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Q1 M&A: In terrible shapeMergermarket Q1 M&A value leader AZB & Partners slipped to seventh spot in 2014’s half-yearly rankings, while Q1 ninth-ranked Amarchand made up the lag to top spot.

Nishith Desai Associates (NDA) advised India’s largest e-commerce player Flipkart on buying out online fashion retailer Myntra which was advised by Indus Law. One of the existing investors IDG Ventures India I LLC which was advised by Samvad Partners

Nishith Desai Associates acted as Indian legal and tax counsel for Cognizant, which bought Atlanta-based digital video solutions company itaas, which was represented by P&A Associates.

Nishith Desai's Munich-based European operations head Ruchi Biyani, with partner Nishchal Joshipura and Singapore-based international tax head Mahesh Kumar, acted for the Indian IT giant, alongside US law firm Venable.

P&A, which used to have a best friend relationship with Jones Day several years ago, acted for itaas led by managing partner Anand Pathak, together with US law firm Morris Manning & Martin.

The deal value was not disclosed but itaas is estimated to have revenues of around $30-50m annually, wrote Mint in a detailed report, and is hoped to help Cognizant increase its US work from US telecoms and media companies.

Q1 M&A: In terrible shapeAZB, Trilegal and Luthra had the biggest reported deals in the first quarter of the year, which was a bit of a let down compared to the first quarter of 2014 but is looking up.

Vodafone: top up minutesAt least three domestic law firms acted on Vodafone UK’s buyout of Vodafone India shareholders to take full control over its Indian subsidiary for more than $1.6bn.

ToshibaIndian Law Partners (ILP) and Ashurst acted for Japanese Toshiba in its investment in Delhi-based clean water solutions provider company UEM India.

Ranbaxy Sun PharmaSun Pharma bought debt-ridden pharmaceutical giant Ranbaxy for $4bn from Daiichi Sankyo.

Calvin KleinIndus Law advised textile and apparel retailer Arvind Brands, which bought 49 per cent of the Indian licensee of global fashion giant Calvin Klein (CK) for Rs 100 crore. J Sagar Associates (JSA) advised the previous licensee Premium Garments and Wholesale Trading.

TescoAZB & Partners acted for Tata’s subsidiaries Trent and Trent Hypermarket that entered into a joint venture with Anglo-global supermarket retail behemoth Tesco, which drafted in Trilegal.

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