18 ASIAN LEGAL BUSINESS – SEPTEMBER 2023 WWW.LEGALBUSINESSONLINE.COM COVER STORY These were the only two companies with deals worth more than $20 billion, with no other deal coming close to this level in the first half of the year. Morgan Stanley was in third place in terms of deals it was involved in by advising on deals worth $5.7 billion, followed by Moelis & Co and Goldman Sachs, both at $4.9 billion. One type of deal that is increasingly common in Asia is acquisitions via special purpose acquisition companies (SPACs). There were 25 SPAC combinations announced in the first six months of 2023 worth an average of $34 billion, representing a 145 percent rise in value compared to the same period in 2022. In terms of numbers, SPAC deals rose 56 percent over the same period, according to Refinitiv. Also impacting the total number and value of deals was a drop in private equity (PE) fundraising. According to London-based research firm Perqin, PE fundraising in Asia Pacific could hit a 10-year low in 2023, as investors move away from China-focused funds. Their quarterly report indicates that funds raised in the area in the first half of the year accounted for 22 percent of 2022’s total. Average capital targeted by Chinafocused funds was down to $116 billion at the end of Q2 2023, from $142 billion on a quarter-on-quarter basis. PE fundraising was also weak at $5.6 billion in the second quarter, although the figure was almost two times the $3 billion raised in the first quarter. Refinitiv data shows deal value in Asia Pacific M&A transactions in the first half of the year fell 38 percent to a decade low of $340 billion, with JPMorgan being the top M&A adviser. M&A fees in the same period fell 46 percent on a year-on-year basis to just over $1 billion. GlobalData research shows a total of 2,765 M&A deals were announced in the region in H1 2023, a decline of 16.3 percent on a year-on-year basis. They believe that several key markets in the Asia Pacific region saw subdued M&A action due to recession fears and macroeconomic concerns, in line with the rest of the world, which dented dealmaking sentiment. • Skadden, Arps, Slate, Meagher & Flom • Slaughter and May TIER 2 • Allen & Overy • Davis Polk & Wardwell • Herbert Smith Freehills • Latham & Watkins • Norton Rose Fulbright • Simpson Thacher & Bartlett • Sullivan & Cromwell • Weil, Gotshal & Manges TIER 3 • Ashurst • Baker McKenzie • Deacons • Debevoise & Plimpton • Gibson, Dunn & Crutcher • Hogan Lovells • King & Wood Mallesons • Mayer Brown • Morrison & Foerster • Paul, Weiss, Rifkind, Wharton & Garrison • Reed Smith • Shearman & Sterling • White & Case NOTABLE FIRMS • Akin Gump Strauss Hauer & Feld • Bird & Bird • Charltons Law • Cleary Gottlieb Steen & Hamilton • CMS • Dechert • Dorsey & Whitney • Eric Chow & Co. in Association with Commerce & Finance Law Offices • Eversheds Sutherland • Fangda Partners • Gallant • Georgiou Payne Stewien • Goodwin • H.M Chan & Co. (Taylor Wessing) • Howse Williams • K&L Gates • LC Lawyers (EY) • Milbank • Minter Ellison • Morgan, Lewis & Bockius • Oldham Li & Nie • O’Melveny • Paul Hastings • Proskauer Rose • Ropes & Gray • Seyfarth Shaw • Sidley Austin • Simmons & Simmons • Stephenson Harwood • Stevenson Wong & Co • Tanner De Witt • Winston & Strawn • Vivien Chan & Co INDIA TIER 1 • AZB & Partners • Cyril Amarchand Mangaldas • DSK Legal • Economic Laws Practice • IndusLaw • J Sagar Associates • Khaitan & Co. • Kochhar & Co. • Luthra & Luthra Law Offices • Majmudar & Partners • S&R Associates • Shardul Amarchand Mangaldas & Co • Trilegal TIER 2 • Argus Partners • Bharucha & Partners • Desai & Diwanji • HSA Advocates • Link Legal • Nishith Desai Associates • Phoenix Legal • Samvad Partners • Saraf and Partners • Talwar Thakore & Associates • Touchstone Partners • TT&A • Veritas Legal TIER 3 • ALMT Legal • Chadha & Co • Chandhiok & Mahajan, Advocates & Solicitors • Clasis Law • Dhir & Dhir Associates • Fox Mandal & Associates • Hammurabi & Solomon Partners • Juris Corp • Krishnamurthy & Co. (K Law)
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