Republic of Ireland highlights · There were 52 transactions in Q2 2010 in the Republic of Ireland, down from 62 in the last quarter, a 16.1per cent drop. · Irish deals values have increased by 37.9 per cent in Q2 2010 in comparison to the first quarter of the year. · IBI Corporate Finance was the most active financial advisor with three transactions worth an aggregate €3.5billion, while Matheson Ormsby Prentice topped the league table for legal advisors by volume with seven assists. The European Picture · Europe saw a 17.5 per cent decrease in European M&A and ECM transactions announced during Q2 2010 with only 2,375 deals compared to 2,879 transactions in Q1 2010. · €148.7billion worth of transactions were announced in Europe in Q2 2010, down by 16.1 per cent on the €177.3billion recorded in Q1 2010. Republic of Ireland deal sizes Large deals (€100million* +) · Eight deals with a value of over €100million were completed in Q2 2010 in the Republic of Ireland, worth a total of approximately €7.4billion, while Q1 2010 saw seven large deals totaling €5billion. · In contrast, Q2 2009 saw just two large deals in Republic of Ireland with an aggregate value of approximately €301.6million. Mid-cap deals (€10-£100million*) · Activity in the mid-cap sector fell in the second quarter from sixteen transactions to seven, a 56.25 per cent drop. In this segment we saw several Irish firms acquired by overseas concerns. · Consistent with the fall in volume, values in the mid-cap range also decreased. €475.9million worth of deals in Q1 2010 was down to €238.9million in Q2 2010, representing a 49.8 per cent fall. · Both volumes and values have also fallen in comparison with Q2 2009, where there were 13 deals in the mid-cap range worth €261.7million. Small-cap deals (under €10million*)· Activity in the small-cap sector decreased in Q2 2010 in terms of both volume and value. Small deals accounted for ten transactions with an aggregate deal value of €34.6million in contrast to the previous quarter’s 13 deals worth €46.8million. · The majority of deals in the small-cap sector were fundraising transactions, noticeably a number of rights issues from smaller publicly traded companies in the mining and minerals sector. · In Q2 2009 there were 15 small-cap deals completed with a value of €56.6million, representing a fall of 33.3 per cent in terms of volume and 38.9 per cent in terms of value in Q2 2010. MOST ACTIVE FINANCIAL AND LEGAL ADVISORS IN REPUBLIC OF IRELAND Corpfin’s insight into advisors’ deal activity has enabled it to identify the most active financial and legal advisors in Q2 2010 and compare it with the previous quarter in the Republic of Ireland.
Table 1: Financial advisor deal activities Q2 2010 Deals announced by volume | Deals announced by value (€m) | DealsQ2 2010 | Financial advisor | Rank Q1 2010 | DealsQ2 2010 | Financial advisor | Rank Q1 2010 | 3 | IBI CORPORATE FINANCE | - | 3,721 | ROTHSCHILD | 8 | 2 | ROTHSCHILD | 2 | 3,455.6 | IBI CORPORATE FINANCE | - | 2 | DAVY CORPORATE FINANCE | 1 | 3,422 | DAVY CORPORATE FINANCE | 9 | 2 | HAUSER PARTNERS | - | 3,421 | CITIGROUP | 1 | 2 | DANIEL STEWART & CO | - | 3,421 | CREDIT SUISSE | 6 | 1 | CITIGROUP | 6 | 3,421 | DEUTSCHE BANK AG | - | 1 | CREDIT SUISSE | 10 | 3,421 | UBS INVESTMENT BANK | - | 1 | DEUTSCHE BANK AG | - | 1,959.2 | JP MORGAN CHASE & CO | 10 | 1 | UBS INVESTMENT BANK | - | 300 | ERNST & YOUNG | - | 1 | JP MORGAN CHASE & CO | - | 211 | LAZARD | - |
Table 2: Legal advisor deal activities Q2 2010 Deals announced by volume | Deals announced by value (€m) | DealsQ2 2010 | Legal advisor | Rank Q1 2010 | DealsQ2 2010 | Legal advisor | Rank Q1 2010 | 7 | MATHESON ORMSBY PRENTICE | 1 | 3,576.5 | ARTHUR COX | - | 2 | ARTHUR COX | 6 | 3,421 | A & L GOODBODY | 4 | 2 | WILLIAM FRY | 2 | 3,421 | ALLEN & OVERY | - | 1 | A & L GOODBODY | 5 | 3,421 | CLEARY GOTTLIEB STEEN & HAMILTON | - | 1 | ALLEN & OVERY | 4 | 3,421 | HERBERT SMITH | - | 1 | CLEARY GOTTLIEB STEEN & HAMILTON | - | 3,421 | SULLIVAN & CROMWELL LLP | - | 1 | HERBERT SMITH | 7 | 1,959.2 | LATHAM & WATKINS LLP | 6 | 1 | SULLIVAN & CROMWELL LLP | - | 1,959.2 | WILLKIE FARR & GALLAGHER | - | 1 | LATHAM & WATKINS LLP | - | 1,054.9 | FRESHFIELDS BRUCKHAUS DERINGER | - | 1 | WILLKIE FARR & GALLAGHER | - | 361.03 | MATHESON ORMSBY PRENTICE | 10 |
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Mergers and acquisitions fall in the Republic of Ireland according to Experian