Professional Documents
Culture Documents
China China
Domestic International
TIE R 1 TIE R 1
• Fangda Partners • Clifford Chance
• Haiwen&Partners • Freshfields Bruckhaus
• Han Kun Law Offices Deringer
• JunHe LLP • Linklaters
• King & Wood Mallesons • Skadden, Arps, Slate,
• Zhong Lun Law Firm Meagher & Flom
• Slaughter and May
TIE R 2
• AllBright Law Offices
TIE R 2
• Global Law Office • Davis Polk & Wardwell
• Grandall Law Firm • Kirkland & Ellis
• Guantao Law Firm • Simpson Thacher &
• Jincheng Tongda & Neal Bartlett
China
• Jingtian & Gongcheng • Sullivan & Cromwell
• Llinks Law Offices
• Tian Yuan Law Firm
TIE R 3
• Allen & Overy
In the first half of 2017, China suffered a 23.8 percent year-on- TIE R 3 • Baker McKenzie
year drop in deal value from $175.9 billion to $134 billion. The • Beijing Dentons Law • Cleary Gottlieb Steen &
slump was mainly attributed to tighter capital controls imposed Offices, LLP Hamilton
by Chinese regulators that cooled down outbound M&A trans- • DaHui Lawyers • DLA Piper
• East & Concord Partners • Hogan Lovells
actions, with a significant impact on large transactions.
• Grandway Law Offices • Morrison & Foerster
The China Banking Regulatory Commission (CBRC) • Jia Yuan Law Offices • Norton Rose Fulbright
recently asked banks to examine the credit and financial risks • Paul Hastings
of companies that have been aggressively investing overseas • Paul, Weiss, Rifkind,
N OTABLE FIRMS
and borrowing large sums of money, such as Dalian Wanda Wharton & Garrison
• AnJie Law Firm • Shearman & Sterling
Group, Fosun International and HNA Group.
• Broad & Bright • Weil, Gotshal & Manges
In addition, the National Development and Reform • Co-effort Law Firm • White & Case
Commission (NDRC) and the Ministry of Commerce (MOFCOM) • Han Yi Law Offices
are now reportedly reviewing deal agreements that Chinese
companies made regarding acquisition plans. N OTABLE FIRM S
Although these measures have not been made public, • Akin Gump Strauss Hauer
the two regulators have requested companies to justify terms & Feld
• Baker Botts
including target valuations, deal premiums and financing
• Bird & Bird
arrangements for some of their deals. • Clyde & Co
Figures from MOFCOM showed China’s outbound invest- • Eversheds
ment tumbled 42.9 percent year-on-year in the first half of • Herbert Smith Freehills
2017 amid a government drive to curb overseas corporate • Jones Day
investments. • Latham & Watkins
Non-financial outbound direct investment dropped to $49.1 • Morgan Lewis & Bockius
• O’Melveny & Myers
billion in the first six months of the year, compared to a surge
• Orrick, Herrington &
of 58.7 percent year-on-year in the same period in 2016. This Sutcliffe
plunge suggests that the so-called “irrational corporate invest- • Reed Smith
ments” have been effectively controlled, said Vice Minister of • Simmons & Simmons
Commerce Qian Keming at a media briefing. • Vinson & Elkins
Hong Kong
Outbound M&A from Hong Kong companies reached record levels
in the first quarter of the year, as firms invested $15.5 billion into
overseas markets, the highest total since 2001. These invest-
ments by Hong Kong firms involved 23 deals.
Topping the deals was a $9.8 billion bid made by a consor-
tium led by Cheung Kong Property to take over Australia power
provider Duet Group.
That was followed by Chow Tai Fook Enterprises’ $3.1 billion
deal to acquire Australian utilities giant Alinta Energy. The two
deals accounted for 83.2 percent of total outbound value in the
first quarter.
