Press Release:
Press Release
News Article January 2004
Freshfields Bruckhaus Deringer ranks #1 for Asian M&A
8 January 2004
International law firm Freshfields Bruckhaus Deringer has secured the number one position in Thomson Financial’s Asia M&A league tables for both announced and completed deals for 2003. The firm advised on 38 announced deals valued at US$15.97bn and 34 completed deals valued at US$6.11bn – capturing 16.2 per cent of the overall market for deals announced in 2003.
After a slow start to the year, M&A activity surged in the second half, rising from US$37.11bn in July 2003 to US$98.70bn by year-end. Reflecting this trend, Freshfields strengthened its M&A advisory from a total of nine deals valued at US$1.13bn in July to 38 deals valued at US$15.97bn by the end of the year.
Freshfields’ head of corporate for Asia, Robert Ashworth, commented, “Whilst deal sizes were down for a third successive year in 2003, we were fortunate to have worked on several of the larger ticket deals. Much of the activity we saw was in the telecoms and financial services sectors, which was particularly pleasing given the focus we have on developing our specialist industry groups. We find that clients increasingly expect sector expertise as well as high quality legal skills and this is what we set out to provide. It is a great testament to the team in Asia to have topped the tables during a thin year”.
According to Thomson Financial, the telecommunications industry was most active last year with 123 deals valued at US$15.44bn. Next was banking and financial services with 91 transactions valued at US$11.54bn. “There is immense potential in Greater China’s currently crowded banking sector. Further M&A activity in this sector should definitely be anticipated for both Hong Kong and China,” said Freshfields partner, Teresa Ko, who recently led the firm in advising on the sale of Fortis Bank’s Hong Kong retail and commercial banking operations to ICBC (Asia).
Perry Noble, recently appointed Asia managing partner for Freshfields added, “There is great optimism in the Asia M&A market and it will undoubtedly remain one of the busiest locations for M&A activity in the next few years. The league table results are a fantastic achievement for our firm and an excellent start to the new year!”
Freshfields Bruckhaus Deringer’s M&A practice in Asia comprises over 120 lawyers and 23 partners. Some of the firm’s M&A highlights for 2003 include advising:
- China Telecom on its US$9.6bn acquisition of six fixed line networks from its parent
- China Unicom on its acquisition of the remaining nine provincial GSM networks from its parent for US$1.36bn
- Wing Hang Bank on its US$615m acquisition of the entire capital of Chekiang First from Mizuho Corporate Bank Limited – the merged entity will create the fourth largest bank in Hong Kong by assets
- Fortis Bank on the US$276m disposal of its Hong Kong retail and commercial banking operations to ICBC (Asia) Limited
- Citicorp on its HK$2.96bn bought deal of 14 per cent shares in PCCW Limited from Cable & Wireless plc
Notes for editors
Freshfields Bruckhaus Deringer is a leading international law firm providing a comprehensive worldwide service to national and multinational corporations, financial institutions and governments.
We are widely recognised as having a truly international reputation as a market leader in mergers and acquisitions (M&A) and cross-border transactions. Our experience in Asia spans 20 years, encompassing both private and public M&A and acting for purchasers, sellers, financial advisors and investors in a broad range of industries and sectors around the region. The Hong Kong office was established in 1985. There are 18 partners and over 90 lawyers, 41 of whom are locally qualified, practising both English and Hong Kong law, and advising on projects in China. The office also has 20 lawyers qualified to advise on US law.
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