近日，Mergermarket发布了2021年Q1并购报告及相关律所排名（Mergermarket Legal League Table Report）。该报告指出：全球并购交易延续了去年第四季度的良好表现，在第一季度依旧势头强劲。

全球范围，2021年Q1的并购交易额达1.16兆美元，创造了并购交易有史以来最活跃、交易金额最高的年度开局。

跨境交易在1Q21显著恢复，全球交易额达5166亿美元，占全球总交易额的44.4%以上。

北美并购市场1Q21出现了“报复式增长”。Dealogic数据显示，从数量上来看，美国IPO项目数量（398宗）占据全球总数（762宗）超一半。

特殊目的收购公司（SPAC）在IPO交易的整体增长中发挥了很大作用，尤其在美国，SPAC强大的购买力在一定程度上促进了大型交易（20亿至50亿美元）数量的上升。相比去年第四季度（19.5%），Q1大型交易额占总交易额的比例跃升至23.6%。

近年来，私募基金也发挥着重要作用，持有的已募集但未投出的资金越来越多。

科技、媒体与电信板块（TMT）在Q1依旧保持着不可动摇的主导地位，共发生1237笔交易，交易额达3448.7亿美元，占总交易额的29.7%——与去年同期相比猛增247%。

其他行业的交易额也都有所增长，交通运输业的同比增幅尤为突出——其交易额增长了424.9%，从去年第一季度的127亿美元/170宗交易增长到今年第一季度的669亿美元/140宗交易。除此之外，能源、采矿和公用事业板块交易额也有了248.3%的增长，从342亿美元/303宗上升至1192亿美元/373宗。

亚太及大中华地区

锁定亚太及大中华地区，报告指出，亚太地区（不包括日本）在2021年第一季度的并购交易数量为861宗，交易额达1630亿美元——与去年同期相比增长28.7%。亚太交易市场仍然保持活力，但相较去年第三季度的高峰期有所放缓。

随着中美对科技领导权的争夺，以及两国日益紧张的地缘政治局势，亚太地区并购市场深受影响。中国监管机构也正对科技巨头，如阿里巴巴、腾讯和京东等公司采取更为强硬的反垄断措施，以控制风险，并提高相较美国同行的竞争力。新冠疫情的影响和5G网络的发展也在加速数字化的趋势。

今年第一季度，亚太地区科技行业热度不减，交易额同比增长近三倍，达350亿美元，涉及155宗交易。该领域的最大交易是中国支付服务提供商有赞的41亿美元私有化收购项目。

与此同时，能源、矿业及公用事业（269亿美元/82宗交易）、建筑业（180亿美元/36宗交易）和交通运输业（150亿美元/38宗交易）的交易额也大幅上升，同比增长分别为125.6%、85%和329.5%。

在中国交易板块，新疆天山股份拟981亿元“蛇吞象”收购水中联水泥（100%股权）、南方水泥（99.9274%股权）、西南水泥（95.7166%股权）及中材水泥（100%股权）等资产的交易位列亚太地区（日本除外）Q1交易榜首。该并购项目还入选Q1全球五大交易。嘉源律师事务所代表天山股份参与交易。

亚太地区运输业的最大交易，则为顺丰物流以39.5亿美元收购嘉里物流网络51.8%股份的交易。

亚太地区Q1境内并购交易依然势头不减，共完成146宗交易，总交易额达306亿美元，去年同期境内并购交易额为141亿美元（157宗），去年第四季度则为318亿美元（158宗）。

律所排名

在全球范围内，以交易额排名，Q1伟凯律师事务所（White & Case）成功登顶，从2020年Q1的第14名直接攀升至今年的冠军席位；凯易律师事务所（Kirkland & Ellis）位居第二，不过其Q1完成了212宗交易，按交易数量计算位列全球首位。

世达国际律师事务所（Skadden, Arps, Slate, Meagher & Flom）与Cravath, Swaine & Moore 以微小的差距紧随其后；瑞生国际律师事务所（Latham & Watkins）则名列第五。

在大中华地区，就交易额而言，嘉源律师事务所拔得头筹；方达律师事务所则位居第二；年利达律师事务所（Linklaters）相较去年同期上升了113名，拿到了第三位的成绩；司力达律师事务所（Slaughter and May）与高伟绅律师事务所（Clifford Chance）分别名列第四及第五。

就交易数量而言，方达律师事务所完成了最多的并购交易项目，为27宗——比去年同期几乎增长一倍；中伦律师事务所位列第二，完成9宗；金杜律师事务所、君合律师事务所、高伟绅律师事务所则分获三、四、五名。

 

Mergermerket’s 1Q21 report shows the momentum of global M&A markets

Mergermerket has published its latest 21Q1 global M&A report and the combining Legal League Table, indicating that global mergers and acquisitions activity turned in a strong first quarter performance in 2021. While many themes crossed over into 2021, such as the technology sector’s dominance and the continued strength of private equity, some notable shifts did occur in terms of deal size and geographic concentration of deals.

