Quarterly Report of M&A market: Argentina – 4T 2017

Informe anual y trimestral sobre el mercado transaccional argentino 

Actividad en el mercado M&A de Argentina
aumenta un 
5% en 2017

  • En 2017 se han registrado 217 transacciones en el país 
  • En el cuarto trimestre de 2017 se han contabilizado 49 operaciones por USD 1.509m 
    • Sector Inmobiliario y Financiero y de Seguros, los más destacados del año, con 35 operaciones 

Mercado de Fusiones y Adquisiciones de Argentina

El mercado transaccional argentino cierra el cuarto trimestre de 2017 con un total de 49 operaciones, de las cuales 24 tienen un importe no confidencial que suman aproximadamente USD 1.509m, según el más reciente informe de Transactional Track Record (www.TTRecord.com). Estas cifran suponen bajas del 14,04% en el número de operaciones y del 87,06% en el importe de las mismas, respecto al mismo periodo de 2016.

Por su parte, de enero a diciembre de 2017 se han producido un total de 217 transacciones, de las cuales 97 registran un importe conjunto de USD 5.272m, lo que implica un aumento del 5,34% en el número de operaciones y un descenso del 70% en el importe de las mismas, respecto al mismo periodo del año anterior. 

De las operaciones contabilizadas a lo largo del año, 86 son de mercado bajo (importes inferiores a USD 100m), 9 de mercado medio (entre USD 100m y USD 500m) y 2 de mercado alto (superior a USD 500m).  

En términos sectoriales, el sector Inmobiliario y el Financiero y de Seguros son los que más transacciones han contabilizado en el transcurso de 2017, con un total de 35 operaciones cada uno, seguido por el de Petróleo y Gas, con 28, e Internet, con 18 operaciones. 

Ámbito Cross-Border

Por lo que respecta al mercado Cross-Border, en lo que va de año las empresas argentinas han apostado principalmente por invertir en Brasil y Chile, con 6 operaciones en cada país Por importe, destaca Uruguay, con inversiones por USD 443,04m. 

Por otro lado, Estados Unidos (18 operaciones) y Brasil (9) son también los países que más han apostado por realizar adquisiciones en Argentina. Por importe destaca China, con USD 983m. 

Private Equity y Venture Capital

En el transcurso de 2017 se han producido 6 transacciones de Private Equity, con un importe revelado de USD 190,14m, lo cual representa un descenso del 25% en el número de operaciones y un aumento del 85% en el importe de las mismas con respecto al periodo enero-diciembre de 2016.  

Por su parte, en los doce meses de 2017, Argentina ha registrado 21 operaciones de Venture Capital, con un importe revelado de USD 136,05m, lo cual representa un aumento del 11% en el número de operaciones y un descenso del 12% en el importe, respecto al mismo periodo del año anterior.  

Transacción destacada

Para el cuarto trimestre de 2017, Transactional Track Record ha seleccionado como operación destacada la adquisición de Palr, Armetal Autopartes and FANACIF por parte de Fras-le.  

La operación, valorada en USD 28,12m, ha estado asesorada en la parte legal por Hughes & Hughes Abogados; Allende & Brea Abogados; TozziniFreire Advogados y Randon. 

Ranking de asesores financieros y jurídicos

El informe cuatrimestral de Transactional Track Record publica los rankings de asesoramiento financiero y jurídico del mercado M&A colombiano durante el cuarto trimestre de 2017, donde se informa de la actividad de las firmas destacadas por número de transacciones y por importe de las mismas. 

 

 

 

 

 

 

Financial Services deals up by 50% in Peru

TTR-Deal-Tracker

TTR Deal Tracker
www.TTRecord.com

LATIN AMERICA


TTR Deal Tracker is a monthly email update identifying M&A trends in Latin America and compiling YTD rankings of leading financial and legal advisors

BRAZIL: Construction deals double

Deal volume among Brazilian construction companies grew 112% in the first 11 months of 2016 over the same period last year, according to TTR data (www.TTRecord.com).

Joint ventures and asset sales have also increased in the sector, while the number of foreign-led transactions jumped from five to eight between the two 11-month periods. The BRL 328m (USD 92m) 50% stake acquisition of Cimentos Apodi by Greece-based TITAN Cement Group is the largest inbound transaction in the sector YTD.

PERU: Financial Services deals up by 50%

Financial services transaction volume rose 50% in Peru between January and November 2016 over the same 11-month period in 2015, according to TTR data (www.TTRecord.com).

Eight transactions YTD have been inbound cross-border deals, compared to five in the 11 months ending 30 November 2015. The most recent deal in the sector was ACP’s sale of a 9.99% stake in Paraguay-based Fielco – Financiera El Comercio to New York-based investment fund WWB Capital Partners.

