Cravath Swaine & Moore LLP 11 9.5 647 1 - - 9.5
Simpson Thacher & Bartlett LLP 12 3.1 211 1 24 - 3.1 Bredin Prat 11 6.6 453 1 - - 6.6
Veirano Advogados 14 2.0 135 9 15 3.8 -1.8 Goodwin Procter LLP 11 5.0 340 1 - - 5.0
Lefosse Advogados 15 1.2 83 2 23 0.0 1.2 Weil Gotshal & Manges LLP 11 5.0 340 1 - - 5.0
Barbosa Mussnich & Aragao 16 1.1 76 4 2 21.5 -20.4 Pillsbury Winthrop Shaw Pittman LLP 11 5.0 340 1 - - 5.0
Fasken Martineau DuMoulin LLP 17 1.0 65 1 - - 1.0 Baker & McKenzie LLP 11 3.1 211 1 16 - 3.1
Cassels Brock & Blackwell LLP 17 1.0 65 1 - - 1.0 Simpson Thacher & Bartlett LLP 11 3.1 211 1 16 - 3.1
Debevoise & Plimpton LLP 19 0.8 55 1 18 2.7 -1.9 Fasken Martineau DuMoulin LLP 11 1.0 65 1 - - 1.0
Terciotti Andrade Gomes Donato Advogados 20 0.1 5 1 - - 0.1 Cassels Brock & Blackwell LLP 11 1.0 65 1 - - 1.0
TOTAL 6,830 110 TOTAL 6,830 110
2019MKT SHR
CHANGE
RANK
MKT SHR
(%) VOLUME USD
(Mln)FIRM
2020 2019MKT SHR
CHANGE FIRM
2020
VOLUME USD
(Mln)
DEAL
COUNTRANK
MKT SHR
(%) RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2019MKT SHR
CHANGE
FIRM
2019MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2020
VOLUME USD
(Mln)
DEAL
COUNT RANK
DEAL
COUNT
FIRM
2020MKT SHR
(%)
9
Country
Germany $37.9 23.0% 291.9%
United Kingdom $34.8 21.1% -1.1%
France $17.3 10.5% 10.9%
Italy $10.5 6.4% 39.7%
Spain $7.7 4.7% -13.2%
Switzerland $5.5 3.3% 68.9%
Netherlands $3.2 2.0% -92.9%
Finland $1.4 0.9% -48.9%
Date
Total
Value
Amount
(Bln.) % of Total
% YoY
Change
Number of deals 2,633 Financial $55.6 33.4% 38.0%
Volume (Bln.) $164.9 Industrial $26.4 15.9% 26.1%
Avg Deal Size (Mln.) $62.6 Technology $20.7 12.4% 8.1%
Consumer Non-cyclical $14.4 8.6% -2.7%
Consumer Cyclical $13.6 8.2% 5.9%
Kirkland & Ellis LLP Communications $11.7 7.0% -80.3%
Number of deals 15 Basic Materials $10.6 6.4% -85.6%
Volume (Bln.) $33.4 Energy $7.1 4.2% -60.1%
Avg Deal Size (Bln.) $2.2 Diversified $4.3 2.6% 756.2%
Utilities $2.2 1.3% 79.0%
Amount
(Bln.)
% Change
Deal Count
% Change
Volume
Company Takeover $91.9 -16.7% 29.5%
Cross Border $106.4 -9.6% 11.7%
Private Equity $73.1 -17.4% -42.6%
Asset sale $32.6 -6.3% 7.1%
Tender Offer $29.4 -23.3% 402.1%
Venture Capital $8.1 -14.3% -15.7%
Spin-off $7.3 -44.4% -84.4%
Minority purchase $19.5 -15.9% -34.3%
$10.8 -13.5% -86.3%
EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown
Deal Type
Majority purchase
Quarterly Volume represents any involvement (target, seller, or acquirer).
$6,015.1
1/23/20 Axel Springer SE KKR & Co Inc - $5,973.5
2/17/20Unione di Banche Italiane
SpAIntesa Sanpaolo SpA - $4,970.4
Muultiple Acquirersthyssenkrupp
AG$18,921.7
Top Adviser2/26/20
iQ Student
Accommodation Ltd
Blackstone Group
Inc/TheMultiple Sellers
2/3/20 Ingenico Group SA Worldline SA/France - $10,650.4
EMEA M&A Regional Review
Glo
bal
M&
A R
evi
ew |
1Q
20
20
EMEA M&A: Country Breakdown
Amount
(Bln.) % of Total
% YoY
Change
EMEA M&A Highlights of 1Q2020 EMEA M&A: Industry Breakdown
Summary Target Acquirer Seller Industry
2/28/20thyssenkrupp Elevator
AG
0
1,000
2,000
3,000
4,000
5,000
$0
$100
$200
$300
$400
$500
2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1
Volume $(Bln.) Deal Count
• Deal activity for EMEA-based targets decreased by 36.4% from the same period last year to$165.1 billion; the lowest deal volume since 2017. Germany was the most sought-after country in1Q2020, with $37.9 billion in transactions.
• The financial sector was the most targeted industry experiencing a year-over-year growth of38.1% and accounting for 33.7% of the transactions for the period. The sale of iQ StudentAccommodation Ltd by a consortium of sellers for $6.0 billion was the largest deal announced inthe sector.
• Private equity activity for EMEA-based targets reached a volume of $73.2 billion in 1Q2020,representing a 42.5% decrease from the same period last year.
10
Europe Announced Deals (By Volume) 01/01/2020 - 03/31/2020 Europe Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Freshfields Bruckhaus Deringer LLP 1 24.2 62,447 28 2 13.1 11.1 Latham & Watkins LLP 1 18.5 47,676 51 4 16.4 2.1
Cleary Gottlieb Steen & Hamilton LLP 2 21.1 54,362 17 5 9.1 12.0 Jones Day 2 6.1 15,673 42 3 1.4 4.7
Latham & Watkins LLP 3 18.5 47,676 51 1 16.4 2.1 Allen & Overy LLP 3 16.0 41,320 40 5 4.0 12.1
Allen & Overy LLP 4 16.0 41,320 40 13 4.0 12.1 Clifford Chance LLP 4 4.3 10,984 39 11 9.9 -5.7
Skadden Arps Slate Meagher & Flom LLP 5 16.0 41,278 9 3 11.3 4.7 DLA Piper Global 5 2.4 6,163 37 72 - 2.4
Kirkland & Ellis LLP 6 14.8 38,159 27 7 5.5 9.3 White & Case LLP 6 10.2 26,292 36 8 3.1 7.1
Cravath Swaine & Moore LLP 7 12.7 32,731 8 9 5.3 7.3 Orrick Herrington & Sutcliffe LLP 7 0.4 1,094 34 2 1.7 -1.3
Weil Gotshal & Manges LLP 8 12.7 32,645 15 11 5.1 7.6 Hogan Lovells US LLP 8 3.6 9,211 30 9 1.7 1.9
Linklaters LLP 9 12.5 32,272 28 10 5.3 7.2 Goodwin Procter LLP 9 1.5 3,848 29 26 2.6 -1.1
Arthur Cox 10 12.2 31,440 1 - - 12.2 Freshfields Bruckhaus Deringer LLP 10 24.2 62,447 28 9 13.1 11.1
Matheson 10 12.2 31,440 1 - - 12.2 Linklaters LLP 10 12.5 32,272 28 7 5.3 7.2
White & Case LLP 12 10.2 26,292 36 17 3.1 7.1 Kirkland & Ellis LLP 12 14.8 38,159 27 13 5.5 9.3
Sullivan & Cromwell LLP 13 9.1 23,395 14 12 4.7 4.3 Noerr LLP 12 8.0 20,667 27 15 0.4 7.6
