iberian market - datasite · 2021. 6. 4. · a. o.: m&a globally saw a strong first quarter and...

IBERIAN MARKETMONTHLY REPORT

MAY 2021SPAIN DEAL OF THE MONTH Atrys Health acquires 99.75% of ASPY

PORTUGALDEAL OF THE MONTHChocolates Valor acquires Imperial Chocolates

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PORTUGAL

SPAIN

TTR - Transactional Track Record www.TTRecord.com Monthly Report - May 2021


SPAIN

DEALMAKER Q&Awww.TTRecord.comTTR - Transactional Track Record

COUNTRY MANAGER IBERIA - ITALIA Álvaro Ortega es Country Manager para Iberia e Italia en Datasite desde 2010 y cuenta con una experiencia de más de 20 años en el sector Fintech, mercados de capitales y M&A en diversos países. Así mismo es tesorero Y miembro del consejo de ACG (Association for Corporate Growth) en Madrid.

COUNTRY MANAGER IBERIA & ITALY Álvaro Ortega, Country Manager for Italy & Iberia at Datasite since 2010. Alvaro has more than 20 years of experience in the Fintech sector, capital markets and M&A in various countries. He is also a Treasurer and a member of the board of ACG (Association for Corporate Growth) in Madrid.

ÁLVARO ORTEGADATASITE

Monthly Report - May 2021

DEALMAKER Q&Awww.TTRecord.com Monthly Report - May 2021TTR - Transactional Track Record

TTR: M&A activity has bounced back in Q1 after a difficult 2020. What dro-ve M&A activity in Q1 in EMEA and Spain, and will it last?

A. O.: M&A globally saw a strong first quarter and EMEA was a big contributor to this success. Deal value in EMEA increased 40% yoy in Q1 2021, from €193.1bn in Q1 2020 to €269.8bn, and deal volume climbed 14% from 1,918 deals in Q1 2020 to 2,196 transactions in Q1 2021 (Deal Drivers: EMEA Q1 2021).

At Datasite, new projects on our platform, which are deals at their inception ra-ther than announced, are skyrocketing: +21% in January, +12% in February, +67% in March and +80% in April.

While no one has a crystal ball to know what really lies ahead for M&A, signs are positive that the upward trend may continue. With more countries rolling out vaccines, more people being vaccinated, and more restrictions beings eased, life is starting to return to a bit more of a ‘normal’. As mentioned in our Deal Drivers: EMEA Q1 2021 report, Iberia & Italy, Spanish GDP is set to grow at 6.4% in 2021, and Italy is projected to see 4.2% GDP growth in 2021 and Portugal 3.9%. Stock markets in the region were also pointing in the right direction at the end of Q1: Italy’s FTSE MIB is up 10.18% for the year, Spain’s IBEX 35 has gained 8.91%, and Portugal’s PSI 20 index has made more modest gains.

Lastly, effective interest rates remain negative and PE dry-powder remains at historically maximum levels; therefore, it is hard to believe M&A activity will slow down in the short to medium term.

TTR: Después de un 2020 complicado, la actividad de M&A se recuperó durante primer trimestre del 2021. ¿Qué impulsó este tipo de actividad durante el primer trimestre en la región EMEA y España? ¿Durará este repunte?

A. O.: A nivel global, las operaciones de M&A registraron unos datos satisfac-torios durante primer trimestre, y la región EMEA contribuyó en gran medida a este éxito. El valor de las transacciones en esta región aumentó un 40% in-teranualmente durante el primer trimestre de 2021 (de 193.100 millones de euros en el primer trimestre de 2020 a 269.800 millones de euros) y el volumen de transacciones aumentó un 14% (de 1.918 transacciones en el primer trimes-tre de 2020 a 2.196 transacciones en el mismo periodo de 2021) (Deal Drivers: EMEA Q1 2021).

El volumen de proyectos de Datasite (transacciones que todavía se encuentran en fase I o fase II y no se han anunciado) se está disparando: +21% en enero, +12% en febrero, +67% en marzo y +80% en abril.

Nadie tiene una bola de cristal para adivinar lo que el futuro depara para las operaciones de M&A, pero los buenos augurios predicen que se mantendrá esta tendencia alcista. Gracias a que cada vez más países impulsan campañas de vacunación, cada vez más gente reciben sus dosis y las restricciones siguen aliviándose; así, la vida empieza a recobrar cierta normalidad. Como recoge nuestro informe «Deal Drivers: EMEA Q1 2021», que trata los datos de la Penín-sula Ibérica e Italia, el PIB español crecerá un 6,4% en 2021. También se prevé que Italia experimente un crecimiento del PIB del 4,2% en 2021 y Portugal del

“The pandemic has increased the focus on core business lines, and many companies will consider divesting non-core assets. Additionally, since we expect to see a higher volume of deals this year, this may mean higher valuations and more competition for dealmakers. Therefore, dealmakers will need to further digitalize the M&A process if they hope to compete and get deals done. We are observing high levels of movement across the M&A labor market, which is a clear indication that a positive market is here to stay despite any ongoing COVID-19 considerations.”


TTR: What types of deals and sectors drove this positive activity?

A. O.: With regards to the type of transactions, most on our platform are still being driven by positive sell-side or traditional mergers and acquisitions. However, the percentage of new projects on our platform that are distressed situations has in-creased in the last 12 months. Currently, it’s at about 17% compared to the usual 7% in normal times, and this could become higher, especially as government in-tervention subsides.

Dealmakers are also telling us this is the case. We polled dealmakers across EMEA during our webinars this spring to find out their thoughts on future activity, and they told us that they expect PE and corporate carve-outs/divestures/restructu-rings to be the largest drivers of activity going forward.

In EMEA, we’ve already seen the impact of PE deals in Q1. Per our Deal Drivers: EMEA Q1 2021 report, total PE deal value came to €11.1bn, a 9% rise on the pre-vious quarter and a 54% rise on Q1 of the previous year. Volume also rose yoy, by 33% to a total of 694 deals. In terms of sectors, TMT was unsurprisingly the win-ner, with deal value up 217% yoy, rising from €25.1bn to €79.5bn, and accounted for five of the ten biggest deals in the region.

This held true for Iberia & Italy, too. Deal value for the region was been boosted by thriving activity in the TMT sector, which was the largest industry by value in the region in Q1 2021. Year on year, total TMT deal value increased sevenfold from €1.4bn to €9.7bn.

TTR: In terms of distressed deals, how can dealmakers leverage technolo-gy to get ahead?

A. O.: When we surveyed 860 dealmakers from EMEA for our New State of M&A: EMEA report, 93% of them said that the ability to load large volumes of data quic-kly would be the most useful tool for restructurings, followed by email outreach to creditors (71%), and integrated redaction (60%). In Southern Europe, the majority of dealmakers there (79%) also believe that loading large volume of data quickly and email outreach (72%) would be the most useful in restruturings, but machine

3,9%. Asimismo, los mercados de valores de la región terminaron el primer tri-mestre bien encaminados: el FTSE MIB de Italia ha crecido un 10,18% durante el año y el IBEX 35 de España ha aumentado un 8,91%, mientras que el índice PSI 20 de Portugal ha obtenido beneficios más modestos.

Por último, las tasas de interés efectivas siguen siendo negativas y el “Dry Pow-der” del capital riesgo se mantiene en máximos históricos. Por tanto, no es nada probable que la actividad de M&A vaya a desacelerarse a corto o medio plazo.

TTR: ¿Qué tipo de transacciones y sectores han impulsado esta activi-dad positiva?

A. O.: Con respecto al tipo de transacciones, en nuestra plataforma, la mayoría todavía están impulsadas por operaciones de M&A tradicionales. Sin embargo, el porcentaje de nuevos proyectos que se consideran “distressed” ha aumen-tado en los últimos doce meses. A día de hoy, este tipo de proyectos suponen el 17%, en comparación con el 7% habitual en condiciones normales, y la cifra puede seguir creciendo, especialmente a medida que disminuyen las interven-ciones del gobierno.

Los profesionales coinciden en que este es el caso. Durante nuestros eventos virtuales de esta primavera, consultamos a profesionales de todo EMEA para conocer sus opiniones sobre la actividad futura: vaticinaron que la actividad por parte del capital riesgo y las reestructuraciones serán los principales impulsores de la actividad en el futuro.

Ya hemos apreciado el impacto de los acuerdos de capital riesgo en el primer tri-mestre en la región EMEA. Según nuestro informe «Deal Drivers: EMEA Q1 2021», el valor total de transacciones de capital riesgo alcanzó los 11.100 millones de eu-ros, un aumento del 9% con respecto al trimestre anterior y del 54% con respecto al primer trimestre del año anterior. El volumen también aumentó interanual-mente, en un 33%, con un total de 694 transacciones. En lo referente a los sec-tores, no sorprende la victoria de las TMT, con un valor interanual del 217% y un crecimiento de 25.100 millones de euros a 79.500 millones de euros; con estas cifras, representó cinco de las diez transacciones más importantes de la región.


intelligence around categorization and indexing took predence (50%) over inte-grated redaction (43%), perhaps indicating that the initial steps in the process are crucial to success there.

And with government moratoria around bank loans due to expire in some coun-tries this autumn, NPL levels of portfolio sales, which have been lower than in previous years, could rapidly increase as early as H2 2021, but surely by 2022. Bank loans worth €23.2bn are currently subject to COVID-19-inspired morato-ria in Spain, Portugal, and Greece (White & Case), suggesting increased activity later in the year. Therefore, opportunities may abound for some dealmakers and speed and efficiency, through the right technology, will be of utmost impor-tance in getting these deals done.

TTR: How will COVID-19 continue to impact the M&A space this year?

A. O.: As mentioned above, more and more people are being vaccinated every day, globally. This is good news for the global economy and business in general as it helps tame uncertainty and market volatility. However, it doesn’t take away from how crucial technology has become and will continue to be in delivering services, engaging with customers, and providing business continuity.

We expect more companies will turn to M&A to strengthen their digital infras-tructure and capabilities. At the same time, the pandemic has also increased the focus on core business lines, and many companies will consider divesting non-core assets. Additionally, since we expect to see a higher volume of deals this year, this may mean higher valuations and more competition for deal-makers. Therefore, dealmakers will need to further digitalize the M&A process if they hope to compete and get deals done. We are observing high levels of mo-vement across the M&A labor market, which is a clear indication that a positive market is here to stay despite any ongoing COVID-19 considerations.

TTR: What types of technologies will have the most transformative impact for M&A dealmakers?

Esto también se aplica a la Península Ibérica e Italia, cuyo valor en transaccio-nes se vio impulsado por la actividad que registró en el sector de las TMT, la industria de mayor valor de la región en el primer trimestre de 2021. A nivel interanual, el valor total de las transacciones de las TMT se ha multiplicado por siete, con un aumento de 1.400 millones de euros a 9.700 millones de euros.

TTR: ¿Cómo pueden los profesionales aprovechar la tecnología para sa-car adelante las transacciones en el entorno actual?

A. O.: Encuestamos a 860 profesionales de la región EMEA para elaborar nues-tro informe «New State of M&A:EMEA» y el 93% coincidieron en que la capacidad para cargar rápidamente grandes volúmenes de datos sería la herramienta más útil para llevar a cabo las reestructuraciones, seguida de una buena captación de potenciales inversores (71%) y la censura documental integrada (60%).

En el sur de Europa, la mayoría de los profesionales (79%) también coincidieron en que acelerar las transacciones mediante la carga rápida de grandes volúme-nes de información y la captación de potenciales inversores (72%) serían las pres-taciones más útiles para llevar a cabo las operaciones de M&A. No obstante, los profesionales de esta región valoraron el uso de inteligencia artificial enfocada en la categorización y la indexación (50%) por encima de la censura documental integrada (43%). Esto quizás indica que, en esta región, avanzar rápidamente en los primeros pasos del proceso son cruciales para alcanzar el éxito.

Con la moratoria del gobierno en torno a los préstamos bancarios, que vencerá en algunos países este otoño, los niveles de operaciones de préstamos fallidos (NPL) son más bajos que en años anteriores, pero podrían aumentar rápida-mente a partir del segundo semestre de 2021, aunque con mayor seguridad en 2022. Los préstamos bancarios por valor de 23.200 millones de euros están sujetos actualmente a una moratoria motivada por la COVID-19 en España, Por-tugal y Grecia (White & Case), lo que vaticina una mayor actividad para final de año. Este escenario presenta importantes oportunidades para los profesionales del sector, quienes, reforzados por la tecnología adecuada, deberán operar con la mayor rapidez y eficiencia para cerrar estas transacciones.


TTR: ¿Cómo seguirá impactando la COVID-19 el espacio de M&A este año?

A. O.: Como se ha mencionado anteriormente, cada día se vacuna a más personas en todo el mundo. Esto supone una gran noticia tanto para la economía mundial como para las empresas en general, ya que ayuda a mitigar la incertidumbre y la volatilidad del mercado. Sin embargo, esto no resta importancia al papel que ha adquirido la tecnología en la prestación de servicios, la interacción con los clientes y la continuidad de la actividad comercial.

Esperamos que más empresas recurran al M&A para fortalecer su infraestructura y competencias digitales. Al mismo tiempo, la pandemia también ha reforzado la atención en las líneas comerciales principales y muchas empresas considerarán la posibilidad de vender activos no esenciales. Además, esperamos cerrar un mayor volumen de transacciones este año, lo que puede suponer valoraciones más altas y una mayor competencia para los profesionales del sector, que deberán digitali-zar aún más el proceso de M&A si desean mantenerse por delante de la compe-tición y cerrar transacciones más rápidamente y con mayores probabilidades de éxito. Se está registrando además una gran actividad en el mercado laboral para los profesionales del M&A, una clara muestra de que la positividad ha llegado a estos mercados para quedarse, a pesar de cualquier reticencia que se presente ante el panorama actual de la COVID-19.

TTR: ¿Qué tipos de tecnologías tendrán el impacto más transformador para los profesionales del M&A?

A. O.: Cuando consultamos a los profesionales del sur de Europa para elaborar el informe «New State of M&A» sobre cómo esperan que la tecnología cambie el proceso de M&A en el futuro y qué supondrá un cambio más significativo para ellos, la mayoría afirmó que serán aquellas destinadas a acelerar la due diligen-ce por el claro aumento de información compartida y la necesidad de procesar, analizar y tomar acciones en tiempos cada vez más breves. Para ello, se necesitan herramientas de Inteligencia Artificial y Machine Learning que brinden la informa-ción más importante en la que deben concentrarse de una manera rápida y clara, acelerando así la toma de decisiones y la evaluación de oportunidades.

A. O.: When we asked dealmakers in Southern Europe (for our New State of M&A report) about how they expect technology will change the M&A process going forward, including what technology would have the most transformational impact for them, the majority said it will be new technologies and innovations around analytics – because the amount of and need for data has increased. They need machine learning and artificial intelligence to help them get the most important pieces of information that they should focus on.