Rankings / League Tables

Latin America Ranking – 2016*

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA maintains a healthy lead in TTR’s Latin America financial advisory ranking by volume and value with 46 transactions to the close of November together worth USD 32bn. Brazil’s top investment bank also led the chart a year ago with 42 mandates on deals worth a combined USD 17.8bn by the end of November. Banco BTG Pactual follows in second, as it did a year ago, its deal count down by two to 31, its aggregate deal value up 6% to USD 14.7bn. Banco Bradesco BBI is in third, as it was a year ago, but has increased deal volume by 76% and aggregate deal value by 150% from its 17 transactions worth USD 10.8bn to the close of November 2015. Banco Santander is up three positions in the chart in fourth, its deal volume rising from nine a year ago to 19 YTD, the aggregate value of its deals up 31% from USD 7.7bn to USD 10.1bn. BAML, in fifth, was not among the top 10 financial advisors in the region at the close of November 2015, nor was Citigroup, in sixth, BNP Paribas, in seventh, JPMorgan in eighth, or Morgan Stanley, in ninth. Vinci Partners landed the same number of deals and grew aggregate value 164% to USD 487m, but fell two places in the ranking to bring up the rear.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking at the close of November, its 29 deal mandates nearly matching its 30 of a year ago, while the aggregate value of its deals is up 53% to date this year over the same period last. Jones Day follows in second, as it did a year ago, notwithstanding a decline in deal count from 20 to 14 and a 76% fall in the aggregate value of its deals to USD 654m. Clifford Chance is up four positions in the chart at third, its deal count increasing from six to 13, its combined deal value up 8% from USD 8.4bn to USD 9bn. White & Case gained two deals on its 10 of year ago and increased aggregate deal value by 127% but was bumped from third to fourth, nonetheless. Linklaters, in fifth, was not among the top 10 legal advisors in Latin America a year ago, nor was Cleary Gottlieb Steen & Hamilton, in sixth. Skadden, Arps, Slate, Meagher & Flom fell three places from fourth to seventh, despite maintaining the same deal count of nine and increasing the aggregate value of its deals 374% from USD 1.2bn to USD 3.8bn. Hogan Lovells, in eighth with seven mandates YTD, is tied by deal volume with Shearman & Sterling in ninth, and Norton Rose Fulbright, in tenth. Of the three, only Shearman & Sterling appeared among the top 10 a year ago, when it ranked fifth, with seven deals also, then worth USD 1.1bn combined, compared to USD 1.8bn in aggregate value a year later.

Brazil Ranking* – 2016
Financial Advisory – Year to Date (YTD)

Banco Itaú BBA dominates by deal volume in TTR’s Brazil financial advisory ranking at the close of November with 37 transactions worth a combined 24.6bn. Brazil’s leading investment bank had the same number of deals under its belt by this time last year, together worth USD 17.3bn then. Banco Bradesco BBI follows in second with 30 transactions, nearly double its 16 of a year ago when it ranked third by the end of November. Its deals are worth USD 27bn combined, representing a 150% increase from USD 10.8bn, putting Bradesco in the lead by aggregate value. Banco BTG Pactual was bumped from second to third, its deal count down by a single transaction, the combined value of those deals down 28% from USD 12.4bn to USD 8.9bn. BAML, in fourth, was not among the top 10 financial advisors in Brazil for the same 11-month period of 2015. Vinci Partners occupies the same fifth-place position it held at the close of November 2015, its deal count also on par at nine; its aggregate value is up 164% from USD 184m to USD 487m. Cypress Associates, in sixth with eight deals YTD, and Banco Santander, in seventh with six, were both absent from the chart a year ago. BR Partners, in eighth, has also advised on six deals YTD, in its case together worth USD 1.5bn compared to eight worth USD 347m at end-November last year when it ranked seventh. Rothschild occupies the same ninth place it held a year ago, its deal count down from six to five, the combined value of its deals up 3% from USD 8.2bn to nearly USD 8.5bn. JPMorgan holds the rear, also with five mandates in Brazil YTD, in its case worth a combined USD 6.5bn. The New York bank was not among the top 10 financial advisors in Brazil in the 11 months that ended 30 November 2015.


Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados has a healthy lead in TTR’s Brazil legal advisory ranking at the close of November, by volume and value, with 63 deal mandates on transactions worth a combined USD 25.2bn in the first 11 months of the year. The top M&A firm in Brazil climbed from second place in the corresponding period last year, when it’d advised on 48 deals together worth USD 10.9bn. Machado, Meyer, Sendacz e Opice Advogados climbed two positions from fourth, its deal count up from 41 to 50, its aggregate value down 73% from USD 13.3bn to USD 3.6bn. Pinheiro Neto Advogados led the chart at the close of November 2015 when it’d advised on 57 deals in the first 11 months of the year; the firm ranks third for the corresponding period this year, its deal volume down 14% to 49, the aggregate value of its deals up 68%, meanwhile, from USD 10.9bn to USD 18.3bn. Souza, Cescon, Barrieu & Flesch Advogados was bumped one position to fourth, despite adding five deals to its count of 44 a year ago to tie by volume with Pinheiro Neto. The firm is behind in the chart for its lesser aggregate deal value of USD 4.6bn. TozziniFreire Advogados ranks fifth with 41 deals worth a combined USD 8.6bn, up from ninth a year ago when it’d advised on 25 together worth USD 798m. Barbosa, Müssnich, Aragão fell one position to sixth, its volume down from 37 to 28, its aggregate value down 29% from USD 9.5bn to USD 6.7bn. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados, in seventh, was not among the top 10 legal advisors in Brazil by the close of November 2015. Veirano Advogados fell two positions from sixth a year ago to eighth, its deal count down from 36 to 26, the combined value of its deals growing 731% from USD 1.3bn to just shy of USD 11bn. Demarest Advogados fell from seventh to ninth in the ranking, its deal flow down 19% from 31 to 25, the combined value of its deals up 1,391% from USD 316m to USD 4.7bn. Lefosse Advogados, in tenth with 23 mandates YTD, was not among Brazil’s top 10 M&A firms at the close of November last year.