Simpson Thacher & Bartlett LLP 14 8.4 21,795 12 18 3.1 5.4 Cuatrecasas 12 0.4 910 27 17 0.5 -0.1
Noerr LLP 15 8.0 20,667 27 70 0.4 7.6 Dentons 12 0.2 451 27 14 0.5 -0.3
Bredin Prat 16 7.9 20,389 5 148 0.0 7.9 CMS Legal Services EEIG/EWIV 16 0.2 450 24 1 1.8 -1.6
NautaDutilh NV 17 7.4 18,989 11 19 3.0 4.4 Sidley Austin LLP 17 1.5 3,885 19 34 2.1 -0.6
Yulchon LLC 18 7.3 18,922 1 - - 7.3 Perez-Llorca 18 0.7 1,710 18 19 1.0 -0.3
Jones Day 19 6.1 15,673 42 35 1.4 4.7 Cleary Gottlieb Steen & Hamilton LLP 19 21.1 54,362 17 24 9.1 12.0
Clifford Chance LLP 20 4.3 10,984 39 4 9.9 -5.7 McDermott Will & Emery LLP Inc 19 0.2 403 17 40 1.5 -1.3
TOTAL 258,137 3,209 TOTAL 258,137 3,209
Europe Announced Deals- Principals (By Volume) 01/01/2020 - 03/31/2020 Europe Announced Deals- Principals (By Deal Count) 01/01/2020 - 03/31/2020
Freshfields Bruckhaus Deringer LLP 1 30.8 62,447 28 2 19.7 11.0 Latham & Watkins LLP 1 23.5 47,676 51 4 21.7 1.8
Latham & Watkins LLP 2 23.5 47,676 51 1 21.7 1.8 Jones Day 2 4.8 9,658 41 3 1.9 2.8
Allen & Overy LLP 3 20.4 41,320 40 11 6.1 14.3 Allen & Overy LLP 3 20.4 41,320 40 6 6.1 14.3
Skadden Arps Slate Meagher & Flom LLP 4 20.3 41,278 9 3 18.3 2.0 Clifford Chance LLP 4 5.4 10,984 39 10 16.0 -10.6
Kirkland & Ellis LLP 5 18.8 38,159 27 8 6.3 12.5 DLA Piper Global 5 3.0 6,163 37 71 - 3.0
Weil Gotshal & Manges LLP 6 16.1 32,645 15 5 8.2 7.9 White & Case LLP 6 3.4 6,978 34 11 3.8 -0.3
Linklaters LLP 7 15.9 32,272 28 6 7.9 8.0 Orrick Herrington & Sutcliffe LLP 6 0.5 1,094 34 2 2.8 -2.2
Arthur Cox 8 15.5 31,440 1 - - 15.5 Hogan Lovells US LLP 8 4.5 9,211 30 8 2.8 1.8
Matheson 8 15.5 31,440 1 - - 15.5 Goodwin Procter LLP 9 1.9 3,848 29 24 4.2 -2.3
Simpson Thacher & Bartlett LLP 10 10.7 21,795 12 16 4.9 5.8 Freshfields Bruckhaus Deringer LLP 10 30.8 62,447 28 8 19.7 11.0
Noerr LLP 11 10.2 20,667 27 65 0.7 9.5 Linklaters LLP 10 15.9 32,272 28 7 7.9 8.0
Bredin Prat 12 10.0 20,389 5 146 0.0 10.0 Kirkland & Ellis LLP 12 18.8 38,159 27 13 6.3 12.5
Cleary Gottlieb Steen & Hamilton LLP 13 9.9 19,996 12 12 5.8 4.1 Noerr LLP 12 10.2 20,667 27 15 0.7 9.5
NautaDutilh NV 14 9.4 18,989 11 17 4.8 4.5 Cuatrecasas 12 0.5 910 27 17 0.7 -0.3
Yulchon LLC 15 9.3 18,922 1 - - 9.3 Dentons 12 0.2 451 27 14 0.8 -0.6
Clifford Chance LLP 16 5.4 10,984 39 4 16.0 -10.6 CMS Legal Services EEIG/EWIV 16 0.2 450 24 1 2.9 -2.7
Sullivan & Cromwell LLP 17 5.1 10,427 9 7 6.8 -1.7 Sidley Austin LLP 17 1.9 3,885 19 33 3.4 -1.5
Debevoise & Plimpton LLP 18 4.8 9,680 6 58 0.8 4.0 Perez-Llorca 18 0.8 1,710 18 19 1.6 -0.8
Jones Day 19 4.8 9,658 41 36 1.9 2.8 McDermott Will & Emery LLP Inc 19 0.2 403 17 39 2.4 -2.2
Hogan Lovells US LLP 20 4.5 9,211 30 27 2.8 1.8 Weil Gotshal & Manges LLP 20 16.1 32,645 15 17 8.2 7.9
TOTAL 203,003 898 TOTAL 203,003 898
FIRM
2020 2019MKT SHR
CHANGE RANK
MKT SHR
(%)
2020
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
2019MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) FIRM
2020
2019MKT SHR
CHANGE FIRM
2020
VOLUME USD
(Mln)
DEAL
COUNT RANKRANK
MKT SHR
(%)
MKT SHR
(%) FIRM
2019MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
11
Kirkland & Ellis LLP 1 32.4 33,076 15 8 9.0 23.4
White & Case LLP 2 25.7 26,245 23 30 1.7 24.0
Allen & Overy LLP 3 25.7 26,229 19 9 6.6 19.1
Linklaters LLP 4 19.0 19,416 10 10 5.4 13.6
NautaDutilh NV 5 18.6 18,989 7 120 - 18.6
Noerr LLP 6 18.5 18,922 7 97 0.1 18.5
Yulchon LLC 7 18.5 18,922 1 - - 18.5
Simpson Thacher & Bartlett LLP 8 14.1 14,344 10 45 0.8 13.2
Skadden Arps Slate Meagher & Flom LLP 9 9.4 9,538 6 3 13.9 -4.5
Jones Day 10 7.1 7,225 26 33 1.5 5.6
Sullivan & Cromwell LLP 11 6.6 6,709 7 37 1.4 5.2
Gowling WLG 12 5.9 6,015 2 27 1.9 4.0
Hengeler Mueller 13 5.9 5,974 3 29 1.9 4.0
DLA Piper Global 14 5.5 5,596 16 114 - 5.5
Wilson Sonsini Goodrich & Rosati PC 15 5.4 5,548 11 15 4.2 1.2
Freshfields Bruckhaus Deringer LLP 16 5.2 5,300 10 2 17.0 -11.8
Clifford Chance LLP 17 4.1 4,208 17 7 9.9 -5.8
Goodwin Procter LLP 18 3.7 3,819 21 70 0.3 3.4
Latham & Watkins LLP 19 3.7 3,775 30 1 19.5 -15.8
Hogan Lovells US LLP 20 2.5 2,563 17 24 2.4 0.1
TOTAL 102,053 1,407
FIRM
2020 2019
MKT SHR
CHANGE RANK
MKT SHR
(%)
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
Europe Private Equity Deals (By Volume) 01/01/2020 - 03/31/2020
12
UK Announced Deals (By Volume) 01/01/2020 - 03/31/2020 UK Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Freshfields Bruckhaus Deringer LLP 1 36.1 47,698 13 1 24.6 11.6 Kirkland & Ellis LLP 1 27.7 36,596 16 6 14.4 13.3
Skadden Arps Slate Meagher & Flom LLP 2 31.0 40,978 7 19 2.6 28.4 Allen & Overy LLP 2 23.3 30,769 15 4 5.9 17.4
Kirkland & Ellis LLP 3 27.7 36,596 16 6 14.4 13.3 Freshfields Bruckhaus Deringer LLP 3 36.1 47,698 13 8 24.6 11.6
Cleary Gottlieb Steen & Hamilton LLP 4 25.5 33,640 4 10 9.7 15.7 Latham & Watkins LLP 3 25.2 33,258 13 8 13.5 11.7
Latham & Watkins LLP 5 25.2 33,258 13 8 13.5 11.7 Jones Day 3 5.4 7,085 13 3 2.3 3.1
Weil Gotshal & Manges LLP 6 24.4 32,230 8 3 15.9 8.5 DLA Piper Global 3 4.2 5,565 13 91 0.0 4.2
Cravath Swaine & Moore LLP 7 24.1 31,815 5 17 2.9 21.2 Orrick Herrington & Sutcliffe LLP 3 0.5 589 13 4 1.4 -1.0
Arthur Cox 8 23.8 31,440 1 - - 23.8 White & Case LLP 8 18.5 24,488 12 22 1.4 17.1
Matheson 8 23.8 31,440 1 - - 23.8 Sidley Austin LLP 8 2.8 3,685 12 23 1.0 1.8