India
Deringer • Baker McKenzie • Debevoise & Plimpton
• Kirkland & Ellis • Cleary Gottlieb Steen & • King & Wood Mallesons
• Linklaters Hamilton • Mayer Brown JSM
• Simpson Thacher & • Davis Polk & Wardwell • Morrison & Foerster
Bartlett • Deacons • Reed Smith Richards
• Skadden, Arps, Slate, • DLA Piper Butler India M&A deal value in the first
Meagher & Flom • Herbert Smith Freehills • Ropes & Gray half of this year reached $29.2
• Slaughter and May • Hogan Lovells • Sidley Austin billion, an all-time high since
• Weil Gotshal & Manges • Latham & Watkins • Troutman Sanders
2001.
• Mayer Brown JSM • White & Case
• Norton Rose Fulbright • Woo Kwan Lee & Lo
The January-June period
• Paul Hastings of this year saw 181 deals worth
• Paul, Weiss, Rifkind, $29.2 billion, which was 56.7
Wharton & Garrison percent higher compared to the
• Shearman & Sterling same period last year. The top
• Sullivan & Cromwell five deals accounted for $17.6
billion, which comprised 60.3
N OTA BLE F I RMS percent of total deal value.
• Addleshaw Goddard • Eversheds • O’Melveny & Myers One of the mega deals that
• Baker Botts • Gibson Dunn & Crutcher • Proskauer Rose received most attention was the
• Berwin Leighton Paisner • Howse Williams Bowers • Simmons & Simmons announced merger between
• Bird & Bird • K&L Gates • Stephenson Harwood Vodafone India and Idea
• Cadwalader, Wickersham • Locke Lord • Tanner De Witt
Cellular worth over $11 billion,
& Taft • Milbank, Tweed, Hadley & • Vinson & Elkins
• Cleary Gottlieb Steen & McCloy • Vivien Chan & Co. accounting for nearly 74 percent
Hamilton • Minter Ellison • Winston & Strawn of the total disclosed deal value
• DLA Piper • Morgan Lewis & Bockius in the first quarter of 2017.
NOTA BL E FIRMS
• ARA LAW • Samvad Partners • Veritas Legal
• Argus Partners • Seth Dua & Associates
• BMR Legal • Singh & Associates
Indonesia
Tandjung • Susandarini & Partners
• SSEK Legal Consultants • Widyawan & Partners
N OTABLE FIRMS
M&A activities in Indonesia have doubled in the first quarter, • AKSET Law • Siregar & Djojonegoro Law
compared with the corresponding period last year. • Bahar & Partners Firm
The country recorded 81 M&A deals in the first six months • Budidjaja & Associates • Sutedja & Associates
of the year, with a total value of approximately $4 billion, an • Christian Teo & Partners • Tumbuan & Partners
increase from 71 M&A deals worth $1.9 billion in the first half • Imran Muntaz & Co
• Indrawan Darsyah Santoso
of 2016. Technology was the largest sector in value, followed
• Ivan Almaida Baely &
by the agriculture sector. Firmansyah
Notable M&A deals included the Chinese internet giant • Leks & Co
Tencent Holdings’ $1.2 billion deal with ride-hailing service • Nurjadin Sumono Mulyadi
Go-Jek Indonesia. Partners
Japan Japan
Domestic International
TIER 1 T IE R 1
• Mori Hamada & • Baker McKenzie (Gaikokuho
Matsumoto Joint Enterprise)
• Nagashima Ohno & • Freshfields Bruckhaus
Tsunematsu Deringer
• Nishimura & Asahi • Morrison & Foerster Ito &
Mitomi
• Shearman & Sterling
Malaysia
TIER 2
• Simpson Thacher & Bartlett
• Anderson Mori & • Skadden, Arps, Slate,
Tomotsune Meagher & Flom
• Atsumi & Sakai
• TMI Associates
T IE R 2
• Allen & Overy Gaikokuho TIE R 1
NOTA BL E FIR M S
Kyodo Jigyo Horitsu Jimusho • Rahmat Lim & Partners
• City-Yuwa Partners • Ashurst • Shearn Delamore & Co
• Hibiya-Nakata • Clifford Chance Law Office • Skrine
• Iwata Godo • Herbert Smith Freehills • Wong & Partners
• Oh-Ebashi LPC & Partners • Linklaters • Zaid Ibrahim & Co.