Mexico Ranking* – 2016

Financial Advisory – Year to Date (YTD)

BBVA continues to lead TTR’s Mexico financial advisory ranking with six mandates YTD together worth USD 3.3bn combined, versus four worth USD 869m a year ago when it also led the chart. Citigroup is up from last place at the close of November 2015 to second for the first 11 months this year, its deal count increasing fourfold from one. PC Capital, in third, is up one position while maintaining the same number of deals as in the 11 months ending a year ago. Deutsche Bank, in fourth with two deals, was not among the top 10 advisors in Mexico at the close of November 2015; the bank is now tied by volume with JPMorgan, in fifth, Morgan Stanley, in sixth, Lazard, in seventh and Credit Suisse Group, in eighth; the lot were also absent from the top 10 a year ago. Alfaro, Dávila y Ríos fell four positions to ninth and RIóN M&A is down eight positions in tenth. Both have also advised on two transactions YTD, the same tally of each in the first 11 months of 2015.

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking for the first 11 months of 2016, as it did for the corresponding period last year, despite losing two deals on its count and a 74% decline in aggregate transaction value from USD 13bn to USD 3.4bn. Galicia Abogados, in second, is up by one deal and up one place in the chart, the value of its 13 deals up 61% to USD 4.5bn on the USD 2.8bn its 12 represented at the close of November last year. Mijares, Angoitia, Cortés y Fuentes fell one place to third, its deal count down from 15 to eight, its aggregate value contracting 23% from 2.4bn to USD 1.8bn. Jones Day ranks fourth, as it did a year ago, its deal count also on par at eight, while its combined deal value is down 73% from USD 2.2bn to USD 584m. White & Case, in fifth, also holds to the same ranking of a year ago, its deal count down by one to seven, its aggregate value down 21% from USD 1.2bn to USD 973m. Ritch, Mueller, Heather y Nicolau, in sixth with six mandates YTD on deals together worth USD 1.8bn, was not among the top 10 a year ago, nor was Santamarina y Steta Abogados, in seventh with five worth USD 1.9bn combined. Von Wobeser y Sierra had the same five deals under its belt at the close of November 2015, jumping from tenth to eighth, nonetheless. The value of Von Wobeser’s deals is up 229% from USD 358m to nearly USD 1.2bn. González Calvillo Abogados ranks nine with four deals YTD; it did not place among the leading 10 at the close of November a year ago. Baker & McKenzie is down four places in the chart in tenth, also with four mandates between January and the close of November. The firm had advised on twice as many deals by the end of November a year ago, but its aggregate deal value is up 86%, notwithstanding, from USD 366m to USD 680m.


* TTR Rankings are generated with transactions announced or closed in 2016 year-to-date. The ranking includes sales and acquisitions of shares and of assets, creation of joint ventures, and Private Equity/Venture Capital investments. The legal advisor rankings for Brazil and Mexico take into consideration advisory services regarding domestic laws. All rankings only include deals where a company of the respective country was the target of the transaction. In the case of LATAM, it would be a Latin American country. The LATAM ranking does not specify the origin of the advisory law, so the filter only considers firms from the UK/US.

In case of a draw, the adopted criteria will be the following: if the draw is due to number of transactions, the total deal value prevails; if it is due to deal value, the number of transactions prevail. When a draw of both number of transactions and deal value occurs, the same position will be retained and the deals will be arranged alphabetically.

Brazilian textiles and apparel in vogue

TTR-Deal-Tracker

TTR Deal Tracker
www.TTRecord.com

LATIN AMERICA


TTR Deal Tracker is a monthly email update identifying M&A trends in Latin America and compiling YTD rankings of leading financial and legal advisors

BRAZIL: Fashion and textile industry consolidation accelerates

The number of transactions in Brazil’s fashion and textiles industry grew by 167% to the close of August 2016 compared to the same period in 2015, according to TTR data (www.TTRecord.com).
The uptick in deal flow in the space was led predominantly by Brazilian firms, with just two cross-border deals in the sector YTD compared to one for the same eight months last year.

COLOMBIA: Real estate dealmaking picks up steam

Transaction volume in Colombia’s real estate segment jumped 75% in the first eight months of 2016 over the same period last year, according to TTR data (www.TTRecord.com).
Foreign buyers have demonstrated increased appetite for real estate assets, leading three transactions YTD compared to just one for the same eight months in 2015.