Allen & Overy LLP 10 23.3 30,769 15 13 5.9 17.4 Goodwin Procter LLP 8 2.2 2,856 12 34 0.1 2.1
Linklaters LLP 11 22.6 29,901 7 11 8.1 14.6 Simpson Thacher & Bartlett LLP 11 15.4 20,352 10 47 0.5 14.9
White & Case LLP 12 18.5 24,488 12 29 1.4 17.1 Slaughter and May 11 4.2 5,492 10 17 15.3 -11.1
Simpson Thacher & Bartlett LLP 13 15.4 20,352 10 56 0.5 14.9 Clifford Chance LLP 11 2.2 2,894 10 17 20.1 -17.9
Noerr LLP 14 14.3 18,922 5 - - 14.3 Squire Patton Boggs US LLP 14 0.1 71 9 11 1.1 -1.0
NautaDutilh NV 14 14.3 18,922 3 112 - 14.3 Weil Gotshal & Manges LLP 15 24.4 32,230 8 20 15.9 8.5
Yulchon LLC 14 14.3 18,922 1 - - 14.3 Herbert Smith Freehills LLP 15 2.0 2,642 8 12 1.1 0.9
Sullivan & Cromwell LLP 17 8.3 10,988 6 16 2.9 5.4 Covington & Burling LLP 15 1.4 1,808 8 47 1.0 0.4
Jones Day 18 5.4 7,085 13 21 2.3 3.1 Ropes & Gray LLP 15 1.3 1,700 8 34 0.2 1.1
Gowling WLG 19 4.6 6,015 4 18 2.8 1.8 Skadden Arps Slate Meagher & Flom LLP 19 31.0 40,978 7 26 2.6 28.4
DLA Piper Global 20 4.2 5,565 13 102 0.0 4.2 Linklaters LLP 19 22.6 29,901 7 7 8.1 14.6
TOTAL 132,135 1,229 TOTAL 132,135 1,229
Germany Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020 France Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Noerr LLP 1 40.9 20,667 24 1 2.3 38.7 Jones Day 1 18.6 8,976 21 1 1.0 17.6
Latham & Watkins LLP 2 3.2 1,606 15 6 34.2 -31.1 Latham & Watkins LLP 2 22.6 10,926 13 5 17.8 4.8
CMS Legal Services EEIG/EWIV 3 0.5 243 14 2 0.2 0.3 Clifford Chance LLP 3 5.2 2,484 11 10 2.3 2.8
Hengeler Mueller 4 15.1 7,650 12 3 4.2 10.9 Hogan Lovells US LLP 3 3.1 1,513 11 4 0.9 2.3
Clifford Chance LLP 4 4.6 2,329 12 8 20.9 -16.3 White & Case LLP 5 0.2 82 10 15 4.5 -4.3
Orrick Herrington & Sutcliffe LLP 6 0.6 312 10 3 2.6 -2.0 Linklaters LLP 6 0.2 99 8 7 3.2 -3.0
Allen & Overy LLP 7 42.2 21,324 9 19 8.1 34.1 Cleary Gottlieb Steen & Hamilton LLP 7 41.1 19,850 7 19 2.1 39.0
Luther Rechtsanwaltsgesellschaft mbH 7 0.0 6 9 6 2.0 -2.0 Orrick Herrington & Sutcliffe LLP 7 0.5 236 7 3 2.5 -2.0
White & Case LLP 9 38.8 19,601 7 16 0.5 38.3 Weil Gotshal & Manges LLP 7 0.4 200 7 13 17.1 -16.7
Freshfields Bruckhaus Deringer LLP 9 5.7 2,877 7 5 34.4 -28.7 Bredin Prat 10 42.2 20,389 5 36 0.2 42.1
McDermott Will & Emery LLP Inc 9 0.6 290 7 33 8.1 -7.6 Freshfields Bruckhaus Deringer LLP 10 18.8 9,076 5 15 12.1 6.7
Linklaters LLP 12 41.1 20,767 6 13 0.8 40.3 De Pardieu Brocas Maffei 10 1.5 703 5 5 0.1 1.4
Goodwin Procter LLP 12 1.5 737 6 26 0.1 1.4 Goodwin Procter LLP 10 0.3 131 5 19 5.1 -4.8
DLA Piper Global 12 0.2 95 6 33 - 0.2 DLA Piper Global 10 - - 5 - - -
Kirkland & Ellis LLP 15 38.0 19,174 5 26 0.2 37.8 Sullivan & Cromwell LLP 15 24.5 11,802 4 - - 24.5
Cleary Gottlieb Steen & Hamilton LLP 15 0.9 464 5 52 17.1 -16.2 Allen & Overy LLP 15 1.0 477 4 9 1.8 -0.8
Dentons 15 0.2 104 5 13 0.0 0.2 Kirkland & Ellis LLP 15 0.5 231 4 25 1.3 -0.8
Sullivan & Cromwell LLP 18 6.7 3,376 4 52 15.2 -8.5 McDermott Will & Emery LLP Inc 15 0.3 166 4 19 - 0.3
Weil Gotshal & Manges LLP 18 0.8 415 4 16 1.0 -0.2 Dentons 15 0.1 22 4 19 - 0.1
Hogan Lovells US LLP 18 0.4 201 4 10 2.2 -1.8 Willkie Farr & Gallagher LLP 20 1.1 522 3 36 0.4 0.7
TOTAL 50,515 578 TOTAL 48,266 435
FIRM
2020 2019MKT SHR
CHANGE FIRM
2020
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
2019MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2019MKT SHR
CHANGE FIRM
2020
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) FIRM
2019MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2020
13
Italy Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020 Benelux Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Chiomenti Studio Legale 1 1.2 147 10 3 9.9 -8.7 Allen & Overy LLP 1 5.2 1,582 18 3 3.2 2.0
Latham & Watkins LLP 2 15.5 1,951 9 10 - 15.5 Latham & Watkins LLP 2 4.1 1,243 14 10 6.1 -2.0
Orrick Herrington & Sutcliffe LLP 3 - - 6 1 0.6 -0.6 Loyens & Loeff NV 3 10.2 3,086 13 1 0.7 9.4
NCTM Studio Legale Associato 4 - - 5 4 1.4 -1.4 White & Case LLP 4 4.7 1,427 9 12 1.8 2.9
Clifford Chance LLP 5 2.1 262 3 10 3.2 -1.1 Houthoff Buruma 4 0.7 204 9 9 2.7 -2.0
Hogan Lovells US LLP 5 1.5 185 3 18 2.9 -1.4 Jones Day 4 0.6 176 9 1 1.6 -1.1
Perez-Llorca 5 - - 3 18 0.3 -0.3 NautaDutilh NV 4 0.2 67 9 8 0.0 0.2
White & Case LLP 8 2.8 349 2 10 3.6 -0.8 Freshfields Bruckhaus Deringer LLP 8 9.1 2,765 8 4 4.3 4.8
Cleary Gottlieb Steen & Hamilton LLP 8 2.1 262 2 10 38.5 -36.4 Clifford Chance LLP 8 5.2 1,565 8 5 3.5 1.6
Sidley Austin LLP 8 1.0 130 2 26 - 1.0 Linklaters LLP 8 1.1 319 8 12 5.7 -4.6
Ropes & Gray LLP 8 0.5 68 2 - - 0.5 Hogan Lovells US LLP 11 7.7 2,333 7 16 2.9 4.8
Legance Avvocati Associati 8 0.3 38 2 5 4.7 -4.4 DLA Piper Global 11 - - 7 47 - -
Luther Rechtsanwaltsgesellschaft mbH 8 - - 2 26 - - Orrick Herrington & Sutcliffe LLP 13 1.2 352 6 10 0.4 0.8
Gattai Minoli Agostinelli & Partners 8 - - 2 2 2.9 -2.9 CMS Legal Services EEIG/EWIV 13 0.1 16 6 6 0.2 -0.2
Jones Day 8 - - 2 10 1.6 -1.6 De Brauw Blackstone Westbroek NV 13 - - 6 16 1.6 -1.6
Wilson Sonsini Goodrich & Rosati PC 8 - - 2 26 - - Sidley Austin LLP 16 - - 4 29 1.5 -1.5
McDermott Will & Emery LLP Inc 8 - - 2 - - - Goodwin Procter LLP 17 0.2 50 3 47 - 0.2
Pedersoli e Associati 18 39.4 4,970 1 - - 39.4 Noerr LLP 17 - 1 3 25 0.1 -0.1
De Pardieu Brocas Maffei 18 5.1 641 1 26 - 5.1 Stibbe BV 17 - - 3 6 4.4 -4.4
