Sullivan & Cromwell was the leading legal adviser globally for mergers and acquisitions (M&A) in Q1 2020 in the information and communication technology (ICT) sector by deal value, according to GlobalData.
The US-based law firm advised on eight deals worth $12.7bn during the quarter. The company stood at third position the GlobalData’s Q1 2020 ranking of top 20 legal advisers for global M&A.
GlobalData has published a top ten league table of legal advisers ranked according to the value and volume of announced M&A deals globally. If value remains same for multiple advisers, deal volume is given weightage.
White & Case stood at second position with six deals worth $9.27bn, followed by Ropes & Gray with 16 deals worth $9.04bn.
Aurojyoti Bose, Financial Deals Analyst at GlobalData, said: “Sullivan & Cromwell, which advised on fewer but larger-ticket deals, was the only legal adviser that managed to surpass the US$10bn mark during the COVID-19-hit Q1.
“Almost all big advisors are feeling the impact of the COVID-19 outbreak. Sullivan & Cromwell, in its Q1 2020 M&A update, discussed the impact of the virus outbreak and also expressed concerns on completion on pending M&A transactions. Meanwhile, Kirkland & Ellis, which topped in volume terms, had to settle for seventh position in terms of value.”
The ICT sector witnessed a decline of 35.56% in deal value from $173bn in Q1 2019 to $111.5bn in Q1 2020. Deal volume decreased by 11.52% from 4,914 in Q1 2019 to 4,348 in Q1 2020.
GlobalData’s league tables are based on the real-time tracking of thousands of company websites, advisory firm websites and other reliable sources available on the secondary domain. A dedicated team of analysts monitors all these sources to gather in-depth details for each deal, including adviser names. All announced deals count towards the totals.
To ensure further robustness to the data, the company also seeks submissions from leading advisers, through adviser submission forms on GlobalData’s website