IFLR1000's selection of deal announcements this August shows us that it has been—barring a few notable exceptions—a fairly sedate month with representation across a range of sectors, but with the biggest impact in the technology, pharmaceuticals, energy and government and public policy industries.
Uber Technologies—a San Francisco-based riding-hailing firm—sold its China operations to rival Didi Chuxing, China's leading ride-hailing service, after losing $2 billion in China in the past two years; and Greenko Investment Company issued $500 million 4.875% senior notes due 2023 that are guaranteed by Greenko Energy Holdings—the offering being India’s first ever high yield green bond issuance.
Davis Polk & Wardwell topped the value tables and there is no doubt that its advice to Uber Technologies in its $35 billion disposal played a significant role, while elite US firm Wachtell Lipton Rosen & Katz continued its strong showing for the second month running in a category known for fluctuations. Kirkland & Ellis also led the table in deal volume with 26 deals in August, which was its second month in a row at the top.
Elsewhere we saw the Republic of Poland issue a Rmb3 billion three-year 3.4% bond—known as a Panda bond—on the Chinese domestic market, which was the first yuan renminbi denominated issue by a European sovereign on the Chinese market. There were also a couple of high value pharmaceutical deals with Pfizer’s $14 billion acquisition of cancer drug pharmaceutical company Medivation, and GlaxoSmithKline and Verily Life Sciences, owned by Google holding company Alphabet, £540 million joint venture to research ways of fighting disease through electronic implants—an interesting combination of the life sciences with the highly influential technology industry.
If you have any public deal announcements you would like us to take into account for our reports please send them to - amajeed@iflr1000.com
It’s almost time for the launch of IFLR1000’s Deals Database since the BETA version went live in May. The fully searchable database of significant deal records will go live in October and will include searchable and filterable data on the most significant legal transactions from around the globe, and all of our featured monthly deals will be included along with many more garnered from the IFLR1000's own research, press releases and other deal announcements.
Below you can access our top picks for August 2016 linked to their record in the new Deals Database.
Adam Majeed - Asia-Editor
Mergermarket table 1 - Law firms by global M&A deal value
Mergermarket table 2 - Law firms by global M&A deal volume
Deal 1: Avril Group €880 million financing
Jurisdictions: France
Deal type: Corporate finance, Securitisation
Industry sectors: Industrials and manufacturing, Agriculture
Deal 2: Bancomext $700 million note issuance
Jurisdictions: Mexico
Deal type: Investment grade bond/note issue
Industry sectors: Banking
Deal 3: China Life Insurance/GIC $1.4 billion acquisition of minority stake in Joy City
Jurisdictions: China, Hong Kong
Deal type: Fund formation, Private acquisition
Industry sectors: Real Estate
Deal 4: Didi Chuxing $35 billion acquisition of Uber's China assets
Jurisdictions: China
Deal type: Public acquisition
Industry sectors: Consumer goods and services, Technology and telecommunications
Deal 5: Emerson Electric $3.15 billion acquisition of Pentair valves and control business
Jurisdictions: United States, Switzerland, United Kingdom
Deal type: Public acquisition
Industry sectors: Energy, Industrials and manufacturing
Deal 6: Ezurum 99.5MW Hydro Power Project
Jurisdictions: Czech Republic, Turkey
Deal type: Project development, Project finance
Industry sectors: Energy
Deal 7: Flughafen Berlin Brandenburg €2.2 billion refinancing
Jurisdictions: Germany
Deal type: Refinancing
Industry sectors: Aviation, Social infrastructure
Deal 8: GlaxoSmithKline and Verily Life Sciences £540 million Galvani Bioelectronics joint venture
Jurisdictions: United States, United Kingdom
Deal type: Joint venture
Industry sector: Pharmaceuticals and life sciences, Technology and telecommunications
Deal 9: Greenko Investment Company $500 million high yield green bond issue
Jurisdictions: India
Deal type: High-yield bond/note issue
Industry sectors: Energy
Deal 10: Iluka Resources £215 million acquisition of Sierra Rutile
Jurisdictions: Australia, United Kingdom, Sierra Leone
Deal type: Public acquisition
Industry sectors: Mining
Deal 11: NXP Semiconductors $1 billion senior notes issue
Jurisdictions: Netherlands, United States
Deal type: High-yield bond/note issue
Industry sectors: Industrials and manufacturing
Deal 12: Pfizer $14 billion acquisition of Medivation
Jurisdictions: United States
Deal type: Public acquisition
Industry sectors: Pharmaceuticals and life sciences
Deal 13: Republic of Poland Rmb3 billion sovereign 'panda' bond issue
Jurisdictions: China, Hong Kong, Poland
Deal type: Investment grade bond/note issue, Sovereign bond issue
Industry sectors: Government and public policy
Deal 14: Vinci Highways $1.37 billion acquisition of Linea Amarilla
Jurisdictions: Brazil, Peru
Deal type: Public acquisition
Industry sectors: Transport
IFLR1000 Reporters:
Sam Duke - Editor
Adam Majeed - Asia-Pacific Editor
Ben Naylor - EMEA Editor
John Crabb - Journalist EMEA
Jon Moore - Journalist EMEA
Wai Yee Tsang - Journalist Asia-Pacific
Rani Mehta - Journalist Latin America
Kurt Stumpo - Journalist - North America and the Caribbean