Rankings / League Tables

Latin America Ranking – 2016*

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA maintains a comfortable lead in TTR’s Latin America financial advisory ranking by deal volume and aggregate value at the close of August, with 27 advisory mandates under its belt worth a combined USD 15.6bn, the same number of transactions it advised on in the first eight months of 2015 when it also led the top 10. Its aggregate deal value is up 8% from USD 14.5bn a year ago, meanwhile. Banco Bradesco BBI climbed from sixth place a year ago to take second, its deal volume growing 250% from six to 21, the aggregate value of those transactions up 37% from USD 9.1bn to USD 12.5bn. BTG Pactual fell from second at the close of August 2015 to third a year later, its deal volume down 25% from 16 to 12, the aggregate value of its deals down 39% from USD 9.5bn to USD 5.8bn. Citigroup, in fourth with 11 deals under its belt YTD, was not among the top 10 financial advisors in the region a year ago. Banco Santander slipped from third place at the close of August 2015 to fifth, despite increasing deal volume by 38% from eight to 11 transactions and growing aggregate deal value 43% from USD 5.3bn to USD 7.5bn. BAML climbed from ninth a year ago to sixth, increasing deal count from four to 10, the combined value of its deals jumping from USD 777m to USD 12.2bn. BNP Paribas, in seventh, was not among the top 10 a year ago, nor was Morgan Stanley, in eighth. BBVA fell from fifth a year ago to ninth, despite maintaining the same deal volume and virtually the same aggregate value between the two eight-month periods. Vinci Partners brings up the rear in tenth, also with seven mandates YTD, after not appearing on the chart a year ago.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking at the close of August with 17 mandates worth a combined USD 2.5bn, representing a 23% decline in deal volume and an 81% increase in aggregate value relative to its 22 transactions together worth USD 1.4bn at the close of August 2015, when it also led the chart. Jones Day follows in second, as it did a year ago, its deal volume down from 17, its aggregate deal value down 89% from USD 2.5bn. Cleary Gottlieb Steen & Hamilton ranks third with 10 deals, followed by Linklaters in fourth with nine, neither having appeared among the top 10 for the first eight months of 2015. Clifford Chance, in fifth, and White & Case, in sixth, have also advised on nine transactions in the region YTD, the former falling from fourth in the chart a year ago when it’d advised on five deals worth USD 8.3bn, the latter down from fifth at the close of August 2015, when it’d also advised on five transactions, in its case worth USD 983m. Hogan Lovells, in seventh with six deals YTD, was absent from the chart a year ago and is tied by volume with Shearman & Sterling, which fell one position from seventh, despite having added one deal to its count of a year ago and increasing the aggregate value of its transactions by 65% from USD 724m. Chadbourne & Parke, in ninth with four deals YTD, was not among the top 10 a year ago. Skadden, Arps, Slate, Meagher & Flom brings up the rear with three deals together worth USD 2.7bn, down from five a year ago together worth USD 866m.

Brazil Ranking* – 2016
Financial Advisory – Year to Date (YTD)


Banco Itaú BBA leads TTR’s Brazil financial advisory ranking at the close of August with 22 deal mandates YTD worth a combined USD 11.6bn, down by a single transaction from its 23 deals worth USD 14bn a year ago when it also led the chart. Banco Bradesco BBI rose from third to second place, up 250% by volume and 37% by aggregate value from its six transactions worth USD 9.1bn at the close of August 2015. Banco BTG Pactual fell from second to third despite having added one transaction to its count of a year ago. The aggregate value of BTG Pactual’s deals is down 45% from USD 8.4bn, meanwhile. BAML, in fourth, was not among the top 10 banks advising on M&A in Brazil in the first eight months of 2015, nor was Vinci Partners, in fifth, Banco Santander, in sixth, or Rothschild in seventh place. BR Partners ranks eighth, falling one position from seventh a year ago, despite having added one transaction to its deal count and increasing the combined value of its deals by 625% from USD 176m. Morgan Stanley, in ninth, and BNP Paribas, in tenth, were both absent from the top 10 ranking at the close of August 2015.

Legal Advisory – Year to Date (YTD)


Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados leads TTR’s Brazil legal advisory ranking for the first eight months of 2016 with 34 transactions worth a combined USD 14.7bn, representing a 48% increase in deal volume and a 65% spike in the combined value of its deals compared to a year ago, when it ranked fourth with 23 deals together worth USD 8.9bn. Machado, Meyer, Sendacz e Opice Advogados holds firm to its second place ranking of a year ago, its deal count up from 25 to 32, the combined value of its deals down 86% from USD 12.5bn to USD 1.8bn. Pinheiro Neto Advogados fell from first a year ago to third in the chart while maintaining the same deal volume. The firm’s deals are together worth 3% less than a year ago when the combined value of its transactions totaled USD 9.5bn. TozziniFreire Advogados climbed from eighth a year ago to take fourth place, its deal volume up 94% from 16 to 31, the aggregate value of its deals up 122% from USD 798m to USD 1.8bn. Souza, Cescon, Barrieu & Flesch Advogados holds onto the same fifth place ranking it held a year ago, notwithstanding a 26% increase in deal volume from 23 to 29 and a 16% decline in its aggregate deal value from USD 4bn to USD 3.4bn. Barbosa, Müssnich, Aragão fell three places in the chart to take sixth, its deal volume down from 23 to 18, its aggregate value down 38% from USD 9.1bn to USD 5.7bn. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ranks seventh after not appearing among Brazil’s top 10 M&A firms a year ago. Veirano Advogados fell two positions in the ranking to take eighth as it lost two transactions relative to its deal count a year ago and increased aggregate deal value 1,300% from USD 408m to USD 5.7bn. Demarest Advogados held onto its ninth place ranking of a year ago while adding one deal to its count and increasing the combined value of its deals nearly 3,000% from USD 79m to USD 2.4bn. Lefosse Advogados brings up the rear in tenth place after not placing on the top 10 chart at the close of August 2015.

Mexico Ranking* – 2016

Financial Advisory – Year to Date (YTD)

BBVA leads TTR’s Mexico financial advisory ranking at the close of August, advising on five transactions YTD, the same deal volume of a year ago when it also led the chart, the aggregate value of its deals virtually unchanged between the two eight-month periods. Citigroup jumped five places to take second, adding three transactions to its count of a year ago and upping aggregate deal value 269% from its sole transaction worth USD 1.2bn to four worth USD 4.5bn combined. Deutsche Bank ranks third after not placing among the top 10 to the close of August 2015. JPMorgan, in fourth, was also absent from the top 10 chart a year ago, as was Morgan Stanley, in fifth, and Lazard, in sixth. RIóN M&A ranks seventh with two transactions YTD of undisclosed value, down from three a year ago. Goldman Sachs, in eighth, PC Capital, in ninth, and UBS, in tenth, were all absent from the top 10 at the close of August 2015.