Gatti Pavesi Bianchi 18 1.5 185 1 26 - 1.5 Dentons 17 - - 3 16 0.2 -0.2
TOTAL 12,614 184 TOTAL 30,418 428
Iberia Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020 Nordic Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Cuatrecasas 1 7.4 910 26 1 3.0 4.4 White & Case LLP 1 - - 12 1 7.3 -7.3
Perez-Llorca 2 14.0 1,710 16 1 15.6 -1.7 Baker & McKenzie LLP 2 1.4 296 5 4 0.9 0.5
Uria Menendez Abogados SLP 3 24.3 2,979 10 3 21.2 3.1 Houthoff Buruma 2 1.1 235 5 42 9.0 -7.9
Linklaters LLP 4 12.5 1,537 9 5 2.7 9.8 Orrick Herrington & Sutcliffe LLP 2 0.7 148 5 16 0.1 0.6
Hogan Lovells US LLP 5 7.3 892 8 7 0.1 7.1 DLA Piper Global 5 1.9 397 4 16 0.1 1.8
Garrigues Abogados 6 - - 6 11 - - Hannes Snellman Advokatbyra Ab/FI 5 0.6 126 4 2 3.2 -2.6
Clifford Chance LLP 7 12.5 1,528 5 7 16.3 -3.9 Latham & Watkins LLP 5 - - 4 42 - -
Allen & Overy LLP 8 3.9 477 3 5 3.1 0.8 Clifford Chance LLP 8 6.8 1,445 3 9 1.3 5.4
Baker & McKenzie LLP 8 1.8 222 3 16 1.0 0.8 Wilson Sonsini Goodrich & Rosati PC 8 0.4 85 3 42 17.7 -17.3
DLA Piper Global 8 0.3 31 3 - - 0.3 Goodwin Procter LLP 8 0.3 56 3 - - 0.3
Freshfields Bruckhaus Deringer LLP 11 16.4 2,012 2 11 14.5 1.9 Jones Day 8 0.1 30 3 42 - 0.1
Latham & Watkins LLP 11 1.4 169 2 4 39.4 -38.0 Gibson Dunn & Crutcher LLP 12 21.0 4,494 2 - - 21.0
Herbert Smith Freehills LLP 11 0.3 33 2 7 3.2 -3.0 Veirano Advogados 12 21.0 4,494 2 - - 21.0
Jones Day 11 - - 2 7 0.9 -0.9 Simpson Thacher & Bartlett LLP 12 17.3 3,711 2 16 - 17.3
Cleary Gottlieb Steen & Hamilton LLP 15 3.9 477 1 16 4.5 -0.6 Hogan Lovells US LLP 12 15.8 3,375 2 4 0.4 15.4
Dentons 15 1.6 198 1 - - 1.6 Allen & Overy LLP 12 5.6 1,194 2 11 0.4 5.2
Kim & Chang 15 1.4 169 1 - - 1.4 Ashurst LLP 12 0.2 42 2 11 0.0 0.2
A&L Goodbody Solicitors 15 0.5 66 1 19 4.7 -4.2 Cooley LLP 12 0.2 38 2 - - 0.2
CMS Legal Services EEIG/EWIV 15 0.5 66 1 19 0.7 -0.2 Sullivan & Cromwell LLP 12 0.2 32 2 42 - 0.2
Norton Rose Fulbright LLP 15 0.5 66 1 - - 0.5 Linklaters LLP 12 0.1 31 2 9 - 0.1
TOTAL 12,261 218 TOTAL 21,424 462
FIRM
2020 2019MKT SHR
CHANGE FIRM
2020
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
2019MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2019MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%)
2020 2019MKT SHR
CHANGE FIRM
2020
VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) FIRM
14
Eastern Europe Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Dentons 1 1.7 202 18 4 3.2 -1.5
Ellex 2 - - 10 1 2.9 -2.9
COBALT 3 0.0 2 8 4 - 0.0
Clifford Chance LLP 4 13.5 1,582 7 10 1.4 12.1
DLA Piper Global 4 1.3 155 7 - - 1.3
Noerr LLP 6 - - 5 14 2.9 -2.9
Allen & Overy LLP 7 15.3 1,796 3 10 3.4 11.9
White & Case LLP 7 4.3 500 3 4 14.0 -9.7
Norton Rose Fulbright LLP 7 0.9 104 3 23 0.5 0.4
SORAINEN 7 - - 3 3 4.3 -4.3
Kinstellar/Romania 11 9.2 1,080 2 - - 9.2
Linklaters LLP 11 6.1 716 2 4 6.8 -0.7
Hogan Lovells US LLP 11 2.7 314 2 23 - 2.7
Jones Day 11 1.0 115 2 14 3.7 -2.8
Freshfields Bruckhaus Deringer LLP 11 - - 2 20 1.0 -1.0
Baker & McKenzie LLP 11 - - 2 9 1.2 -1.2
Roedl & Partner GmbH Wirtschaftspruefungs 11 - - 2 - - -
Simpson Thacher & Bartlett LLP 18 12.3 1,444 1 - - 12.3
Greenberg Traurig LLP 18 9.2 1,080 1 23 - 9.2
Kirkland & Ellis LLP 18 9.2 1,080 1 23 - 9.2
TOTAL 11,753 301
FIRM
2020 2019MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
15
Date
Total
Value
Number of deals 3,374
Volume (Bln.) $177.1
Avg Deal Size (Mln.) $52.5
Cyril Amarchand Mangaldas
Number of deals 41
Volume (Bln.) $13.9
Avg Deal Size (Bln.) $0.3
Deal Type
Amount
(Bln.)
%
Change
% YoY
Change
Company Takeover $81.1 -3.9% 14.0%
Cross Border $58.8 -12.9% -14.0%
Private Equity $33.9 57.7% -19.5%
Asset sale $18.1 0.8% -40.1%
Tender Offer $21.7 10.0% 265.1%
Venture Capital $13.4 100.5% 2.8%
Spin-off $3.6 14.3% 70515.9%
Minority purchase $43.4 32.5% 9.5%
Majority purchase $19.3 -18.7% -39.1%
Graphs represent any regional involvement (target, seller, or acquirer).
Japan M&A: Quarterly Volume
1/31/20 Hitachi High-Tech Corp Hitachi Ltd - $4,898.7
APAC M&A: Breakdown
Greater China M&A: Quarterly Volume
3/20/20Liaoning Zhongwang
Group Co LtdCRED Holding Co Ltd Multiple Sellers $5,766.1
$5,818.4Top Adviser
2/27/20 Wheelock & Co LtdAdmiral Power
Holdings Ltd-
1/22/20CapitaLand
Commercial TrustCapitaLand Mall Trust - $7,824.3
APAC M&A Regional Review
Glo
bal
M&
A R
evi
ew |
1Q
20
20
APAC M&A: Quarterly Volume
Australia/NZ M&A: Quarterly Volume
APAC M&A: Highlights of 1Q2020
Summary Target Acquirer Seller
3/9/20 Multiple Targets Multiple Acquirers Tesco PLC $10,600.0
31%
17%15%
11%
7%
7%
6%3%
3%0%
APAC Industry Breakdown Financial
Industrial
Consumer Cyclical
Consumer Non-cyclical
Technology
Basic Materials
Communications
Energy
Utilities
Diversified
0
2,000
4,000
6,000
$0
$200
$400
$600
Volume $(Bln.) Deal Count
0
200
400
600
800
$0
$20
$40
$60
$80
Volume $(Bln.) Deal Count
0
1000
2000
3000
$0
$100
$200
$300
Volume $(Bln.) Deal Count
0
500
1,000
1,500
$0
$100
$200
$300
Volume $(Bln.) Deal Count
• M&A activity targeting the APAC region for 1Q2020 decreased by 4.2% year-on-year to $178.2 billionwith number of deals targeting Chinese companies or assets reaching 32.9% of the total deal volume.Deals exceeding $1.0 billion in value decreased by 6.1% to 31 deals in the region.
