Bank of America has topped the latest mergers and acquisitions (M&A) league table of the top 10 financial advisers for the power sector based on deal value in 2019, according to GlobalData, a leading data and analytics company.
The American bank advised on nine deals worth US$21.8bn, including China Yangtze Power International’s (Hongkong) acquisition of equity interest in Peruvian businesses from Sempra Energy for US$3.59bn.
According to GlobalData, which tracks all M&A, private equity/venture capital and asset transaction activity around the world to compile the league tables, Citi stood at second position with 13 deals, worth US$17.8bn, while Lazard finished at third position with ten deals worth US$15.9bn.
Nagarjun Sura, Financial Deals Analyst at GlobalData, says: “Canada Pension Plan Investment Board acquisition of Pattern Energy was instrumental in determining the top rankings of the power sector. Sullivan & Cromwell from the legal side and Bank of America from the financial side were involved in this transaction and topped the league table respectively.”
Global power deals market in 2019
The total deal value in the power sector plummeted by 28.69% from US$445.2bn in 2018 to US$317.5bn in 2019. The sector saw 2,855 deals in 2019, an increase of 13.11% from 2,524 deals in 2018.
Bank of America, which topped the power league table of M&A financial advisers, finished at sixth position in GlobalData’s recently released global league table of top 20 M&A financial advisers. Goldman Sachs topped the global rankings chart, followed by JP Morgan.
Sullivan & Cromwell leads top 10 M&A legal advisers list
US-based law firm Sullivan & Cromwell led the top 10 legal advisers list in terms of deal value. The firm provided legal services to eight deals worth US$21.6bn. White & Case secured second position with 22 deals worth US$13.8bn.
In the global league table of top 20 M&A legal advisers, Sullivan & Cromwell secured third position. The global table was led by Wachtell, Lipton, Rosen & Katz.