Slaughters and Macfarlanes score top deal value for year to date

Slaughter and May and Macfarlanes have pinched the top spots for UK M&A for the year to date, thanks to their work on Verizon Communications’ acquisition of Vodafone’s 45 per cent stake in Verizon Wireless for $130.1bn (£84bn).

According to Thomson Reuters’ preliminary data for worldwide announced M&A for the first three quarters of 2013, Slaughters worked on 33 M&A deals with UK involvement, with a combined value of $136.2bn.

The bulk of this figure is thanks to the firm’s instruction by Vodafone on the enormous transaction (2 September 2013), topped up by deals including the $2.2bn acquisition of Stansted Airport by Manchester Airport Group in July 2013 (21 January 2013).

The Verizon transaction also boosted Macfarlanes’ total UK deal value to $130.3bn – with the outstanding $200m unattributable to its work for Verizon generated by five separate deals. The largest of these was the Canary Wharf Group’s estimated £128m ($195.6m) acquisition of 15 Westferry Circus.

The Verizon/Vodafone deal is worth £100m more in value than the period’s second largest transaction with UK involvement – Vodafone’s €7.7bn (£6.6bn) takeover of Kabel Deutschland, in which Linklaters took the helm for the UK-domiciled telecommunications company (24 June 2013).

The results put Macfarlanes in second place in the year’s rankings so far, substantially ahead of Linklaters ($32.4bn), Freshfields Bruckhaus Deringer ($28.7bn), Clifford Chance ($15.8bn) and Allen & Overy ($10.5bn).

Slaughters and Macfarlanes also feature as the two highest ranking UK firms in Thomson Reuters’ global M&A rankings, followed by Allen & Overy, Freshfields Bruckhaus Deringer, Hogan Lovells, Linklaters, Clifford Chance and Herbert Smith Freehills respectively.

Data is for the year up to 30 September, and includes all deals announced since 1 January.

Announced deals with any UK involvement, 1 Jan to 30 September 2013
Rank Legal Advisor Ranking value inc. net debt of target ($m) Market share Number of deals
1 Davis Polk & Wardwell 141,380.5 53.1 13
2 Slaughter & May 136,190.7 51.1 33
3 Jones Day 135,656.1 50.9 35
4 Simpson Thacher & Bartlett 135,384.0 50.8 15
5 De Brauw Blackstone Westbroek 134,486.0 50.5 5
6 Weil Gotshal & Manges 134,444.4 50.5 13
7 Debevoise & Plimpton 132,321.2 49.7 4
8 Macfarlanes 130,296.6 48.9 7
9 Wachtell Lipton Rosen & Katz 130,100.0 48.8 1
10 Linklaters 32,426.9 12.2 59
11 Freshfields Bruckhaus Deringer 28,658.9 10.8 47
12 Hengeler Mueller 22,160.4 8.3 6
13 Clifford Chance 15,833.8 5.9 41
14 Herbert Smith Freehills 12,406.5 4.7 25
15 Allen & Overy 10,493.7 3.9 45