• The financial sector was the most targeted industry, accounting for 30.9% of the region's overallvolume, recording a decrease in both deal activity and deal volume by 7.4% and 20.2% year on year.
• Private equity deals decreased by 17.2% year-on-year to $34.9 billion. Sequoia Capital Operations LLCwas the most active investor in 1Q2020 with its involvement in 34 deals, whereas Sichuan DevelopmentHolding Co Ltd recorded the biggest total value in a single transaction.
16
APAC Ex Japan Announced Deals (By Volume) 01/01/2020 - 03/31/2020 APAC Ex Japan Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Cyril Amarchand Mangaldas 1 7.7 13,902 42 26 1.7 6.0 Cyril Amarchand Mangaldas 1 7.7 13,902 42 6 1.7 6.0
Allen & Overy LLP 2 6.7 12,180 6 39 1.1 5.6 Kim & Chang 2 1.8 3,328 19 4 2.4 -0.5
Linklaters LLP 3 6.4 11,603 7 31 1.4 5.0 Jones Day 2 0.9 1,711 19 26 1.3 -0.3
Freshfields Bruckhaus Deringer LLP 4 6.3 11,478 9 69 0.3 6.0 Khaitan & Co 2 0.7 1,283 19 2 1.6 -0.9
Allen & Gledhill LLP 5 4.4 8,030 3 4 5.6 -1.1 Trilegal 5 1.8 3,218 18 16 1.0 0.7
WongPartnership LLP 6 4.4 7,884 5 3 5.7 -1.4 AZB & Partners 5 0.7 1,258 18 1 4.6 -3.9
Kirkland & Ellis LLP 7 3.8 6,871 12 6 4.8 -1.0 Lee & Ko 7 1.8 3,346 17 16 1.0 0.9
Beijing Tongshang Legal Consulting 8 3.2 5,766 1 - - 3.2 Herbert Smith Freehills LLP 7 1.2 2,190 17 9 4.2 -3.0
Tahota Law Firm 9 2.7 4,805 1 - - 2.7 Fangda Partners 9 1.4 2,561 15 6 1.0 0.4
Morgan Lewis & Bockius LLP 10 2.2 3,902 5 122 0.0 2.1 Shin & Kim 10 0.7 1,303 14 6 2.1 -1.4
Shardul Amarchand Mangaldas & Co 11 1.9 3,461 7 16 3.4 -1.5 Kirkland & Ellis LLP 11 3.8 6,871 12 52 4.8 -1.0
Lee & Ko 12 1.8 3,346 17 45 1.0 0.9 Latham & Watkins LLP 11 0.5 859 12 9 4.6 -4.1
Kim & Chang 13 1.8 3,328 19 20 2.4 -0.5 Minter Ellison 11 0.4 786 12 43 0.1 0.3
Trilegal 14 1.8 3,218 18 43 1.0 0.7 King & Wood Mallesons 14 1.4 2,473 11 2 7.7 -6.3
Sullivan & Cromwell LLP 15 1.6 2,848 4 8 4.6 -3.1 Bae Kim & Lee 14 1.1 2,011 11 22 1.6 -0.5
Fangda Partners 16 1.4 2,561 15 44 1.0 0.4 Clifford Chance LLP 16 1.4 2,542 10 20 0.9 0.5
Clifford Chance LLP 17 1.4 2,542 10 49 0.9 0.5 Allens 16 1.1 2,062 10 16 2.5 -1.4
King & Wood Mallesons 18 1.4 2,473 11 1 7.7 -6.3 DLA Piper Global 16 0.5 809 10 105 - 0.4
S&R Associates 19 1.3 2,435 8 64 0.4 0.9 HWL Ebsworth Lawyers 16 0.1 140 10 34 0.1 0.0
Niederer Kraft & Frey 20 1.3 2,267 1 - - 1.3 Freshfields Bruckhaus Deringer LLP 20 6.3 11,478 9 52 0.3 6.0
TOTAL 181,409 3,001 TOTAL 181,409 3,001
APAC Private Equity Announced Deals (By Volume) 01/01/2020 - 03/31/2020
Tahota Law Firm 1 8.9 4,805 1 - - 8.9
Kirkland & Ellis LLP 2 8.0 4,319 8 4 12.5 -4.5
Morgan Lewis & Bockius LLP 3 7.2 3,895 4 101 - 7.2
Simpson Thacher & Bartlett LLP 4 5.3 2,870 3 1 14.8 -9.5
Fangda Partners 5 4.3 2,339 12 39 1.6 2.7
Niederer Kraft & Frey 6 4.2 2,267 1 - - 4.2
Nishimura & Asahi 7 3.4 1,847 10 15 4.7 -1.3
Mori Hamada & Matsumoto 8 3.0 1,615 7 44 1.1 1.9
Latham & Watkins LLP 9 2.6 1,433 10 5 12.3 -9.7
Bae Kim & Lee 10 2.6 1,408 4 48 0.9 1.7
Jones Day 11 2.5 1,348 14 101 - 2.5
Lee & Ko 12 2.5 1,328 4 35 2.1 0.3
Cyril Amarchand Mangaldas 13 2.4 1,303 21 23 3.8 -1.4
Ropes & Gray LLP 14 2.1 1,158 4 31 2.5 -0.3
Allens 15 2.1 1,138 3 14 4.9 -2.8
Willkie Farr & Gallagher LLP 16 2.0 1,100 2 54 0.6 1.5
Kinstellar/Romania 17 2.0 1,080 1 - - 2.0
Greenberg Traurig LLP 17 2.0 1,080 1 - - 2.0
Allen & Overy LLP 17 2.0 1,080 2 41 1.6 0.4
Gilbert + Tobin 20 2.0 1,066 4 34 2.4 -0.5
TOTAL 54,316 1,218
FIRM
2020 2019MKT 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
2020 2019
FIRM
2020 2019MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
17
AU & NZ Announced Deals (By Volume) 01/01/2020 - 03/31/2020 AU & NZ Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Kirkland & Ellis LLP 1 27.1 3,760 3 - - 27.1 Herbert Smith Freehills LLP 1 13.9 1,928 15 2 25.6 -11.7
Allens 2 14.9 2,062 10 1 26.7 -11.9 Minter Ellison 2 5.7 786 11 10 1.2 4.4
Herbert Smith Freehills LLP 3 13.9 1,928 15 2 25.6 -11.7 Allens 3 14.9 2,062 10 4 26.7 -11.9
Wilmer Cutler Pickering Hale & Dorr LLP 4 12.3 1,708 1 - - 12.3 HWL Ebsworth Lawyers 3 1.0 140 10 8 0.5 0.5
Sidley Austin LLP 4 12.3 1,708 2 - - 12.3 King & Wood Mallesons 5 4.6 632 9 1 23.2 -18.6
Wachtell Lipton Rosen & Katz 4 12.3 1,708 1 - - 12.3 Corrs Chambers Westgarth 6 0.4 57 8 2 0.3 0.1
Clifford Chance LLP 4 12.3 1,708 3 15 2.9 9.4 Ashurst LLP 7 2.1 294 7 4 19.7 -17.6
Sullivan & Cromwell LLP 4 12.3 1,708 1 - - 12.3 Norton Rose Fulbright LLP 7 1.2 160 7 11 0.4 0.7
Kinstellar/Romania 9 7.8 1,080 1 - - 7.8 Jones Day 9 2.3 324 6 11 0.0 2.3
Greenberg Traurig LLP 9 7.8 1,080 1 - - 7.8 Gilbert + Tobin 10 7.8 1,077 5 6 13.0 -5.2
Allen & Overy LLP 9 7.8 1,080 2 31 0.7 7.1 Kirkland & Ellis LLP 11 27.1 3,760 3 - - 27.1
Gilbert + Tobin 12 7.8 1,077 5 5 13.0 -5.2 Clifford Chance LLP 11 12.3 1,708 3 15 2.9 9.4