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking for the first eight months of 2016 with 18 mandates together worth USD 3.3bn, the same deal volume it had for the corresponding period in 2015 when it also led the chart. The aggregate value of its deals fell 66% from USD 9.5bn a year ago, meanwhile. Galicia Abogados held on to its deal count of 10 of a year ago, climbing one place in the chart to take second, its aggregate deal value up 24% from USD 2.8bn to USD 3.4bn. Ritch, Mueller, Heather y Nicolau ranks third with five deals YTD after not placing among the top 10 legal advisors in Mexico in the first eight months of 2015. White & Case México added one transaction to its count of a year ago, climbing six places to take fourth, notwithstanding a 28% decline in aggregate value from USD 983m to USD 704m. Mijares, Angoitia, Cortés y Fuentes, also with five M&A mandates YTD, fell three places in the chart to take fifth, the combined value of its deals down 80% from USD 3.5bn at the close of August 2015. Jones Day México lost two deals relative to its count of a year ago and fell two places in the chart to take sixth, its aggregate deal value down 90% from USD 2.2bn. Santamarina y Steta Abogados, in seventh, and Von Wobeser y Sierra, in eighth, were both absent from the top 10 a year ago. Basham Ringe y Correa fell two places in the chart to take ninth, its deal count down by two, its aggregate deal value down 93% from USD 1.4bn at the close of August 2015. Robles Miaja Abogados brings up the rear in tenth with its two transactions after not placing among the top 10 M&A firms advising in Mexico in the first eight months of 2015.


* TTR Rankings are generated with transactions announced or closed in 2016 year-to-date. The ranking includes sales and acquisitions of shares and of assets, creation of joint ventures, and Private Equity/Venture Capital investments. The legal advisor rankings for Brazil and Mexico take into consideration advisory services regarding domestic laws. All rankings only include deals where a company of the respective country was the target of the transaction. In the case of LATAM, it would be a Latin American country. The LATAM ranking does not specify the origin of the advisory law, so the filter only considers firms from the UK/US.

In case of a draw, the adopted criteria will be the following: if the draw is due to number of transactions, the total deal value prevails; if it is due to deal value, the number of transactions prevail. When a draw of both number of transactions and deal value occurs, the same position will be retained and the deals will be arranged alphabetically.

Chile’s distribution and retail space heats up

TTR-Deal-Tracker

TTR Deal Tracker
www.TTRecord.com

LATIN AMERICA


TTR Deal Tracker is a monthly email update identifying M&A trends in Latin America and compiling YTD rankings of leading financial and legal advisors

BRAZIL: Oil & Gas sector dynamic

Transactions in Brazil’s oil & gas sector increased by 113% in the first seven months of 2016 compared to the same period in 2015, according to TTR data (www.TTRecord.com).
Asset sales also rose in the energy sector with five such transactions YTD compared to two in the January-July period of 2015.

CHILE: Deal volume grows in distribution and retail

Dealmaking in Chile’s distribution and retail space is up 150% YTD in 2016 compared to the same seven months in 2015, according to TTR data (www.TTRecord.com).
The appetite from international investors in the sector is also up, with five transactions led by foreign buyers YTD compared to three in the first seven months of 2015.

Rankings / League Tables

Latin America Ranking – 2016*

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA leads TTR’s Latin America financial advisory ranking at the close of July by volume and aggregate value, with 24 deal mandates in the first seven months of 2016 worth a combined USD 15.3bn. The top M&A bank in Brazil also led the chart in the first seven months of 2015, when it had advised on 28 transactions worth a combined USD 14.6bn, representing a 14% dip in volume and a 5% increase in aggregate value between the two periods. Banco Bradesco BBI climbed from sixth place in the chart a year ago to take second, its deal volume up 133% from six to 14 transactions, the combined value of those deals up 18% from USD 9.1bn to USD 10.8bn. Banco BTG Pactual fell from second at the close of July 2015 to take third, its deal volume down 25% from 16 to 12, the aggregate value of those transactions down 39% from USD 9.5bn to USD 5.8bn. BAML climbed from ninth place at the close of July 2015 to take fourth, its deal volume up 125% from four to nine transactions, its aggregate value up 1,152% from USD 777m to USD 9.7bn. Citigroup, in fifth, didn’t place among the top 10 in the first seven months of 2015. Banco Santander fell from third a year ago to take sixth, despite adding one deal to its tally of eight at the close of July 2015 and increasing its aggregate deal value by 15% from USD 5.3bn to USD 6bn. Morgan Stanley, in seventh, was not among the top 10 a year ago. BBVA fell from fifth to eighth in the chart, its deal count holding steady at seven, the combined value of those transactions down 3% to USD 2bn. BNP Paribas, in ninth with six mandates YTD, was also absent from the top 10 a year ago, as was Vinci Partners, bringing up the rear with an equal number of deals.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking for the first seven months of 2016, as it did for the corresponding period a year earlier, despite a 36% decline in the firm’s deal volume and a 25% decline in aggregate value compared to its performance to the close of July 2015 when it led with 22 transactions worth a combined USD 1.4bn. Jones Day follows in second with 11 transactions worth a combined USD 279m, a 35% decline in volume and an 89% decline in aggregate value relative to its performance in the seven months ending a year ago, when it also placed second. Linklaters, in third, was not among the top 10 international law firms advising on deals in Latin America in the first seven months of 2015. Clifford Chance holds firm to its fourth-place position of a year ago, its eight mandates YTD worth USD 7.4bn combined, compared to five worth USD 8.3bn in the same seven-month period last year. Cleary Gottlieb Steen & Hamilton, in fifth, did not place among the top 10 to the close of July 2015. White & Case fell one place to sixth, despite adding two transactions to its tally of five compared to the January-July period in 2015. Hogan Lovells, in seventh, was absent from the chart a year ago, this year bumping Shearman & Sterling down a spot to eighth, down also in volume by one deal. Chadbourne & Parke, in ninth, is tied with Shearman & Sterling by volume with four deals under its belt, after not appearing on the chart at the close of July 2015. Skadden, Arps, Slate, Meagher & Flom lost two deals compared to its tally of a year ago to bring up the rear, its aggregate value up 207% from USD 866m to USD 2.7bn.

