mergermarket league tables of legal advisers to global m&a for q1 2012

8/2/2019 Mergermarket League Tables of Legal Advisers to Global M&A for Q1 2012

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press releasemergermarket League Tables of Legal Advisers to Global M&A for Q1 2012

10 April 2012, for immediate release

PRESS CONTACTS

EMEA: Flora Wilke Americas: Dara Silverstein Andrew Powell

Tel: +44 207 059 6348 Tel: +1 646 3783118 Tel: +852 2158 9710


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Press Release: www.mergermarket.com2mergermarket M&A Round-up for Q1 2012

Global M&A falls 30.3% compared to Q1 2011

Freshelds Bruckhaus Deringer tops global advisory league table

Heat Charts

Asia-Pacic deals at lowest level since Q3 2009

Europe only region to show quarterly increase

US activity down sharply

Private equity buyouts account for 10.2% of global M&A

Private equity exit premiums at their lowest since 2007

Energy, Mining & Utilities top sector so far this year

mergermarket M&A Round-up for Q1 2012

CONTENTS:

2 mergermarket M&A Round-up

3 Global M&A Overview

16 - European M&A Overview

29 - US M&A Overview

39 - Asia -Pacic (ex.Japan) M&A

Overview

49 - Africa & Middle East M&A

Overview

53 - Criteria/About mergermarket

PRESS CONTACTS:

EMEA:

[email protected]

Americas:

[email protected]

Asia-Paci

c: Andrew [email protected]


3/53

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750

3,000

3,250

3,500

3,750

4,000

4,250

4,500

0

100

200

300

400

500

600

700

800

900

1,000

1,100

1,200

1,300

VolumeofDeals

ValueofDeals(US$bn)

Global M&A Activity - Quarterly

RoW M&A

Asia-

US M&A

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012

ValueofDeals(US$bn)

Global M&A Deal Size Breakdown - Deal Value

- - $2,001 -

0

100

200

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1,000

1,100

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ValueofDeals($bn)

Global Cross Border M&A Analysis - Value

Press Release: www.mergermarket.com



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Americas Asia Africa Total

TMT 21

1,020 22

2,110

10

Leisure

Transportation

101 11

10

Agriculture

11 2

Government 1 2

2

Total

Hot

200

20

0


mergermarket M&A Round-up for Q1 2012mergermarket M&A Round-up for Q1 2012


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Press Release: www.mergermarket.commergermarket M&A Round-up for Q1 2012Press Release: www.mergermarket.com www.mergermarket.com

Q1 2012 Q1 2011 change

Sector Value (US$bn) Market share Deal count Value (US$bn) Market share Deal count Value (%) Deal count

Energy, Mining & Utilities 149.5 35.7% 231 163.6 27.1% 294 -8.6% -63

Industrials & Chemicals 59.1 14.1% 558 116.5 19.3% 640 -49.3% -82

Financial Services 36.9 8.8% 209 61.2 10.1% 266 -40.1% -57

Technology 27.0 6.4% 280 28.5 4.7% 418 -5.2% -138

Consumer 28.2 6.3% 352 53.4 8.8% 51 -50.4% 301

Pharma, Medical & Biotech 24.6 5.9% 191 32.5 5.4% 263 -24.2% -72

Business Services 23.2 5.5% 284 20.3 3.4% 359 13.9% -75

Construction 19.0 4.5% 97 12.3 2.0% 44 54.2% 53

Real Estate 15.1 3.6% 52 42.0 7.0% 439 -63.9% -387

Transport 10.8 2.6% 83 19.1 3.2% 99 -43.4% -16

Agriculture 9.1 2.2% 26 1.9 0.3% 46 377.4% -20

Media 7.4 1.756% 88 15.2 2.5% 91 -51.6% -3

Telecommunications 5.7 1.4% 23 24.9 4.1% 119 -77.0% -96

Leisure 5.6 1.3% 87 7.0 1.2% 107 -25.3% -20

Defence 0.01 0.002% 7 5.5 0.9% 12 -99.8% -5

Total 421.1 2,568 604 3,248 -30.7% -680

North Asia

Australasia

South East Asia

Mix of Announced Deals by Geographic Region Q1 2012 - Value

North Asia

Australasia

South East Asia

Mix of Announced Deals by Geographic Region Q1 2012 - Volume


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Press Release: www.mergermarket.commergermarket M&A Round-up for Q1 2012

