NEW YORK, Jan. 2, 2019 /PRNewswire/ -- The Deal, a
business unit of TheStreet, Inc. (NASDAQ: TST), today
published its preliminary league tables for 2018, an annualized
ranking of the top global advisers involved in mergers and
acquisitions, bankruptcy, out-of-court restructuring and private
equity transactions.
The annual M&A League Tables are led by Kirkland &
Ellis LLP, Goldman, Sachs & Co. and Joele Frank, Wilkinson Brimmer Katcher.
"The flurry of seven U.S. M&A transactions of $1 billion or more announced the week before
Christmas was a fitting conclusion to a strong 2018," observed
David Marcus, senior writer for The
Deal, "though it came as both private equity activity and strategic
M&A have cooled."
Rankings include the names of lead M&A and/or corporate
partners at law firms who represented principals and investment
advisers. Only deals involving a change of control at a target
company with a market value of $100 million or more are
included, and only when a key party involved is
a U.S. company. Unless the target is a recognized
stand-alone operating business, rankings will not include asset
sales, unit sales, sales of subsidiaries, spin-offs or joint
ventures.
Taking the top spots for the Out-of-Court League Table are
Latham & Watkins LLP, Houlihan Lokey Inc. and Edelman Inc.
"The parade of pharmaceutical companies beginning out of court
restructurings grew much larger as the year came to an end and can
be expected to grow even larger in 2019," noted Kirk O'Neil, associate editor of The Deal.
The Deal's Out-of-Court Restructuring league tables are based on
distressed companies that have announced financial restructurings
for the full year of 2018, including all industries. Minimum
requirements for inclusion include: announcement date between
Jan. 1 and Dec. 31, 2018; at least one (1) piece of debt amount
stated (bond, note, loan, credit facility, etc.); credit facility
security (secured or unsecured); and name of the distressed
company. Roles in the league tables will be: legal advisory,
financial advisory and other advisory (including Public Relations
or Restructuring Adviser).
Leading the Private Equity League Tables are Kirkland &
Ellis LLP, Houlihan Lokey Inc. and Abernathy MacGregor Group
Inc.
"The coming year could see take-private transactions
becoming more prominent in the deal landscape," said Armie
Lee, a reporter for The Deal, though she added the caveat that
"if public equity valuations were to jump dramatically, many
potential take-private targets could become too pricey for private
equity firms to pursue."
The Deal's Private Equity League Tables include global
deals involving PE firms, either on the buy side or sell side,
regardless of whether financial terms were disclosed. Deal types
range from leveraged buyouts, add-on acquisitions,
management-backed buyouts and any deal where a PE firm had a stake
in the target, buyer or seller. Transactions where the investment
implied at least a 30% stake in the target are also included, as
are minority investments where PE executives joined target
boards.
Taking the top spots for the Bankruptcy League Tables are Duane
Morris LLP, Moelis & Co. LLC and Finsbury.
"It was widely expected that the so-called retail apocalypse
would continue, and worsen, in 2018--but the year didn't quite
deliver on those predictions," observed Stephanie Gleason, a senior reporter for The
Deal. "Less expected was the way that much of the fall out of
the #MeToo movement is playing out before bankruptcy courts."
The Deal's Bankruptcy League Tables are comprised of
advisory assignments on business petitions with liabilities of at
least $25 million, filed
in U.S. courts, between January 1 and December 31,
2018.
See the full rankings and company and individual profile
details here.
About The Deal
The Deal (www.thedeal.com) provides actionable, intraday coverage
of mergers, acquisitions and all other changes in corporate control
to institutional investors, private equity, hedge funds and the
firms that serve them. The Deal is a business unit
of TheStreet, Inc. (NASDAQ: TST, www.t.st), a
leading financial news and information provider. Other business
units include TheStreet (www.thestreet.com), an unbiased
source of business news and market analysis for investors and
BoardEx (www.boardex.com), a relationship mapping service of
corporate directors and officers.
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