We’ve seen this in terms of custom analytics and predicting buyer behavior – who engages and who doesn’t, who and how they interact with the due dili-gence materials that you provide to them. There’s a lot of work involved with predicting who you should engage with and how you’re going to finish the deal if you’re selling an asset. With regard to acquiring businesses, we’re starting to see fast adoption of Datasite Acquire, which helps automate the onboarding of data from the different workstreams associated with it. The pandemic has accelerated the trend towards digitization and the use of data analytics has in-creased. But it’s not only about working remotely; it’s also about a shift towards technology overall, from origination, to due diligence to deal closing.

TTR: What will be the main challenges in Spain for Datasite in 2021?

A. O.: The overall outlook remains extremely positive thanks to all the details sha-red previously. Not just for Spain, but in general for the M&A markets. Potential risk concerns remain on the horizon, though, as any negative news regarding vaccination rates or new COVID variants could quickly derail the current dealflow.

In particular for the Spanish market, besides COVID, potential inflation spikes are becoming an ever more prevalent opion/risk, which could impact M&A volumes, but as always, the type of impact whether negative or positive, will always depend on which side of the deal you are on.

Additionally, Real Estate and Tourism remain core sectors for the Spanish mar-ket. Further extensions of extraordinary government-backed credit terms could further delay M&A transactions, which could have otherwise started already.


Hemos apreciado esta necesidad en lo referente a los análisis de información personalizados y la predicción del comportamiento del comprador: quién par-ticipa y quién no, quién interactúa con los materiales de due diligence y qué y cómo la realizan. Predecir con quién debes interactuar y cómo va a terminar la transacción si estás vendiendo un activo supone un gran volumen de trabajo. Sobre la adquisición de empresas, estamos empezando a apreciar una rápida adopción de Datasite Acquire, que automatiza la incorporación de datos de los diferentes flujos de trabajo asociados con una adquisición. La pandemia ha ace-lerado la tendencia hacia la digitalización y ha aumentado el análisis exhaustivo de información. No obstante, la digitalización no se limita al teletrabajo, sino que consiste en una adopción general de la tecnología, desde la retención de man-datos, al marketing de la operación y captura de ofertas, hasta la due diligence y el cierre de transacciones.

TTR: ¿Cuáles serán los principales retos para Datasite en España en 2021?

A. O.: Todos los datos presentados anteriormente arrojan unas perspectivas ge-nerales muy positivas en cuanto al nivel de operaciones se refiere, no solo para España, sino para la mayoría de los principales mercados de M&A en general. No obstante, todavía no han desaparecido las preocupaciones por los posibles riesgos sistémicos que puedan surgir, ya que cualquier noticia negativa sobre los ritmos de vacunación o las nuevas variantes de la COVID-19 podrían deses-tabilizar el volumen actual de mandatos.

En concreto, en el caso del mercado español, además de la COVID-19, los posibles picos de inflación son un riesgo cada vez más prevalente, lo que podría afectar a los volúmenes de operaciones de M&A; como siempre, que el impacto sea po-sitivo o negativo dependerá del lado de la transacción donde uno se encuentre.

Por último, los sectores inmobiliario y turístico siguen siendo esenciales para la economía española. Potenciales ampliaciones de las condiciones crediticias ex-traordinarias, Os, podrían retrasar aún más las reestructuraciones o proyectos de M&A en general que en otras condiciones ya habrían arrancado.

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INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION

EQUITY CAPITALMARKETS

LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


INDEX

OVERVIEW(M&A*, PRIVATE EQUITY, VENTURE CAPITAL AND ASSET ACQUISITIONS) **

· Total Transaction Volume and Aggregate Value· Transactions by Size· Leading Subsectors· Cross-border deals

PRIVATE EQUITY **· Total Transaction Volume and Aggregate Value· Leading Firms and Subsectors

VENTURE CAPITAL **· Total Transaction Volume and Aggregate Value· Leading Firms and Subsectors

ASSET ACQUISITION· Total Transaction Volume and Aggregate Value· Leading Subsectors

* Includes acquisition / sales of assets. Does not include Joint Venture. ** Includes announced and completed transactions in which at least one Spanish-based is involved.

*** Includes transactions acted by Spanish companies in or abroad.

EQUITY CAPITAL MARKETS ***· IPOs

· Follow-On

LARGEST TRANSACTIONS OF THE MONTH· Mergers & Acquisitions· Private Equity

· Venture Capital

DEAL OF THE MONTHAtrys Health acquires 99.75% of ASPY

TTR RADAR· Forward-looking Intelligence:

- Aggregated Intelligence- Proprietary Intelligence

RANKING YEAR TO DATE· Financial Advisors· Legal Advisors· Dealmakers

https://www.ttrecord.com/


OVERVIEW (M&A, PRIVATE EQUITY, VENTURE CAPITAL AND ASSET ACQUISITIONS)

TOTAL TRANSACTION VOLUME AND AGGREGATE VALUE

YEAR TO DATE

Total aggregate value (EURm): 48.273 17,63%

Number of transactions: 954 13,44%

Completed: 826 (87%)

Disclosed value: 391 (41%)

M&A Private Equity

- Total: 373 | 36.882 EURm - Ongoing: 66 | 34.360 EURm

- Completed: 307 | 2.522 EURm


- Completed: 66 | 766 EURm

Venture Capital Asset Acquisition

- Total: 220 | 2.581 EURm- Ongoing: 4 | 622 EURm

- Completed: 216 | 1.959 EURm

- Total: 274 | 4.076 EURm - Ongoing: 34 | 619 EURm - Completed: 240 | 3.457 EURm

DEAL FLOW SINCE 2020

31%

-13%

-14%

2%

10%

13%

24%

15%

% All the percentages represent a variation relative to the same period the previous year.

Total aggregate value (EURm) Number of transactions

Number of Transactions by Type

373

90220

274

Tota

l val

ue (E

URm

)

27.009,04

6.869,53

0k

25k

50k

Num

ber

of tr

ansa

ctio

ns

125196

243

111

213 188 214

319

172 205 230177 170

May

202

0

Jun

2020

Jul 2

020

Aug 2

020

Sep

2020

Oct 2

020

Nov

202

0

Dec

202

0

Jan

2021

Feb

2021

Mar

202

1

Apr 2

021

May

202

1

0

250

500

Last Four Years (Jan-Dec)

2.325

2.668

121.026

92.644

2020

2019


2.622

2.323

107.762

97.609

2018

2017

INDEX

OVERVIEW

PRIVATE EQUITY

VENTURE CAPITAL

ASSET ACQUISITION

EQUITY CAPITAL MARKETS

LARGEST TRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS



TRANSACTIONS BY SIZE

Number of transactions Total value

> EUR 500m

EUR 100m - EUR 500m

EUR 50m - EUR 100m

EUR 10m - EUR 50m

EUR 1m - EUR 10m

< EUR 1m

Con�dential Value / Not Disclosed

4,85% 4,66% 4,87% 4,03% 3,76%

3,62% 2,42% 4,40% 3,19% 3,46%

11,80%8,53%

9,78%9,53% 7,73%

14,08%

13,67%12,09% 14,57% 15,87%

11,29%

12,37% 11,80%15,37%

10,48%

52,76%56,52% 55,59%

51,70%57,27%

2017 2018 2019 2020 Year To Date

0

20

40

60

80

100

59,28%64,65%

52,79%

71,98% 72,15%

26,10%

24,89%

29,74%

17,84% 17,95%

6,13%4,29%

9,32%

4,42% 4,87%7,02% 4,74% 6,71% 4,64% 3,64%

2017 2018 2019 2020 Year To Date

0

20

40

60

80

100



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS



LEADING SUBSECTORS *

Subsectors with most deals (M&A) **Change relative to the

same period in 2020

5%

11%

5%

13%

* TTR considers the most active subsectors to be those that had the highest number of registered transactions. Should there be a tie between subsectors, the subsector that registered the higher value will dominate.** The transaction may appear in more than one subsector, given that the same entity may operate in multiple subsectors.


Number of transactions Year to date

199

180

67

59

Real Estate

Technology

Financial and Insurance

Healthcare, Hygiene, Medical Aest…

Number of transactions this month

40

28

15

14

Real Estate

Technology

Healthcare, Hygiene, Medical Aest…

Internet

2017

619

287

190

164

Real Estate

Technology

Financial andInsurance

Internet

2018

750

327

192

169

Real Estate

Technology

Healthcare, H…

Internet

2019

670

393

193

149

Real Estate

Technology


Consultancy,Audit and

Engineering

2020

499

423

164

153

Real Estate

Technology


Healthcare, H…



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS



CROSS-BORDER DEALS *

Number of transactions

2017 2018 2019 2020 2021 - Year to date

US-based acquirers of spanish companies 162 182 12,35% 189 3,85% 155 -17,99% 66 32,00%

Foreign acquisitions in the technology and internetsubsector 105 119 13,33% 135 13,45% 151 11,85% 65 6,56%

Foreign Private Equity and Venture Capital Funds investingin spanish companies 113 120 6,19% 120 - 102 -15,00% 42 23,53%

Since 2010

US-based companies are the mostacquisitive in the spanish market.

Internet and technology companies havebeen the most attractive to foreigninvestors by deal volume.

Domestic

Inbound acquisitions **

Outbound acquisitions ***

Sale of foreign subsidiaries ****

Divestment - Foreign-owned stake *****

2017 2018 2019 2020 2021 - Year to date

* Any M&A transaction that involves a buyer, seller or target based outside of Spain. ** Foreign companies acquiring Spanish-based targets. Since December 2018 this analysis includes acquisitions made by local subsidiaries of foreign entities.

*** Spanish-based companies acquiring targets abroad. Since December 2018 this analysis includes acquisitions made by foreign subsidiaries of Spanish-based entities.**** Spanish-based companies selling foreign subsidiaries. Since December 2018 this analysis includes sales made by foreign subsidiaries of Spanish-based entities.

***** Foreign companies selling interest in Spanish-based companies. Since December 2018 this analysis includes sales made by foreign subsidiaries of Spanish-based entities. % All the percentages represent a variation relative to the same period the previous year.

1.193

672

307

95

212

1.412

708

334

109170

1.357

762

364

97

215

1.241

676

270

101170

468

287

144

3365



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Year to date

OUTBOUND ACQUISITIONS

No. Total value (EURm)Total 144 14.202,00Ongoing 22 12.047,29Completed 122 2.154,70

INBOUND ACQUISITIONS



Ranking per Country ****

TARGET COUNTRY No. Total value (EURm)

United States 27 4.322,06

Portugal 16 501,72

France 13 5.413,32

United Kingdom 12 169,37

Germany 10 137,74

Colombia 9 20,65

Italy 8 59,50

Mexico 7 557,48

Brazil 5 16,18

Chile 4 1.111,25



BIDDER COUNTRY No. Total value (EURm)

United States 66 10.962,34

United Kingdom 58 4.875,02

France 47 6.531,42

Germany 25 1.585,78

Netherlands 17 355,60

Italy 17 101,75

Luxembourg 14 5.003,18

Sweden 14 552,05

Switzerland 14 80,49

Canada 8 357,00


*** Spanish-based companies acquiring targets abroad. Since December 2018 this analysis includes acquisitions made by foreign subsidiaries of Spanish-based entities.**** The same deal may appear under multiple subsectors and countries based on a companies operations and the number of parties involved in a given transaction.



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Year to date






Leading subsectors ****

US PT FR UK DE CO IT MX BR CL

Technology 6 2 3 5 4 2 1 2 1 1

Internet 3 1 3 1 1

Financial and Insurance 2 2 2 2 1 2

Real Estate 3 2 3 1 1

Consultancy, Audit and Engineering 1 1 1 1 1

Healthcare, Hygiene, Medical Aesthetics and Cosmetics 3 1 1 1

Telecoms 3 1 1

Other Services 2 1 1

Solar 3 1 1 1 1 1

Pharmaceutical, Parapharmaceutical and Cosmetics 2 1 1 1



US UK FR DE NL IT LU SE CH CA

Real Estate 11 13 10 13 2 3 3 2 1

Technology 18 7 9 2 2 6 3 2 4 2

Solar 1 8 2 1 6 2 1 3

Healthcare, Hygiene, Medical Aesthetics and Cosmetics 5 5 6 3 1 1 1

Financial and Insurance 5 3 4 3 2 1 2 1

Internet 11 7 3 4 2 3 1

Food 3 2 4 1 1

Distribution and Retail 4 2 3 1 1 1 1

Consultancy, Audit and Engineering 1 3 3 1 1 1 1

Glass, Ceramic, Paper, Plastics, Wood and Timber 5 1 1 1 1 1


*** Spanish-based companies acquiring targets abroad. Since December 2018 this analysis includes acquisitions made by foreign subsidiaries of Spanish-based entities.**** The same deal may appear under multiple subsectors and countries based on a companies operations and the number of parties involved in a given transaction.



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


PRIVATE EQUITY


YEAR TO DATE

Total aggregate value (EURm): 4.734 -21,25%


Completed: 66 (73%)


Domestic Cross-border

- Total: 28 | 41 EURm - Ongoing: 4 | 0 EURm - Completed: 24 | 41 EURm



LAST FOUR YEARS (JAN-DEC)

-38%

-24%

2%

1%

-31%

15%

185%

34%

-31%

-18%

101%

-14%

-18%

31%

108%

32%

-38%

-27%

-2%

11%

-31%

6%

187%

35%



Scope

28

62

Total

216

285

19.851

31.995

2020

2019

Total

282

245

31.511

45.451

2018

2017

Domestic

80

98

1.306

1.890

2020

2019

Domestic

114

87

938

1.147

2018

2017

Cross-border

136

187

18.546

30.104

2020

2019

Cross-border

168

158

30.573

44.304

2018

2017



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


PRIVATE EQUITY - Investment

LEADING FIRMS AND SUBSECTORS *

Year to dateChange relative to the

same period in 2020

200%

200%

80%

600%

Private Equity Country NºValue

(EURm)

1 Providence Equity Partners UnitedStates

7 1.995,47

2 KKRUnitedStates

5 2.489,22

3 CinvenUnitedKingdom

4 1.995,47

4 PAI Partners France 3 30,00

5 Meridia Capital Spain 3 9,35

6 Magnum Capital Spain 3 -

7 Inveready Capital Spain 2 10,00

8 BlackstoneUnitedStates

2 -

8 CarlyleUnitedStates

2 -

8 CVC Capital Partners Luxembourg 2 -

8 Miura Partners Spain 2 -

8 Moira Capital Partners Spain 2 -

8 Nazca Capital Spain 2 -

8 ProA Capital Spain 2 -

8 Sherpa Capital Spain 2 -

12

9

9

7

Technology

Consultancy, Audit andEngineering

Healthcare, Hygiene,Medical Aesthetics and

Cosmetics

Food



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


PRIVATE EQUITY - Divestment (Exits)



same period in 2020

-

200%

-

100%

Private Equity Country Nº Value (EURm)

Spain 3 355,00

Sweden 2 425,00

Spain 2 100,00

Spain 1 320,00

Spain 1 130,00

1 Magnum Capital

2 EQT

3 Miura Partners

4 Artá Capital

5 Corp n Capital

6 Santander Energías Renovables I Spain 1 84,19

6 Taiga Mistral Gestión 1 84,19

7 Espiga Capital Spain 1 48,00

8 Everwood Capital Spain 1 22,00

* TTR considers the most active subsectors to be those that had the highest number of registered transactions. Should there be a tie between subsectors, the subsector that registered the higher value will dominate.