Announced

plc

Linklaters

Limited

20-Mar-12 plc

Linklaters

Tsunematsu

Advising seller: Group Plc

Apollo Global

Advising seller:

Quiroga Advogados

Partners LLP

de Almeida & Associados


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Energy, Mining & Utilities the most active sector with 28.4% market share

Ranking Q1 2012 Q1 2011

Q1 2012 Q1 2011

1 1

2

10.1 11

10 10

12

Linklaters 12

11

10

Press Release: www.mergermarket.comPress Release: www.mergermarket.com

Global Mid-Market M&A Activity - Quarterly

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Qtr1

04

Qtr2

04

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04

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06

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Qtr3

07

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07

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08

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Qtr2

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Qtr3

09

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09

Qtr1

10

Qtr2

10

Qtr3

10

Qtr4

10

Qtr1

11

Qtr2

11

Qtr3

11

Qtr4

11

Qtr1

12

ValueofDeals(US$bn)

RoW M&A

US Mid-Market M&A

%o

fGlobalM&A

Mid Market M&A Industry Breakdown Q1 2012 - Value

Real Estate

Leisure

Media


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Accounts for 10.2% of global M&A in Q1 2012

Debt nancing of 5.9x EBITDA, second-highest level since 2007

Ranking House

1 -

2

- mutares -

Apollo Global Management

General Atlantic

10


0

50

100

150

200

250

300

350

400

PercentageofGlobalM&A

ValueofDeals(US$bn)

Global Private Equity Buyout Activity - Quarterly

Asia-

0

1

2

3

4

5

6

7

2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012

Debt/EBITDA(x)

Global Debt Financing Ratios Trend(US$200m+ buyouts, excluding buy-ins)


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Average exit premiums at 20%, the lowest since 2007

Ranking House

1

2

1,002

TA Associates

10


0

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20

30

40

50

60

70

80

90

100

110

120

130

140

150

PercentageofTotalExits(excl.IPOs)

ValueofDeals(US$bn)

Trade Sales vs SBO Exit Activity - Quarterly

2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012

Premium%

Exit Premium Analysis - Average

US


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Press Release: www.mergermarket.com10Press Release: www.mergermarket.com10

0

10

20

30

40

50

60

2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012

Perce

ntage(%)

Value

(US$bn)

Emerging Markets Bu yout Activity Trend

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300

350

0

10

20

30

40

50

60

70

80

VolumeofDeals

ValueofDeals($bn)

Emerging Markets Inbound/Outbound M&A

0

20

40

60

80

100

120

140

160

180

200

%o

fGlobalM&A

ValueofDeals(US$bn)

Emerging Markets M&A Activity Trend


11/53


Global premiums at 32%, up from 16.4% in Q1 2011

Global EBITDA multiples at 11.0x, down from 12.7x in 2011

Japan sees increase in average EBIDTA multiple to 10.1x


2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012

Prem

iums%

Premium Analysis -Average

Asia-

0

5

10

15

20

25

30

2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012

EBITDAMultiple(x)-Average

EBITDA Multiple Analysis - Average

Asia-


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Deal Type

Deal Value Breakdown


M&A Deal Type - Deal Value

37.7%41.2%

37.7%

46.2%

31.8% 33.1%27.8%

35.0%41.1%

6.0%4.1% 10.1%

2.7%

10.9%5.0%

4.2%

2.5%

1.7%

6.6%8.6%

1.4%

2.4%

0.5%

54.5%48.1%

43.6%49.7%

54.8%61.4%

66.8%61.7%

55.6%

2.3%

1.3%

0.8%

1.1%

2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012

ShareoftotalGlobalM&A-DealValues

Hostile

2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012

Global M&A Deal Size Breakdown -% by D eal Value

- - $2,001 -


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Consideration Structure

Cash considerations dominate cross-border deals

Insolvency

Europes Iceland Foods insolvency makes up 41.1% of global value

53.6% on Q1 2011


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0

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60

Numberofdeals

ValueofDeals($bn)

Quarterly Insolvency Deals - Global

2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012

%o

fGlobalM&A

Global Consideration Breakdown -Value


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League Tables of Legal Advisers

