Cliffe Dekker Hofmeyr has been ranked 3rd in the list of legal advisors by both deal flow and deal value in the Ernst & Young Review of Mergers and Acquisitions (M&A) Activity for the year 2008. In achieving this, the firm made the biggest gains in M&A advisory work among South Africa's top five law firms, after taking 7th place in 2007.
Cliffe Dekker Hofmeyr's achievement was underpinned by the firm's participation as legal advisor to the unbundling of Remgro's holding in British American Tobacco (BAT) to Remgro shareholders. With a transaction value of R58, 8bn, this was rated as the largest and outstanding deal of the year by Ernst & Young. The deal ranks as the fifth largest in the history of South African M&A.
In February, DealMakers' magazine awarded the Deal of the Year to the Remgro and Richemont R180bn restructuring that resulted in the creation of Reinet Investment Holdings and the listings of BAT and Reinet on the JSE. Cliffe Dekker Hofmeyr's Johan Latsky led the legal team that advised both Remgro and the Richemont group. The team advised on all the South African aspects of the transaction and coordinated the South African implications of the restructurings and listing on the Luxembourg and Swiss Exchanges, and the BAT inward dual listing.
These rankings follow the top deal value ranking the law firm received in the Mergermarket 2008 M&A league table for South Africa for working on 19 deals with a total value of US$11,5bn.