Bank of America was the leading financial adviser globally for mergers and acquisitions (M&A) in 2019 in the power sector, according to GlobalData.
The American bank advised on nine deals worth $21.8bn, including the big-ticket deal of China Yangtze Power International’s (Hongkong) acquisition of equity interest in Peruvian businesses from Sempra Energy for $3.59bn.
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Citi stood at the second position with 13 deals worth $17.8bn, while Lazard finished at third with ten deals worth $15.9bn.
GlobalData has published a top ten league table of financial advisers ranked according to the value of announced M&A deals globally. If the value remains the same for multiple advisers, deal volume is given a weighting.
Bank of America, which topped the power league table of M&A financial advisers, finished at sixth position in the global league table of top 20 M&A financial advisers by GlobalData. Goldman Sachs topped the global rankings chart, followed by JP Morgan.
GlobalData financial deals analyst Nagarjun Sura said: “Canada Pension Plan Investment Board acquisition of Pattern Energy was instrumental in determining the top rankings of the power sector. Sullivan & Cromwell from the legal side and Bank of America from the financial side were involved in this transaction and topped the league table respectively.”
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By GlobalDataThe total deal value in the power sector plunged by 28.69% from $445.2bn in 2018 to $317.5bn in 2019. The sector saw 2,855 deals in 2019, an increase of 13.11% from 2,524 deals in 2018.
US-based law firm Sullivan & Cromwell led the top ten legal adviser list in terms of deal value. The firm provided legal services to eight deals worth $21.6bn. White & Case secured the second position with 22 deals worth $13.8bn.
In the global league table of top 20 M&A legal advisers, Sullivan & Cromwell secured the third position. The global table was led by Wachtell, Lipton, Rosen & Katz.
GlobalData’s league tables are based on the real-time tracking of thousands of company websites, advisory firm websites and other reliable sources available on the secondary domain. A dedicated team of analysts monitors all these sources to gather in-depth details for each deal, including adviser names.
To ensure further data robustness, the company also seeks submissions from leading advisers through adviser submission forms on GlobalData’s website.