Ranking Q1 2012 Q12011

Q1 2011 Q1 2012

1

2 Linklaters

12

10

10

11 Garrison

12 12

21

20

11

1,020

2 20 12


Q1 2011 Q1 2012

1

2 -12

Linklaters

1

2

12

11 10 Hogan Lovells

11

10 12

-2

-10

21 Rosati

20 22 1


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Q1 2011 Q1 2012

1 - -

2 Garrison

12 2

1

22

12

10 10

- 11

2 - -

12 1 - -

2

- 1,011 1 - -

11 Linklaters

- Plesner 2 - -

20

2 22


Q1 2011 Q1 2012

1 1 12

2 11 -2

11

-1

2

11

-1

2

1

10 Garrison

1

11 2 2

12 2 2

Linklaters -2

- 2 2

-1

-2

0

20 0


16/53


Only region globally to show quarter-on-quarter increase, up 25.6% on Q4 2011

Germany and UK dominate domestic deals

Worlds three biggest economies most active investors

Linklaters tops legal advisory league table



0

25

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125

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225

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0

10

20

30

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50

60

70

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90

100

110

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140

150

VolumeofDeals

ValueofDeals(U

S$bn)

European Inb ound/Outbound M&A

0

50

100

150

200

250

300

350

400

450

0

20

40

60

80

100

120

140

VolumeofDe

als

ValueofDeals(US$bn)

European Private Equity Buyout Activity - Quarterly

0

100

200

300

400

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

1,800

0

50

100

150

200

250

300

350

400

450

500

550

600

VolumeofDeals

ValueofDeals(US$bn)

European M&A Activity - Quarterly


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Germanic

Greece,

Russia Total

TMT 22

22 21 12

Transportation 22

11

11 10 10

Leisure

Agriculture 2 1

2

Government 1 1

1 1 1 1 1 11

Total

Hot

120 20

10

0



18/53

Q1 2012 Q1 2011 change


Energy, Mining & Utilities 70.9 42.6% 62 41.8 23.1% 91 69.9% -29



Construction 15.2 9.1% 52 4.5 2.5% 51 240.7% 1

Technology 10.6 6.3% 91 2.9 1.6% 102 267.0% -11

Consumer 8.7 5.2% 180 29.1 16.1% 215 -70.1% -35

Transport 8.6 5.2% 41 3.1 1.7% 46 175.7% -5

Real Estate 6.0 3.6% 20 1.5 0.8% 14 296.5% 6


Business Services 3.4 2.0% 114 4.2 2.3% 209 -19.0% -95


Media 2.0 1.2% 42 1.9 1.0% 39 6.6% 3

Leisure 1.0 0.6% 29 4.3 2.4% 61 -77.9% -32

Agriculture 0.5 0.3% 14 0.5 0.3% 14 -9.2% 0

Defence 0.00 0.0% 3 0.5 0.3% 1 -100.0% 2

Total 166.3 1,062 181.1 1,323 -8.1% -261

UK & Ireland

Mix of Announced European Deals by Geographic Region Q1 2012 - Value

UK & Ireland

Mix of Announced European Deals by Geographic Region Q1 2012 - Volume



19/53


Announced

Linklaters

& Tsunematsu

Advising seller:

de Almeida & Associados

Advising seller:

Advising seller:

Holding Ltd

Advising seller: Gernandt &

Partners


20/53

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Q1 2011 Q1 2012

2 1 Linklaters

1 2

10

10

10

10,222 10

22 11

12

Hengeler Mueller 11

Hamilton

10

2

10

20 2


Q1 2011 Q1 2012

1 Linklaters -10

2 2

-20

1

Hogan Lovells

10 -11

10

11 20

12

22 Pinsent Masons

Hengeler Mueller 11

- 11 - -

11 -2

11

12 11

20 11 12 -1


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Q1 2011 Q1 2012

- 1 2 - -

2

- -

-

2 - -

1 - -

2

2 Linklaters

- Plesner 2 - -

- 1 - -

1

12

- 2 - -

- 1 - -

1 - -

1

- 1 - -

- -

- 1 - -

- Hengeler Mueller 1 - -


Q1 2011 Q1 2012

1 -2

1 2

11

-1

Linklaters -1

2

- 2 2

2 1

2 1

-2

10 2 1

12 11 -2

12

Pinsent Masons -2

Macfarlanes - 2 1

- - - -

Accura - 1 2

- 2 - -

-

2 - -

2 -2

- 20 Plesner 2 - -


22/53

www.mergermarket.com22 www.mergermarket.com22 www.mergermarket.com22



Q1 2011 Q1 2012

1 10 2

1 11

10

22

- 1 - -

- 1 - -

2 10 Linklaters

11

12

2

102 Proskauer Rose 1 220

20 12

- -


Q1 2011 Q1 2012

1

10 2

21

Hogan Lovells

2 Linklaters

Associato

2

1

Garrison

1

- 2 - -

- Pekin & Pekin 2 - -

- 1 - -

- Plesner 1 - -

1


Q1 2011 Q1 2012

1 Linklaters 0

2 -1

20

Pinsent Masons

1 12

Hogan Lovells 12 11 1

11 21 -10

10 11

Macfarlanes 11

21 10 10 1

11 10

2 12

11 -2

11 -2

-10


Q1 2011 Q1 2012

1 Hogan Lovells

2 Linklaters 11

11 - 1

-1

2

1 12 -2

2

1

10 -

2 11 12

12

10

20 - 1

1 2


23/53




Q1 2011 Q1 2012

1 Hengeler Mueller 11 2 11

20

-

10

2

2

- 1 - -

- 1 - -

10

- 11 1 - -

- 12 - -

11 Linklaters

- - -


Q1 2011 Q1 2012

1 Linklaters

- 2 2 - -

2

Hengeler Mueller 10

- 2 - -

2

2

- 10 2 - -

11

- 12 1 - -

1 - -

- 1 - -

2 - -


Q1 2011 Q1 2012

1 1 2 Hengeler Mueller 11

2 11

10 Hogan Lovells 2

11 1

- - -

11

10

11

12 1

Linklaters

-1 - 1


Q1 2011 Q1 2012

2 1 2

1 2

Hengeler Mueller 10

11 Hogan Lovells 0

Linklaters 10

10 -1

1

10 -2

11 10

- 12 - -

-2

0 0


24/53



Q1 2011 Q1 2012

1 10 2 2

2

- - -

- Hengeler Mueller 2 - -

- 1 - -

- 2 - -

10 1

- 1 - -

1 - -

- 1 - -

22 - 1 - -


Q1 2011 Q1 2012

2 1

2

Associato

- Garrison

2 - -

Partners

1

- 1 - -

1

- Rosenram 1 - -

- 1 - -

1 12

1 - -

- 1 - -


Q1 2011 Q1 2012

2 1 10 - 2 - -

1 20 -11

10 -2

-2

1

10 -2

0

10 Linklaters

11

12 201 12

Hogan Lovells

-10 2


Q1 2011 Q1 2012

2 1 Associato

-1

2

1 11

Partners

-1

-1 2 1

11 0

22 Linklaters 2 1

Associati

- 2 1

- 10 Garrison

2 - -

11 2 1 1

- 12 2 - -

Paul Hastings 2 1 1

1 1 0

- 1 - -


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Press Release: mergermarket M&A Round-up for Q1 2012Press Release: Pre:



Q1 2011 Q1 2012

1 Linklaters

2

- -

- Asociados

1 - -

- 1 - -

- 1 - -

1

1

2

- 1 - -

- 1 - -

- 1 - -

- 1 - -

2 22 1


Q1 2011 Q1 2012

1 1

2 1

2

- 1 - -

- 1 - -

- 1 - -

- 1 - -

2

20 1

10 10 Garrigues

11 Linklaters

- Homburger 1 - -

- 1 - -

- 1 - -

Partners

1 10

Ranking Q1 2012 Q1 2011

Q1 2011 Q1 2012

1 Linklaters 10 -1

2 Garrigues 11

2 -

1

10 - 0

2 1

2

20 2 2 0

- Asociados

1 - -

- 1 - -

- 1 - -

1 -2

- 1 - -

- 1 - -

Ranking Q1 2012 Q1 2011

Q1 2011 Q1 2012

1 Garrigues 10

1 2 -

Linklaters

10 - 0

2 12

2

2 2 0

- 2

1 -2

- 1 - -

- 1 - -

- 1 - -

- 1 - -

1 -2

- 1 - -

- Homburger 1 - -


26/53




Q1 2011 Q1 2012

1 2

10 Hengeler Mueller 2

- 2 - -

2

2

- 1 - -

10 11

11 2 - -

12

- -

- 1 - -

2


Q1 2011 Q1 2012

1 11 -21 2 10

Plesner 0

10 -1

2

10

Accura

12 -1

-2

10

11 2

12 -1

-1

2


Q1 2011 Q1 2012

1 1 11 -2

2 2 10 -1

1

1

2 2

- 0

1 2

10 -1

- 11 - -

12 -2

-

2 1 1

2 1 1


Q1 2011 Q1 2012

1

2 11

2 - -

11

-

1 - -

- 1 - -

1

2

2

- 10 - -

11 Accura 2

12 - -

2 - -

Plesner 1

10


27/53

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Q1 2011 Q1 2012

11 1 0 2 2 2

1 10

- 1

10 -1

Hogan Lovells 0

2 1

0

Linklaters 10

2 10 - 10

11

2 2 0

- 12 2 - -

2

Havel, Holasek & Partners s.r.o. - 2 2 0

- 2 1 1


Q1 2011 Q1 2012

1 Hogan Lovells 0

2 2 1

2 1 1

2 2 0

- 2 - -

- - 2 - -

- 1 - -

- 1 - -

- 1 - -

- 10 1 - -


Q1 2011 Q1 2012

1 11 2

Hogan Lovells

- 1 - -

- 1 - -

1

- 1 - -

1

- 10 Hengeler Mueller 1 - -

- 11 1 - -

- 12 1 - -

- -

12

2


Q1 2011 Q1 2012

1 Hogan Lovells

2 2 - -

- 1 - -

- 1 - -

- 1 - -

- 1 - -

2

- 2 - -

- 10 1 - -


28/53




Q1 2011 Q1 2012

1

- 1 - -

- 1 - -

- 1 - -

- 1 - -

2 2

Linklaters 1

- 1 - -

20 2 12

10 10 2

- 11 12 1 - -

12 10 2 - -

- 10 1 - -

- 10 1 - -

-

1 - -

- 1 - -


Q1 2011 Q1 2012

2 1 -1

1 2 2

2 -1

2 -1

10 2 1 1

- - 2 - -

- 1 - -

- 1 - -

- 1 - -

- 10 1 - -

12 11 Linklaters 1 1 0

- 12 1 - -

- 12 1 - -

- 10 1 - -

- 10 1 - -


29/53

US makes up 27.2% of global total

Energy, Mining & Utilities accounts for over a quarter of deal value



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325

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20

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120

130

140

Volum

eofDeals

ValueofDeals(US$bn)

US Inbound/Outbound M&A

0

50

100

150

200

250

300

0

50

100

150

200

250

Volumeo

fDeals

ValueofDeals

(US$bn)

US Private Equity Buyout Activity - Quarterly

0

100

200

300

400

500

600

700

800

900

1,000

1,100

1,200

1,300

0

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100

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350

400

450

500

VolumeofDeals

ValueofDeals(US$bn)

US M&A Activity - Quarterly



30/53

America

Total

TMT

12 10

12

12 1

21 10

Leisure 12 2

Transportation 20

1 1

12 2

1 101

Government 1 1

Agriculture 1 1

Total 222

Hot

100

20

0




31/53





Q1 2012 Q1 2011 Change

Sector Value ($bn) market share Deal count Value ($bn) market share Deal count Value (%) Deal count

Energy, Mining & Utilities 29.8 26.1% 55 80.68 32.64% 77 -63.0% -22



Technology 10.6 9.3% 126 20.13 8.14% 159 -47.4% -33

Consumer 8.0 7.0% 78 5.6 2.3% 88 39.7% -10

Business Services 7.5 6.6% 87 9.4 3.8% 126 -20.0% -39


Real Estate 4.7 4.1% 8 33.5 13.6% 11 -85.9% -3

Leisure 3.4 3.0% 28 0.8 0.3% 19 335.3% 9

Telecommunications 2.26 1.98% 5 0.2 0.06% 5 1,314.4% 0

Media 1.0 0.9% 27 5.0 2.0% 28 -79.0% -1

Construction 0.7 0.6% 16 1.4 0.6% 29 -49.0% -13

Transport 0.6 0.5% 14 0.93 0.37% 15 -37.6% -1Defence 0.01 0.01% 4 5.0 2.01% 7 -99.8% -3

Agriculture 0.0 0.0% 1 0.02 0.01% 4 -100.0% -3

Total 114.1 752 247.2 947 -53.8% -195

Mix of Announced Americas Deals by Geographic Region Q1 2012 - Value

Mix of Announced Americas Deals by Geographic Region Q1 2012 - Volume


32/53



Announced

Advising seller:

Advising seller:

Manges

Advising seller:


33/53


Americas: League Tables of Legal Advisers


Q1 2011 Q1 2012

1

2

11

21

11

10 11

Garrison

12

2 11

Linklaters

11

1 10

20


Q1 2011 Q1 2012

1 1 -10

2 -2

2

-11

10

11 10

22

11 21

22 12 21

Gowling Laeur Henderson 12

20

1

Linklaters 1

20


34/53




Q1 2011 Q1 2012

1

2

22

12

21

11

10 2 11 11

12

1 10

10

11

Garrison

10

10

20


Q1 2011 Q1 2012

1 1 -10

2 -1

2

-11

10

22

21

20

10

11

12

21

2

-2

22 Goodwin Procter 22

Hogan Lovells 12

20

11


35/53




Q1 2011 Q1 2012

1 - -

2

2

11 Garrison

2

2

2

2000

- 1,011 1 - -

10

2 22

11 10

12

-

2 - -

Paul Hastings 2

1 - -


Q1 2011 Q1 2012

1 1 10 22 -12

2

1

20 2 2

-1

11 0

10 2 -1

Garrison

2 2 0

10 2 1 1

11

2 1 1

- 12

2 - -

Paul Hastings 2 2 0

- 2 - -

2 1 1


36/53




Q1 2011 Q1 2012

1 22

2

2

11

Linklaters - -

- - -

- 2 - -

1

- 1 - -

11 11

10 12

- Garrison - -


Q1 2011 Q1 2012

1 Quiroga Advogados

2 Lefosse Advogados

Advogados

12 2,000 1

2,000 1

2

Linklaters

2 10 2


Q1 2011 Q1 2012

1 1 21 2

2 22

Gowling Laeur Henderson

2

11 2

10 12 -2

-1

0

1

12 10 0

11

1

12 Goodmans 1

Linklaters 1

- Garrison

- -

1


Q1 2011 Q1 2012

2 1 10

1 2 12

Advogados

10

Quiroga Advogados

11 Lefosse Advogados 0

Advogados

0

Linklaters 1 2

- - -

10


37/53



Q1 2011 Q1 2012

1 1 2

10

Garrison

10 10 20

- 11 1 - -

12 11


Q1 2011 Q1 2012

1 1 1 2

2 20 22 -2

21 -2

1

11

10 20 -10

10 2

11 10 Goodwin Procter

11 11 -2

10 12

20 10 -2


Q1 2011 Q1 2012

1 1 21 -2

2 2 12,220 1

12

20 11

10 2

10

-1

2

10

11

11 12

-1


Q1 2011 Q1 2012

11 1 12,220

2

1

- -

20

10

- Homburger 1 - -

2 10

12 11

12

2

Greenberg Traurig


38/53




Q1 2011 Q1 2012

1 20 2 2 10

Garrison

11

10 2

11

22 12 1

10


Q1 2011 Q1 2012

2 1 12

2

10

20

11

Proskauer Rose 1

110 1

12

22 2

- - -

1


Q1 2011 Q1 2012

2 1 1

2 20

1

12 21

10

1 10

12

10 -2

-

10

12

11 11

12 2

21 -2

22 -2

-2


Q1 2011 Q1 2012

1 20 1

1 2

2

-2

12 1

20 12 12 0

11

0

20 10 1

21 11 0

12 10 -2

Paul Hastings 2

Greenberg Traurig 222 -1

11 11


39/53

Total deals value at lowest level since Q3 2009 Deal values on Q4 2011 down nearly three-quarters in South Korea, two-thirds in

Hong Kong

places on Q1 2011


mergermarket M&A Round-up for for Q1 2012

0

25

50

75

100

125

150

175

0

5

10

15

20

25

30

35

40

45

50

55

60

VolumeofDeals

Valueo

fDeals(US$bn)

Asia-Pacific (excl. Japan) Inbound/Outbound M&A

0

10

20

30

40

50

60

70

80

0

5

10

15

20

25

Volume

ofDeals

ValueofDea

ls(US$bn)

Asia-Pacific Private Equity Buyout Activity - Quarterly(excluding Japan)

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

160

170

VolumeofDeals

ValueofDeals(US$bn)

Asia-Pacific M&A Activity - Quarterly(excluding Japan)