• Southgate • Ropes & Gray
• Ushijima & Partners • Sullivan & Cromwell
• White & Case – White
TIE R 2
Japan
& Case Law Offices • Adnan Sundra & Low
(Registered Association) • Christopher & Lee Ong
• Kadir Andri & Partners
• Lee Hishamuddin Allen & Gledhill
T IE R 3
• Shook Lin & Bok
Japan has low birth rates and low levels • Davis Polk & Wardwell • Zul Rafique & Partners
of immigration, and it is expected that • Hogan Lovells Horitsu
its population will continue to decline Jimusho Gaikokuho Kyodo
Jigyo
TIE R 3
and age. In turn, this has created a
• Jones Day • Abdullah Chan & Co.
shrinking domestic market, forcing
• Latham & Watkins • Albar & Partners
Japanese companies to increasingly rely Gaikokuho Joint Enterprise • Azmi & Associates
on overseas markets – both for direct sales • Norton Rose Fulbright • Chooi & Company
and outbound investment – to maintain or • Orrick, Herrington & Sutcliffe • MahWengKwai & Associates
grow their bottom line. • Paul Hastings • Raja, Darryl & Loh
In the first half-year of 2017, Japan’s • Paul, Weiss, Rifkind, • Tay & Partners
M&A activity amounted to $14.4 billion, Wharton & Garrison
• Squire Gaikokuho Kyodo
which was its lowest year-to-date figure N OTABLE FIRMS
Jigyo Horitsu Jimusho
in a decade, accounting for a value drop of • Sidley Austin Nishikawa • Cheang & Ariff
53.5 percent compared to the same period Foreign Law Joint Enterprise • Donovan & Ho
last year, which stood at $30.9 billion. The • Jeff Leong, Poon & Wong
decline was mainly caused by a 64 percent • Mah-Kamariyah & Philip Koh
NOTABLE FIRMS • Mohamed Ridza & Co
value decrease on the top five deals during
• DLA Piper • Naqiz & Partners
the first six months of the year, totaling • K&L Gates • Peter Ling & van Geyzel
$6.2 billion, versus $17.1 billion from the • Linklaters • Putri Norlisa Chair
first half of 2016. However, the deal count • O’Melveny & Myers • Wong Beh & Toh
of 213 deals showed continued strength. • Simmons & Simmons • Zain & Co.
TIE R 1
• Angara Abello Concepcion Regala
& Cruz (ACCRALAW)
• Quisumbing Torres, a member firm
of Baker McKenzie International
• Romulo Mabanta Buenaventura
Sayoc & De Los Angeles
• SyCip Salazar Hernandez &
Philippines
Deal activity for Malaysia has been Gatmaitan
on an uptrend since last year. And
in the first half of 2017, the country TIE R 2
has seen larger M&A deals in both • Castillo Laman Tan Pantaleon &
value and volume compared to the Starting last year, companies with San Jose
same period in 2016. Deal value for M&A activity amounting to 1 billion • Gatmaytan Yap Patacsil Gutierrez &
the period amounted to $11.7 billion Philippine pesos and above had to Protacio
• Picazo Buyco Tan Fider & Santos
against $9.4 billion in the first half notify the Philippine Competition
• Puyat Jacinto & Santos (PJS Law)
last year. Commission (PCC). Recently, some • Villaraza & Angangco
The country recorded a total of 102 out of 106 M&A deals have been
233 M&A deals during the year, with assessed for the Phase 1 review
N OTABLE FIRMS
inbound deals accounting for about process and so far, none of these
• Cochingyan & Peralta Law Offices
70 percent of total M&A transactions. were “blocked,” said PCC Executive
• Cruz Marcelo & Tenefrancia
The energy sector had the largest Secretary Gwen Grecia-De Vera, • Gorriceta Africa Cauton & Saavedra
increase in activity, contributed by who also noted that there would be • Martinez Vergara Gonzalez &
several high-value inbound and a Phase 2 review. Serrano
outbound deals. The biggest energy The Philippines recorded 36 • Ocampo Manalo Valdez & Lim
deal was Saudi Arabia’s ARAMCO deals worth $4.53 billion as of 14 • Platon Martinez Flores San Pedro &
acquisition of a 50 percent stake December 2016, which was less than Leaño
• Poblador Bautista & Reyes
in the Refinery and Petrochemical 2015’s 49 deals valued at $14.98
• Puno & Puno Law Offices
Integrated Development (Rapid) billion. The countries’ M&A activity • Siguion Reyna, Montecillo &
project for $7 billion. Second to was dampened by political uncer- Ongsiako
the energy sector was real estate, tainties, highlighted by the national • Zambrano Gruba Caganda &
followed by the industrial sector. election in May 2016. Advincula
Singapore Singapore
Domestic International
TIE R 1 TIE R 1
• Allen & Gledhill • Allen & Overy
• Morgan Lewis Stamford • Clifford Chance
• Rajah & Tann Singapore • Freshfields Bruckhaus
Singapore
• WongPartnership Deringer
• Latham & Watkins
• Linklaters
TIE R 2
• Baker McKenzie.Wong &
Leow
TIE R 2
Singapore remains the leader in the Southeast Asia’s M&A
market, accounting for over 70 percent of the region’s M&A • Drew & Napier • Ashurst
• Dentons Rodyk & • Baker McKenzie.Wong &
value in the first half of 2017.