Globally, first quarter activity in 2021 reached $1.16 trillion in transaction value, surpassing even the red-hot 2018 and 2019, and making 1Q21 the most active annual opening on record and one of the highest ever.

Cross-border deals were a significant contributor to overall activity, hitting a record of $516.6 billion for first quarter activity and nearly returning to historical averages of more than 44.4 percent of total deal value.

According to Dealogic, the U.S. was also home to more than two-thirds ($137.8 billion) of the $200.9 billion in global IPOs in 1Q21. There were 398 IPOs in the U.S. compared to 762 ones worldwide.

Special purpose acquisition companies (SPACs) played a large part in the overall increase in IPO activity and particularly in the U.S.. The rising buying power of SPACs may be one factor in the rise of deals in the $2 billion to $5 billion range. Deals between this range have jumped from 19.5 percent of all deal value in 4Q20 to 23.6 percent.

Private equity flexes muscles. For years, the amount of reported dry powder held by private equity has risen to ever greater levels

Technology Media & Telecoms (TMT) continued its deal-making dominance with $344.8.7 billion in deal value and 1,237 total deals in the space, making up 29.7 percent of all deal value.

Nearly every sector saw increases in deal value, but the Transport sector saw one of the greatest year-over-year increases. Transport deals rose 424.9 percent reaching $66.9 billion and 140 deals in 1Q21. Energy, Mining & Utilities also turned in an impressive 248.3 percent increase, rising to USD 119.2bn on 373 transactions.

ASIA PACIFIC & GREATER CHINA

Focusing on the markets in Asia Pacific and the Greater China areas, M&A activity in APAC excl. Japan generated $163 billion across 861 deals in 1Q21. The figures are 28.7 percent higher in terms of deal value compared to the same period a year before. Deal making remains robust yet slower than during the peak in 3Q20.

The Asia Pacific market has been affected by the increased regulation, state-led industrial policies and rising geopolitical tensions between China and the U.S.. Chinese regulators are increasingly embracing a tougher antitrust stance toward its tech giants, the COVID-19 pandemic and the fast rollout of 5G networks in mainland China are also accelerating the trends toward digitalization.

Deal value in the Technology sector in 1Q21 is still a hot trend, which has almost tripled year-on-year to $35 billion across 155 deals. The largest deal in the sector was the proposed take private of payment service provider China Youzan for $4.1 billion.

At the same time, Energy, Mining & Utilities ($26.9 billion; 82 deals), Construction ($18 billion; 36 deals) and Transport ($15 billion; 38 deals) also surged in deal value, posting year-on-year increases of 125.6 percent, 85 percent and 329.5 percent, respectively.

Construction was lifted by Xinjiang Tianshan Cement’s acquisition of China United Cement Group Co. (100% Stake), Ltd.; South Cement Company Limited (99.93% Stake); Sinoma Cement Co Ltd (100% Stake); Southwest Cement Co Ltd (95.72% Stake) for $15.1 billion, which was the largest transaction in the region in 1Q20 and one of the top five deals globally. JiaYuan Law Offices acts for the buyer in the deal.

The largest deal in the transportation sector was the acquisition of a 51.8 percent stake in Kerry Logistics Network by S.F. Holding for $3.95 billion.

Inbound M&A activity also remains strong in the Asia Pacific, generating $30.6 billion across 146 deals.

LAW FIRMS PERFORMANCES

Globally, from the aspect of deal value, White & Case reached the top spot, with Kirkland & Ellis also performing well in second place; Skadden, Arps, Slate, Meagher & Flom and Cravath, Swaine & Moore followed by a narrow margin; And Latham & Watkins took the fifth place.

In the Greater China region, in terms of deal value, JiaYuan Law Offices came out on top with strong growth, while Fangda Partners came in at the second place; Linklaters moved up 113 places on the same period last year and sat on No. 3 this year; Slaughter and May and Clifford Chance came fourth and fifth respectively.

In terms of deal count, Fangda Partners continued its success throughout the year with the highest number of M&A deals, while Zhong Lun Law Firm rose to second place in 2021; King & Wood Mallesons and JunHe narrowly tied for third and Clifford Chance followed in fifth place.