20 Jan 2021
Posted in Business Fundamentals
Sullivan & Cromwell and Kirkland & Ellis were top M&A legal advisers by value and volume in global construction sector for 2020, finds GlobalData
Sullivan & Cromwell and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the global construction sector for 2020 by value and volume, respectively. Sullivan & Cromwell advised on six deals worth $35.6bn, which was the highest value among all advisers. Meanwhile, Kirkland & Ellis led in volume terms having advised on 27 deals worth $30.6bn. A total 3,693 M&A deals were announced in the sector during 2020, marking a 6.3% decrease over the 3,943 deals announced in 2019, according to GlobalData, a leading data and analytics company.
According to GlobalData’s report, ‘Global and Construction M&A Report Legal Adviser League Tables 2020’, deal value decreased by 31.5% from $485bn in 2019 to $332bn in 2020.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Despite advising on single-digit deal volume, Sullivan & Cromwell occupied the top spot in terms of value due to its involvement in relatively higher-value transactions. Meanwhile, Kirkland & Ellis was one among three firms that managed to advise on more than 20 deals and had to settle for second position by value.
“Although both firms advised on four billion-dollar deals – each worth greater than or equal to $1bn, including a mega deal valued more than or equal to $10bn – the average deal size of Sullivan & Cromwell stood at $5.9bn while Kirkland & Ellis stood at just US$1.1bn.”
Cleary Gottlieb Steen & Hamilton occupied third position in GlobalData’s ranking of legal advisers for M&As in the global construction sector by value with seven deals worth $25.7bn. This was followed by Fried Frank Harris Shriver & Jacobson with eight deals worth $23.1bn.
Latham & Watkins occupied the second position by volume with 22 deals worth $13.5bn, followed by Jones Day with 21 deals worth $10.1bn, and Vinge with 18 deals worth $7.7bn.