Linklaters LLP 13 7.0 972 2 7 11.8 -4.8 Baker & McKenzie LLP 11 4.2 585 3 11 0.4 3.8
Minter Ellison 14 5.7 786 11 27 1.2 4.4 DLA Piper Global 11 1.4 199 3 32 0.1 1.4
King & Wood Mallesons 15 4.6 632 9 3 23.2 -18.6 Sidley Austin LLP 15 12.3 1,708 2 - - 12.3
Baker & McKenzie LLP 16 4.2 585 3 39 0.4 3.8 Allen & Overy LLP 15 7.8 1,080 2 15 0.7 7.1
Jones Day 17 2.3 324 6 53 0.0 2.3 Linklaters LLP 15 7.0 972 2 32 11.8 -4.8
Philippi Prietocarrizosa & Uria Abogados LT 18 2.2 299 2 - - 2.2 Philippi Prietocarrizosa & Uria Abogados LT 15 2.2 299 2 - - 2.2
Ashurst LLP 19 2.1 294 7 4 19.7 -17.6 McCarthy Tetrault LLP 15 0.3 39 2 32 3.8 -3.5
Shin & Kim 20 2.1 286 1 - - 2.1 Gowling WLG 15 - 1 2 24 0.7 -0.7
TOTAL 13,872 370 TOTAL 13,872 370
Japan Announced Deals (By Volume) 01/01/2020 - 03/31/2020 Japan Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Mori Hamada & Matsumoto 1 23.5 10,174 35 4 10.0 13.5 Nishimura & Asahi 1 11.8 5,102 37 3 15.6 -3.8
Anderson Mori & Tomotsune 2 19.4 8,393 26 15 3.0 16.4 Mori Hamada & Matsumoto 2 23.5 10,174 35 1 10.0 13.5
Nagashima Ohno & Tsunematsu 3 14.8 6,421 33 9 9.2 5.6 Nagashima Ohno & Tsunematsu 3 14.8 6,421 33 2 9.2 5.6
Nishimura & Asahi 4 11.8 5,102 37 3 15.6 -3.8 Anderson Mori & Tomotsune 4 19.4 8,393 26 4 3.0 16.4
Kirkland & Ellis LLP 5 3.3 1,413 5 - - 3.3 Jones Day 5 1.9 811 8 19 0.6 1.3
Morrison & Foerster LLP 6 2.9 1,271 6 1 22.9 -19.9 Goodwin Procter LLP 6 1.1 481 7 27 0.1 1.0
White & Case LLP 7 2.7 1,173 4 26 1.5 1.2 Morrison & Foerster LLP 7 2.9 1,271 6 5 22.9 -19.9
Wachtell Lipton Rosen & Katz 8 2.4 1,029 1 - - 2.4 Kirkland & Ellis LLP 8 3.3 1,413 5 - - 3.3
Davis Polk & Wardwell LLP 8 2.4 1,029 2 24 1.5 0.8 Miura & Partners 8 1.8 775 5 27 0.2 1.6
Alston & Bird LLP 8 2.4 1,029 1 - - 2.4 Orrick Herrington & Sutcliffe LLP 8 1.5 630 5 9 1.7 -0.2
Pinheiro Neto Advogados 11 2.1 886 2 - - 2.1 TMI Associates 8 0.5 232 5 27 0.1 0.5
Lobo de Rizzo Advogados 12 1.9 825 1 - - 1.9 White & Case LLP 12 2.7 1,173 4 27 1.5 1.2
Souza Cescon Barrieu & Flesch Advogados 12 1.9 825 1 - - 1.9 Latham & Watkins LLP 12 1.9 825 4 7 1.9 0.0
Latham & Watkins LLP 14 1.9 825 4 21 1.9 0.0 Tokyo International Law Office 12 0.1 39 4 - - 0.1
Jones Day 15 1.9 811 8 34 0.6 1.3 Clifford Chance LLP 15 1.7 715 3 43 - 1.7
Miura & Partners 16 1.8 775 5 45 0.2 1.6 Cooley LLP 15 0.8 330 3 9 2.8 -2.0
Debevoise & Plimpton LLP 17 1.7 720 1 - - 1.7 Wilson Sonsini Goodrich & Rosati PC 15 0.8 330 3 19 7.8 -7.1
Clifford Chance LLP 18 1.7 715 3 65 - 1.7 Herbert Smith Freehills LLP 15 0.5 210 3 9 16.7 -16.2
Hughes Hubbard & Reed LLP 19 1.6 706 1 65 - 1.6 O'Melveny & Myers LLP 15 0.2 81 3 9 1.3 -1.2
Nakamura Tsunoda & Matsumoto 20 1.5 660 1 46 0.2 1.3 Morgan Lewis & Bockius LLP 15 0.1 28 3 43 0.5 -0.5
TOTAL 43,329 1,198 TOTAL 43,329 1,198
FIRM
2020 2019MKT 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
2020 2019
FIRM
2020 2019MKT SHR
CHANGE FIRM
2020 2019MKT SHR
CHANGE RANK
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) 01/01/2020 - 03/31/2020 South Korea Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Lee & Ko 1 18.9 3,346 17 5 10.6 8.3 Kim & Chang 1 18.8 3,328 19 1 25.9 -7.1
Kim & Chang 2 18.8 3,328 19 1 25.9 -7.1 Lee & Ko 2 18.9 3,346 17 3 10.6 8.3
Bae Kim & Lee 3 11.4 2,011 11 4 17.7 -6.4 Shin & Kim 3 7.4 1,303 14 2 23.0 -15.7
Shin & Kim 4 7.4 1,303 14 3 23.0 -15.7 Bae Kim & Lee 4 11.4 2,011 11 4 17.7 -6.4
Yulchon LLC 5 3.9 697 7 2 24.2 -20.2 Yoon & Yang LLC 5 0.4 69 9 4 1.6 -1.2
KL Partners 6 3.8 678 4 - - 3.8 Yulchon LLC 6 3.9 697 7 6 24.2 -20.2
Morgan Lewis & Bockius LLP 7 2.9 507 2 - - 2.9 Seum 6 0.2 37 7 8 0.1 0.2
Latham & Watkins LLP 8 2.5 444 2 20 0.8 1.7 KL Partners 8 3.8 678 4 - - 3.8
LAB Partners 9 2.5 437 4 25 0.5 1.9 LAB Partners 8 2.5 437 4 18 0.5 1.9
Paul Weiss Rifkind Wharton & Garrison LLP 10 2.5 435 1 - - 2.5 Jipyong LLC 10 2.1 378 3 14 0.6 1.6
Ropes & Gray LLP 11 2.4 418 1 - - 2.4 Morgan Lewis & Bockius LLP 11 2.9 507 2 - - 2.9
Allens 12 2.2 390 1 - - 2.2 Latham & Watkins LLP 11 2.5 444 2 10 0.8 1.7
Jipyong LLC 13 2.1 378 3 23 0.6 1.6 DLA Piper Global 11 1.5 266 2 - - 1.5
Baker & McKenzie LLP 14 1.6 286 1 7 3.3 -1.6 Jones Day 11 0.3 51 2 - - 0.3
Paul Hastings LLP 15 1.6 275 1 11 1.7 -0.1 Paul Weiss Rifkind Wharton & Garrison LLP 15 2.5 435 1 - - 2.5
DLA Piper Global 16 1.5 266 2 - - 1.5 Ropes & Gray LLP 15 2.4 418 1 - - 2.4
Herbert Smith Freehills LLP 17 1.4 246 1 - - 1.4 Allens 15 2.2 390 1 - - 2.2
White & Case LLP 18 1.2 203 1 - - 1.2 Baker & McKenzie LLP 15 1.6 286 1 9 3.3 -1.6
Nishimura & Asahi 18 1.2 203 1 - - 1.2 Paul Hastings LLP 15 1.6 275 1 18 1.7 -0.1
Slaughter and May 20 1.1 191 1 - - 1.1 Herbert Smith Freehills LLP 15 1.4 246 1 - - 1.4
TOTAL 17,693 453 TOTAL 17,693 453