Brazil Ranking* – 2016
Financial Advisory – Year to Date (YTD)


Banco Itaú BBA leads TTR’s Brazil financial advisory ranking for the first seven months of 2016 with 19 transactions worth a combined USD 11.3bn, representing a 21% decline in deal volume and a 20% decline in aggregate deal value relative to the corresponding period in 2015 when it also led the pack. Banco Bradesco BBI rose from third to take second in the chart, bumping Banco BTG Pactual to third place. Bradesco advised on 14 transactions worth a combined USD 10.8bn, increasing its deal volume by 133% from six at the close of July 2015 to 14 as the combined value of its transactions grew 18% from USD 9.1bn to USD 10.8bn. BTG Pactual added one deal to its tally of a year ago while its aggregate deal value fell 45% from USD 8.4bn. BAML, in fourth, was not among the top 10 investment banks advising in Brazil to the close of July 2015, nor was Banco Santander, in fifth, Vinci Partners in sixth, nor Rothschild, in seventh. BR Partners fell from seventh to eighth, despite adding one deal to its tally of a year ago to close July 2016 with five transactions worth a combined USD 1.3bn, representing a 625% increase in aggregate deal value from USD 176m. Morgan Stanley, in ninth, and Magma, in tenth, were both absent from the top 10 ranking at the close of July 2015.

Legal Advisory – Year to Date (YTD)


TozziniFreire Advogados leads TTR’s Brazil legal advisory ranking for the first seven months of 2016 with 31 transactions worth a combined USD 1.8bn, a 94% increase in deal volume and a 121% increase in aggregate value compared to its 16 transactions worth a combined USD 798m of a year ago when it ranked eighth in the chart. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados ranks second, its 30 transactions worth a combined USD 12bn leading the chart by aggregate value and representing a 30% increase in volume and a 34% increase in combined deal value compared to its 23 transactions together worth USD 8.9bn to the close of July 2015, when the firm raked fourth. Pinheiro Neto Advogados fell from first a year ago to take third place, with 29 transactions together worth USD 8.7bn compared to 31 worth USD 9.5bn at the close of July 2015. Souza, Cescon, Barrieu & Flesch Advogados is up one place to take fourth, with 29 deals together worth USD 3.4bn compared to 23 worth USD 4bn a year ago, a 26% increase in volume and a 16% decline in aggregate value. Machado, Meyer, Sendacz e Opice Advogados fell three positions to take fifth, despite increasing deal volume by 16% from 25 to 29. Its aggregate deal value is down 92% meanwhile, from USD 12.5bn to USD 1bn. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados, in sixth, was not among the top 10 M&A firms in Brazil at the close of July 2015. Veirano Advogados fell one position from sixth a year ago to take seventh in the chart, its deal count down by two transactions, its aggregate deal value up nearly 1300% from USD 408m. Barbosa, Müssnich, Aragão fell from third at the close of July 2015 to eighth, its volume down 26% from 23, its aggregate deal value off 38% from USD 9.1bn. Lefosse Advogados, in ninth, was not among the top 10 firms in Brazil in the first seven months of 2015. Demarest Advogados brings up the rear with 16 transactions together worth USD 2.4bn, the same volume as a year ago when it ranked ninth, its aggregate value up nearly 3,000% from USD 79m.

Mexico Ranking* – 2016

Financial Advisory – Year to Date (YTD)

BBVA leads TTR’s Mexico financial advisory ranking at the close of July 2016 with five transactions worth a combined USD 2bn, the same deal volume the Spanish bank had registered a year ago when it also led the chart. BBVA’s aggregate deal value is virtually on par as well, its USD 2bn in combined value representing little more than a 1% increase over a year ago. Citigroup rose from seventh to take second place in the chart as it added two transactions to its tally of a year ago and increased the combined value of its deals by 184% from USD 1.2bn to USD 3.5bn. Deutsche Bank, in third, was not among the top 10 banks advising on M&A in Mexico a year ago, nor was JPMorgan, in fourth, nor Morgan Stanley, in fifth. Lazard too was absent from the top 10 a year ago and now ranks sixth. RióN M&A lost one transaction compared to its tally at the close of July 2015, falling from third to seventh in the chart. Goldman Sachs, in eighth, PC Capital, in ninth, and UBS, bringing up the rear in tenth, were also absent from the top 10 a year ago.

