Asia Pacific M&A Activity Drops in First Half of 2020, Hits Lowest Level Since 2013
Indian firms AZB & Partners and Shardul Amarchand Mangaldas took the top two spots in Mergermarket's legal adviser rankings, while Weil Gotshal & Manges, Davis Polk & Wardwell, and Herbert Smith Freehills took third, fourth and fifth place.
July 08, 2020 at 12:55 PM
3 minute read
Asia Pacific mergers and acquisitions activity continued on a downward trajectory in the second quarter of this year as COVID impacts lingered, making the slowest first half since 2013, according to data collected by Mergermarket.
In the six months ended June 30, the Asia Pacific, excluding Japan, generated $225.6 billion worth of mergers and acquisitions, down 17% from the same period last year and the lowest first-half value since 2013. Between April and June, the region only saw $104 billion worth of M&A deals, the lowest second-quarter number since 2012, according to Mergermarket data. Tesco Plc.'s $10.6 billion sale of its Thailand and Malaysia business and an $8 billion merger of two Singaporean REITs, both deals from the first quarter, remained the region's top M&A deals in the first half.
Indian firm AZB & Partners advised the most M&A deals in terms of deal value across the Asia Pacific excluding Japan in the first six months of 2020. The firm took the top ranking partly because of its roles advising Jio Platforms Ltd., the digital and telecom arm of Indian conglomerate Reliance Industries Ltd., on a series of deals that have raised over $15 billion from investors ranging from Facebook to buyout houses such as KKR. The Jio deals also helped put Shardul Amarchand Mangaldas, which has advised several investors, in the second spot of the first half's M&A legal adviser rankings.
Weil, Gotshal & Manges and Davis Polk & Wardwell took third and fourth place, according to the Mergermarket data, which includes deals that meet specific criteria, including those that are worth $5 million or more. Davis Polk also advised India's Jio on several deals in the investment series. Weil has been advising a consortium that includes Chinese classifieds site 58.com's chairman Yao Jinbo on a take-private deal that values the company at $8.7 billion. The deal, the largest M&A in Asia in the second quarter, also helped put China's Fangda Partners (6th), Skadden, Arps, Slate, Meagher & Flom (8th) and Kirkland (9th) in the top 10 advisers.
Herbert Smith Freehills and Cyril Amarchand Mangaldas took the fifth and seventh places, respectively.
The situation appears to be less dire in Japan, where first-half M&As totaled $23.7 billion—the best first six months since 2016. However, Mergermarket pointed out that COVID-19 started to have an impact on deals during the second quarter when Japan saw a 17% drop in M&A value compared to the first quarter. Sony's $3.7 billion takeover of its financial services arm was the largest M&A deal announced in the second quarter.
Three of Japan's four largest domestic law firms, Mori Hamada & Matsumoto, Nagashima Ohno & Tsunematsu, and Anderson Mōri & Tomotsune took the top three spots on Mergermarket's legal adviser rankings, while the remaining Nishimura & Asahi took the fifth. Davis Polk ranked fourth.
Related Stories:
COVID-19 Outbreak to Slow Deals in Asia in First Half of 2020
Magic Circle Trio Lead on Q1 Asia Pacific M&A as Deal Values Plummet Amid COVID-19 Pandemic
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