China Announced Deals (By Volume) 01/01/2020 - 03/31/2020 China Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Beijing Tongshang Legal Consulting 1 8.0 5,766 1 - - 8.0 Fangda Partners 1 3.6 2,561 15 1 2.0 1.6
Tahota Law Firm 2 6.7 4,805 1 - - 6.7 Jones Day 2 1.3 956 7 20 0.1 1.2
Fangda Partners 3 3.6 2,561 15 8 2.0 1.6 Grandall Law Firm 3 1.3 956 6 4 0.5 0.9
Kirkland & Ellis LLP 4 3.5 2,498 4 80 - 3.5 Latham & Watkins LLP 4 0.8 540 5 7 0.9 -0.1
Morgan Lewis & Bockius LLP 5 3.2 2,295 2 80 - 3.2 JunHe LLP 4 0.2 116 5 - - 0.2
Niederer Kraft & Frey 6 3.1 2,267 1 - - 3.1 Kirkland & Ellis LLP 6 3.5 2,498 4 41 - 3.5
Simpson Thacher & Bartlett LLP 6 3.1 2,267 1 12 1.6 1.6 Orrick Herrington & Sutcliffe LLP 6 0.4 264 4 7 0.4 0.0
King & Wood Mallesons 8 2.6 1,841 2 1 11.1 -8.5 Clifford Chance LLP 6 0.2 135 4 11 0.4 -0.2
Sullivan & Cromwell LLP 9 1.5 1,109 2 - - 1.5 Paul Hastings LLP 9 0.4 275 3 41 - 0.4
Jones Day 10 1.3 956 7 46 0.1 1.2 DLA Piper Global 9 0.4 263 3 - - 0.4
Grandall Law Firm 11 1.3 956 6 23 0.5 0.9 Morgan Lewis & Bockius LLP 11 3.2 2,295 2 41 - 3.2
Reed Smith LLP 12 1.0 730 1 63 0.0 1.0 King & Wood Mallesons 11 2.6 1,841 2 2 11.1 -8.5
Machado Meyer Sendacz e Opice Advogados 13 0.9 647 1 - - 0.9 Sullivan & Cromwell LLP 11 1.5 1,109 2 - - 1.5
Cravath Swaine & Moore LLP 13 0.9 647 1 - - 0.9 O'Melveny & Myers LLP 11 0.9 619 2 17 0.1 0.8
Mattos Filho Veiga Filho Marrey Jr e Quiroga 13 0.9 647 1 - - 0.9 Slaughter and May 11 0.6 454 2 7 2.1 -1.5
O'Melveny & Myers LLP 16 0.9 619 2 50 0.1 0.8 Freshfields Bruckhaus Deringer LLP 11 0.5 358 2 41 - 0.5
Tian Yuan Law Firm 17 0.8 550 1 5 2.8 -2.0 Chen & Lin 11 0.3 242 2 - - 0.3
Debevoise & Plimpton LLP 17 0.8 550 1 - - 0.8 Sidley Austin LLP 11 0.3 217 2 20 0.1 0.2
Latham & Watkins LLP 19 0.8 540 5 17 0.9 -0.1 Cleary Gottlieb Steen & Hamilton LLP 11 0.2 146 2 - - 0.2
Slaughter and May 20 0.6 454 2 7 2.1 -1.5 Skadden Arps Slate Meagher & Flom LLP 11 0.2 143 2 11 1.9 -1.7
TOTAL 72,154 1,194 TOTAL 72,154 1,194
FIRM
2020 2019MKT SHR
CHANGE FIRM
2020 2019MKT 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
2020 2019MKT SHR
CHANGE FIRM
2020 2019MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
19
Hong Kong Announced Deals (By Volume) 01/01/2020 - 03/31/2020 Hong Kong Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Slaughter and May 1 6.2 1,324 3 7 6.9 -0.7 Kirkland & Ellis LLP 1 3.9 844 5 - - 3.9
Bae Kim & Lee 2 5.3 1,147 1 14 2.1 3.3 Fangda Partners 2 0.9 196 4 1 2.6 -1.7
Lee & Ko 2 5.3 1,147 1 14 2.1 3.3 Slaughter and May 3 6.2 1,324 3 3 6.9 -0.7
Kirkland & Ellis LLP 4 3.9 844 5 - - 3.9 Morgan Lewis & Bockius LLP 4 2.5 528 2 - - 2.5
Morgan Lewis & Bockius LLP 5 2.5 528 2 - - 2.5 Bryan Cave Leighton Paisner LLP/US 4 0.4 76 2 - - 0.4
Freshfields Bruckhaus Deringer LLP 6 2.3 488 1 30 0.2 2.0 King & Wood Mallesons 4 0.0 7 2 20 - 0.0
Davis Polk & Wardwell LLP 6 2.3 488 1 - - 2.3 Bae Kim & Lee 7 5.3 1,147 1 20 2.1 3.3
Fangda Partners 8 0.9 196 4 12 2.6 -1.7 Lee & Ko 7 5.3 1,147 1 20 2.1 3.3
Cleary Gottlieb Steen & Hamilton LLP 9 0.7 146 1 - - 0.7 Freshfields Bruckhaus Deringer LLP 7 2.3 488 1 20 0.2 2.0
Sidley Austin LLP 10 0.7 144 1 26 0.5 0.2 Davis Polk & Wardwell LLP 7 2.3 488 1 - - 2.3
Ogier 11 0.6 125 1 - - 0.6 Cleary Gottlieb Steen & Hamilton LLP 7 0.7 146 1 - - 0.7
Han Kun Law Offices 11 0.6 125 1 43 - 0.6 Sidley Austin LLP 7 0.7 144 1 20 0.5 0.2
Ellenoff Grossman Schole & Cyruli LLP 11 0.6 125 1 - - 0.6 Ogier 7 0.6 125 1 - - 0.6
Harneys Aristodemou Loisides Yiolitis LLC 11 0.6 125 1 - - 0.6 Han Kun Law Offices 7 0.6 125 1 20 - 0.6
Grandall Law Firm 15 0.6 122 1 - - 0.6 Ellenoff Grossman Schole & Cyruli LLP 7 0.6 125 1 - - 0.6
Latham & Watkins LLP 16 0.4 81 1 1 12.4 -12.0 Harneys Aristodemou Loisides Yiolitis LLC 7 0.6 125 1 - - 0.6
Clifford Chance LLP 17 0.4 78 1 16 2.0 -1.6 Grandall Law Firm 7 0.6 122 1 - - 0.6
Bryan Cave Leighton Paisner LLP/US 18 0.4 76 2 - - 0.4 Latham & Watkins LLP 7 0.4 81 1 1 12.4 -12.0
Anderson Mori & Tomotsune 19 0.3 55 1 43 - 0.3 Clifford Chance LLP 7 0.4 78 1 6 2.0 -1.6
Mori Hamada & Matsumoto 20 0.1 31 1 - - 0.1 Anderson Mori & Tomotsune 7 0.3 55 1 20 - 0.3
TOTAL 21,542 285 TOTAL 21,542 285
Taiwan Announced Deals (By Volume) 01/01/2020 - 03/31/2020 Taiwan Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Lee & Li 1 20.5 427 5 2 12.9 7.6 Lee & Li 1 20.5 427 5 1 12.9 7.6
Jones Day 2 14.0 292 3 5 9.1 4.9 Jones Day 2 14.0 292 3 2 9.1 4.9
Lexcel Partners Attorney-at-Law 3 12.3 256 1 - - 12.3 Fenwick & West LLP 3 2.8 58 2 - - 2.8
Chen & Lin 4 11.6 242 1 7 4.8 6.8 LCS & Partners 3 0.8 16 2 6 1.9 -1.1
Latham & Watkins LLP 5 3.9 81 1 - - 3.9 Lexcel Partners Attorney-at-Law 5 12.3 256 1 - - 12.3
Fenwick & West LLP 6 2.8 58 2 - - 2.8 Chen & Lin 5 11.6 242 1 6 4.8 6.8
Mori Hamada & Matsumoto 7 1.5 31 1 3 11.8 -10.3 Latham & Watkins LLP 5 3.9 81 1 - - 3.9