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking at the close of July 2016 with 18 advisory mandates YTD, the same volume it registered in the first seven months of 2015 when it also led the chart. The leading firm’s aggregate deal value is down 66% from USD 9.5bn. Galicia Abogados held firm to its deal count of 10 a year ago, climbing one position in the chart to take second and increasing aggregate deal value 24% from USD 2.8bn to USD 3.4bn. Jones Day México climbed one position in the chart to take third, notwithstanding losing two transactions relative to its tally of a year ago and its aggregate value falling 90% from USD 2.2bn to USD 209m. Santamarina y Steta Abogados, in fourth, was not among the top 10 M&A firms advising in Mexico for the seven months ending at the close of July 2015, nor was Ritch Mueller, in fifth. Mijares, Angoitia, Cortés y Fuentes fell from second place a year ago to take sixth in the chart, its deal volume down 73% from 15, its aggregate deal value down 81% from USD 3.5bn to USD 661m. Von Wobeser y Sierra ranks seventh after not placing among the top 10 in the first seven months of 2015. White & Case México is up two positions in the chart, despite its deal volume declining by one transaction and its aggregate deal value falling 90% from USD 983m a year ago. Basham Ringe y Correa, in ninth, lost two transactions relative to its tally at the close of July 2015 when it ranked seventh, its aggregate deal value falling 93% from USD 1.4bn. Robles Miaja Abogados brings up the rear after not placing on the chart at the close of July 2015.


* TTR Rankings are generated with transactions announced or closed in 2016 year-to-date. The ranking includes sales and acquisitions of shares and of assets, creation of joint ventures, and Private Equity/Venture Capital investments. The legal advisor rankings for Brazil and Mexico take into consideration advisory services regarding domestic laws. All rankings only include deals where a company of the respective country was the target of the transaction. In the case of LATAM, it would be a Latin American country. The LATAM ranking does not specify the origin of the advisory law, so the filter only considers firms from the UK/US.

In case of a draw, the adopted criteria will be the following: if the draw is due to number of transactions, the total deal value prevails; if it is due to deal value, the number of transactions prevail. When a draw of both number of transactions and deal value occurs, the same position will be retained and the deals will be arranged alphabetically.

Pharma deals surge by 117% in Brazil

TTR-Deal-Tracker

TTR Deal Tracker
www.TTRecord.com

LATIN AMERICA

TTR Deal Tracker is a monthly email update identifying M&A trends in Latin America and compiling YTD rankings of leading financial and legal advisors

BRAZIL: Pharma deals more than double

The number of transactions in Brazil’s pharmaceutical industry grew by 117% in 1Q16 over the same quarter last year, according to TTR data (www.TTRecord.com).

Foreign investment in the space also grew in real terms with eight of 13 total acquisitions in Brazilian pharma companies in the first three months of 2016 led by overseas buyers compared to five of six in the corresponding period last year.

COLOMBIA: Inbound dealmaking on the rise

Acquisitions of Colombian companies by foreign bidders grew by 29% in 1Q16 compared to 1Q15, according to TTR data (www.TTRecord.com).

There were 17 inbound acquisitions between January and March 2015 compared to 22 in the corresponding period this year. Technology was the most sought after asset class for foreign buyers in 1Q16, meanwhile.

Rankings / League Tables

Latin America Ranking – 2016

Financial Advisory – Year to Date (YTD)

Banco Itaú leads TTR’s Latin America financial advisory ranking for the first three months of 2016 with nine transactions under its belt worth a combined USD 3.7bn, representing a 31% decline in volume and a 17% decline in aggregate deal value compared to its 13 deals together worth USD 4.4bn to the close of March 2015 when it also led the chart. Banco BTG Pactual ranks second, as it did a year ago, with six advisory mandates YTD together worth USD 1.3bn, compared to seven worth USD 7.6bn at the close of 1Q15, representing a 14% drop in volume and an 83% decline in aggregate value. Ártica Investimentos ranks third by volume with four transactions for the first three months of 2016 of undisclosed consideration. The firm did not rank among the top 10 by the close of 1Q15. BBVA ranks fourth with three deals together worth USD 1.9bn, tied with Banco Bradesco BBI by volume, which ranks fifth, its three deals worth USD 489m in aggregate. BBVA was not among the top 10 in 1Q15, while Bradesco fell from third for the corresponding period in 2015 when it advised on five deals worth USD 9.1bn, representing a 40% decline in volume and a 95% drop in combined deal value. Credit Suisse Group, Morgan Stanley, BAML, BR Partners and Vinci Partners have each advised on two transactions YTD and accordingly rank by relative aggregate value in the chart. Of the five, only Vinci Partners was among the top 10 a year ago when it advised on three deals together worth USD 22m to rank ninth.

Baker & McKenzie leads TTR’s Latin America legal advisory ranking for the first three months of 2016 with six mandates YTD together worth USD 112m. It also led the chart a year ago when it’d advised on eight deals worth USD 511m combined, representing a 25% dip in volume and a 78% decline in aggregate value. Cleary Gottlieb Steen & Hamilton ranks second with five mandates YTD worth USD 810m combined. The US firm was not among the top 10 legal advisors in Latin America at the close of 1Q15. Jones Day fell one position in the ranking relative to its performance in the first three months of 2015 when it advised on six transactions to take second place. Its five deals YTD are worth USD 70m combined, representing a 68% decline in aggregate value from USD 219m. Clifford Chance added one deal to its performance of 1Q15 to climb from ninth to fourth in the chart with three mandates YTD worth a combined USD 575m. Davis & Gilbert, in fifth, also advised on three deals in 1Q16, in its case worth a combined USD 247m. The firm was not among the top 10 a year ago. Hogan Lovells, in sixth, Skadden, Arps, Slate, Meagher & Flom, in seventh, and Chadbourne & Parke, in eighth, have two deal mandates each in 1Q16. None of the three placed in the top 10 for the corresponding three-month period of 2015. Simpson Thacher & Bartlett, in ninth, and Wachtell, Lipton, Rosen & Katz, in tenth, were also absent from the top 10 at the close of 1Q15.