4

3

3

2

Food

Glass, Ceramic, Paper,Plastics, Wood and

Timber

Consultancy, Audit andEngineering

Internet

2017

7

6

6

5

Glass, Cera…

Transport,Aviation and

Logistics

Real Estate

Technology

2018

10

6

6

5


Real Estate

Distributionand Retail

Transport,Aviation and

Logistics

2019

11

9

6

6

Solar


Food

Consultancy,Audit and

Engineering

2020

5

5

5

4

Solar


Glass, Cera…

Telecoms

Spain



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


VENTURE CAPITAL


YEAR TO DATE






- Total: 126 | 130 EURm- Ongoing: 1 | 1 EURm




280%

9%

4%

16%

46%

22%

-2%

23%

-13%

10%

75%

14%

20%

21%

-3%

20%

338%

8%

-4%

20%

49%

22%

-2%

29%



Scope

126

94

Total

565

517

8.409

2.213

2020

2019

Total

447

367

2.129

1.462

2018

2017

Domestic

367

334

322

368

2020

2019

Domestic

294

242

211

176

2018

2017

Cross-border

197

183

8.086

1.844

2020

2019

Cross-border

153

125

1.918

1.286

2018

2017



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


VENTURE CAPITAL - Investment



same period in 2020

6%

-3%

41%

29%

Venture Capital Country NºValue

(EURm)

1 Wayra Spain 11 5,50

2 Banco Sabadell Spain 9 52,99

3 Inveready Capital 9 14,77

4 Sodena Spain 9 4,44

5 GoHub Spain 8 2,33

6 Innvierte Economía Sostenible Spain 7 20,56

7 Encomenda Smart Capital Spain 7 11,60

8 Seaya Ventures Spain 6 551,61


103

33

24

22

Technology

Internet

Biotechnology


2017

169

109

27

27

Technology

Internet



2018

198

118

31

26

Technology

Internet


Biotechnology

2019

239

97

54

37

Technology

Internet


Biotechnology

2020

263

87

68

45

Technology

Internet

Biotechnology


Spain



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


VENTURE CAPITAL - Divestment (Exits)



same period in 2020

400%

-

-

Venture Capital Country Nº Value (EURm)

1 Bonsai Venture Capital Spain 2 249,23

2 Nauta Capital Spain 1 371,38

3 Alma Mundi Ventures Spain 1 249,23

3 Craft Ventures United States 1 249,23

4 Realiza Business Angels Spain 1 14,00

5 360 Capital Partners France 1 -

5 Angels Capital Spain 1 -

5 Axon Partners Group Spain 1 -

5 Bewater Funds Spain 1 -

5 Breega Capital France 1 -

5 BSF 16 Spain 1 -

5 Gorla Ventures Spain 1 -

5 Idinvest Partners France 1 -

5 JME Venture Capital Spain 1 -

5 Kibo Ventures Spain 1 -

5 Lánzame Capital Spain 1 -

5 Ricari Spain 1 -

5 Sabadell Venture Capital Spain 1 -

5 Samaipata Ventures Spain 1 -

5 Sputnik Ventures Spain 1 -

5 VenturCap Spain 1 -

5

2

2

1

Technology

Internet


Cosmetics


-



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


ASSET ACQUISITION


YEAR TO DATE

Total aggregate value (EURm): 4.076 25,83%








19%

-24%

20%

-3%

73%

14%

-44%

20%

-62%

-26%

90%

-13%

-0%

27%

28%

19%

58%

-22%

2%

15%

112%

-3%

-57%

21%



Scope

139135

Total

638

843

23.944

20.039

2020

2019

Total

867

761

16.699

9.680

2018

2017

Domestic

347

468

2.421

6.441

2020

2019

Domestic

540

425

3.388

3.389

2018

2017

Cross-border

291

375

21.523

13.598

2020

2019

Cross-border

327

336

13.312

6.290

2018

2017



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


ASSET ACQUISITION



same period in 2020

2%

167%

62%

20%


168

24

21

12

Real Estate

Solar

Tourism, Hotels andRestaurants


2017

521

68

63

26

Real Estate

Tourism, Hotelsand

Restaurants


Food

2018

664

60

53

43

Real Estate

Healthcare, …

Tourism, Hotelsand

Restaurants


2019

581

59

47

35

Real Estate

Tourism, Hotelsand

Restaurants


Solar

2020

418

47

29

27

Real Estate

Solar


Healthcare, …



Total aggregate value (EURm)

INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


EQUITY CAPITAL MARKETSIPOs *

Year to date

FOLLOW-ON *

Year to date

Completed Pipeline

-74%

-22%

16%

-7%

-76%

4%

23%

-

42%

-8%

93%

13%

-65%

-13%

76%

24%

% All the percentages represent a variation relative to the same period the previous year. Number of transactions

* Includes transactions acted by Spanish companies in Spain or abroad.


5

3

Total Value (EURm)

1.575

0


11

9

Total Value (EURm)

8.653

1.419


21

27

29

28

258

1.001

866

3.684

2020

2019

2018

2017


47

51

45

52

9.280

6.547

3.391

9.563

2020

2019

2018

2017



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


LARGEST TRANSACTIONS OF THE MONTH

MERGERS & ACQUISITIONS

Target Country Subsector Buyer SellerValue

(EURm)

Avangrid UnitedStates

Electric Hyde Member, Iberdrola - 3.313,45

Montepino Logística Spain Real Estate Bankinter CBRE Global Investors, Valfondo Inmuebles 1.200,00 (Approx.)

SPV propietaria 19 hoteles SpainTourism,Hotels andRestaurants

RIU Hotels & Resorts TUI Group670,00

(Approx.)

Bruc Energy Spain Solar USS Investment Management Bruc OPT Energy Partners 232,45

Activos de negocio de entrega decomida a domicilio en Croacia, Negociode entrega de comida a domicilio enBosnia y Herzegovina, Negocio deentrega de comida a domicilio enBulgaria, Negocio de entrega de comidaa domicilio en Montenegro, Negocio deentrega de comida a domicilio enRumanía, Negocio de entrega decomida a domicilio en Serbia

Bosnia andHerzegovina,Bulgaria,Croatia,Montenegro,Romania,Serbia


Glovo Delivery Hero 170,00

PRIVATE EQUITY


(EURm)

Retelit Italy Telecoms Marbles (Asterion Industrial Partners) Private Shareholders I 333,57 (Approx.)

The Reefer Group FranceTransport,Aviation andLogistics

Bpifrance, Amundi Private Equity Funds, Unexo, Ouest Croissance, NCI,Caisse d’Epargne Normandie Capital, Sodero Gestion, NormandieParticipations, Picardie Investissement

Miura Partners100,00

(Approx.)

Orgoa Spain OtherServices

Gaea Inversión 10,00

Classpack SpainOtherConsumerGoods

Capital Expansió II (ICF Capital) 1,00



https://www.ttrecord.com/en/exclusive-area/transactions/mergers-and-acquisitions/Avangrid/324506/

https://www.ttrecord.com/en/exclusive-area/transactions/mergers-and-acquisitions/Montepino-Logistica/324594/

https://www.ttrecord.com/en/exclusive-area/transactions/mergers-and-acquisitions/SPV-propietaria-19-hoteles/325174/

https://www.ttrecord.com/en/exclusive-area/transactions/mergers-and-acquisitions/Bruc-Energy/324626/

https://www.ttrecord.com/en/exclusive-area/transactions/mergers-and-acquisitions/Activos-de-negocio-de-entrega-de-comida-a-domicilio-en-Croacia-Negocio-de-entrega-de-comida-a/325075/

https://www.ttrecord.com/en/exclusive-area/transactions/private-equity/Retelit/325233/

https://www.ttrecord.com/en/exclusive-area/transactions/private-equity/The-Reefer-Group/325121/

https://www.ttrecord.com/en/exclusive-area/transactions/private-equity/Orgoa/324838/

https://www.ttrecord.com/en/exclusive-area/transactions/private-equity/Classpack/324025/

andCosmetics

Uncapped UnitedKingdom


Lakestar, SeedCamp, Global Founders Capital, White Star Capital, All IronVentures, Mouro Capital

65,52

Impress Spain

Healthcare,Hygiene,MedicalAestheticsandCosmetics

Private Shareholders I, TA Ventures, Sabadell Venture Capital, CareCapital(Hillhouse Capital Group), Bynd Venture Capital, Nikolimax Investments,Nickleby Capital, UNIQA Ventures

41,17

Cytoki Denmark Biotechnology Private Shareholders I, Ysios Capital Partners, Seventure Partners,Lundbeckfonden Ventures, +ND Capital

37,46

Matera France Real Estate Index Ventures, Bpifrance, Samaipata Ventures, Mubadala Capital, BurdaPrincipal Investments

35,21

VENTURE CAPITAL

Target Country Subsector Buyer SellerValue(EURm)

Binx Health UnitedStates

Healthcare,Hygiene,MedicalAesthetics

Private Shareholders I, Johnson & Johnson Innovation, OrbiMed, Alta LifeSciences, LSP, ArrowMark Partners, Hildred Capital Management, ParianGlobal Management

85,26

INDEX

OVERVIEW

PRIVATE EQUITY

VENTURE CAPITAL

ASSET ACQUISITION



DEAL OF THE MONTH

TTR RADAR

RANKINGS


https://www.ttrecord.com/en/exclusive-area/transactions/venture-capital/Uncapped/324872/

https://www.ttrecord.com/en/exclusive-area/transactions/venture-capital/Impress/324645/

https://www.ttrecord.com/en/exclusive-area/transactions/venture-capital/Cytoki/323953/

https://www.ttrecord.com/en/exclusive-area/transactions/venture-capital/Matera/325186/

https://www.ttrecord.com/en/exclusive-area/transactions/venture-capital/Binx-Health/325175/



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


DEAL OF THE MONTH

January

Target:

Activos tecnológicosespecializados del negociode servicios de pago paracomercios

Buyer: Banco Santander

Value: EUR 100,00m

February

Target: Idealista

Buyer: Apax Partners

Value: EUR 250,00m

March

Target: Bankia

Buyer: CaixaBank

Value: EUR 4.300,00m(Approx.)

April

Target:

SPV Propietaria Red 7.000Emplazamientos deTelecomunicaciones enPolonia

Buyer: Cellnex Telecom

Value: EUR 800,00m

May

Target: ASPY

Buyer: Atrys Health

Value: EUR 223,27m(Approx.)

ASPYAtrys Health acquires 99.75% of ASPY

Full Transaction Details

PartiesTarget: ASPY

Description: Provider of occupational risk prevention services.

Buyer %

Atrys Health 99,36%

Seller %

Private Shareholders I 99,36%

FINANCIAL DATA

Total Value Payment

EUR 223,27m (Approx.) (Cash) EUR 3,60m(Shares) EUR 219,67m

Advisors / Due DiligenceParties Legal Advisory People

Atrys Health Gómez-Acebo & Pombo España Guillermo Guerra Martín (Partner), Jacobo Palanca Reh (Associate), José Francisco Canalejas Merín (Associate)

Atrys Health Pinsent Masons España Idoya Arteagabeitia (Partner), Inmaculada Castelló Bernabeu (Partner), Jacobo Otero Moyano (Senior Associate), Rafael Durán Frías (Senior Associate), Helen Stewart (Associate)

ASPY Garrigues España Naiara Bueno (Partner), Arturo Noguer Lloret (Associate), Alejandro Ramón Contreras (Junior Associate)

Parties Fairness Opinion People

ASPY EY España (Ernst & Young)

June

Target:

Buyer:

Value:

July

Target:

Buyer:

Value:

August

Target:

Buyer:

Value:

September

Target:

Buyer:

Value:

October

Target:

Buyer:

Value:

November

Target:

Buyer:

Value:

December

Target:

Buyer:

Value:



https://www.ttrecord.com/en/exclusive-area/transactions/mergers-and-acquisitions/Preview/314223/

INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


TTR RADAR

FORWARD-LOOKING INTELLIGENCE

Opportunities by Intelligence Type and Volume - May 2021

Identify early stage M&Aopportunities with TTR

Radar, deliveringactionable proprietary and

aggregated intelligence.

TTR RADARAggregated Intelligence

Swap�ets entersBarcelona, plans new

openings in Spain

TTR RADARProprietary Intelligence

eStragy planning newfunding round to expandto Portugal, Brazil and the

US

Acquisition Finance Advisory Appointment

Asset Sale/Acquisition

Auction

Business Expansion

Capital Increase/Funding Round

Changes in Control

Companies for Sale

Companies Looking for Investor..