O'Melveny & Myers LLP 8 1.5 31 1 - - 1.5 Mori Hamada & Matsumoto 5 1.5 31 1 3 11.8 -10.3
LCS & Partners 9 0.8 16 2 9 1.9 -1.1 O'Melveny & Myers LLP 5 1.5 31 1 - - 1.5
DLA Piper Global 10 0.7 15 1 - - 0.7 DLA Piper Global 5 0.7 15 1 - - 0.7
McDermott Will & Emery LLP Inc 11 - - 1 - - - McDermott Will & Emery LLP Inc 5 - - 1 - - -
TOTAL 2,087 57 TOTAL 2,087 57
FIRM
2020 2019MKT SHR
CHANGE FIRM
2020 2019MKT 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
2020 2019MKT SHR
CHANGE FIRM
2020 2019MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
20
South East Asia Announced Deals (By Volume) 01/01/2020 - 03/31/2020 South East Asia Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Allen & Overy LLP 1 24.2 11,763 4 24 1.9 22.3 Nishimura & Asahi 1 2.2 1,089 7 5 8.0 -5.8
Linklaters LLP 2 21.8 10,631 3 27 1.1 20.7 Rajah & Tann 2 0.5 245 6 3 2.4 -1.9
Freshfields Bruckhaus Deringer LLP 3 21.8 10,600 2 29 0.9 20.8 Latham & Watkins LLP 2 0.1 69 6 4 8.4 -8.3
Allen & Gledhill LLP 4 16.5 8,030 3 2 24.4 -8.0 WongPartnership LLP 4 16.2 7,884 5 2 25.2 -9.0
WongPartnership LLP 5 16.2 7,884 5 1 25.2 -9.0 Allen & Overy LLP 5 24.2 11,763 4 7 1.9 22.3
Morgan Lewis & Bockius LLP 6 3.3 1,600 2 46 0.2 3.1 Kirkland & Ellis LLP 5 2.2 1,080 4 11 20.8 -18.6
Bae Kim & Lee 7 2.8 1,362 2 - - 2.8 Nagashima Ohno & Tsunematsu 5 0.5 251 4 42 0.2 0.3
Greenberg Traurig LLP 8 2.6 1,246 2 - - 2.6 Weil Gotshal & Manges LLP 5 - - 4 11 20.9 -20.9
Lee & Ko 9 2.4 1,147 1 54 0.1 2.3 Linklaters LLP 9 21.8 10,631 3 24 1.1 20.7
Willkie Farr & Gallagher LLP 10 2.3 1,100 1 29 0.9 1.3 Allen & Gledhill LLP 9 16.5 8,030 3 1 24.4 -8.0
Nishimura & Asahi 11 2.2 1,089 7 13 8.0 -5.8 Trilegal 9 0.7 328 3 11 0.5 0.2
Kinstellar/Romania 12 2.2 1,080 1 - - 2.2 Jones Day 9 0.4 190 3 24 4.7 -4.3
Kirkland & Ellis LLP 12 2.2 1,080 4 4 20.8 -18.6 Mori Hamada & Matsumoto 9 0.1 31 3 11 0.0 0.0
Ropes & Gray LLP 14 1.5 740 2 - - 1.5 Freshfields Bruckhaus Deringer LLP 14 21.8 10,600 2 24 0.9 20.8
Morrison & Foerster LLP 15 1.5 706 1 63 - 1.5 Morgan Lewis & Bockius LLP 14 3.3 1,600 2 24 0.2 3.1
Hughes Hubbard & Reed LLP 15 1.5 706 1 - - 1.5 Bae Kim & Lee 14 2.8 1,362 2 - - 2.8
Clifford Chance LLP 17 0.9 453 2 35 0.7 0.3 Greenberg Traurig LLP 14 2.6 1,246 2 - - 2.6
Allens 18 0.8 390 1 63 - 0.8 Ropes & Gray LLP 14 1.5 740 2 - - 1.5
Trilegal 19 0.7 328 3 37 0.5 0.2 Clifford Chance LLP 14 0.9 453 2 24 0.7 0.3
Nagashima Ohno & Tsunematsu 20 0.5 251 4 43 0.2 0.3 Slaughter and May 14 0.5 236 2 - - 0.5
TOTAL 48,695 534 TOTAL 48,695 534
India Announced Deals (By Volume) 01/01/2020 - 03/31/2020 India Announced Deals (By Deal Count) 01/01/2020 - 03/31/2020
Cyril Amarchand Mangaldas 1 52.8 13,902 42 3 14.7 38.0 Cyril Amarchand Mangaldas 1 52.8 13,902 42 3 14.7 38.0
Shardul Amarchand Mangaldas & Co 2 13.1 3,461 7 2 28.5 -15.4 Khaitan & Co 2 4.9 1,283 19 2 14.2 -9.4
Trilegal 3 12.2 3,218 18 6 8.2 4.0 Trilegal 3 12.2 3,218 18 5 8.2 4.0
S&R Associates 4 9.2 2,435 8 8 3.7 5.5 AZB & Partners 3 4.8 1,258 18 1 38.8 -34.0
Hogan Lovells US LLP 5 5.7 1,498 2 - - 5.7 S&R Associates 5 9.2 2,435 8 7 3.7 5.5
Khaitan & Co 6 4.9 1,283 19 4 14.2 -9.4 Shardul Amarchand Mangaldas & Co 6 13.1 3,461 7 3 28.5 -15.4
AZB & Partners 7 4.8 1,258 18 1 38.8 -34.0 J Sagar Associates 7 0.2 46 5 6 4.6 -4.4
Ropes & Gray LLP 8 4.1 1,076 2 - - 4.1 Shearman & Sterling LLP 8 2.6 681 3 - - 2.6
Davis Polk & Wardwell LLP 9 3.6 950 1 - - 3.6 Veritas Legal 8 0.4 105 3 9 3.2 -2.8
Covington & Burling LLP 9 3.6 950 1 - - 3.6 Hogan Lovells US LLP 10 5.7 1,498 2 - - 5.7
Shearman & Sterling LLP 11 2.6 681 3 - - 2.6 Ropes & Gray LLP 10 4.1 1,076 2 - - 4.1
Pillsbury Winthrop Shaw Pittman LLP 12 1.2 308 1 - - 1.2 Hughes Hubbard & Reed LLP 10 1.0 252 2 19 0.4 0.5
Hughes Hubbard & Reed LLP 13 1.0 252 2 24 0.4 0.5 Houthoff Buruma 10 0.1 32 2 - - 0.1
INDUS G&D Law 14 0.4 109 1 - - 0.4 Davis Polk & Wardwell LLP 14 3.6 950 1 - - 3.6
Veritas Legal 15 0.4 105 3 10 3.2 -2.8 Covington & Burling LLP 14 3.6 950 1 - - 3.6
DLA Piper Global 16 0.3 65 1 - - 0.3 Pillsbury Winthrop Shaw Pittman LLP 14 1.2 308 1 - - 1.2
J Sagar Associates 17 0.2 46 5 7 4.6 -4.4 INDUS G&D Law 14 0.4 109 1 - - 0.4
Freshfields Bruckhaus Deringer LLP 18 0.1 32 1 18 0.8 -0.7 DLA Piper Global 14 0.3 65 1 - - 0.3
Houthoff Buruma 18 0.1 32 2 - - 0.1 Freshfields Bruckhaus Deringer LLP 14 0.1 32 1 19 0.8 -0.7
Sullivan & Cromwell LLP 18 0.1 32 1 - - 0.1 Sullivan & Cromwell LLP 14 0.1 32 1 - - 0.1
TOTAL 26,354 493 TOTAL 26,354 493
FIRM
2020 2019MKT SHR
CHANGE FIRM
2020 2019MKT 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
2020 2019MKT SHR
CHANGE FIRM
2020 2019MKT SHR
CHANGE RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%) RANK
MKT SHR
(%) VOLUME USD
(Mln)
DEAL
COUNT RANK
MKT SHR
(%)
21
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
