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.

Manufacturing deals surge in Mexico

TTR-Deal-Tracker

TTR Deal Tracker
www.TTRecord.com

LATIN AMERICA

BRAZIL: Appetite grows among international investors for Brazilian consulting firms

International buyers have demonstrated strong appetite for Brazilian consulting, engineering and auditing firms in the first 11 months of 2015 with a 46% increase in transactions in the segment compared to the same period in 2014, according to TTR data (www.TTRecord.com). The appetite from international acquirers in the segment has grown 42%, meanwhile, with 37 deals YTD in 2015 led by foreign buyers compared to 26 for the corresponding period last year.

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MEXICO: Glass, ceramics, paper, plastics, wood and timber deals skyrocket

The number of inbound deals in the glass, ceramics, paper, plastics, wood and timber industry, including asset acquisitions and joint ventures, skyrocketed 700% in the first 11 months of 2015 compared to the same period last year, according to TTR data (www.TTRecord.com). US-based buyers dominated these transactions for the period.

Mexico-Map (2)

Rankings / League Tables

Latin America Ranking – 2015

Financial Advisory – Year to Date (YTD)

Banco Itaú BBA leads TTR’s Latin America financial advisory ranking for the first 11 months of 2015 with 43 mandates on deals worth a combined USD 61.4bn. The leading investment bank in the region advised on 63 deals worth a combined 51.7bn in the January-to-November period in 2014, when it also led the chart, representing a 32% decline in deal volume and a 19% jump in aggregate value. Banco BTG Pactual continues to hold second place, as it did a year ago, with 34 deals worth USD 61.2bn in aggregate compared to 33 worth USD 34bn combined in the 11-month period ending a year ago. Banco Bradesco BBI rose two positions relative to its ranking at the close of November, 2014 to take third place with 20 deals YTD worth USD 55.8bn in aggregate, compared to 14 worth USD 14bn combined a year ago when it ranked fifth. BR Partners climbed from tenth a year ago to take fourth, advising on 12 deals together worth USD 5bn YTD compared to 10 worth USD 3.4bn at this time last year. Banco Santander switched places with Bradesco, falling from third to fifth in the chart as a result of deal volume falling 42% from 19 transactions in the first 11 months of 2014 to 11 in the January-to-November period this year, together worth USD 20bn then and USD 28.5bn YTD. BAML fell from fourth to sixth in the chart, meanwhile, with 16 deals to 30 November, 2014 worth USD 32.2bn combined and 10 worth USD 22.7bn YTD. BBVA, in seventh, and Vinci Partners, in eighth, were absent from the top 10 a year ago, as was PwC, in ninth, and Rothschild, bringing up the rear.

Legal Advisory – Year to Date (YTD)


Baker & McKenzie has risen to the top of TTR’s Latin America legal advisory ranking for the first 11 months of 2015 with 24 mandates on transactions worth a combined USD 6.1bn. Despite maintaining the lead it enjoyed a year ago, Baker’s deal volume has declined 14% and the aggregate value of its transactions has fallen 73%. Jones Day climbed two positions to take second place in the chart with 21 deals together worth USD 8.1bn, representing a 62% increase in deal volume and an 88% jump in the combined value of its mandates compared to its performance for the 11 months ending 30 November, 2014. Skadden, Arps, Slate, Meagher & Flom ranks third after not appearing among the top 10 for the corresponding period last year. Clifford Chance rose from eighth in the chart a year ago to take fourth, with eight deals in both periods, YTD worth USD 45.2bn compared to USD 59.1bn for the corresponding period ending a year ago. Greenberg Traurig holds to its fifth-place ranking despite deal volume declining 38% and the combined value of its transactions falling 83% relative to this time last year. White & Case fell from second a year ago to take sixth place in the chart, its deal volume falling 50% from 16 a year ago and the aggregate value of its transactions down 98%. Shearman & Sterling climbed from tenth a year ago to take seventh in the chart, despite a 13% decline in deal volume. Holland & Knight, in eighth, was not among the top 10 a year ago. Simpson Thacher & Bartlett fell from third to rank ninth, its deal volume declining 60% while the combined value of its transactions increased 49%. Linklaters fell from seventh to bring up the rear in tenth place owing to a 33% decline in deal value and a 23% fall in aggregate deal value.

 

Brazil Ranking – 2015

Financial Advisory – Year to Date (YTD)


Banco Itaú BBA leads TTR’s Brazil financial advisory ranking for the first 11 months of 2015 with 40 deal mandates under its belt worth a combined USD 61bn. It also led the chart for the 11 months ending a year ago when it’d advised on 52 deals together worth USD 16bn. Banco BTG Pactual follows in second, with 23 deals worth USD 59bn in aggregate compared to 29 together worth USD 32bn a year ago. Banco Bradesco BBI climbed one position in the chart relative to its performance to 30 November, 2014, to take third with 19 deals together worth USD 55.8bn. Bradesco advised on 14 deals worth USD 14bn combined in the first 11 months of 2014. BR Partners also climbed one position to take fourth with 10 deals together worth USD 5bn compared to 10 worth USD 3.4bn a year ago. Vinci Partners climbed from seventh a year ago to take fifth place in the chart, with 10 deals together worth USD 1.8bn YTD compared to nine worth USD 525m a year ago. BAML remains in sixth place where it stood a year ago, its deal volume having fallen 11% and its combined deal value increasing 126% from USD 9.9bn to USD 22.4bn. IGC partners Asseoria Empresarial, in seventh, was not among the top 10 for the first 11 months of 2014, nor was Rothschild, in eighth, JPMorgan, in ninth, nor Deutsche Bank, bringing up the rear.