Companies Looking to Buy

Crowdfunding

Distressed/Restructuring

Family-owned/Closely Held

Follow-on Issuance

Foreign Direct Investment (FDI..High GrowthJoint Venture

Market Entry

Market Exit

New Business Vertical

New Mandate Opportunity

New PE/VC funds

Partnerships & Alliances

pre-IPO

Private Equity

Private Equity Exit

Project Finance

Startup Acceleration

Strategic Management Change

Trends

Venture Capital

0

20

40

60



https://www.ttrecord.com/en/exclusive-area/radar/Swapfiets-enters-Barcelona-plans-new-openings-in-Spain/323858/

https://www.ttrecord.com/en/exclusive-area/radar/eStragy-planning-new-funding-round-to-expand-to-Portugal-Brazil-and-the-US/323553/

INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


RANKING YEAR TO DATE

Financial AdvisorsLegal Advisors

Dealmakers



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS



M&A, PRIVATE EQUITY, VENTURE CAPITAL AND ASSET ACQUISITIONS

Consultants: Financial Advisors + Due DiligenceBy total value of transactions

Ranking2021

Consultants Total value(EURm)

Number oftransactions

Ranking2020

Variation Total value (%)

1 PwC España 12.741,64 24 2 300,57

2 EY España (Ernst & Young) 8.622,48 30 3 634,35

3 Deloitte España 6.002,45 13 1 -74,66

4 KPMG España 189,00 11 4 -61,46

By nº of transactions

Ranking2021

Consultants Number oftransactions

Total value(EURm)

Ranking2020

Variation nº Of transactions

1 EY España (Ernst & Young) 30 8.622,48 3 13

2 PwC España 24 12.741,64 1 -5

3 Deloitte España 13 6.002,45 2 -10

4 KPMG España 11 189,00 4 -5

5 BDO (España) 1 - 5 0

5 Grant Thornton (España) 1 - * *

Consultants: Financial AdvisorsBy total value of transactions

Ranking2021



Ranking2020


1 PwC España 12.591,64 21 2 295,85

2 EY España (Ernst & Young) 8.093,35 17 4 2.238,05

3 Deloitte España 6.002,45 9 1 -74,66

4 KPMG España 59,00 7 3 -87,97


Ranking2021


Total value(EURm)

Ranking2020


1 PwC España 21 12.591,64 1 -7


3 Deloitte España 9 6.002,45 2 -14

4 KPMG España 7 59,00 3 -8

5 BDO (España) 1 - * *

5 Grant Thornton (España) 1 - * *

Consultants: Due DiligenceBy total value of transactions

Ranking2021



Ranking2020


1 EY España (Ernst & Young) 8.533,48 26 2 687,05

2 PwC España 7.136,37 17 1 210,31

3 Deloitte España 232,45 5 * *

4 KPMG España 130,00 4 3 -61,76


Ranking2021


Total value(EURm)

Ranking2020



2 PwC España 17 7.136,37 2 4

3 Deloitte España 5 232,45 * *

4 KPMG España 4 130,00 3 0

Consultants: Legal AdvisorsBy total value of transactions By nº of transactions

Ranking2021



Ranking Variation2020 Total value (%)

1 PwC Tax & Legal España 5.212,30 5 1 152,75

2 EY Abogados España 44,35 6 4 *

3 Deloitte Legal 1,40 4 2 -99,84

Ranking2021


Total value(EURm)

Ranking Variation nº2020 Of transactions

1 EY Abogados España 6 44,35 4 5

2 PwC Tax & Legal España 5 5.212,30 1 -9

3 Deloitte Legal 4 1,40 2 -9



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Financial Advisors

By total value of transactions

Ranking 2021 Financial Advisor Total value (EURm) Number of transactions Ranking 2020 Variation Total value (%)

Buy-Side (EURm)

Sell-Side (EURm)

1 BNP Paribas 7.585,47 3 12 2.018,85 7.195,47 390,00

2 J.P. Morgan Chase International Holdings 7.352,47 5 3 -67,47 5.200,00 2.152,47

3 Citigroup 6.916,87 2 1 -69,83 - 6.916,87

4 AZ Capital 6.855,37 6 5 313,67 6.796,37 59,00

5 Credit Suisse Group 4.921,40 1 * * 4.921,40 -

6 Barclays Bank 1.995,47 1 * * 1.995,47 -

6 Goldman Sachs 1.995,47 1 * * 1.995,47 -

7 Astris Finance 1.104,67 1 * * 1.104,67 -

7 Banco BTG Pactual 1.104,67 1 33 * - 1.104,67

7 JPMorgan Chase & Co. 1.104,67 1 * * - 1.104,67

8 FTI Consulting 500,00 1 * * 500,00 -

9 Banco Itaú BBA 493,75 1 * * 493,75 -

10 Rothschild 450,00 3 33 * 130,00 320,00

This ranking was generated with transactions announced in 2021 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. M&A Rankings include transactions of any stake and with a deal value of at least EUR 1 million (for transactions reported in EUR), USD 1 million (for transactions reported in USD), GBP 1 million (for transaction reported in GBP), BRL 5 million (for transactions reported in BRL). League tables exclusively for Private Equity and/or Venture Capital transactions have no restrictions on transaction value or stake acquired/sold. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. In transactions where the same advisor represents both Buy-side and Sell-side, the deal is credited only once as Buy-side. Sell- side includes advisory mandates for targets and sellers. For more information click here.



https://www.ttrecord.com/en/myttr/help-center/ttr-definitions-rankings

INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Financial Advisors


Ranking 2021 Financial Advisor Number of transactions Total value (EURm) Ranking 2020 Variation nº Of transactions

Buy-Side Sell-Side

1 AZ Capital 6 6.855,37 2 2 5 1

2 J.P. Morgan Chase International Holdings 5 7.352,47 16 4 3 2

3 Arcano Partners 5 150,00 3 1 1 4

4 Norgestión 4 15,00 * * 1 3

5 BNP Paribas 3 7.585,47 20 2 2 1

6 Rothschild 3 450,00 33 2 1 2

7 Mediobanca 3 333,57 10 1 2 1

8 Socios Financieros 3 150,00 * * 2 1

9 BBVA 3 26,40 11 1 2 1

10 You are Capital 3 - 15 1 - 3





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Legal Advisors


Ranking 2021 Legal Advisor Total value (EURm) Number of transactions Ranking 2020 Variation Total value (%)

Buy-Side (EURm)

Sell-Side (EURm)

1 Allen & Overy Spain 9.847,45 9 2 -60,97 8.252,45 1.595,00

2 Cli�ord Chance 9.591,84 9 1 -62,21 4.011,84 5.580,00

3 Garrigues España 8.371,26 34 7 257,54 8,10 8.363,16

4 Cuatrecasas España 6.553,09 34 6 173,66 6.271,15 281,94

5 Linklaters Spain 6.193,85 8 5 114,32 5.961,40 232,45

6 Herbert Smith Freehills Spain 5.585,00 6 3 -75,39 5.230,00 355,00

7 Pérez-Llorca 4.994,44 32 4 72,15 189,78 4.804,66

8 Fresh�elds Bruckhaus Deringer España 4.921,40 2 42 * - 4.921,40

9 Uría Menéndez España 3.844,10 21 9 78,43 1.346,63 2.497,47

10 Evergreen Legal 2.005,47 3 * * 2.005,47 -


Ranking 2021 Legal Advisor Number of transactions Total value (EURm) Ranking 2020 Variation nº Of transactions

Buy-Side Sell-Side

1 Garrigues España 34 8.371,26 1 -12 17 17

2 Cuatrecasas España 34 6.553,09 2 -3 19 15

3 Pérez-Llorca 32 4.994,44 5 9 12 20

4 Uría Menéndez España 21 3.844,10 6 0 18 3

5 Gómez-Acebo & Pombo España 18 253,92 4 -7 14 4

6 DLA Piper España 15 86,00 14 8 12 3

7 DWF-RCD 14 191,78 3 -13 7 7

8 CMS Albiñana & Suárez de Lezo 11 803,00 22 7 9 2

9 Allen & Overy Spain 9 9.847,45 7 -4 5 4

10 Cli�ord Chance 9 9.591,84 8 -2 5 4





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS



PRIVATE EQUITY

Financial Advisors



Buy-Side (EURm)

Sell-Side (EURm)

1 Barclays Bank 1.995,47 1 * * 1.995,47 -

1 BNP Paribas 1.995,47 1 * * 1.995,47 -

1 Citigroup 1.995,47 1 * * - 1.995,47

1 Goldman Sachs 1.995,47 1 * * 1.995,47 -

1 J.P. Morgan Chase International Holdings 1.995,47 1 * * - 1.995,47

2 Banco Itaú BBA 493,75 1 * * 493,75 -

3 Rothschild 450,00 3 * * 130,00 320,00

4 Mediobanca 333,57 1 * * 333,57 -

5 Perella Weinberg Partners 205,00 1 * * 205,00 -

6 Arcano Partners 150,00 2 5 * - 150,00

6 Socios Financieros 150,00 2 * * 150,00 -

7 Amala Partners 100,00 1 * * - 100,00

7 Natixis 100,00 1 * * - 100,00

7 Pretium Partners 100,00 1 * * 100,00 -

8 Altamar Capital Partners 48,00 1 * * - 48,00

9 AZ Capital 30,00 2 * * 30,00 -

10 Baker Tilly (Iberia) 15,00 1 * * - 15,00

This ranking was generated with transactions announced in 2021 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. League tables exclusively for Private Equity and/or Venture Capital transactions have no restrictions on transaction value or stake acquired/sold. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. In transactions where the same advisor represents both Buy-side and Sell-side, the deal is credited only once as Buy-side. Sell- side includes advisory mandates for targets and sellers. For more information click here.




INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS



PRIVATE EQUITY

Financial Advisors



Buy-Side Sell-Side

1 Rothschild 3 450,00 * * 1 2

2 Arcano Partners 2 150,00 1 -1 - 2

2 Socios Financieros 2 150,00 * * 2 -

3 AZ Capital 2 30,00 * * 2 -

4 Banco Sabadell 2 - * * 1 1

5 Barclays Bank 1 1.995,47 * * 1 -

5 BNP Paribas 1 1.995,47 * * 1 -

5 Citigroup 1 1.995,47 * * - 1

5 Goldman Sachs 1 1.995,47 * * 1 -

5 J.P. Morgan Chase International Holdings 1 1.995,47 * * - 1

6 Banco Itaú BBA 1 493,75 * * 1 -

7 Mediobanca 1 333,57 * * 1 -

8 Perella Weinberg Partners 1 205,00 * * 1 -

9 Amala Partners 1 100,00 * * - 1

9 Natixis 1 100,00 * * - 1

9 Pretium Partners 1 100,00 * * 1 -

10 Altamar Capital Partners 1 48,00 * * - 1





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS



PRIVATE EQUITY

Legal Advisors



Buy-Side (EURm)

Sell-Side (EURm)

1 Uría Menéndez España 2.397,47 7 2 136,29 402,00 1.995,47

2 Pérez-Llorca 2.229,66 7 1 102,70 - 2.229,66

3 Evergreen Legal 2.005,47 2 * * 2.005,47 -

4 Cli�ord Chance 1.995,47 2 6 334,13 1.995,47 -

5 Castañeda Abogados 1.995,47 1 * * 1.995,47 -

6 Allen & Overy Spain 745,00 3 7 67,42 320,00 425,00

7 Latham & Watkins España 493,75 2 8 174,30 - 493,75

8 Herbert Smith Freehills Spain 385,00 6 16 * 30,00 355,00

9 King & Wood Mallesons España 320,00 4 12 6.299,96 - 320,00

10 Cuatrecasas España 205,00 9 9 62,25 205,00 -



Buy-Side Sell-Side

1 Cuatrecasas España 9 205,00 3 3 7 2

2 Uría Menéndez España 7 2.397,47 5 3 5 2

3 Pérez-Llorca 7 2.229,66 6 4 3 4

4 Garrigues España 7 - 1 0 6 1

5 Herbert Smith Freehills Spain 6 385,00 16 5 2 4

6 King & Wood Mallesons España 4 320,00 9 1 - 4

7 DLA Piper España 4 15,00 12 2 3 1

8 Allen & Overy Spain 3 745,00 11 1 1 2

9 CMS Albiñana & Suárez de Lezo 3 68,00 7 0 3 -

10 Baker McKenzie España 3 - 8 0 1 2





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS



VENTURE CAPITAL

Financial Advisors



Buy-Side (EURm)

Sell-Side (EURm)

1 Macquarie Group 371,38 1 * * - 371,38

2 J.P. Morgan Chase International Holdings 157,00 1 * * - 157,00

3 Torreya Partners 85,26 1 * * - 85,26

4 Clair�eld International 1,00 1 * * - 1,00

4 Delvy Asesores Legales 1,00 1 * * - 1,00

5 Lift 0,75 1 * * - 0,75



Buy-Side Sell-Side

1 Norgestión 2 - * * - 2

2 Macquarie Group 1 371,38 * * - 1

3 J.P. Morgan Chase International Holdings 1 157,00 * * - 1

4 Torreya Partners 1 85,26 * * - 1

5 Clair�eld International 1 1,00 * * - 1

5 Delvy Asesores Legales 1 1,00 * * - 1

6 Lift 1 0,75 * * - 1

7 Capital & Gestión 1 - * * - 1

7 CDI Global Iberia 1 - * * - 1





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS



VENTURE CAPITAL

Legal Advisors



Buy-Side (EURm)

Sell-Side (EURm)

1 Latham & Watkins España 483,00 2 * * 483,00 -

2 Cuatrecasas España 469,88 4 24 * 455,88 14,00

3 Cli�ord Chance 450,00 1 * * 450,00 -

4 Osborne Clarke Spain 157,50 3 11 1.868,74 157,00 0,50

5 Uría Menéndez España 157,00 2 * * - 157,00

6 Hogan Lovells España 157,00 1 * * 157,00 -

7 Bird & Bird España 100,00 1 7 419,48 - 100,00

7 White & Case España 100,00 1 * * 100,00 -

8 Pérez-Llorca 79,78 1 5 235,21 79,78 -

9 DWF-RCD 43,54 17 2 -23,30 15,51 28,03

10 Gómez-Acebo & Pombo España 19,50 3 3 -27,48 3,00 16,50



Buy-Side Sell-Side

1 DWF-RCD 17 43,54 1 -13 7 10

2 Lexcrea 8 11,70 7 -1 2 6

3 Lawesome 6 3,94 10 1 2 4

4 Garrigues España 5 3,70 6 -5 5 -

5 Cuatrecasas España 4 469,88 24 3 2 2

6 Across Legal 4 12,12 3 -9 1 3

7 Andersen España 4 1,50 * * 2 2

8 Osborne Clarke Spain 3 157,50 11 0 1 2

9 Gómez-Acebo & Pombo España 3 19,50 8 -3 1 2

10 Delvy Asesores Legales 3 4,50 * * - 3





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Banks


Ranking 2021 Bank Total value (EURm) Number of transactions Ranking 2020 Variation Total value (%)

1 Morgan Stanley 8.497,85 2 * *

2 BNP Paribas 7.298,33 2 * *

3 Société Générale Group 7.198,85 3 * *

4 Barclays Bank 7.102,85 2 * *

4 BBVA 7.102,85 2 * *

5 Banco Santander 7.098,85 3 * *

6 Banco Sabadell 7.097,85 2 * *

6 CaixaBank 7.097,85 2 2 31.657,68

6 Crédit Agricole Corporate and Investment Bank 7.097,85 2 1 846,38

7 J.P. Morgan Chase International Holdings 6.997,85 2 1 833,05

8 Deutsche Bank 6.997,85 1 * *

8 Goldman Sachs 6.997,85 1 * *

8 ING 6.997,85 1 * *

8 Intesa San Paolo 6.997,85 1 * *

8 Mediobanca 6.997,85 1 * *

8 Mizuho Bank 6.997,85 1 * *

8 MUFG Bank 6.997,85 1 * *

8 Natixis 6.997,85 1 * *

8 Unicredit 6.997,85 1 * *

9 Citigroup 1.500,00 1 1 100,00

10 Berenberg Bank 724,68 2 * *

10 BofA Securities Europe 724,68 2 * *

This ranking was generated with transactions (IPO and Follow-on) announced in 2021 Year-to-Date. At least one party in the transaction must be from the country analyzed. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. For more information click here.




INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Banks


Ranking 2021 Bank Number of transactions Total value (EURm) Ranking 2020 Variation nº Of transactions

1 Société Générale Group 3 7.198,85 * *

2 Banco Santander 3 7.098,85 * *

3 Morgan Stanley 2 8.497,85 * *

4 BNP Paribas 2 7.298,33 * *

5 Barclays Bank 2 7.102,85 * *

5 BBVA 2 7.102,85 * *

6 Banco Sabadell 2 7.097,85 * *

6 CaixaBank 2 7.097,85 2 1

6 Crédit Agricole Corporate and Investment Bank 2 7.097,85 1 1

7 J.P. Morgan Chase International Holdings 2 6.997,85 1 1

8 Berenberg Bank 2 724,68 * *

8 BofA Securities Europe 2 724,68 * *

9 Deutsche Bank 1 6.997,85 * *

9 Goldman Sachs 1 6.997,85 * *

9 ING 1 6.997,85 * *

9 Intesa San Paolo 1 6.997,85 * *

9 Mediobanca 1 6.997,85 * *

9 Mizuho Bank 1 6.997,85 * *

9 MUFG Bank 1 6.997,85 * *

9 Natixis 1 6.997,85 * *

9 Unicredit 1 6.997,85 * *

10 Citigroup 1 1.500,00 1 0





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Legal Advisors



1 Uría Menéndez España 8.497,85 2 * *

2 Linklaters Spain 7.522,05 3 1 902,94

3 DLA Piper España 1.500,00 2 * *

4 King & Wood Mallesons España 1.500,00 1 * *

5 Garrigues España 1.456,58 3 * *

6 Pérez-Llorca 1.099,00 3 * *

7 Gómez-Acebo & Pombo España 261,73 2 * *

8 Pinsent Masons España 223,84 1 * *

9 Cuatrecasas España 101,00 3 2 -57,22

10 Latham & Watkins España 100,00 1 * *



1 Linklaters Spain 3 7.522,05 2 2

2 Garrigues España 3 1.456,58 * *

3 Pérez-Llorca 3 1.099,00 * *

4 Cuatrecasas España 3 101,00 1 -4

5 Uría Menéndez España 2 8.497,85 * *

6 DLA Piper España 2 1.500,00 * *

7 Gómez-Acebo & Pombo España 2 261,73 * *

8 King & Wood Mallesons España 1 1.500,00 * *

9 Pinsent Masons España 1 223,84 * *

10 Latham & Watkins España 1 100,00 * *





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Dealmakers - Financial Advisor


Ranking 2021 Dealmakers - Financial Advisor Total value (EURm) Number of transactions Ranking 2020 Variation Total value (%)

Buy-Side (EURm)

Sell-Side (EURm)

1 Rafael Villas Boas Estrela (Astris Finance) 1.104,67 1 * * 1.104,67 -

1 Tobey S. Collins (Astris Finance) 1.104,67 1 * * 1.104,67 -

2 Jean-Baptiste Marchand (Amala Partners) 100,00 1 * * - 100,00

2 Bénédicte Leneveu (Pretium Partners) 100,00 1 * * 100,00 -

3 Luis Antonio Ortiz Otero (RIóN M&A - Global M&A México) 25,27 1 * * - 25,27

3 Luis David (RIóN M&A - Global M&A México) 25,27 1 * * - 25,27

3 Martin Plettner (RIóN M&A - Global M&A México) 25,27 1 * * - 25,27

4 Oscar Sánchez Melgosa (Norgestión) 12,00 2 * * 12,00 -

5 Ignacio Moliner (CaixaBank Corporate Finance) 10,00 1 1 -98,18 - 10,00

6 Joshua Novick (Bondo Advisors) 5,20 2 * * 5,20 -

6 Pablo Pérez García Villoslada (Bondo Advisors) 5,20 2 * * 5,20 -

7 Alberto Álvarez Wilmanski (AW Investment Advisory) 4,89 1 * * - 4,89

8 Brian O'Hare (Clair�eld International España) 1,00 2 9 * - 1,00





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS






Ranking 2021 Dealmakers - Financial Advisor Number of transactions Total value (EURm) Ranking 2020 Variation nº Of transactions

Buy-Side Sell-Side

1 Oscar Sánchez Melgosa (Norgestión) 2 12,00 * * 1 1

2 Joshua Novick (Bondo Advisors) 2 5,20 * * 2 -

2 Pablo Pérez García Villoslada (Bondo Advisors) 2 5,20 * * 2 -

3 Brian O'Hare (Clair�eld International España) 2 1,00 9 1 1 1

4 Jorge Vasallo (Arcano Partners) 2 - 3 0 - 2

4 Cesar Parra (RSM Spain) 2 - * * 1 1

4 Raul Alcocer (RSM Spain) 2 - * * 1 1

5 Rafael Villas Boas Estrela (Astris Finance) 1 1.104,67 * * 1 -

5 Tobey S. Collins (Astris Finance) 1 1.104,67 * * 1 -

6 Jean-Baptiste Marchand (Amala Partners) 1 100,00 * * - 1

6 Bénédicte Leneveu (Pretium Partners) 1 100,00 * * 1 -

7 Luis Antonio Ortiz Otero (RIóN M&A - Global M&A México) 1 25,27 * * - 1

7 Luis David (RIóN M&A - Global M&A México) 1 25,27 * * - 1

7 Martin Plettner (RIóN M&A - Global M&A México) 1 25,27 * * - 1

8 Ignacio Moliner (CaixaBank Corporate Finance) 1 10,00 1 -1 - 1

9 Alberto Álvarez Wilmanski (AW Investment Advisory) 1 4,89 * * - 1

10 James Chapman-Andrews (Alantra) 1 - * * 1 -

10 Alfonso Díaz Cordova (Arcano Partners) 1 - 3 -1 - 1

10 Borja Oria (Arcano Partners) 1 - 3 -1 - 1

10 Fernando Fontana (Arcano Partners) 1 - 3 -1 - 1

10 Joaquín Durán (Arcano Partners) 1 - 3 -1 - 1

10 Sofía Mendes (Arcano Partners) 1 - 3 -1 1 -

10 Unai Castañón (Arcano Partners) 1 - 3 -1 - 1

10 Carmelo de las Morenas (CDI Global Iberia) 1 - 7 0 - 1

10 Luis Victory (Clair�eld International España) 1 - 9 0 1 -

10 Martin Lemmer (Clair�eld International Germany) 1 - * * 1 -

10 Nicolás Gómez Saavedra (Inverlink) 1 - * * - 1

10 Jaime Rodríguez Petralanda (PKF Attest Corporate Finance) 1 - * * - 1

10 Lorena Ezquerra Oteo (PKF Attest Corporate Finance) 1 - * * - 1

10 Marco Musiani (Scouting) 1 - * * - 1



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Dealmakers - Legal Advisors TTR's Dealmaker Rankings are comprised exclusively of partner-level advisors active in each given market.


Ranking 2021 Dealmakers - Legal Advisor Total value (EURm) Number of transactions Ranking 2020 Variation Total value (%)

Buy-Side (EURm)

Sell-Side (EURm)

1 Antonio Martínez (Allen & Overy Spain) 8.200,00 3 1 -67,32 7.700,00 500,00

1 Jaime Rodríguez Ordóñez (Allen & Overy Spain) 8.200,00 3 1 -67,32 7.700,00 500,00

2 Javier García de Enterría (Cli�ord Chance) 8.025,47 4 3 -64,99 2.445,47 5.580,00

3 Álvaro López-Jorrín (Garrigues España) 7.700,00 3 8 460,82 - 7.700,00

4 Fernando Torrente (Allen & Overy Spain) 7.700,00 2 1 -69,31 7.700,00 -

4 Teresa Méndez Flórez (Allen & Overy Spain) 7.700,00 2 1 -69,31 7.700,00 -

4 Fernando Vives (Garrigues España) 7.700,00 2 8 460,82 - 7.700,00

4 Manuel Rodrìguez de Bethencourt (Garrigues España) 7.700,00 2 8 460,82 - 7.700,00

4 Rafael Calvo Salinero (Garrigues España) 7.700,00 2 8 460,82 - 7.700,00

4 Susana Cabrera Zaragoza (Garrigues España) 7.700,00 2 8 460,82 - 7.700,00

5 Luis Alonso (Cli�ord Chance) 7.575,47 4 3 -66,96 1.995,47 5.580,00

6 Jaime Almenar (Cli�ord Chance) 7.575,47 2 3 -66,96 1.995,47 5.580,00

7 José Giménez Cervantes (Linklaters Spain) 6.043,85 4 13 449,94 5.811,40 232,45

8 José Luis Rodríguez Jiménez (Cuatrecasas España) 5.580,00 2 25 615,38 5.580,00 -

8 Juan Aguayo (Cuatrecasas España) 5.580,00 2 25 615,38 5.580,00 -

9 Pablo Serrano de Haro (Cli�ord Chance) 5.580,00 1 3 -75,66 - 5.580,00

9 Roberto Grau (Cli�ord Chance) 5.580,00 1 3 -75,66 - 5.580,00

9 Andrew Ward (Cuatrecasas España) 5.580,00 1 25 615,38 5.580,00 -

10 Alejandro Ortiz (Linklaters Spain) 5.153,85 3 13 368,96 4.921,40 232,45





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS






Ranking 2021 Dealmakers - Legal Advisor Number of transactions Total value (EURm) Ranking 2020 Variation nº Of transactions

Buy-Side Sell-Side

1 Teresa Zueco (DLA Piper España) 8 74,00 20 4 7 1

2 Silvia Martínez Losas (Lexcrea) 8 17,40 22 4 4 4

3 Iñaki Frías (DWF-RCD) 7 19,14 2 -4 5 2

4 Íñigo del Val (Allen & Overy Spain) 6 2.147,45 1 -5 2 4

5 Javier Carvajal (Pérez-Llorca) 6 774,19 3 -3 1 5

6 Manuel Echenique Sanjurjo (Uría Menéndez España) 5 1.193,94 4 -2 4 1

7 Javier García de Enterría (Cli�ord Chance) 4 8.025,47 13 0 2 2

8 Luis Alonso (Cli�ord Chance) 4 7.575,47 13 0 2 2

9 José Giménez Cervantes (Linklaters Spain) 4 6.043,85 29 1 3 1

10 José Azqueta Nerecan (Pérez-Llorca) 4 1.360,00 3 -5 1 3





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Rising Star Dealmakers - Legal Advisors TTR's Rising Star Dealmaker Rankings are comprised exclusively of associate-level advisors active in each given market.


Ranking 2021 Rising Star Dealmakers - Legal Advisor Total value (EURm) Number of transactions Ranking 2020 Variation Total value (%)

Buy-Side (EURm)

Sell-Side (EURm)

1 Bosco de Checa (Allen & Overy Spain) 8.370,00 3 1 -66,64 7.700,00 670,00

2 Jaime Rodríguez Ordóñez (Allen & Overy Spain) 8.200,00 3 1 -67,32 7.700,00 500,00

3 Aida González Hernández (Garrigues España) 7.700,00 2 23 1.613,97 - 7.700,00

3 Carlos Lozano Sanz Diez de Ulzurrun (Garrigues España) 7.700,00 2 23 1.613,97 - 7.700,00

3 Fernando Las Navas Tejedor (Garrigues España) 7.700,00 2 23 1.613,97 - 7.700,00

3 Javier Valderrama Serrato (Garrigues España) 7.700,00 2 23 1.613,97 - 7.700,00

3 Juan Blanco San Pastor (Garrigues España) 7.700,00 2 23 1.613,97 - 7.700,00

3 Juan González Ortega (Garrigues España) 7.700,00 2 23 1.613,97 - 7.700,00

4 Marc Casas (Cli�ord Chance) 7.575,47 2 2 -66,48 1.995,47 5.580,00

4 Patricia Arribas (Cli�ord Chance) 7.575,47 2 2 -66,48 1.995,47 5.580,00

4 Patricia Puertas Díaz (Cli�ord Chance) 7.575,47 2 2 -66,48 1.995,47 5.580,00

5 Fernando Escribano Rived (Cli�ord Chance) 5.580,00 2 2 -75,31 - 5.580,00

5 Lucía Herrero (Cli�ord Chance) 5.580,00 2 2 -75,31 - 5.580,00

6 Aina Gómez (Cli�ord Chance) 5.580,00 1 2 -75,31 - 5.580,00

6 Daniel García Juárez (Cli�ord Chance) 5.580,00 1 2 -75,31 - 5.580,00

6 Eduardo Sanchez (Cli�ord Chance) 5.580,00 1 2 -75,31 - 5.580,00

6 Javier Hermosilla (Cli�ord Chance) 5.580,00 1 2 -75,31 - 5.580,00

6 Marta Martínez Cutillas (Cli�ord Chance) 5.580,00 1 2 -75,31 - 5.580,00

6 Mónica Romero Martínez (Cli�ord Chance) 5.580,00 1 2 -75,31 - 5.580,00

6 Pablo Murcia Rabadán (Cli�ord Chance) 5.580,00 1 2 -75,31 - 5.580,00

7 Carla Gómez Crespo (Fresh�elds Bruckhaus Deringer España) 4.921,40 2 * * - 4.921,40

7 Patricia Álvarez (Linklaters Spain) 4.921,40 2 5 218,74 4.921,40 -

8 Ana Calvo Abril (Fresh�elds Bruckhaus Deringer España) 4.921,40 1 * * - 4.921,40

8 Chelsey Kaka (Fresh�elds Bruckhaus Deringer España) 4.921,40 1 * * - 4.921,40

8 Isabel Villa (Fresh�elds Bruckhaus Deringer España) 4.921,40 1 * * - 4.921,40

8 Joe Amann (Fresh�elds Bruckhaus Deringer España) 4.921,40 1 * * - 4.921,40

8 Alejandro Meca (Linklaters Spain) 4.921,40 1 5 218,74 4.921,40 -

8 Andrés Hernández Miñana (Linklaters Spain) 4.921,40 1 5 218,74 4.921,40 -

8 Esteban Arza (Linklaters Spain) 4.921,40 1 5 218,74 4.921,40 -

8 Jorge Toral (Linklaters Spain) 4.921,40 1 5 218,74 4.921,40 -



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS






Ranking 2021 Rising Star Dealmakers - Legal Advisor Number of transactions Total value (EURm) Ranking 2020 Variation nº Of transactions

