Sullivan & Cromwell breaks magic circle dominance in European M&A

Sullivan & Cromwell has broken the dominance of the magic circle firms in the European M&A market.

The New York firm, which has steadily been climbing up the M&A league tables has moved up one position to take the number two spot (by value) in Mergermarket’s rankings for the first quarter of 2005, putting it ahead of Freshfields Bruckhaus Deringer and Slaughter and May.

Though Sullivan & Cromwell advised on just nine deals they had a total value of EURO20.6bn.

Meanwhile, Linklaters has emerged as the number one firm by both value and volume. The magic circle firm, which ranked top by value in 2004 advised on 31 deals worth EURO27bn and has an almost EURO6.5bn lead over second place Sullivan & Cromwell.

Herbert Smith, meanwhile, has slipped five places to the number 10 spot by value in the European M&A rankings for the first quarter of 2005.

According to Mergermarket’s first quarter rankings Herbert Smith and its European alliance firms Stibbe and Gleiss Lutz advised on 17 deals with a total value of EURO7.8bn.

Simmons & Simmons had a stellar first quarter, jumping from 47th place to number seven, after it advised on 10 deals totalling EURO9.1bn.