AZB & Partners overtook Khaitan & Co since the first half of 2015 rankings and the split firms of Amarchand Mangaldas, on data provider mergermarket’s preliminary M&A leader board this year.

However, the combined deal value of the split Amarchand Mangaldas firms would have led the value rankings by a margin of $4bn (though some transactions saw both Cyril Amarchand Mangaldas and Shardul Amarchand Mangaldas advising on opposite sides, which would result in a double count in such a theoretical aggregate).

At the end of 2014, Amarchand Mangaldas had topped the rankings with $14bn of M&A deals, which was double AZB & Partners’ total and nearly three times that of Luthra & Luthra.

AZB’s $10.45bn from 73 deals, was the only double digit billion dollar deal value figure so far in the preliminary rankings for 2015. AZB also acted on the most number of M&As this year. The current rankings will be revised for data obtained after 15 December.

Khaitan advised on 50 transactions worth $7.39bn. Of the 50, the firm had acted on 22 deals worth $4.8bn by July 2015 and had come out at the top of the half-yearly rankings.

Khaitan was followed by Cyril Amarchand Mangaldas, erstwhile Amarchand Mangaldas, J Sagar Associates (JSA) and Luthra & Luthra.

Shardul Amarchand Mangaldas, which is eight ranks behind Cyril Amarchand Mangaldas, aggregated less than half of CAM’s $5.14bn deal value. SAM did 20 M&As this year while CAM acted on 30.

S&R Associates, which is one rank above SAM, and Trilegal and Nishith Desai Associates are the other domestic firms among the top 15 M&A firms.

The rankings are a preview of mergermarket’s final year rankings and remain subject to change.

Preliminary rankings: By value 1 January 2015 – 15 December

Prelminary rankings: By volume 1 January 2015 – 15 December

Source: mergermarket