Buy-Side Sell-Side

1 Íñigo del Val (Allen & Overy Spain) 6 2.147,45 1 -5 2 4

2 Maria Gutiérrez (DLA Piper España) 5 - * * 5 -

3 Gonzalo Fernández Contreras (King & Wood Mallesons España) 4 320,00 30 2 - 4

4 Ángel Martín García (Pérez-Llorca) 4 79,78 13 1 1 3

5 Héctor Gómez Ferrero (DLA Piper España) 4 12,00 * * 3 1

6 Robert Burgell Bonet (Lexcrea) 4 10,20 * * 2 2

7 Alexia Alarcón Garrigasait (Garrigues España) 4 6,89 9 0 2 2

8 Regina Camacho Pita (Cli�ord Chance) 4 - 14 1 1 3

8 Ignacio Cerrato Crespán (CMS Albiñana & Suárez de Lezo) 4 - * * 3 1

9 Bosco de Checa (Allen & Overy Spain) 3 8.370,00 1 -8 2 1

10 Jaime Rodríguez Ordóñez (Allen & Overy Spain) 3 8.200,00 1 -8 2 1





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS







1 Pablo Medina (Linklaters Spain) 7.422,05 2 1 889,61

2 Federico Briano (Linklaters Spain) 7.097,85 2 1 846,38

2 Íñigo Berricano (Linklaters Spain) 7.097,85 2 1 846,38

2 Jorge Alegre (Linklaters Spain) 7.097,85 2 1 846,38

3 Javier Redonet Sánchez del Campo (Uría Menéndez España) 6.997,85 1 * *

3 Manuel Echenique Sanjurjo (Uría Menéndez España) 6.997,85 1 * *

4 Jesús Palencia Isidro (DLA Piper España) 1.500,00 2 * *

5 José María Gil-Robles Casanueva (DLA Piper España) 1.500,00 1 * *

5 Pablo Díaz Gridilla (King & Wood Mallesons España) 1.500,00 1 * *

5 Alfonso Ventoso del Rincón (Uría Menéndez España) 1.500,00 1 * *

6 Norma Peña i Bagés (Pérez-Llorca) 1.028,00 1 * *

6 Pablo González Mosqueira (Pérez-Llorca) 1.028,00 1 * *

6 Pedro Fernández (Pérez-Llorca) 1.028,00 1 * *

7 Alejandro Ortiz (Linklaters Spain) 424,20 1 1 -43,44

8 Inmaculada Castelló Bernabeu (Pinsent Masons España) 223,84 1 * *

9 José Ramón Berecibar (Cuatrecasas España) 101,00 1 2 -51,93

10 Francisco León (Pérez-Llorca) 71,00 2 * *

10 Iván Delgado (Pérez-Llorca) 71,00 2 * *





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS







1 Pablo Medina (Linklaters Spain) 2 7.422,05 3 1

2 Federico Briano (Linklaters Spain) 2 7.097,85 3 1

2 Íñigo Berricano (Linklaters Spain) 2 7.097,85 3 1

2 Jorge Alegre (Linklaters Spain) 2 7.097,85 3 1

3 Jesús Palencia Isidro (DLA Piper España) 2 1.500,00 * *

4 Francisco León (Pérez-Llorca) 2 71,00 * *

4 Iván Delgado (Pérez-Llorca) 2 71,00 * *

5 Javier Redonet Sánchez del Campo (Uría Menéndez España) 1 6.997,85 * *

5 Manuel Echenique Sanjurjo (Uría Menéndez España) 1 6.997,85 * *

6 José María Gil-Robles Casanueva (DLA Piper España) 1 1.500,00 * *

6 Pablo Díaz Gridilla (King & Wood Mallesons España) 1 1.500,00 * *

6 Alfonso Ventoso del Rincón (Uría Menéndez España) 1 1.500,00 * *

7 Norma Peña i Bagés (Pérez-Llorca) 1 1.028,00 * *

7 Pablo González Mosqueira (Pérez-Llorca) 1 1.028,00 * *

7 Pedro Fernández (Pérez-Llorca) 1 1.028,00 * *

8 Alejandro Ortiz (Linklaters Spain) 1 424,20 3 0

9 Inmaculada Castelló Bernabeu (Pinsent Masons España) 1 223,84 * *

10 José Ramón Berecibar (Cuatrecasas España) 1 101,00 1 -3





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS







1 Enrique Murillo Giménez (King & Wood Mallesons España) 1.500,00 1 * *

1 Beatriz Camilleri (Uría Menéndez España) 1.500,00 1 * *

1 Sara Asensio Giménez (Uría Menéndez España) 1.500,00 1 * *

2 Carlos Mercadal (Pérez-Llorca) 1.028,00 1 * *

2 Francisco Javier García Fernández (Pérez-Llorca) 1.028,00 1 * *

2 Joaquín Abril-Martorell (Pérez-Llorca) 1.028,00 1 * *

2 Rodrigo Turcios Zacarías (Pérez-Llorca) 1.028,00 1 * *

2 Santiago Esquivel (Pérez-Llorca) 1.028,00 1 * *

3 Marta Garrido Buján (Linklaters Spain) 424,20 1 * *

4 Rafael Durán Frías (Pinsent Masons España) 223,84 1 * *

5 Alberto García Linera (Linklaters Spain) 100,00 1 * *

6 Beatriz Montes Yebra (Pérez-Llorca) 71,00 2 * *

6 Nasif Hamed (Pérez-Llorca) 71,00 2 * *

7 Íñigo Hernáez Pérez-Iriondo (Gómez-Acebo & Pombo España) 37,89 1 * *

8 José María Eguia (Cli�ord Chance) 19,87 1 * *

8 Arnau Vicente Peris (Garrigues España) 19,87 1 * *

8 Arturo Noguer Lloret (Garrigues España) 19,87 1 * *

9 Ramón Brotons Dávila (Lexcrea) 5,00 1 * *





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS







1 Beatriz Montes Yebra (Pérez-Llorca) 2 71,00 * *

1 Nasif Hamed (Pérez-Llorca) 2 71,00 * *

2 Enrique Murillo Giménez (King & Wood Mallesons España) 1 1.500,00 * *

2 Beatriz Camilleri (Uría Menéndez España) 1 1.500,00 * *

2 Sara Asensio Giménez (Uría Menéndez España) 1 1.500,00 * *

3 Carlos Mercadal (Pérez-Llorca) 1 1.028,00 * *

3 Francisco Javier García Fernández (Pérez-Llorca) 1 1.028,00 * *

3 Joaquín Abril-Martorell (Pérez-Llorca) 1 1.028,00 * *

3 Rodrigo Turcios Zacarías (Pérez-Llorca) 1 1.028,00 * *

3 Santiago Esquivel (Pérez-Llorca) 1 1.028,00 * *

4 Marta Garrido Buján (Linklaters Spain) 1 424,20 * *

5 Rafael Durán Frías (Pinsent Masons España) 1 223,84 * *

6 Alberto García Linera (Linklaters Spain) 1 100,00 * *

7 Íñigo Hernáez Pérez-Iriondo (Gómez-Acebo & Pombo España) 1 37,89 * *

8 José María Eguia (Cli�ord Chance) 1 19,87 * *

8 Arnau Vicente Peris (Garrigues España) 1 19,87 * *

8 Arturo Noguer Lloret (Garrigues España) 1 19,87 * *

9 Ramón Brotons Dávila (Lexcrea) 1 5,00 * *





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


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PORTUGAL

INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


INDEX

OVERVIEW(M&A*, PRIVATE EQUITY, VENTURE CAPITAL AND ASSET ACQUISITIONS) **

· Total Transaction Volume and Aggregate Value· Transactions by Size· Leading Subsectors· Cross-border deals

PRIVATE EQUITY **· Total Transaction Volume and Aggregate Value· Leading Firms and Subsectors

VENTURE CAPITAL **· Total Transaction Volume and Aggregate Value· Leading Firms and Subsectors

ASSET ACQUISITION· Total Transaction Volume and Aggregate Value· Leading Subsectors

* Includes acquisition / sales of assets. Does not include Joint Venture. ** Includes announced and completed transactions in which at least one Portuguese-based is involved.

*** Includes transactions acted by Portuguese companies in or abroad.

EQUITY CAPITAL MARKETS ***· IPOs

· Follow-On

LARGEST TRANSACTIONS OF THE MONTH· Mergers & Acquisitions· Private Equity

· Venture Capital

DEAL OF THE MONTHChocolates Valor acquires Imperial Chocolates

TTR RADAR· Forward-looking Intelligence:

- Aggregated Intelligence- Proprietary Intelligence

RANKING YEAR TO DATE· Financial Advisors· Legal Advisors· Dealmakers





YEAR TO DATE


Number of transactions: 141 -10,19%



M&A Private Equity




Venture Capital Asset Acquisition





DEAL FLOW SINCE 2020

24%

-16%

28%

28%

-19%

5%

47%

19%



Number of Transactions by Type

58

835

40

Tota

l val

ue (E

URm

)

569,03 204,63

0k

2.5k

5k

Num

ber

of tr

ansa

ctio

ns

21 21 2435

5140

29

53

3240

26 22 21

May

202

0

Jun

2020

Jul 2

020

Aug 2

020

Sep

2020

Oct 2

020

Nov

202

0

Dec

202

0

Jan

2021

Feb

2021

Mar

202

1

Apr 2

021

May

202

1

0

50

100


410

486

18.190

14.668

2020

2019


381

364

11.469

14.122

2018

2017

INDEX

OVERVIEW

PRIVATE EQUITY

VENTURE CAPITAL

ASSET ACQUISITION



DEAL OF THE MONTH

TTR RADAR

RANKINGS


INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS



TRANSACTIONS BY SIZE

Number of transactions Total value

> EUR 500m

EUR 100m - EUR 500m

EUR 50m - EUR 100m

EUR 10m - EUR 50m

EUR 1m - EUR 10m

< EUR 1m

Con�dential Value / Not Disclosed

2,59%5,41% 7,95% 4,44% 5,18% 6,94%

5,14% 4,62%3,43%

3,47%

8,65%13,08%

9,88% 11,53% 8,33%

12,97%

14,10%

12,10%16,00% 16,67%

7,84%

6,41%

8,67%

12,24%

5,56%

58,11%53,33%

60,08%

50,59%58,33%

2017 2018 2019 2020 Year To Date

0

20

40

60

80

100

57,21%

14,51%

54,14%59,26%

13,61%

25,09%

61,38%

27,72%

29,12%

67,27%

10,09%

10,83%

8,84%3,14%

9,35%

5,93%10,86%

7,72% 7,02% 7,35%

2,32% 2,35%

2017 2018 2019 2020 Year To Date

0

20

40

60

80

100



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Subsectors with most deals (M&A) **Change relative to the

same period in 2020

-

-55%

113%

75%

* TTR considers the most active subsectors to be those that had the highest number of registered transactions. Should there be a tie between subsectors, the subsector that registered the higher value will dominate.** The transaction may appear in more than one subsector, given that the same entity may operate in multiple subsectors.


Number of transactions Year to date

23

22

17

14

Technology

Real Estate


Distribution and Retail

Number of transactions this month

3

3

3

2


Consultancy, Audit and Engineeri…


Transport, Aviation and Logistics

2017

72

40

37

28

Real Estate

Technology


Healthcare, H…

2018

98

46

41

34

Real Estate

Technology


Tourism,Hotels and

Restaurants

2019

105

69

49

40

Real Estate

Technology



2020

98

53

29

27

Real Estate

Technology


Healthcare, H…



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS





2017 2018 2019 2020 2021 - Year to date

US-based acquirers of portuguese companies 20 25 25,00% 38 52,00% 16 -57,89% 10 25,00%

Foreign acquisitions in the technology and internetsubsector 18 25 38,89% 23 -8,00% 21 -8,70% 11 37,50%

Foreign Private Equity and Venture Capital Funds investingin portuguese companies 25 25 - 23 -8,00% 20 -13,04% 5 -16,67%

Domestic



Sale of foreign subsidiaries ****

Divestment - Foreign-owned stake *****

2017 2018 2019 2020 2021 - Year to date

* Any M&A transaction that involves a buyer, seller or target based outside of Portugal. ** Foreign companies acquiring Portuguese-based targets. Since December 2018 this analysis includes acquisitions made by local subsidiaries of foreign entities.

*** Portuguese-based companies acquiring targets abroad. Since December 2018 this analysis includes acquisitions made by foreign subsidiaries of Portuguese-based entities.**** Portuguese-based companies selling foreign subsidiaries. Since December 2018 this analysis includes sales made by foreign subsidiaries of Portuguese-based entities.

***** Foreign companies selling interest in Portuguese-based companies. Since December 2018 this analysis includes sales made by foreign subsidiaries of Portuguese-based entities. % All the percentages represent a variation relative to the same period the previous year.

156150

29

16

50

128

174

49

26

43

195 193

58

22

64

174

142

50

19

66

43

65

19

6

22



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Year to date


No. Total value (EURm)Total 19 254,72Ongoing 3 113,72Completed 16 141,00


No. Total value (EURm)Total 65 1.677,19Ongoing 9 65,00Completed 56 1.612,19



TARGET COUNTRY No. Total value (EURm)

Spain 7 59,37

Brazil 3 22,02

United States 2 164,34

Italy 2 ND - Not-disclosed

New Zealand 1 4,99

Finland 1 4,00

Morocco 1 ND - Not-disclosed

Poland 1 ND - Not-disclosed

Germany 1 ND - Not-disclosed



BIDDER COUNTRY No. Total value (EURm)

Spain 16 501,72

France 11 539,00

United States 10 643,05

United Kingdom 10 97,45

Germany 6 21,79

Luxembourg 4 24,86

United Arab Emirates 4 2,20

Australia 3 2,20

Sweden 2 200,00

Singapore 2 120,00


*** Portuguese-based companies acquiring targets abroad. Since December 2018 this analysis includes acquisitions made by foreign subsidiaries of Portuguese-based entities.**** The same deal may appear under multiple subsectors and countries based on a companies operations and the number of parties involved in a given transaction.



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Year to date


No. Total value (EURm)Total 19 254,72Ongoing 3 113,72Completed 16 141,00


No. Total value (EURm)Total 65 1.677,19Ongoing 9 65,00Completed 56 1.612,19



ES BR US IT NZ FI MA PL DE

Technology 1 1 1 1

Solar 1 1 1

Financial and Insurance 1 1 1

Healthcare, Hygiene, Medical Aesthetics and Cosmetics 1 1

Distribution and Retail 2

Electric 1 1

Chemical and Chemical Materials 1

Steel, Metallurgy and Industrial Production 1

Real Estate 1

Internet 1



ES FR US UK DE LU AE AU SE SG

Real Estate 3 2 2 3 1

Technology 2 5 1 2 2

Financial and Insurance 2 1 1 1 1 2 1

Tourism, Hotels and Restaurants 1 1 1 2 1

Consultancy, Audit and Engineering 1 1 1 1

Telecoms 3 1

Distribution and Retail 1 1 1 1

Food 2 1

Healthcare, Hygiene, Medical Aesthetics and Cosmetics 1 1 1 1

Media, Multimedia and Editorial 1 1


*** Portuguese-based companies acquiring targets abroad. Since December 2018 this analysis includes acquisitions made by foreign subsidiaries of Portuguese-based entities.**** The same deal may appear under multiple subsectors and countries based on a companies operations and the number of parties involved in a given transaction.