Davidson Leow
M&A totaled $42.6 billion in the first six months of the • Shook Lin & Bok • Herbert Smith Freehills
year, compared with $40.5 billion in the same period last year. • Hogan Lovells Lee & Lee
About 68 percent of M&A values came from outbound acquisi- • Milbank, Tweed, Hadley &
TIE R 3
tions. Inbound deals accounted for 19 percent of deal value in McCloy
the first six months this year, and 13 percent of total deal value • Bird & Bird ATMD • Norton Rose Fulbright
• Colin Ng & Partners • Sidley Austin
came from domestic transactions.
• Duane Morris & Selvam • White & Case
Singapore’s M&A activity in the first half of 2017 was driven • Lee & Lee
up by mega deals involving state-owned investment fund GIC. • RHTLaw Taylor Wessing
Sector-wise, the largest contributor to M&A deal values was • TSMP Law Corporation
TIE R 3
real estate, which has been the top contributor since 2016. • Berwin Leighton Paisner
Meanwhile, healthcare and telecommunications firms have • Gibson, Dunn & Crutcher
N OTABLE FIRMS
dominated outbound acquisitions activities. • Jones Day
• Eversheds Harry Elias • Morrison & Foerster
Notable deals backed by GIC in the first half of the year • Legis Point • Shearman & Sterling
include the $9.1 billion acquisition of Pharmaceutical Product • Pinsent Masons MPillay • Stephenson Harwood
Development and the $2.9 billion buyout of NeuStar. Together • Prolegis • Watson Farley & Williams
with private equity firm Hellman & Friedman, GIC bought a 75 • RPC Premier Law
percent stake in Spain’s Allfunds Bank for $1.9 billion during • Straits Law Practice
• Virtus Law
N OTABLE FIRMS
the first quarter.
• Clyde & Co
Other significant deal activities in Singapore included Exxon • DLA Piper
Mobil’s acquisition of InterOil for $2.5 billion, Mapletree’s acqui- • Holman Fenwick Willan
sition of Student Housing Assets in the US for $1.6 billion, and • King & Wood Mallesons
Mercatus’ acquisition of Jurong Point Mall for $1.6 billion. • Reed Smith
South Korea
M&A in Korea clocked $26 billion in the first half of the year,
compared with $24.7 billion in the same period in 2016, as
multiple conglomerates underwent reorganisation towards
a holding company structure.
One example is Lotte Group, which adopted a holding
company structure by merging the investment divisions of
four listed subsidiaries, including Lotte Confectionery, Lotte
Shopping, Lotte Chilsung Beverage, and Lotte Food. The
deal was worth $2.8 billion and was considered the most
Taiwan
valuable in the first half of 2017.
In terms of outbound investment, Korea made invest-
ments worth $2.7 billion in 30 foreign companies. This is
double the value compared to the first half of 2016, which
stood at $1.4 billion. By region, the U.S. was the most popular Taiwan showed the second-highest first-quarter M&A deal
investment destination. volume since 2010, with 13 deals. Local companies continued
to expand their M&A activities to offshore markets. For
example, following the acquisition of Sharp, it was reported
that Foxconn is now contemplating acquiring Toshiba.
