Bank of America has topped the latest mergers and acquisitions (M&A) league table of the top 10 financial advisers for the power sector based on deal value in 2019, according to GlobalData, a leading data and analytics company.

The American bank advised on nine deals worth US$21.8bn, including China Yangtze Power International’s (Hongkong) acquisition of equity interest in Peruvian businesses from Sempra Energy for US$3.59bn.

According to GlobalData, which tracks all M&A, private equity/venture capital and asset transaction activity around the world to compile the league tables, Citi stood at second position with 13 deals, worth US$17.8bn, while Lazard finished at third position with ten deals worth US$15.9bn.

Nagarjun Sura, Financial Deals Analyst at GlobalData, says: “Canada Pension Plan Investment Board acquisition of Pattern Energy was instrumental in determining the top rankings of the power sector. Sullivan & Cromwell from the legal side and Bank of America from the financial side were involved in this transaction and topped the league table respectively.”

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Global power deals market in 2019

The total deal value in the power sector plummeted by 28.69% from US$445.2bn in 2018 to US$317.5bn in 2019. The sector saw 2,855 deals in 2019, an increase of 13.11% from 2,524 deals in 2018.

Bank of America, which topped the power league table of M&A financial advisers, finished at sixth position in GlobalData’s recently released global league table of top 20 M&A financial advisers. Goldman Sachs topped the global rankings chart, followed by JP Morgan.

Sullivan & Cromwell leads top 10 M&A legal advisers list

US-based law firm Sullivan & Cromwell led the top 10 legal advisers list in terms of deal value. The firm provided legal services to eight deals worth US$21.6bn. White & Case secured second position with 22 deals worth US$13.8bn.

In the global league table of top 20 M&A legal advisers, Sullivan & Cromwell secured third position. The global table was led by Wachtell, Lipton, Rosen & Katz.