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


PRIVATE EQUITY


YEAR TO DATE

Total aggregate value (EURm): 204 -93,73%

Number of transactions: 8 -33,33%

Completed: 7 (88%)



- Total: 3 | 4 EURm - Ongoing: 0 | 0 EURm




61%

-19%

7%

7%

-43%

-14%

117%

38%

-14%

-19%

-44%

23%

5%

-32%

448%

19%

62%

-19%

8%

-

-44%

-3%

115%

52%



Scope

3

5

Total

38

47

6.716

4.171

2020

2019

Total

44

51

3.915

6.909

2018

2017

Domestic

13

16

36

43

2020

2019

Domestic

13

19

77

73

2018

2017

Cross-border

25

31

6.680

4.128

2020

2019

Cross-border

31

32

3.838

6.836

2018

2017



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


PRIVATE EQUITY - Investment



same period in 2020

-

-

100%

-

Private Equity Country Nº Value (EURm)

1 EQT Sweden 2 200,00

2 Activecap Portugal 1 4,00

3 Oxy Capital, Oxy Capital II Portugal 1 -

3 Zinc Capital Portugal 1 -


2

2

2

1

Water and Sanitation



Timber

Food

2017

10

4

3

3

Healthcare, …

Glass, Ceram…

Oil and Gas

Technology

2018

8

5

4

4

Real Estate


Tourism,Hotels and

Restaurants

Glass, Ceram…

2019

6

4

4

3


Steel, Metall…

Agriculture, …

Healthcare, …

2020

6

4

4

4

Healthcare, …

Food

Chemical andChemicalMaterials

Real Estate



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


PRIVATE EQUITY - Divestment (Exits)



same period in 2020

-

-

-

Private Equity Country NºValue

(EURm)

1 Carlyle United States 1 -

1 Lone Star Funds United States 1 -

1Vallis Capital Partners, Vallis SustainableInvestments I

Luxembourg,Portugal

1 -


1

1

1

Food


Timber


2017

4

3

2

1

Healthcare, …

Cars, Motorc…


Media,Multimedia

and Editorial

2018

5

3

2

2

Real Estate


Education

Glass, Ceram…

2019

3

2

2

1

Steel, Metall…

Oil and Gas

Glass, Ceram…

Healthcare, …

2020

3

3

2

2


Telecoms

Biotechnology

Food



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


VENTURE CAPITAL


YEAR TO DATE

Total aggregate value (EURm): 829 595,90%





- Total: 12 | 2 EURm - Ongoing: 0 | 0 EURm





118%

-29%

66%

85%

171%

48%

88%

-16%

-3%

-60%

-64%

139%

1.726%

-

-63%

-28%

127%

2%

126%

50%

95%

115%

136%

8%



Scope

12

23

Total

60

85

884

406

2020

2019

Total

46

31

244

90

2018

2017

Domestic

17

43

26

27

2020

2019

Domestic

18

18

77

4

2018

2017

Cross-border

43

42

858

378

2020

2019

Cross-border

28

13

167

86

2018

2017



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


VENTURE CAPITAL - Investment



same period in 2020

20%

200%

150%

-

Venture Capital Country Nº Value (EURm)

1 Portugal Ventures Portugal 12 17,60

2 Armilar Venture Partners Portugal 3 18,67

3 Indico Capital Partners Portugal 2 72,64

4 Sabadell Venture Capital Spain 2 45,67

5 Bynd Venture Capital Portugal 2 42,17

6 Shilling Capital Partners Portugal 2 15,37

7 Bionova Capital Portugal 2 9,60

8 Mustard Seed MAZE Portugal 2 7,75

8 SeedCamp United Kingdom 2 7,75


18

6

5

3

Technology


Cosmetics



2017

18

7

4

2

Technology

Internet

Healthcare, …

Marketing andAdvertising

2018

21

9

5

3

Technology

Internet

Tourism,Hotels and

Restaurants

Biotechnology

2019

44

12

8

8

Technology

Internet


Healthcare, …

2020

27

11

8

7

Technology

Internet

Other Services

Healthcare, …



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


VENTURE CAPITAL - Divestment (Exits)



same period in 2020

-Venture Capital Country Nº Value (EURm)

1 Venture Catalysts Portugal 1 -


1Technology

2018

3

2

1

Technology

Tourism,Hotels and

Restaurants

Healthcare, …

2019

2

1

1

Technology

Healthcare, …

Telecoms

2020

3

1

1

1

Technology


Internet

Healthcare, …



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


ASSET ACQUISITION


YEAR TO DATE

Total aggregate value (EURm): 596 -9,42%


Completed: 34 (85%)







-47%

-15%

96%

9%

2%

-1%

62%

34%

24%

21%

-65%

-18%

159%

-9%

32%

63%

-55%

-32%

282%

28%

-40%

6%

73%

16%



Scope

11

29

Total

87

102

2.551

4.855

2020

2019

Total

94

95

2.478

2.421

2018

2017

Domestic

40

33

574

464

2020

2019

Domestic

40

44

1.328

513

2018

2017

Cross-border

47

69

1.976

4.391

2020

2019

Cross-border

54

51

1.149

1.909

2018

2017



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


ASSET ACQUISITION



same period in 2020

-28%

-

-


21

5

2

2

Real Estate


Telecoms

Tourism, Hotels andRestaurants

2017

58

10

5

5

Real Estate


Tourism,Hotels and

Restaurants


2018

69

14

8

4

Real Estate

Tourism,Hotels and

Restaurants


Agriculture, …

2019

77

13

10

3

Real Estate


Tourism,Hotels and

Restaurants


2020

60

6

5

5

Real Estate

Solar


Healthcare, …

-



Total aggregate value (EURm)

INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


EQUITY CAPITAL MARKETSIPOs *

Year to date

FOLLOW-ON *

Year to date

Completed Pipeline

-

-

-100%

-100%

-

-

-

-

-1%

-

17.819%

300%

-100%

-75%

320%

100%

% All the percentages represent a variation relative to the same period the previous year. Number of transactions

* Includes transactions acted by Portuguese companies in Portugal or abroad.


0

0

Total Value (EURm)

0

0


2

4

Total Value (EURm)

1.555

734


0

0

2

0

0

0

22

0

2020

2019

2018

2017


4

4

1

4

1.054

1.064

6

1.859

2020

2019

2018

2017



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


LARGEST TRANSACTIONS OF THE MONTH

MERGERS & ACQUISITIONS


(EURm)

Maxmat Portugal Distribution and Retail Cimentos Estrada Pedra Sonae MC 65,00 (Approx.)

Mota-Engil(Holding)

Portugal Construction (Materials and Machinery) Mota Gestão e Participações Private Shareholders Portugal I 49,52

Horta OsórioWines

Portugal Agriculture, Agribusiness, Farming andFishing

Menin Douro Estates Private Shareholders Portugal I 30,00

PRIVATE EQUITY


(EURm)

Firmo Portugal Distribution and Retail Activecap 4,00 (Approx.)

VENTURE CAPITAL


(EURm)

Impress SpainHealthcare, Hygiene, Medical Aestheticsand Cosmetics

Private Shareholders I, TA Ventures, Sabadell Venture Capital, CareCapital(Hillhouse Capital Group), Bynd Venture Capital, Nikolimax Investments,Nickleby Capital, UNIQA Ventures

41,17

Portainer.io NewZealand

Technology Bessemer Venture Partners, Sonae IM, Movac 4,99

StudentFinance

Spain Financial and Insurance Armilar Venture Partners, SeedCamp, Sabadell Venture Capital, MustardSeed MAZE, Giant Ventures

4,50

Kitch Portugal Tourism, Hotels and Restaurants SeedCamp, Market One Capital, Mustard Seed MAZE, Atlantic Food Labs 3,25

RealFevr Portugal Other ServicesShilling Capital Partners, Private Shareholders Australia I, PrivateShareholders United States I, Private Shareholders Portugal I,SportMultimédia, Moonrock Capital, Morningstar Ventures

2,20



https://www.ttrecord.com/en/exclusive-area/transactions/mergers-and-acquisitions/Maxmat/325005/

https://www.ttrecord.com/en/exclusive-area/transactions/mergers-and-acquisitions/Mota-Engil-Holding/324501/

https://www.ttrecord.com/en/exclusive-area/transactions/mergers-and-acquisitions/Horta-Osorio-Wines/324107/

https://www.ttrecord.com/en/exclusive-area/transactions/private-equity/Firmo/324170/

https://www.ttrecord.com/en/exclusive-area/transactions/venture-capital/Impress/324645/

https://www.ttrecord.com/en/exclusive-area/transactions/venture-capital/Portainerio/324048/

https://www.ttrecord.com/en/exclusive-area/transactions/venture-capital/Student-Finance/324775/

https://www.ttrecord.com/en/exclusive-area/transactions/venture-capital/Kitch/324509/

https://www.ttrecord.com/en/exclusive-area/transactions/venture-capital/RealFevr/324499/

Imperial Chocolates 2020-06-30 (EUR)

Revenue EUR 32,28m

EBITDA -

EBIT -

Earnings EUR 0,61m

Net Debt EUR 8,64m

INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


DEAL OF THE MONTH

January

Target: Teclena - Automatização,Estudos e Representações

Buyer: Zinc Capital

Value: ND

February

Target: Aquapor Serviços

Buyer: Saur

Value: EUR 200,00m

March

Target: Aquapor Serviços

Buyer: Saur

Value: EUR 200,00m

April

Target: Oni

Buyer: Gigas

Value: EUR 39,50m

May

Target: Imperial Chocolates

Buyer: Chocolates Valor

Value: ND

Imperial ChocolatesChocolates Valor acquires Imperial Chocolates

Full Transaction Details

PartiesTarget: Imperial Chocolates

Description: Company dedicated to the manufacture of chocolates.

Buyer %

Chocolates Valor 100

Seller %

Vallis Sustainable Investments I -

Private Equity (Seller) %

Vallis Capital Partners -

FINANCIAL DATA

Advisors / Due DiligenceParties Financial Advisory People

Chocolates Valor Banco Sabadell M&A Unit Ignacio Mestres del Valle (Director), Raúl Campos Faura (Associate Director), Joan Bernal i Larregola (Analyst)

Parties Legal Advisory People

Vallis Capital Partners Telles Advogados Cristina Ferreira (Partner), Francisco Espregueira Mendes (Partner), Joaquim Caimoto Duarte (Of Counsel), Leyre Prieto (Partner)

Vallis Sustainable Investments I Telles Advogados Cristina Ferreira (Partner), Francisco Espregueira Mendes (Partner), Joaquim Caimoto Duarte (Of Counsel), Leyre Prieto (Partner)

Chocolates Valor Cuatrecasas España Francisco Picó (Partner), Marta Máñez Pérez (Partner)

Chocolates Valor Cuatrecasas Portugal Pedro Marques Bom (Partner), Vasco Bivar de Azevedo (Partner)

Parties Due Diligence People

Chocolates Valor PwC España

Chocolates Valor PwC Portugal

June

Target:

Buyer:

Value:

July

Target:

Buyer:

Value:

August

Target:

Buyer:

Value:

September

Target:

Buyer:

Value:

October

Target:

Buyer:

Value:

November

Target:

Buyer:

Value:

December

Target:

Buyer:

Value:



https://www.ttrecord.com/en/exclusive-area/transactions/mergers-and-acquisitions/Preview/322236/

INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


TTR RADAR

FORWARD-LOOKING INTELLIGENCE

Opportunities by Intelligence Type and Volume - May 2021

Identify early stage M&Aopportunities with TTR

Radar, deliveringactionable proprietary and

aggregated intelligence.

TTR RADARAggregated Intelligence

Nexity to invest EUR250m in Portugal over the

next �ve years

TTR RADARProprietary Intelligence

eStragy planning newfunding round to expandto Portugal, Brazil and the

US

Acquisition Finance Advisory Appointment

Asset Sale/Acquisition

Business Expansion

Capital Increase/Funding Round

Changes in Control

Companies for Sale

Companies Looking for Investor..

Companies Looking to Buy

Debt Finance

Distressed/Restructuring

Family-owned/Closely Held

Follow-on Issuance

Foreign Direct Investment (FDI..

High GrowthInfrastructureJoint Venture

Market Entry

New Business Vertical

New Mandate Opportunity

New PE/VC funds

Partnerships & Alliances

pre-IPO

Private Equity

Project Finance

Public Tender/Concession

Startup Acceleration

Strategic Management Change

Trends

Venture Capital

0

10

20

30

40

50



https://www.ttrecord.com/en/exclusive-area/radar/Nexity-to-invest-EUR-250m-in-Portugal-over-the-next-five-years/323902/

https://www.ttrecord.com/en/exclusive-area/radar/eStragy-planning-new-funding-round-to-expand-to-Portugal-Brazil-and-the-US/323553/

INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS



Financial AdvisorsLegal Advisors

Dealmakers



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Consultants: Financial Advisors + Due DiligenceBy total value of transactions

Ranking 2021 Consultants Total value (EURm) Number of transactions Ranking 2020 Variation Total value (%)


Ranking 2021 Consultants Number of transactions Total value (EURm) Ranking 2020 Variation nº Of transactions

1 KPMG Portugal 1 200,00 -- --

2 EY Portugal 1 --

Consultants: Financial AdvisorsBy total value of transactions




Consultants: Due DiligenceBy total value of transactions




1 KPMG Portugal 1 200,00 -- --

2 EY Portugal 1 --

-- --

-- --

1 EY Portugal 1 ---- --

1 KPMG Portugal 200,00 --

2 EY Portugal ----

--

--

1

1

1 KPMG Portugal 200,00 --

2 EY Portugal ----

--

--

1

1

1 EY Portugal ---- --1

2 PwC Portugal 1 ---- --2 PwC Portugal ---- --1

1 PwC Portugal 1 ---- --1 PwC Portugal ---- --1



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Financial Advisors



Buy-Side (EURm)

Sell-Side (EURm)

1 FTI Consulting 500,00 1 * * 500,00 -

2 Caixa BI 260,28 1 1 -89,30 260,28 -

3 Guggenheim 98,56 1 * * 98,56 -



Buy-Side Sell-Side

1 FTI Consulting 1 500,00 * * 1 -

2 Caixa BI 1 260,28 2 -1 1 -

3 Guggenheim 1 98,56 * * 1 -

4 Alantra 1 - 10 0 1 -

4 Arcano Partners 1 - * * 1 -

4 Banco Sabadell 1 - * * 1 -

4 Barclays Bank 1 - * * - 1

4 Credit Suisse Group 1 - * * 1 -

4 Goldman Sachs 1 - * * - 1

4 Viam Advisors 1 - * * - 1





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Legal Advisors



Buy-Side (EURm)

Sell-Side (EURm)

