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Amarchand, Luthra dethrone AZB in Q1 2012 M&A league table, powered by Sterlite restructure

Different leagues
Different leagues
Amarchand Mangaldas and Luthra & Luthra have each racked up over $10bn worth of deals to top the M&A Indian mergermarket league table for the first quarter of 2012, displacing 2011 first quarter (Q1) frontrunner AZB & Partners.

Mining conglomerate Vedanta’s Sterlite Industries unit merged with subsidiary Sesa Goa for up to $14bn in February 2012 – the largest deal in Asia this quarter – brought Amarchand and Luthra their topping deal value not just in India but also across Asia as a whole.

This deal alone increased India’s M&A value tenfold from the previous quarter, according to mergermarket.

Luthra was catapulted into second place with its role in the Sterlite deal, while Amarchand also advised on $1.4bn deals aside from Sterlite to grab a total market share of $11.6bn in aggregate deal values from 10 deal.

Both firms this quarter bettered AZB’s $9.7bn from 11 deals over the same period in the first quarter of 2011.

AZB’s $2.2bn from eight deals this quarter made it the only other Indian law firm in the table to have crossed the billion dollar mark in the first quarter.

A raft of firms also benefited from the $395 sale by Strides Arcolab of its Australian subsidiary, which DSK Legal, Herbert Smith advised on with Australian firm Freehills and Middletons.

Desai & Diwanji led the deal volume charts with 13 smaller deals aggregating to $287m, only two fewer than its Q1 2011 record but only 32 per cent in terms of deal value compared to 2011’s first quarter.

Khaitan & Co slumped a position, with six fewer deals than in last year’s Q1. In 2012 so far its six deals aggregated $558m which was 83 per cent less than its haul the previous year.

While this year’s aggregate Indian deal value of $26.06bn was a 142 per cent increase from Q1 last year, 12 fewer deals were completed compared to a total of 53 in the same period in 2011.

Legal Advisers to Indian M&A, 1 January – 31 March 1012: By Value

Rank Q1 2011

Rank Q1 2012

Firm name

Q1 2012 Value (US$m)

Q1 2012 Deal Count

Q1 2011 Value (US$m)

%Val. Change

7

1

Amarchand Mangaldas

11,646

10

2,723

327%

-

2

Luthra & Luthra

10,289

1

-

-

1

3

AZB & Partners

2,196

8

10,726

-80%

43

4

Jones Day

1,323

3

19

6863%

-

5

Latham & Watkins

921

1

-

-

13

6

S&R Associates

616

1

1,219

-50%

6

7

Khaitan & Co

558

6

3,352

-83%

23

8

Anderson Mori & Tomotsune

413

2

680

-39%

28

9=

DSK Legal

395

2

240

65%

-

9=

Herbert Smith

395

2

-

-

-

11=

Freehills

395

1

-

-

-

11=

Middletons

395

1

-

-

-

13

Stibbe

362

1

-

-

10

14

Desai & Diwanji

287

13

1,924

-85%

44

15

Rajani Associates

175

1

18

872%

Source mergermarket
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