Linklaters and AZB & Partners emerged as the top mergers and acquisitions (M&A) legal advisers in the Asia-Pacific (APAC) region for Q1 2021 by value and volume, respectively. Linklaters advised on four deals worth US$14.3bn, the highest value among all the advisers. AZB & Partners led in volume terms having advised on 12 deals worth US$2.2bn. A total of 1,773 M&A deals were announced in the region during Q1 2021, according to GlobalData, a leading data and analytics company.

According to GlobalData’s report, ‘Global and Asia-Pacific M&A Report Legal Adviser League Tables Q1 2021’, deal value year-on-year decreased by 25% from US$133bn to US$99bn.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “AZB & Partners was the only adviser to advise on more than 10 deals. However, the firm not only lost the top position by value to Linklaters but also failed to find a place among the top 10 advisors by value due to the involvement in low-value transactions.

“Meanwhile, Linklaters, despite advising on one-third of the number of deals advised by AZB & Partners, occupied the top position by value due to involvement in big-ticket deals. While the average transaction of deals advised by Linklaters stood at US$3.6bn, it was just US$182m for AZB & Partners. Linklaters also occupied the eighth position among the top 10 advisors by volume.”

An analysis of GlobalData’s Financial Deals Database reveals that Shearman & Sterling occupied the second position in terms of value with two deals worth US$9.5bn followed by Allen & Overy with four deals worth US$7.5bn and Ashurst with six deals worth US$6.5bn.

Herbert Smith Freehills occupied the second position by volume with eight deals worth US$420m followed by Ashurst. Gilbert + Tobin occupied the fourth position by volume with six deals worth US$4.1bn.