Legal Advisory – Year to Date (YTD)


Pinheiro Neto Advogados tops TTR’s Brazil legal advisory ranking for the first 11 months of the year with 60 transactions under its belt together worth USD 51.1bn, up from second place a year ago when it’d also advised on 60 transactions, then worth USD 25.4bn in aggregate for a 102% increase in combined deal value. Mattos Filho has fallen to second place as a result of Pinheiro Neto’s rise to the top, but remains close behind with 57 mandates YTD together worth USD 56.7bn putting it in the lead by aggregate deal value. A year ago it led by deal volume and combined value with 66 transactions together worth USD 43.4bn. Machado, Meyer, Sendacz e Opice Advogados, rose from fourth to third with its 41 mandates YTD together worth USD 42bn, compared to 42 a year ago worth USD 6.6bn. Veirano Advogados, is up two positions relative to its performance in the first 11 months of 2014 to take fourth with 38 deals together worth USD 18.5bn, representing a 185% increase in combined deal value compared to a year ago. Souza Cescon Advogados ranks fifth with 33 deals together worth USD 22bn, up from seventh a year ago when it’d advised on 32 deals together worth USD 26.3bn. Barbosa, Müssnich, Aragão ranks sixth, with 32 deals YTD together worth USD 32.7bn compared to 31 a year ago worth USD 25.6bn when it ranked eighth. Demarest Advogados climbed from tenth to take seventh, its deal volume increasing 7% while the aggregate value of its mandates fell 70% to USD 6.7bn. TozziniFreire Advogados fell three positions to rank eighth, its deal volume falling 28% and the combined value of its mandates down 80% YTD relative to the first 11 months of 2014. Pinheiro Guimarães Advogados ranks ninth with 25 deals thus far in 2015 together worth USD 23.6bn, its deal volume up 317% and aggregate deal value up 466% compared to a year ago when it didn’t rank among the top 10 firms in Brazil. Koury Lopes Advogados ceded its ninth place position of a year ago to Pinheiro Guimarães, its deal volume falling 39% and the combined value of its transactions down 94%, putting it in tenth place in the chart.

Mexico Ranking – 2015

Financial Advisory – Year to Date (YTD)

BBVA tops TTR’s Mexico financial advisory ranking for the first 11 months of 2015 with six transactions together worth USD 8.8bn. The leading investment bank in Mexico ranked third a year ago when it’d advised on three transactions in the country. Spanish rival Banco Santander ranks second with four deals worth USD 4.3bn in aggregate YTD compared to one for the corresponding period ending a year ago, worth USD 3bn, which had put it in tenth place. Pablo Rión y Asociados ranks third, also with four deals YTD, after not placing among the top 10 for the 11-month period ending a year ago. Citigroup, in fourth, climbed one position by adding one transaction to its performance of a year ago, advising on three deals YTD together worth USD 3.8bn compared to two a year ago worth USD 4bn. Evercore Partners ranks fifth, increasing deal volume from one and aggregate value 9,000% relative to a year ago when it didn’t place among the top 10. Alfaro, Dávila y Ríos, in sixth, was also absent from the top 10 a year ago, as was Credit Suisse Group, in seventh, Lazard, in eighth and Vace Partners in ninth, all of them advising on two transaction in Mexico YTD. BAML fell three positions to bring up the rear with its two mandates together worth USD 311m. For the 11-month period ending a year ago it’d advised on two deals worth USD 1.4bn combined.

Legal Advisory – Year to Date (YTD)

Creel, García-Cuéllar, Aiza y Enríquez leads TTR’s Mexico legal advisory ranking for the first 11 months of 2015 with 26 deal mandates under its belt together worth USD 42.2bn. Mexico’s top law firm also led the chart a year ago, when it’d advised on 24 deals together worth USD 19.2bn for the corresponding period. Mijares, Angoitia, Cortés y Fuentes retains its second place ranking of a year ago, with 18 mandates this year together worth USD 13.8bn compared to 14 a year ago worth USD 7bn. Galicia Abogados rose two positions to take third place, its deal volume growing by 86% and its aggregate deal value up 413% compared to a year ago when it’d advised on seven deals in the first 11 months of the year together worth USD 2.7bn. Jones Day, in fourth, was not among the top 10 M&A firms in Mexico a year ago. Holland & Knight increased its deal count by one transaction and jumped two spots to rank fifth compared to a year ago with six deals together worth USD 1.7bn. White & Case, also with six deals YTD ranks sixth, down 33% by volume and 95% by aggregate value from its nine deals together worth USD 7.2bn a year ago when it ranked third. Nader Hayaux & Goebel Abogados, in seventh, is up one position relative to a year ago, advising on five deals in both periods while increasing aggregate deal value 8,000% from USD 313m to USD 25.5bn. Santamarina y Steta Abogados ranks eighth after not appearing in the top 10 ranking a year ago. Basham Ringe y Correa holds the same ninth place ranking it held for the first 11 months of 2014, despite adding one transaction to its deal count. Ritch Mueller fell six positions to bring up the rear, also with five deals. Ritch Mueller advised on eight transactions in the corresponding period of 2014, together worth USD 6.3bn.