Financial Advisory – Year to Date (YTD)


Banco Itaú BBA leads TTR’s Brazil financial advisory ranking for the first three months of 2016 with seven advisory mandates together worth USD 1.3bn. Brazil’s top investment bank also led the chart a year ago when it’d advised on 11 deals together worth USD 4.2bn, representing a 36% decline by volume and a 70% drop in aggregate value. Banco BTG Pactual added one deal to its tally of a year ago to climb from third to second. Its six mandates YTD on deals worth a combined USD 1.3bn compare to five together worth USD 7.6bn a year ago. Banco Bradesco BBI fell from second to third in the ranking with three deals YTD worth USD 489m compared to five worth USD 9.1bn a year ago. Ártica Investimentos, in fourth, also advised on three transactions YTD, in its case of undisclosed consideration. Ártica was not among the top 10 financial advisors in Brazil at the close of 1Q15, nor was BR Partners, which ranks fifth with two mandates YTD on deals worth USD 951m combined. Vinci Partners, in sixth, also advised on two transactions in 1Q16, climbing from seventh place a year ago despite losing one madate relative to its three deals in the first three months of 2015. The combined value of Vinci’s deals jumped 1,187% from USD 22m in 1Q15 to USD 277m in 1Q16, meanwhile. Moelis & Company, in seventh, also advised on two transactions in Brazil in 1Q16, in its case worth a combined USD 247m. The US investment bank was not among the top 10 at the close of 1Q15. BAML, Banco de Portugal and Barclays Bank, in eighth, ninth and tenth, respectively, advised on one transaction each in Brazil for the first three months of 2016, none of the three having placed among the top 10 for the corresponding period in 2015.

Legal Advisory – Year to Date (YTD)


Souza Cescon Advogados leads TTR’s Brazil legal advisory ranking for the first three months of 2016 with 15 mandates worth a combined USD 2bn. Brazil’s top M&A firm YTD is up 36% by deal volume from third a year ago when it’d advised on 11 transactions worth a combined USD 3.6bn. TozziniFreire ranks second with 12 mandates YTD on deals worth a combined USD 322m, representing a 50% increase in volume and a 44% decline in aggregate value relative to its eight mandates on deals together worth USD 570m a year ago. Pinheiro Neto Advogados rose from seventh in 1Q15 to take third in 1Q16, increasing deal volume by two deals and aggregate transaction value by 461% from USD 271m to USD 1.5bn. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados slid two positions in the ranking to place fourth relative to 1Q15, its deal volume down by two transactions, its aggregate value down by 92% from USD 7.8bn. Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Refinetti Sociedade de Advogados ranks fifth, also with 10 mandates YTD, after not having placed among the top 10 in 1Q15. Machado, Meyer, Sendacz e Opice Advogados led the ranking at the close of 1Q15, but has since fallen to sixth place, its deal volume down 47% and aggregate transaction value down 85% from USD 3.2bn. Lefosse Advogados, in seventh, was not among the top 10 for the corresponding period in 2015. Barbosa, Müssnich, Aragão fell from fourth in 1Q15 to eighth in 1Q16, down in volume by just two deals but in aggregate value by 96% from USD 7.8bn. Derraik & Menezes Advogados ranks ninth with seven transactions, Lobo & de Rizzo tenth with six. Neither of the trailing two were among the top 10 for the first three months of 2015.

Mexico Ranking – 2016

Financial Advisory – Year to Date (YTD)

BBVA leads TTR’s Mexico financial advisory ranking for the first three months of 2016 with two mandates YTD worth a combined USD 1.9bn, compared to just one for the corresponding period in 2015 worth USD 72m, when it placed fifth. Deutsche Bank follows in second, tied with JPMorgan and Morgan Stanley, all three having advised on the same transaction worth USD 1.9bn. PwC ranks fourth, also having advised on one transaction YTD, in its case of undisclosed consideration.

Galicia Abogados leads TTR’s Mexico legal advisory ranking in 1Q16 with three mandates on deals worth a combined USD 2.4bn, up from ninth a year ago when its sole transaction was worth USD 2.5bn. Santamarina y Steta Abogados climbed from fifth at the close of 1Q15 to take second for the first three months of 2016, also with three mandates, in its case worth a combined USD 1.9bn. Creel, García-Cuéllar, Aiza y Enríquez fell from first at the close of 1Q15 to take third, its sole mandate YTD on a deal worth USD 260m. Haynes Boone México advised on the same deal to tie for third, though it appears in fourth in the chart. Aziz & Kaye Abogados ranks fifth, also with a single advisory mandate YTD, in its case worth USD 80m. The firm did not place among the top 10 in 1Q15. Baker & McKenzie México is down one deal and off 21% by aggregate value, but rose from eighth to sixth in the chart nonetheless between 1Q15 and 1Q16. Echanove y Asociados, in seventh, Heather & Heather Abogados, in eighth and Kuri Breña, Sánchez Ugarte y Aznar in ninth, each advised on one deal in 1Q16, the three of them having been absent from the top 10 for the corresponding three-month period in 2015. Mijares, Angoitia, Cortés y Fuentes, in tenth, fell from second place in 1Q15, its deal volume falling from six worth USD 1.3bn combined to one of undisclosed consideration.