Sullivan joins UK's elite in M&A tables

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

The New York firm has taken the number two spot for value in Mergermarket's rankings for the first quarter of 2005, putting it ahead of Freshfields Bruckhaus Deringer and Slaughter and May.

Sullivan advised on just nine deals with a total value of €20.6bn (£14.31bn).

Linklaters emerged as the number one firm for both value and volume. The magic circle firm, which also ranked top by value in 2004, advised on 31 deals worth €27bn (£18.76bn).

Meanwhile, Herbert Smith slipped five places to the number 10 spot after the firm and its European alliance partners Stibbe and Gleiss Lutz advised on 17 deals with a total value of €7.8bn (£5.42bn).

Simmons & Simmons had a stellar first quarter, jumping from 47th place to number seven, after it advised on 10 deals totalling €9.1bn (£6.32bn).