40/53

Greater

Australasia

Asia

Total

1,020

TMT 2

2

10

2

Leisure 2

2

Agriculture 1 1

Transportation 21 22 10 Government 1 1

2 1

Total

Hot

20

10

100 0




41/53


Q1 2012 Q1 2011 change


Energy, Mining & Utilities 25.7 38.3% 45 1.0 1.2% 13 89.7% -

Industrials & Chemicals 12.9 19.1% 77 11.99 13.76% 56 -27.5% 21

Financial Services 7.6 11.4% 30 3.2 3.7% 53 -44.1% -

Consumer 5.2 6.3% 38 6.1 7.0% 22 -64.6% 16

Technology 4.1 6.1% 30 0.0 0.0% 0 25.9% 30

Business Services 3.8 5.7% 36 17.7 20.3% 112 17.6% -76

Pharma, Medical & Biotech 2.5 3.7% 21 1.8 2.1% 14 35.4% -

Real Estate 1.6 2.4% 12 3.3 3.7% 61 -9.2% -49

Construction 1.5 2.3% 17 13.2 15.1% 43 -75.1% -26


Transport 0.8 1.1% 22 0.6 0.7% 16 -71.8% -

Leisure 0.8 0.8% 14 1.8 2.1% 33 -14.6% -19

Media 0.5 0.7% 11 13.6 15.6% 51 -93.5% -40

Agriculture 0.1 0.1% 4 2.8 3.2% 9 -90.5% -5

Defence 0.0 0.0% 0 2.7 3.1% 20 - -20

Total 67.2 362 87.1 513 -23.2% -151

India

Australia

South Korea

Indonesia

Mix of Announced Asia-Pacific Deals by Geographic Region Q1 2012 - Value

India

Australia

South Korea

Indonesia

Mix of Announced Asia-Pacific Deals by Geographic Region Q1 2012- Volume


42/53


Announced

Ltd

Advising seller:

Advising seller:

Advising seller:

Alibaba Group Holding Ltd

2,000

Limited


43/53




Q1 2011 Q1 2012

1

10

- 2 1 - -

10

1

21

- 10 1 - - 11 1

10 12 Gilbert + Tobin

2

11

Linklaters

10

1

20


Q1 2011 Q1 2012

1 -1

2 -2

1 11 21 -10

10

122 10 1

10

Gilbert + Tobin 2

10 10

2 11

12 12 Linklaters 12

-

-11

11

12

10

2

21 10

20 2


44/53




Q1 2011 Q1 2012

1 2

- 2 Garrison

1 - -

- Rosati

200 1 - -

- 1 - -

- 1 - -

Gilbert + Tobin 1

- 2 - -

2

11 1

10 1


Q1 2011 Q1 2012

1 1 2 -2

- 2 2 - -

20 2 1 1

- Garrison

1 - -

- Rosati

200 1 - -

- 1 - -

- 1 - -

Gilbert + Tobin 1 2 -1

1 2 -1

10 1 1 0


45/53

Press Release: www.mergermarket.commergermarket M&A Round-up for Q1 2012Press Release: www.mergermarket.comPress Release: www.mergermarket.comPress Release: www.mergermarket.comPress Release: www.mergermarket.com