1 Uría Menéndez - Proença de Carvalho 488,99 5 7 -38,88 168,99 320,00

2 PLMJ 272,00 8 11 1.589,44 268,00 4,00

3 VdA - Vieira de Almeida 200,00 2 1 -94,73 200,00 -

4 Garrigues Portugal 175,84 2 17 * 6,85 168,99

5 SRS Advogados 100,61 9 6 -88,04 89,76 10,85

6 Morais Leitão, Galvão Teles, Soares da Silva & Associados 90,61 4 2 -97,61 - 90,61

7 Pinto Ribeiro Advogados 30,00 1 * * 30,00 -

8 Cuatrecasas Portugal 22,81 4 12 280,14 20,61 2,20





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Legal Advisors



Buy-Side Sell-Side

1 SRS Advogados 9 100,61 3 0 6 3

2 PLMJ 8 272,00 7 3 5 3

3 Uría Menéndez - Proença de Carvalho 5 488,99 12 3 2 3

4 Morais Leitão, Galvão Teles, Soares da Silva & Associados 4 90,61 1 -8 - 4

5 Cuatrecasas Portugal 4 22,81 6 -2 3 1

6 Telles Advogados 4 - 18 3 2 2

7 VdA - Vieira de Almeida 2 200,00 5 -5 1 1

8 Garrigues Portugal 2 175,84 2 -9 1 1

9 Pinto Ribeiro Advogados 1 30,00 * * 1 -

10 Abreu Advogados 1 - 4 -7 - 1

10 AFMA - António Frutuoso de Melo & Associados 1 - * * 1 -

10 Campos Ferreira, Sá Carneiro – CS Associados 1 - 10 -1 1 -

10 CCSL Advogados 1 - * * 1 -

10 Cerejeira Namora, Marinho Falcão 1 - * * 1 -

10 Cruz Roque Semião e Associados - Sociedade de Advogados, Sp, Rl 1 - * * 1 -

10 Sérvulo & Associados 1 - 15 0 1 -





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS



PRIVATE EQUITY

Financial Advisors



Buy-Side (EURm)

Sell-Side (EURm)



Buy-Side Sell-Side

1 Banco Sabadell 1 - * * 1 -

1 Barclays Bank 1 - * * - 1

1 Credit Suisse Group 1 - * * 1 -

1 Goldman Sachs 1 - * * - 1





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS



PRIVATE EQUITY

Legal Advisors



Buy-Side (EURm)

Sell-Side (EURm)

1 Uría Menéndez - Proença de Carvalho 200,00 3 3 -75,00 - 200,00

2 PLMJ 200,00 2 5 3.471,41 200,00 -

2 VdA - Vieira de Almeida 200,00 2 1 -93,83 200,00 -

3 SRS Advogados 4,00 1 3 -99,50 4,00 -



Buy-Side Sell-Side

1 Uría Menéndez - Proença de Carvalho 3 200,00 6 2 1 2

2 PLMJ 2 200,00 4 0 2 -

2 VdA - Vieira de Almeida 2 200,00 1 -1 1 1

3 SRS Advogados 1 4,00 6 0 1 -

4 AFMA - António Frutuoso de Melo & Associados 1 - * * 1 -

4 CCSL Advogados 1 - * * 1 -

4 Cuatrecasas Portugal 1 - 3 -1 1 -

4 Sérvulo & Associados 1 - * * 1 -

4 Telles Advogados 1 - * * - 1





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS



VENTURE CAPITAL

Legal Advisors



Buy-Side (EURm)

Sell-Side (EURm)

1 Garrigues Portugal 175,84 2 * * 6,85 168,99

2 Uría Menéndez - Proença de Carvalho 168,99 1 * * 168,99 -

3 SRS Advogados 96,61 8 2 256,51 85,76 10,85

4 Morais Leitão, Galvão Teles, Soares da Silva & Associados 25,61 3 1 -63,53 - 25,61

5 Cuatrecasas Portugal 22,81 2 7 * 20,61 2,20

6 PLMJ 3,00 1 * * 3,00 -



Buy-Side Sell-Side

1 SRS Advogados 8 96,61 2 3 5 3

2 Morais Leitão, Galvão Teles, Soares da Silva & Associados 3 25,61 1 -5 - 3

3 Garrigues Portugal 2 175,84 * * 1 1

4 Cuatrecasas Portugal 2 22,81 4 0 1 1

5 Uría Menéndez - Proença de Carvalho 1 168,99 * * 1 -

6 PLMJ 1 3,00 * * 1 -





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Banks


Ranking 2021 Bank Total value (EURm) Number of transactions Ranking 2020 Variation Total value (%)

1 Citigroup 1.500,00 1 * *

1 Morgan Stanley 1.500,00 1 * *


Ranking 2021 Bank Number of transactions Total value (EURm) Ranking 2020 Variation nº Of transactions

1 Citigroup 1 1.500,00 * *

1 Morgan Stanley 1 1.500,00 * *





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS




Legal Advisors



1 DLA Piper ABBC 1.500,00 1 * *

1 Morais Leitão, Galvão Teles, Soares da Silva & Associados 1.500,00 1 * *

1 Uría Menéndez - Proença de Carvalho 1.500,00 1 * *



1 DLA Piper ABBC 1 1.500,00 * *

1 Morais Leitão, Galvão Teles, Soares da Silva & Associados 1 1.500,00 * *

1 Uría Menéndez - Proença de Carvalho 1 1.500,00 * *





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS






Ranking 2021 Dealmakers - Financial Advisor Total value (EURm) Number of transactions Ranking 2020 Variation Total value (%)

Buy-Side (EURm)

Sell-Side (EURm)


Ranking 2021 Dealmakers - Financial Advisor Number of transactions Total value (EURm) Ranking 2020 Variation nº Of transactions

Buy-Side Sell-Side

1 Inigo Mateache (Alantra Portugal) 1 - * * 1 -

1 Rita Barosa (Alantra Portugal) 1 - * * 1 -

1 Sandeep Talwani (Alantra Portugal) 1 - * * 1 -

1 Sofía Mendes (Arcano Partners) 1 - * * 1 -





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS







Buy-Side (EURm)

Sell-Side (EURm)

1 Duarte Schmidt Lino (PLMJ) 269,00 4 20 2.461,90 265,00 4,00

2 Cláudia da Cruz Almeida (VdA - Vieira de Almeida) 200,00 2 1 -94,65 200,00 -

3 Frederico Gonçalves Pereira (VdA - Vieira de Almeida) 200,00 1 1 -94,65 200,00 -

3 Jorge Bleck (VdA - Vieira de Almeida) 200,00 1 1 -94,65 200,00 -

3 Manuel Protásio (VdA - Vieira de Almeida) 200,00 1 1 -94,65 200,00 -

3 Paulo Trindade Costa (VdA - Vieira de Almeida) 200,00 1 1 -94,65 200,00 -

3 Ricardo Bordalo Junqueiro (VdA - Vieira de Almeida) 200,00 1 1 -94,65 200,00 -

3 So�a Ribeiro Branco (VdA - Vieira de Almeida) 200,00 1 1 -94,65 200,00 -

4 Antonio Villacampa Serrano (Uría Menéndez - Proença de Carvalho) 168,99 2 11 -78,88 168,99 -

5 Mário Lino Dias (Garrigues Portugal) 168,99 1 27 * - 168,99

6 Marta Pontes (Uría Menéndez - Proença de Carvalho) 120,00 1 11 -85,00 - 120,00

6 Rita Xavier de Brito (Uría Menéndez - Proença de Carvalho) 120,00 1 11 -85,00 - 120,00

7 Paulo Bandeira (SRS Advogados) 95,61 7 11 -88,05 85,76 9,85

8 André Miranda (Pinto Ribeiro Advogados) 30,00 1 * * 30,00 -

9 Vasco Bivar de Azevedo (Cuatrecasas Portugal) 20,61 2 21 243,47 20,61 -

10 Gustavo Ordonhas Oliveira (SRS Advogados) 5,00 2 11 -99,37 4,00 1,00





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS







Buy-Side Sell-Side

1 Paulo Bandeira (SRS Advogados) 7 95,61 1 1 5 2

2 Duarte Schmidt Lino (PLMJ) 4 269,00 25 3 3 1

3 Cláudia da Cruz Almeida (VdA - Vieira de Almeida) 2 200,00 3 -2 1 1

4 Antonio Villacampa Serrano (Uría Menéndez - Proença de Carvalho) 2 168,99 18 1 2 -

5 Vasco Bivar de Azevedo (Cuatrecasas Portugal) 2 20,61 6 -1 2 -

6 Gustavo Ordonhas Oliveira (SRS Advogados) 2 5,00 1 -4 1 1

7 Filipe Avides Moreira (PLMJ) 2 3,00 25 1 1 1

8 João Mattamouros Resende (Cuatrecasas Portugal) 2 2,20 6 -1 1 1

9 Francisco Espregueira Mendes (Telles Advogados) 2 - * * - 2

10 Frederico Gonçalves Pereira (VdA - Vieira de Almeida) 1 200,00 3 -3 1 -

10 Jorge Bleck (VdA - Vieira de Almeida) 1 200,00 3 -3 1 -

10 Manuel Protásio (VdA - Vieira de Almeida) 1 200,00 3 -3 1 -

10 Paulo Trindade Costa (VdA - Vieira de Almeida) 1 200,00 3 -3 1 -

10 Ricardo Bordalo Junqueiro (VdA - Vieira de Almeida) 1 200,00 3 -3 1 -

10 So�a Ribeiro Branco (VdA - Vieira de Almeida) 1 200,00 3 -3 1 -





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS







Buy-Side (EURm)

Sell-Side (EURm)

1 João Serras de Sousa (PLMJ) 200,00 1 24 1.804,76 200,00 -

1 Afonso Cuco (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Américo Oliveira Fragoso (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Bruno Melo Alves (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Catarina Coimbra (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 David Cuba Topete (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Diogo Santana Lopes (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Domingos Freire de Andrade (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Inês Sotto Mayor (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Isa Rodrigues (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Isabel Ferreira dos Santos (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Isabel Ornelas (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Joana Campos e Matos (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 João Tornada (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Manuel Gouveia Pereira (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Maria Cunha Matos (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Maria Leonor Piconez (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Marina Costa Cabral (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Matilde Líbano Monteiro (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Miguel Lourenço e Silva (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Pedro Gil Marques (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Pedro Morais Vaz (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Pedro Pires Fernandes (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Philippa Soares Franco (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Ricardo Bordalo Junqueiro (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Ricardo Filipe Costa (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Soraia Ussene (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

1 Vanessa Cardoso Pires (VdA - Vieira de Almeida) 200,00 1 1 -94,06 200,00 -

2 Frederico Pinho Vieira (Uría Menéndez - Proença de Carvalho) 168,99 2 13 -78,88 168,99 -

2 José António Reymão Nogueira (Uría Menéndez - Proença de Carvalho) 168,99 2 13 -78,88 168,99 -



INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS







Buy-Side Sell-Side

1 Solange Fernandes (SRS Advogados) 6 87,01 3 1 3 3

2 Luís Roquette Geraldes (Morais Leitão, Galvão Teles, Soares da Silva & Associados) 3 25,61 2 -2 - 3

3 Giorgio Galli (SRS Advogados) 3 14,97 3 -2 3 -

4 Frederico Pinho Vieira (Uría Menéndez - Proença de Carvalho) 2 168,99 24 1 2 -

4 José António Reymão Nogueira (Uría Menéndez - Proença de Carvalho) 2 168,99 24 1 2 -

5 Miguel Stokes (Uría Menéndez - Proença de Carvalho) 2 120,00 24 1 - 2

6 Francisco Vieira de Almeida (Morais Leitão, Galvão Teles, Soares da Silva & Associados) 2 25,61 2 -3 - 2

7 Alexander Ehlert (PLMJ) 2 7,00 19 0 1 1

8 Gustavo Ordonhas Oliveira (SRS Advogados) 2 5,00 3 -3 1 1

9 Ana Nunes Teixeira (PLMJ) 2 3,00 19 0 1 1

10 João von Funcke (Cuatrecasas Portugal) 2 2,20 21 0 1 1





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS







1 Gonçalo Castro Ribeiro (DLA Piper ABBC) 1.500,00 1 * *

1 João Costa Quinta (DLA Piper ABBC) 1.500,00 1 * *

1 Nuno Azevedo Neves (DLA Piper ABBC) 1.500,00 1 * *

1 Bruno Santiago (Morais Leitão, Galvão Teles, Soares da Silva & Associados) 1.500,00 1 * *

1 Francisco de Sousa da Câmara (Morais Leitão, Galvão Teles, Soares da Silva & Associados) 1.500,00 1 * *

1 Nuno Galvão Teles (Morais Leitão, Galvão Teles, Soares da Silva & Associados) 1.500,00 1 * *

1 Ricardo Andrade Amaro (Morais Leitão, Galvão Teles, Soares da Silva & Associados) 1.500,00 1 * *

1 António Castro Caldas (Uría Menéndez - Proença de Carvalho) 1.500,00 1 * *

1 Carlos Costa Andrade (Uría Menéndez - Proença de Carvalho) 1.500,00 1 * *



1 Gonçalo Castro Ribeiro (DLA Piper ABBC) 1 1.500,00 * *

1 João Costa Quinta (DLA Piper ABBC) 1 1.500,00 * *

1 Nuno Azevedo Neves (DLA Piper ABBC) 1 1.500,00 * *

1 Bruno Santiago (Morais Leitão, Galvão Teles, Soares da Silva & Associados) 1 1.500,00 * *

1 Francisco de Sousa da Câmara (Morais Leitão, Galvão Teles, Soares da Silva & Associados) 1 1.500,00 * *

1 Nuno Galvão Teles (Morais Leitão, Galvão Teles, Soares da Silva & Associados) 1 1.500,00 * *

1 Ricardo Andrade Amaro (Morais Leitão, Galvão Teles, Soares da Silva & Associados) 1 1.500,00 * *

1 António Castro Caldas (Uría Menéndez - Proença de Carvalho) 1 1.500,00 * *

1 Carlos Costa Andrade (Uría Menéndez - Proença de Carvalho) 1 1.500,00 * *





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS







1 Diana Ribeiro Duarte (Morais Leitão, Galvão Teles, Soares da Silva & Associados) 1.500,00 1 * *

1 Pedro Capitão Barbosa (Morais Leitão, Galvão Teles, Soares da Silva & Associados) 1.500,00 1 * *

1 Miguel Stokes (Uría Menéndez - Proença de Carvalho) 1.500,00 1 * *



1 Diana Ribeiro Duarte (Morais Leitão, Galvão Teles, Soares da Silva & Associados) 1 1.500,00 * *

1 Pedro Capitão Barbosa (Morais Leitão, Galvão Teles, Soares da Silva & Associados) 1 1.500,00 * *

1 Miguel Stokes (Uría Menéndez - Proença de Carvalho) 1 1.500,00 * *





INDEX

OVERVIEW

PRIVATE EQUITY

VENTURECAPITAL

ASSETACQUISITION


LARGESTTRANSACTIONS

DEAL OF THE MONTH

TTR RADAR

RANKINGS


For more information: [email protected]

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(www.TTRecord.com).









M&A

PRIVATE EQUITY

VENTURE CAPITAL


ACQUISITION FINANCE

PROJECT FINANCE

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To find out more or to request a free trial to TTR’s database email us at [email protected] or visit www.TTRecord.com today.

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