South Korea South Korea In 2016, Taiwan recorded 52 deals, which was roughly
Domestic International on par with 2015’s deal volume of 55. Deal value amounted
to $12.9 billion, the third highest on record, behind 2009
($20 billion) and 2006 ($17 billion).
T I ER 1 TIER 1
• Bae, Kim & Lee LLC • Cleary Gottlieb Steen &
• Kim & Chang Hamilton
• Lee & Ko • Paul Hastings
TIE R 1 TIE R 2
• Shin & Kim
• Yulchon • Baker McKenzie • Chen & Lin
TIER 2 • Jones Day • Eiger Law
• Clifford Chance • Lee and Li • LCS & Partners
T I ER 2 • Herbert Smith Freehills • PricewaterhouseCoopers
• Jipyong • Ropes & Gray Taiwan
• KL Partners • Simpson Thacher & Bartlett • Tsar & Tsai Law Firm
• Yoon & Yang • Skadden, Arps, Slate,
Meagher & Flom
TIE R 3 N OTABLE FIRM S
N OTAB LE F I RMS • Formosa Transnational • Huang & Partners
• Barun Law
NOTA BL E FIR M S Attorneys at Law • Joseph Tan Jude Benny (JTJB)
• DR & AJU • Baker McKenzie • Formosan Brothers • Lexcel Partners
• Hwang Mok Park • DLA Piper Attorneys at Law • Lin & Partners Attorneys-
• K&L Gates • K&L Gates At-Law
• McDermott Will & Emery • Lee, Tsai & Partners • Pamir Law Group
• Squire Patton Boggs • Liang & Partners • Russin & Vecchi
• White & Case • Winkler Partners • Yangming Partners
TIE R 1 TIE R 2
• Allen & Overy • Clifford Chance
• Baker McKenzie • Linklaters
• Chandler MHM • Siam Premier
• Weerawong C&P International
• Thanathip & Partners
Legal Counsellors
• Tilleke & Gibbins
Thailand
• DLA Piper • Bangkok International
• DFDL Associates
• Hunton & Williams • Blumenthal Richter &
• Norton Rose Fulbright Sumet
The maturity of the domestic market is driving Thai companies • Rajah & Tann Thailand • Deloitte Touche Tohmatsu
• Siam City Law Offi ces Jaiyos Advisory Co.
to explore acquisition opportunities abroad, especially in other
• Watson Farley & Williams • LawPlus Ltd.
growing Southeast Asian markets. However, outbound M&A • LS Horizon
investment by Thai companies this year has plummeted 37 • Lorenz & Partners Co., Ltd.
percent to just $1.2 billion in the first half of 2017, compared • Mayer Brown JSM
with the same period in 2016. It is the first decline in three years. • Respondek & Fan Ltd
“Beyond”
Combining local expertise and international standards of excellence
TIE R 1 TIE R 2
• Baker McKenzie • Allen & Overy
• Freshfi elds Bruckhaus • Allens
Deringer LLP • DFDL
• VILAF • Frasers Law Company
• YKVN Lawyers • Hogan Lovells
• LNT & Partners
• Mayer Brown JSM
• Rajah & Tann LCT Lawyers
• Tilleke & Gibbins
• Vision & Associates
• ZICO Law
Vietnam TIE R 3
•
•
Audier & Partners
Bizlink Lawyers
N OTABLE FIRM S
•
•
ACS Legal
Asia Counsel Vietnam
In 2016 and the first half of 2017, Vietnam saw a couple of • Duane Morris Vietnam • BDLAW
• Nishimura & Asahi • Bross & Partners
multimillion dollar M&A deals. Foodstuff producer Kido Joint
• Leadco Legal Counsel
Stock Company completed the purchase of a 65 percent stake • LuatViet
in Tuong An Vegetable Oil JSC for approximately $45 million • Phuoc & Partners
in November last year. A total of 530 deals were completed in • PricewaterhouseCoopers
2016, with deal value totaling $5.8 billion. Legal Vietnam