Q1 2011 Q1 2012

1

10

- 2 1 - -

10

2 10

1

2

11 2

- 1 - -

10 1

11

12

22 1

12 1


Q1 2011 Q1 2012

1 1 -2

20 2

10

10 1

2

21 -

12

10 10 10

11 Linklaters 11

12 12 10

11 10

2

-1


Q1 2011 Q1 2012

1 10

1 2 2

- 1 - -

1

1

10 1 1

Linklaters

1

1

2 12

- 1,111 2 - -

2


Q1 2011 Q1 2012

1 10 1

2

Linklaters 0

1

2 2

1,010 -1

22 0

10 0

11

2 12 2

- 1,111 2 - -

2 1 1

2 1 1


46/53




Q1 2011 Q1 2012

2 1 -1

10 2 Gilbert + Tobin 2

- - -

1 -11

0

12

- 10 - -

12 11 -2

12 Allion Legal 200 1 2

21 0

- 2 - -

2


Q1 2011 Q1 2012

2 1

- 1 - -

1

1

Gilbert + Tobin

- 2 - -

- - -

- 10 - -

11

12

- 1 - -

1


Q1 2011 Q1 2012

11 1 10

2

- 1 - -

1 - -

11

- 2 - -- 1 - -

Mori Hamada & Matsumoto

2

10 2

- 11 Goodwin Procter 1 - -

1 12

1

- 1 - -

- 1 - -


Q1 2011 Q1 2012

1 1 Mori Hamada & Matsumoto -1

2 11 -2

2 10

0

11 -1

Anderson Mori & Tomotsune -2

0

- 2 - -

10 2 -2

11 2 2 0

12 2 1 1

10 2

2 -1

- 2 - -


47/53




Q1 2011 Q1 2012

1

10

- 2 1 - -

1

- 1 - -

1

Anderson Mori & Tomotsune 2

2

- 2 - -

- 1 - -

- Middletons 1 - -

- 1 - -

10

1


Q1 2011 Q1 2012

1 1 -2

2

10

2

12

- 22 - -

2 1

Anderson Mori & Tomotsune 2 1 1

2 -2

- 2 - -

10 2 -2

11 Trilegal 2 2 0

12 2 1 1

- 2 - -

- - 2 - -

- 1 - -


Q1 2011 Q1 2012

12 1 2

2 1 22

1 2

2

- 1 - -

- 1 - -10

Gatmaitan 1

21

1

10

11

- 12 1 - -

- 2 - -

- 1 - -

2


Q1 2011 Q1 2012

2 1 -2

1 2

11 0

12 2 1

- - -

2

2 -2

2 1 1

- 10 2 - -

11 2 1 1

12 2 1 1

2 -2

12 2 -2

1 1 0


48/53




Q1 2011 Q1 2012

- 1 - -

1

- 1 - -

2

1 -

- 2 - -

21 1

1

- Mori Hamada & Matsumoto 1 - -

- 1 - -

- 12 1 - -

- 2 - -

12 1 -

10 1 -


Q1 2011 Q1 2012

1 1

2 2 10

2

- 2 - -

- 1 - -

1 -2

- 1 - -

1 2 -1

12 10 1 1 -

- 11 Mori Hamada & Matsumoto 1 - -

- 12 1 - -

- 1 - -

1 1 -

10 1


49/53



Q1 2012 Q1 2011 change


Consumer 2.3 28.2% 13 1.6 9.5% 12 42.0% -

Energy, Mining & Utilities 2.1 26.4% 11 3.4 20.4% 9 -37.7% -

Financial Services 1.5 18.3% 10 0.84 5.0% 10 76.0% 0

Technology 0.6 7.8% 7 0.4 2.5% 6 48.5% 1



Construction 0.4 4.8% 2 0.0 0.2% 1 846.3% 1


Business Services 0.1 1.8% 11 0.58 3.5% 7 -75.3% 4

Transport 0.1 0.8% 2 - - 3 - -1

Agriculture 0.01 0.1% 2 0.01 0.1% 1 -23.1% 1

Defence 0.00 0.0% 0 0.1 0.4% 3 -100.0% -3

Leisure 0.00 0.0% 1 - 0.0% 1 - 0

Media 0.00 0.0% 3 - 0.0% 0 - 3

Real Estate 0.00 0.0% 0 3.6 21.8% 5 -100.0% -5

Total 8.1 71 16.8 83 -52.0% -12

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

0

5

10

15

20

25

30

35

40

VolumeofDeals

ValueofDeals(US$bn)

Africa & Middle East M&A Activity - Quarterly


50/53

Total

TMT 2

22

2

22 2

Transportation 10

2

2

10 1

Leisure 2 1

1 2 2 12

Agriculture 1 2 11 2 2

Government 2 1

Total

Hot

20

10 0




51/53


Announced

Advising seller:

Advising seller:

2-Mar-12

Limited

Advising seller:

Linklaters


52/53




Q1 2011 Q1 2012

1

2 Linklaters

- - -

- 1 - -

1

2 - -

- 2,000 1 - -

- Lefosse Advogados 2,000 1 - -

- Advogados

2,000 1 - -

-

2,000 1 - -

- 11 - -

- 12 1 - -

2 - -

- 1 - -

- Rosenram 1 - -

1

1

- 20 2 - -


Q1 2011 Q1 2012

10 1

2 1

Linklaters 0

-2

- - -

0

- - -

12 0

100 0

10 10 1 2

11 2 1 1 12 2 1 1

- 2 - -

2

2 1 1

- 2 - -

2 -1

Hogan Lovells 0 2 1 1

- 1 - -

- 2,000 1 - -

- Lefosse Advogados 2,000 1 - -

- Advogados

2,000 1 - -

-

2,000 1 - -


53/53

All data correct as of 10 April 2012.

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mergermarket league tables of legal advisers to global m&a for q1 2012

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